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SABECO in Forbes' top 50 listed companies in 2023 This is the 11 th year it has released this list in the country. The rankings are based on last year’s audited consolidated financial reports of the companies listed on the Ho Chi Minh Stock Exchange and the Hanoi Stock Exchange. Forbes Vietnam said total after-tax profit of the 50 firms stood at over VND228 trillion ($9.7 billion) while their combined revenue VND1.49 quadrillion ($64.8 billion), respectively rising 18 per cent and 24.9 per cent from the 2022 list. In 2022, profits of listed companies in general and those in the top 50 hit a record level. Of these, 2022 is a year when SABECO recorded a record profit after tax since its establishment in 1975. The company recorded a nearly 33 per cent increase in net revenue and a 40 per cent increase in net profit compared to 2021, despite the impact of the pandemic as well as fluctuations in the domestic market. On the journey of 148 years of development, an important … [Read more...] about SABECO in Forbes top 50 listed companies

According to the Trade Remedies Authority of Vietnam (TRAV), on June 2, the EU extended the safeguard action towards imported steel on tariff rate quotas (TRQ) for certain steel products for a further year, from July 1, 2023, to June 30, 2024). TRAV said that Vietnam, along with other countries, was subject to quarterly TRQ for eight product groups, including hot-rolled steel plate, electrical engineering steel plate, galvanised steel plate, organic-coated steel plate, stainless cold-rolled steel plate, large steel pipes, and other steel pipes. Vietnam is precluded from other categories of steel products based on the requirement that a developing nation have a negligible share of the import market of less than 3 per cent. The affected nations may request discussions with the EU between June 5 and 13. If the market share of another group of steel products imported from Vietnam into the EU exceeds 3 per cent, this group will be added to the list of TRQ-applicable products during … [Read more...] about EU extends import restrictions on steel

Foodie circles in Vietnam are ridden with complaints after the Michelin Guide announced its list of 103 recommended restaurants in Hanoi and Ho Chi Minh City on Tuesday. In the inaugural edition of the Michelin Guide for Hanoi and Ho Chi Minh City, four restaurants were recognized with one Michelin Star for their high-quality cooking, 29 establishments received a Bib Gourmand for offering good food at moderate prices, and 70 others were recommended as the Michelin Selected restaurants. This image shows representatives of Anan Saigon, Gia, Hibana by Koki, and Tam Vi receiving one Michelin Star recognition for their restaurants at an awards ceremony held in Hanoi on June 6, 2023. Photo: Mai Thuong / Tuoi Tre Local foodies are dismayed by the announcement, with many complaining that the list does not accurately reflect the local culinary culture. “The most important thing I see is that there is no restaurant in Vietnam that really meets Michelin's standards and … [Read more...] about Michelin Guide arouses controversy after Vietnam debut

On the morning of November 30 last year, Minh, now 29, received an email from his employers at DoorDash, the largest online food delivery company in the U.S. The company announced that it was letting him go. Just a day earlier, Minh was still the leader of one of the company’s finance management team. When he received the email, Minh had already studied and worked in the finance field in the U.S. for over a decade. He has a bachelor’s degree in accounting, a master’s in data science, is a certified Chartered Financial Analyst (CFA), as well as a Certified Public Accountant. "Though the layoff wave at that time was staggering many tech firms, I still couldn’t believe my eyes. I was aware of the financial situation of the company [DoorDash], and it was good," Minh said. The next thing he did was call his manager, hoping the letter may have been a mistake. The manager said they were surprised by the news and promised to look into the matter. Ten minutes later, it was … [Read more...] about Vietnamese worker back on feet after US layoff

Vietnam’s e-commerce export revenue is currently experiencing a remarkable annual growth rate exceeding 20 percent and is projected to reach VND296.3 trillion (US$12.6 billion) by 2027. The forecast was released at the Vietnam Cross-border E-commerce Conference 2023 held in Hanoi on Wednesday by the E-commerce and Digital Economy Agency under the Ministry of Industry and Trade in collaboration with Amazon Global Selling, a program that enables merchants to list and sell their products across the world on U.S. e-commerce giant Amazon’s marketplaces. In her remarks at the event, Lai Viet Anh, deputy director of the E-commerce and Digital Economy Agency, highlighted the flourishing global trend of cross-border e-commerce, which is gaining momentum in numerous countries worldwide. “In Vietnam, the retail e-commerce sector demonstrates an annual growth rate of more than 20 percent annually,” Anh said. With this impressive growth rate, Vietnam possesses immense potential for the … [Read more...] about Vietnam’s e-commerce export revenues grow over 20% per year: conference

Hanoi has accumulated about US$69.844 billion in foreign direct investment, ranking second in the country. Hanoi plans to build more industrial parks to attract foreign investment. Simultaneously, the city will prioritize site clearance and expedite the development of a comprehensive and modern infrastructure system. Overview of the meeting. Photo: Hoai Nam/The Hanoi Times Deputy Chairman of the Hanoi People's Committee Nguyen Manh Quyen revealed the plan today [June 8] at a meeting with representatives of the Ministry of Planning and Investment to discuss solutions to further attract foreign direct investment (FDI) into the capital . Nguyen Ngoc Tu, Deputy Director of the Hanoi Department of Planning and Investment, revealed that the city had seen a significant increase in FDI in the first four months of 2023, reaching $1.82 billion, a remarkable 260% increase compared to the same period last year. Numerous projects in sectors such as … [Read more...] about Hanoi eyes new industrial parks to lure foreign investors