Company status report

Speakers at a conference discuss how improving institutional performance can help Viet Nam achieve its target of reaching high-income status in 2045. — VNA/VNS Photo Viet Nam must seek to adapt its economic growth model while drastically improving the Government's capacity to coordinate and implement economic policy reforms and public investments to realise its objective of reaching high-income status by 2045, said a recent World Bank (WB) report. The report emphasises the major challenges faced by Viet Nam's traditional growth model during the COVID-19 pandemic, slowing globalisation and the Southeast Asian economy's increasing vulnerability to external shocks, especially climate risks. The key to addressing said issues, according to WB, is for the country's institutions to adapt and improve. “Viet Nam's GDP per capita has increased fivefold over the past three decades, while its institutions have not adapted at the same speed since the Doi Moi (Renewal) course of the late … [Read more...] about Institutional reforms key to reaching high-income status

Institutions have become a major impediment to the nation’s aspiration to reach high income by 2045. Vietnam needs to shift its economic growth model and improve the government’s capacity to implement economic policy reforms and public investments, realizing its aspiration of reaching high-income status by 2045, a World Bank Group report says. Overview of the report launch. The World Bank Group’s Systematic Country Diagnostic Update, themed "How Will Vietnam Blossom? Reforming Institutions for Effective Implementation,” emphasizes that Vietnam's traditional growth model faces major challenges from the Covid-19 pandemic, slowing globalization, and the country’s increasing vulnerability to external shocks, especially climate risks. After identifying a series of policy responses and reform priorities, many of which are not new, the report argues that adapting institutions will be the key to success. “Vietnam’s GDP per capita has increased fivefold over the … [Read more...] about Effective policy implementation crucial for Vietnam to reach high-income status by 2045: WB

Shanghai achieved on Tuesday the long-awaited milestone of three consecutive days with no new COVID-19 cases outside quarantine zones but most residents will have put up with confinement for a while longer before a return to more normal life. For other cities in China that have been under lockdown, a third day with no new cases in the community usually means "zero COVID" status and the beginning of the lifting of restrictions. The commercial hub of 25 million set out on Monday its clearest timetable yet for exiting a lockdown now in its seventh week, but the plan was met with scepticism by many residents who have seen isolation extended time and again. Shanghai plans to resume outdoor activities in stages, with some convenience stores and pharmacies reopening this week, but with most restrictions on movement remaining in place until May 21, after which public transport and other services will resume gradually. By June, the lockdown should be lifted, but residents will still be … [Read more...] about Shanghai achieves ‘zero COVID’ status but normal life is weeks away

In Q1, Thai Nguyen Iron And Steel JSC (TIS) witnessed its profit down by 35 per cent, to only VND29.2 billion. — VNA/VNS Photo The cost of raw materials and transportation fees have skyrocketed, causing the first-quarter profits of most steel companies to decline. Data from the Viet Nam Steel Association (VSA) showed that in the first quarter of this year, finished steel consumption reached 8.137 million tonnes, up 11.9 per cent over the same period in 2021. Of the estimate, steel exports reached about 2.275 million tonnes, with export value reaching US$2.3 billion, decreasing by 22.15 per cent in volume but up by 12.53 per cent in value over the same period last year. However, the business performance of many enterprises in the industry did not move in the same direction. The first-quarter business results report of Viet Nam Steel Corporation (TVN) showed a sharp decline in profit at member units, especially in the construction steel and galvanised steel segments. In the … [Read more...] about Steel companies report decline in Q1 profits

The State Securities Commission of Vietnam has fined local conglomerate Hoang Anh Gia Lai VND3 billion (US$129,400) fine for failing to report the trade of its subsidiary’s stocks. Aside from the fine, the State Securities Commission has suspended Hoang Anh Gia Lai (HAGL) JSC from securities trading for five months. Previous reports showed that Hoang Anh Gia Lai Agricultural JSC, a subsidiary of HAGL, had used its HNG stocks to guarantee bond issuance of a member company at a credit institution. Due to the overdue interest on this bond, the credit institution sold 20 million HNG stocks on January 7 and another 5.4 million on January 10 on HAGL’s securities account to recover the debt. However, HAGL did not report in advance the trade of these stocks in accordance with regulations. Founded in 1993 by Doan Nguyen Duc, Hoang Anh Gia Lai JSC was originally named Hoang Anh Pleiku Private Enterprise, according to the firm’s website. Based in the Central Highlands province of Gia … [Read more...] about Vietnam State Securities Commission fines Hoang Anh Gia Lai for not reporting subsidiary’s stock trading

