Corporate day

Thanh Cong Textile Garment Investment Trading JSC exported over one-third of its products to the United States in 2021. However, the company started to face challenges following the US’ blanket ban on all Xinjiang cotton. Last year, President Joe Biden signed into law the Uyghur Forced Labor Prevention Act. Vietnam’s cotton imports reach up to one million tonnes each year, Photo: Shutterstock Tran Nhu Tung, chairman of the company, said that the company has adopted regulations this year related to this act. Accordingly, buyers have to be responsible for export orders to the US which source Chinese cotton materials. Thanh Cong secures many large orders from the US. In 2022, the company sets a target to generate $179 million in revenues and $10.87 million in profit, up 120 per cent and 188 per cent respectively against last year. Tung noted that yarn exports are the main driving force for Thanh Cong. “There is a rapidly growing demand for yarn imports in the global … [Read more...] about Demand for cotton forces adjustments

The Government Office last week issued Dispatch No.4648/VPCP-KTTH to the Ministry of Finance (MoF) requiring it to continue proposing a reduction of taxes and fees related to fuel and consumption, especially those that can cause an increase in input costs for production and business. Rough waters remain in fuel price pressure “This aims to help reduce costs and selling prices of products in service of exports, production, and business, contributing to controlling inflation and supporting the government’s monetary policy in the short and medium term,” the dispatch stated. The MoF has also proposed to the government a plan to halve the preferential import tax for petrol and oil from the existing 20 to 10 per cent, in order to help reduce the prices of these items in the local market. Meanwhile, the Vietnamese government has also submitted to the National Assembly a plan on reducing the special consumption tax and VAT for October. According to the General Statistics … [Read more...] about Rough waters remain in fuel price pressure

During the visit, General Giang directly inspected the construction progress of the project and listened to reports delivered by the investor and the contractors about the results of the first phase of the project. Speaking at the working session with the investors and contractors, General Giang praised the collaboration among relevant agencies and functional organs of the defense ministry to ensure the project’s progress. He underlined that the project is significantly meaningful in terms of history and culture; therefore, he urged the investors to continue disseminating the importance of the project to relevant units and agencies, implementing the work in close line with legal regulations on managing construction investment and bidding, and avoiding wastefulness. Also, the defense minister required the contractors to ensure regulations of occupational safety and the construction’s quality as required. * The same day, General Giang worked with Army Corps 12 (Truong Son … [Read more...] about Defense minister inspects Vietnam Military History Museum’s project and Army Corps 2

Kenneth Chan, senior director of Market Development at Renze Textile JSC, under Texhong Group, has unveiled a new process to monitor origin-tracing. A tracing system is slated to be put into operation in August for the subsidiaries of Texhong Group, after Chan informed the Vietnam Textile and Apparel Association and the American Cotton Association (CCI) at a meeting earlier in June. This US has made major decisions on cotton origin-tracing that affects Vietnam and beyond, Duc Thanh Renze, one of eight Texhong member companies, is using American cotton for its products to ensure product quality and comply with strict requirements for export to the United States and EU. From March, customers were able to access the Texhong cotton tracing system to trace the details of their orders. Chan noted that Renze is focusing on sustainability and transparency. He also informed the company’s partners about key development trends as well as viable solutions for Vietnamese suppliers to … [Read more...] about US ratchets up origin-tracing on cotton materials

According to Ngo Thi Kim Thanh, senior expert at the Investment Analysis and Consulting Centre for SSI Research, the land lease demand in industrial zones (IZs) continues to secure positive growth for 2022 and beyond. This is attributable to diverse factors such as China’s strict pandemic policy, and reopened borders – paving the way for foreign investors to strike new deals or wrap up land lease procedures which were signed earlier. Prospects abound for land-rich industrial players, Illustrative photo. (Source: VNA) Thanh gave the remarks at a talk show on the charm of real estate tickers, hosted by VIR in Hanoi last week. In the stock market, the performance of real estate tickers is being deemed a bright spot in the context of a lasting market correction since April. During the period, the ticker IDC of IDICO Corporation gained more than 20 per cent, KBC of Kinh Bac Urban Development Corporation rose more than 15 per cent, and VGC of top building material maker … [Read more...] about Prospects abound for land-rich industrial players

