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Tag: Vietnam

  • Gasoline prices fall fourth consecutive time

    Gasoline prices fall fourth consecutive time

    Vietnam gasoline prices on Monday dropped 1.8 percent to the lowest since Feb. 21 as global rates declined.

    A liter of popular RON 95 gasoline now costs VND25,600 ($1.10), while that of biofuel RON 92 E5 costs VND24,620.

    This means prices have fallen 21.3-22.1 percent since this year’s peak on June 21.

    On the global market, gasoline prices have decreased by 1.22-1.54 percent in the last 10 days, according to data from the Ministry of Industry and Trade and the Ministry of Finance.

    WTI crude futures fell over 2 percent to below $98 barrel Monday as fears of a global slowdown outweighed continued supply disruptions and market tightness.
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  • Vinamilk profits continue to fall

    Vinamilk profits continue to fall

    Vinamilk reported a 26-percent year-on-year fall in second-quarter profits to VND2.1 trillion (US$89.97 million), and blamed it on inflation driving demand down and costs up.

    The dairy giant’s revenues fell by 5 percent to VND14.93 trillion.

    In the first five months sales of fast moving consumer goods fell by 2 percent, according to data from market research firm Nielsen.

    Vinamilk also struggled to maintain its dominance in the domestic market and saw exports drop by 12 percent due to lower global demand and higher transport costs.

    However, its profit margin rose by 0.2 percentage points from Q1, the first increase since 2020.

    Besides, its U.S. and Cambodian subsidiaries, Driftwood and Angkormilk, reported sales growth of 40 and 20 percent.

    This year it expects profits to decline by 7 percent, a second straight year of falling profits, due to rising costs of raw materials and transportation.

    But securities brokerages said lower milk powder prices would increase the profit margins for the dairy industry this year, including for Vinamilk.

    SSI Securities expects the company’s net profits to rise by 11 percent, while VnDirect Securities forecast a 7.5-percent increase.

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  • Nowhere to hide for online sellers as taxman catches up

    Nowhere to hide for online sellers as taxman catches up

    Many individuals who have been earning thousands of dollars from Facebook, Google, YouTube, and other online platforms have been taxed in recent years, officials said.

    The HCMC Tax Department for instance said at a forum Friday that it collected over VND8 billion ($342,759) each from two individuals last year and this year on their earnings from YouTube and TikTok.

    In 2018 it collected VND4 billion from a man who earned VND41 billion from Google, it said.

    It also found a person in Quang Nam Province earning nearly VND17 billion from Google and passed on his details to authorities there.

    In 2017 it discovered a woman had sold cosmetics worth over VND499 billion through live streams between 2013 and 2016.

    She had to pay over VND9 billion in taxes and fines.

    An individual who supplied the goods to her had to pay over VND1.7 billion.

    The Hanoi Tax Department said it has discovered at least 1,194 people with incomes from foreign entities like Google and Facebook and collected VND129.3 billion last year and VND134 billion in 2020 from them.

    Last year it set up a database, which now has 32,084 online shops and 2,307 online property landlords, for collecting taxes.

    There are 139 companies operating e-commerce platforms in Vietnam, and they record an average of 3.5 million visits a day, according to the General Department of Taxation.

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  • Vietnam Airlines cuts losses by nearly half

    Vietnam Airlines cuts losses by nearly half

    Vietnam Airlines managed to cut its losses by 44 percent year-on-year in the second quarter to VND2.48 trillion ($106.25 million), thanks to soaring summer travel demand.

    Its revenues nearly tripled to VND18.43 trillion, exceeding its target by 35 percent.

    This was the highest quarterly revenue since 2020 when travel was yet to be affected by Covid-19. But the high fuel prices remain a sore point for the carrier.

    At the end of June, JetA1 fuel was above US$160 per barrel, double the average price last year.

    International travel demand has not fully picked up, especially in Northeast Asian countries, which were a major source of tourists for Vietnam pre-pandemic.

    The airline also saw sales expenses double to VND660 billion.

    First half losses were down 39 percent to VND5.1 trillion.

    Its accumulated losses have climbed to VND28.9 trillion. The airline expects the summer travel season to last until the end of August and the relaxed entry restrictions in other countries to help boost its revenues.