An overview of the event to launch the report (Photo: WB) Hanoi (VNA) - For Vietnam to realise its aspiration for reaching high income status by 2045, the country will need to shift its economic growth model and sharply improve the government’s capacity to coordinate and implement economic policy reforms and public investments, a World Bank Group report says. The World Bank Group ’s Systematic Country Diagnostic Update , entitled "How Will Vietnam Blossom? Reforming Institutions for Effective Implementation”, emphasises that Vietnam's traditional growth model faces major challenges from the COVID-19 pandemic, slowing globalisation, and the country’s increasing vulnerability to external shocks, especially climate risks. After identifying a series of policy responses and reform priorities, many of which are not new, the report argues that adapting institutions will be the key to success. Vietnam’s GDP per capita has increased five fold over the past three … [Read more...] about Vietnam should shift economic growth model for further development: WB report

Customers buying MEATDeli, a product of Masan MEATLife, at a Vinmart+ store. — Photo thitmatmeatdeli.com Higher animal feed prices have eroded livestock companies’ profits in the first quarter of 2022. VNDirect Securities Corporation said that the Russia-Ukraine conflict had a negative impact on the animal feed industry as supplies of raw materials for animal feed production like corn, soybeans and wheat, are disrupted, causing prices to rise sharply. The two countries are respectively the world's leading and third largest wheat exporter, accounting for one-third of the total trade of this commodity. Besides, Ukraine is the second largest corn exporter, accounting for 22 per cent of the world turnover. As of early April, the price of imported corn at Cai Lan port, Quang Ninh Province, reached VND9,200-9,500 per kg (US$0.4-0.41 per kg), an increase of 20-25 per cent compared to the end of 2021 and up 50 per cent over the same period last year. The average price of imported … [Read more...] about Livestock companies profit hit by rising animal feed prices

Workers of Thanh Cong Textile Garment Investment Trading Joint Stock Company. — Photo thanhcong.com.vn Thanh Cong Textile Garment Investment Trading JSC announced its business results in which revenue reached VND393 billion (US$17 million) last month, a year-on-year increase of 21 per cent. The largest contribution comes from the garment segment accounting for 78 per cent, fabric production 14 per cent and yarn 7 per cent. The company's total profit after tax reached VND19.2 billion last month, an increase of only 1 per cent over the same period last year. In the first four months of the year, the revenue of the company hit VND1.5 trillion, up 19 per cent; and profit after tax reached VND88 billion, up 14 per cent. The company’s leaders said that they expected an estimated revenue of more than VND4.2 trillion this year, a year-on-year growth of 18 per cent. In particular, the company sets a profit after tax target at VND253.8 billion this year, an increase of more than … [Read more...] about Thanh Cong Textile Garment reports revenue increase of 21 per cent

Cisco's Employees Are Ready for Hybrid Work, Are You? Surveys for Cisco's Employees Are Ready for Hybrid Work, Are You? were conducted with 28,000 employees from 27 countries, including over 1,050 respondents from Vietnam. "The last two years have shown us that work is no longer where we go, but what we do. In a hybrid normal, employees and employers in Vietnam are experiencing tangible benefits from improved employee wellbeing to better productivity and work performance”, said the managing director of Cisco Vietnam Luong Thi Le Thuy. “However, hybrid work is more than just supporting a safe office re-entry. Leaders need to rethink how to cultivate an inclusive culture, place employees – their experience, engagement, and wellbeing – at the centre, and modernise their networking and security infrastructure to provide a seamless, secure, and inclusive employee experience,” she added. Cisco's research examined the impact of hybrid working on five categories of … [Read more...] about Cisco released the report Employees Are Ready for Hybrid Work, Are You?

To receive this award, Takeda Vietnam met all the criteria set by Great Place to Work including effectiveness in building high-performing cultures where employees trust their leaders, are proud of what they do, and enjoy the people they work with. This year, companies committed to keeping its employees’ well-being on par with their growth demonstrated their focus on putting people first and purpose led. These workplaces and its leadership, middle managers and human resources professionals have grappled with the changes of a Covid-19 economy without sacrificing the priority of their workforce culture – one that is open, flexible and trusting. Katharina Geppert, Country Manager of Takeda Vietnam, expressed that she is grateful for and proud of receiving this significant accolade: “This recognition showcases our work culture, our efforts and commitment towards our employees. At Takeda Vietnam, we believe every employee plays an important role in creating a culture of belonging in an … [Read more...] about Takeda Vietnam listed among best workplaces in Vietnam