    Vietnam Airlines and its low-cost subsidiaries Pacific Airlines and Vietnam Air Services Company together transported nearly 9.5 million passengers in the first six months, 24.6 percent higher than targeted.

    Vietnam Airlines accounted for eight million.

  • Bamboo Airways appoints new general director after predecessor quits

    Bamboo Airways appoints new general director after predecessor quits

    Bamboo Airways appointed new general director Friday night after Dang Tat Thang, who helped set up the airline in the early days, resigned as its chairman and general director.

    Nguyen Manh Quan took the new position after having served as the carrier’s deputy general director.

    Quan joined Bamboo Airways in July 2020 and has 30 years of experience in aviation, service, and commerce. He used to work for the Ministry of Industry and Trade, Vietnam Airlines, Noi Bai Airport Services Company, and Vinpearl.

    Bamboo Airways said in a statement Friday: “The transition of the general director position is part of the work to consolidate the high-ranking management system to speed up the process of restructuring of and selecting strategic investors for FLC and Bamboo Airways.

    After leaders of property group FLC, the parent company of Bamboo Airways, got into legal trouble earlier this year, the airline has been in the process of looking for new investors to accompany and serve its future development needs.

    Thang said in his resignation letter that for some personal reasons, there were many things that he needs to sort out, therefore he could not arrange to continue his current positions. He also resigned as FLC’s vice chairman.

    Thang, 41, was appointed chairman of FLC and Bamboo Airways after former chairman Trinh Van Quyet was arrested at the end of March for allegedly manipulating the stock market.

    He served as FLC’s vice chairman from early this month after the group elected Le Ba Nguyen as its new chairman for until 2026 at an extraordinary shareholders’ meeting.

    Thang started working at FLC in 2014 as deputy general director, in charge of investment and project development. He was the leader of Bamboo Airways from the early days of its establishment in 2018.

    Under his management, Bamboo Airways has generated rapid development with a roster of 30 aircraft and became the first private airline in Vietnam to operate wide-body aircraft. After over three years, Bamboo Airways is operating nearly 60 domestic routes and 12 international routes, including routes to the U.K., Germany and Australia.

    In his most recent public appearance in July, Thang said that Bamboo Airways aims to increase its roster to 100 aircraft by 2028.

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  • 7 days left to register for Startup Viet 2022

    7 days left to register for Startup Viet 2022

    Startup Viet 2022, an annual event hosted by VnExpress to promote entrepreneurship, closes registration in seven days.

    The sixth edition of the competition, themed “the New Era of Innovation,” has received dozens of registrations since it opened June 13.

    The startups are from various sectors including e-commerce, logistics, fashion, manufacturing, agriculture, customer service, business management and software development.

    The contestants will be evaluated based on revenue growth, organization, sustainability and international prospects by startup experts, investors, venture fund representatives and other successful businesspeople.

    To register, click the link below:

    Startup Viet 2022 Registration

  • Sabeco posts biggest quarterly profit since acquisition by Thai firm

    Sabeco posts biggest quarterly profit since acquisition by Thai firm

    Vietnam’s largest brewer Sabeco reported post-tax profits of VND1.79 trillion ($76.6 million) for the second quarter, the highest since ThaiBev acquired it in 2017.

    It represented a 67 percent increase year-on-year, while revenues were up 25 percent to VND9 trillion.

    The management said the lifting of social distancing restrictions, resumption of tourism and a general rise in consumption helped boost sales.

    Profits for the first six months were VND3.03 trillion, 66 percent of the full-year target.

    Thailand’s largest beverage company bought a 54 percent stake in Sabeco, the maker of Saigon Beer, five years ago.

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  • Remove 14,100 MW of coal plants from plan

    Remove 14,100 MW of coal plants from plan

    The Ministry of Industry and Trade wants coal-fired plants with a capacity of 14,120 megawatts scrapped from electricity production plans for Vietnam to achieve net-zero emissions by 2050.

    The plants were included in Power Development Plan 7 (for 2011-20) and have not been built due to delays. Now, the ministry does not want them to be part of Power Development Plan 8 (for 2021-30), which is being drafted.

    The ministry also wants to reduce the ratio of coal-fired power sources from 25-31 percent in 2030 to around 10 percent in 2045.

    No new coal-fired plant should be built after 2030, it said.

    It wants to increase output from LNG-fueled and renewable plants to offset the cut in coal use.

    It targets having 12,000-15,000 MW of renewables and 14,000 MW of liquefied natural gas plants in PDP 8.

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  • Vietnam main securities exchange continues to use FPT trading system

    Vietnam main securities exchange continues to use FPT trading system

    The Ho Chi Minh Stock Exchange will continue to use the trading system developed by FPT while waiting for a replacement from South Korea, Ministry of Finance and bourse officials said.

    The system developed by FPT Information System, a subsidiary of the tech giant, in July last year helped cope with the trading load that had become unsustainable for around half a year.

    It increased the capacity of Vietnam’s main exchange from 900,000 transactions a day to five million.

    On November 19 last year the largest ever number of transactions of 1.84 million was recorded, or just a third of what the system could handle, Dang Truong Thach, deputy director of FPT IS, pointed out.

    Deputy Minister of Finance Nguyen Duc Chi said its replacement, KRX, is being developed in South Korea and seen rapid progress.

    “It will be ready within months.”

    It is being developed under a VND600-billion (US$25.69 million) deal signed in 2012 between HoSE and the Korea Exchange.

    It will allow odd-lot trading and a T+0 settlement cycle (meaning investors will receive their shares or money on the day of trade instead of two days later).

    For the last 10 years HoSE has repeatedly been missing deadlines for installing a new system.

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  • Vietnam’s biggest retailer Masan to bolster pharmacy retail interests

    Vietnam’s biggest retailer Masan to bolster pharmacy retail interests

    Vingroup JSC, Vietnam’s biggest listed firm by market value, said on Tuesday it will merge with leading consumer retailer Masan Group t create the country’s biggest retail company.

    Vingroup said in a statement that the two companies were finalizing legal procedures to sign an official agreement for the merger between its retail and agriculture units and Masan Consumer, a subsidiary of Masan Group.

    “The merger will enable us to expand our consumer base and ensure a fair retail playing ground for Vietnamese manufacturers,” said Truong Cong Thang, chairman of Masan Consumer Holding, which produces Vietnamese must-buy consumer goods.

    The new company is expected to run 2,600 supermarkets and convenience stores, and 14 hi-tech farms across the country, the statement added.

    After the merger, Masan Group will take control of the operation, while Vingroup will be a shareholder.

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  • Bank of America eyes Vietnam return

    Bank of America eyes Vietnam return

    Bank of America is seeking permission to set up a $50 million branch in Ho Chi Minh City, its executive vice chair of global corporate and investment banking Madhu Kannan has said.

    In a meeting with HCMC Chairman Phan Van Mai who is visiting the U.S., Kannan sought support for the bank’s return to Vietnam after closing its Hanoi office in 2002 when the parent company initiated systemic reforms.

    In response, Mai said that inviting Bank of America to HCMC was one of his goals during this trip. He said he was committed to helping the bank establish a branch in the city. He noted that HCMC planned to become an international financial hub, Mai said.

    The city also welcomes U.S businesses to invest in the financial, technology, education and healthcare sectors, he added.

    Kannan said that his bank’s activities would align with the city’s development path.

    Founded in 1904, Bank of America is the second largest U.S. lender.

  • Vietjet Air, Boeing restructure 200 aircraft deal

    Vietjet Air, Boeing restructure 200 aircraft deal

    Vietjet Air and Boeing have officially signed a restructuring agreement to continue a contract to purchase 200 Boeing 737 aircraft.

    Under the agreement signed at the 2022 Farnborough International Airshow from July 18-22, Boeing and budget carrier Vietjet Air have agreed on a flexible delivery schedule in line with Vietjet’s global business plan to complete this important deal.

    The first aircraft of the deal will be delivered to Vietjet Thailand, the Vietnamese carrier’s Thai subsidiary.

    The agreement affirms Boeing’s commitment to support Vietjet with training, technical services, technology transfer, research and investment, facilitating long-term development and sustainability of both corporations.

    In 2016, Vietjet signed a deal to purchase 100 Boeing aircraft when the then US President Barack Obama was visiting Vietnam. Three years later, both sides agreed to raise the total number of aircraft to 200 when the then US President Donald Trump visited Hanoi.

    The deal is being resumed this year after the hiatus triggered by an unexpected incident with the Boeing 737 Max aircraft and the Covid-19 pandemic.

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  • EU warns Vietnamese instant noodle products contain banned substance

    EU warns Vietnamese instant noodle products contain banned substance

    Germany has issued warnings about certain imported Vietnamese instant noodle products that contain heightened levels of ethylene oxide, a banned substance.

    The Vietnam Sanitary and Phytosanitary Notification Authority and Enquiry Point (SPS), under the Ministry of Agriculture and Rural Development, said it had received warnings from the EU regarding certain instant noodle products exported by Vietnamese businesses.

    Germany issued warnings about a chicken-flavored instant noodle product by Asiafoods Corporation for containing ethylene oxide levels higher than EU standards. Malta meanwhile issued a warning for a pho product by Nguyen Gia because it uses genetically modified rice.

    A representative of the Department of Science and Technology under the Ministry of Industry and Trade said the department is still verifying the food batch that drew warnings in Germany. The batch might have been exported since last year, when batches had yet to be imposed an ethylene oxide limit standard upon export, the representative said.

    Since Feb. 17, the EU has demanded certificate requirements for instant noodle batches imported into the region. These batches would be checked for their ethylene oxide level after export, and so far, no batch has been returned.

    Germany said the ethylene oxide level in the instant noodle products was two to three times the maximum standard allowed, according to the representative. The current ethylene oxide limit as required by the EU is 0.01 milligrams per kilogram.

    In future, the department would take instant noodle product samples from the Vietnamese market to evaluate the presence of ethylene oxide and create a limit standard for the substance.

    Last August, several batches of instant noodle products by Vietnamese businesses were also recalled by the EU for heightened levels of ethylene oxide.

    Ethylene oxide is an organic compound with various applications, including disinfection and sterilization.

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  • Tumbling stock market makes a dent in company earnings

    Tumbling stock market makes a dent in company earnings

    Investment in securities, a major source of income for many companies during the two years of Covid-19, has become a financial burden this year after markets plunged.

    Da Nang Housing Investment Development reported losses of over VND90 billion ($3.85 million) for the first six months “due to negative market factors,” it said in its earnings report.

    Last year it reported profits of VND130 billion from stock trading.

    The VN-Index has fallen by over 20 percent this year due to geopolitical tensions and rising inflation.

    Mining company Hoa An said its profits dropped by 90 percent year-on-year to VND2 billion in the second quarter following a mark-to-market decline of over VND20 billion in steelmaker Hoa Phat Group’s stocks.

    HPG has been hovering around a 17-month low as steel prices dropped due to declining construction activity and a surge in costs.

    At the end of June Hoa An was holding over 2.5 million HPG shares.

    Construction firm Licogi 14 said it had to mark to market its “financial investment” in the previous quarter.

    It lost over VND346 billion during the quarter though revenues from its main businesses soared by 45 percent to VND88 billion.

    Seafood processor Vinh Hoan Corporation invested VND200 billion in stocks in the second quarter but made mark-to-market losses of nearly VND63 billion.

    Its main business thrived meanwhile with revenues jumping by over 80 percent year-on-year to VND4.22 trillion.

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  • Gasoline price plunges to 5-month low

    Gasoline price plunges to 5-month low

    Vietnam gasoline prices on Thursday fell to the lowest in five months as global rates decline.

    The Ministry of Finance and Ministry of Industry and Trade adjusted RON95 prices down 12.1 percent to VND26,070 ($1.11) per liter.

    This means RON95 is now 20.7 percent lower than this year’s peak on June 21.

    E5 RON92 gasoline prices dropped 9.8 percent to VND25,070, down 19.9 percent from this year’s peak. The government also brought diesel prices down 7 percent to VND24,850 per liter.

    Global oil prices fell Thursday for a second straight session, as demand concerns outweighed tight global supply after U.S. government data showed tepid gasoline consumption during the peak summer driving season.

    Brent crude futures dropped 33 cents, or 0.3 percent, to $106.59.

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