As Vietnam steps into the post-pandemic era, experiences and learnings from the pandemic serve as a reminder of the importance of digital transformation and its crucial technology component. Eunjung Han, consultant at Rouse Legal Vietnam and vice chair of the Digital Sector Committee of the European Chamber of Commerce in Vietnam Despite COVID-19’s negative economic and social impact, Vietnam remains an attractive destination to European investors. According to the European Chamber of Commerce (EuroCham) 2021 White Book, Vietnam’s stable macro-economic climate, with inflation in the single digits, continues to increase investor confidence in the country’s trade and investment environment. Only adding to that, the EU-Vietnam Free Trade Agreement (EVFTA) is paving the way for continued foreign direct investment (FDI) from the EU and is viewed as a means for shared recovery and economic rebound. As the first comprehensive FTA between the EU and a developing country in … [Read more...] about EVFTA underpinning growth in Vietnamese tech market

At a meeting with the leader of the southern province of Binh Duong last week, chairman of Sharp Corporation Yoshihiro Hashimoto revealed an expansion plan in the locality. Investors already with factories in the country are demonstrating that they trust the business climate here, Photo: Le Toan Sharp Group is exploring opportunities in the southern provinces of Vietnam, including Binh Duong, to move the supply chain away from the Chinese market, promoting market diversification and distribution, according to Hashimoto. “In the coming time, Sharp will continue to expand and build one more large-scale factory, oriented to develop high-tech and advanced products,” he said. Binh Duong is assessed as a locality with an attractive investment environment, in line with Sharp’s criteria. The group has two production factories located in Vietnam, at Singapore Industrial Park (VSIP) I and an extended VSIP II. Sharp hopes to be supported in construction land, labour, and … [Read more...] about New foreign capital stutters despite overall deal boost

A lavish farewell party in Quang Ninh with the participation of Mr. Ninh Van Chu. On August 7, in the face of public opinion about the fact that Mr. Ninh Van Chu, former Director of Quang Ninh CDC, continuously threw many lavish farewell parties before retiring, Quang Ninh Provincial Standing Party Committee assigned the Inspection Committee of the Provincial Party Committee to urgently inspect, verify, and clarify signs of violations to promptly advise the Provincial Party Committee's Standing Board to report to the competent authorities on the above content and report to the Standing Board of Provincial Party Committee before August 15. On the same day, following the direction of the Standing Committee of the Quang Ninh Provincial Party Committee, the Inspection Committee of the Quang Ninh Provincial Party Committee issued a decision to check for signs of violations against the Party Committee of the Quang Ninh CDC and Mr. Ninh Van Chu. Previously, talking to the press, Mr. … [Read more...] about Lavish farewell parties of former Director of Quang Ninh CDC to be investigated

A poor woman in the southern province of Soc Trang is taking care of two sons who are facing osteogenesis imperfect, but the family can’t afford the treatment. Dang Thi Loc, 55, in Ke Sach District’s Trinh Phu Commune said that her eldest son Vo Tan Dat who is now 32 years old, faced unusual health problems when he was just over a year old. At that time, whenever he fell, he would injure his arms and legs. He was taken to hospital to repair broken bones many times. Loc's sons Her second son Vo Hung Cuong, 30, experienced the same problem as Dat when he was small. Cuong’s condition even worsened, causing his legs to be paralysed. Meanwhile, Dat can walk, but his spinal column has become distorted. Despite being taken to different places for treatment, Loc’s sons have not improved. When Dat was 18 years old, his father left home without saying a word. Every day, Cuong (right) earns around VND100,000 from weaving baskets Loc has done all kinds of … [Read more...] about Poor mother calls for help to save sickening adult sons

COVID-19 treatment (Photo: VNA) Hanoi (VNA) – Vietnam recorded 2,074 COVID-19 cases on August 5, which is the fifth consecutive day the daily number of new cases has exceeded 2,000, according to the Ministry of Health . The national caseload rose to 11,192,043. With 9,481 patients given the all clear during the day, the number of recoveries rose to 9,957,655. Meanwhile, there are 46 patients in serious conditions needing breathing support. No death from COVID-19 was recorded in the past 24 hours. The total fatalities stood at 43,094. On August 4, an additional 387,222 doses of vaccines were administered, raising the total number of doses of COVID-19 vaccines injected to 247,726,474./. VNA … [Read more...] about Vietnam logs 2,074 COVID-19 cases on August 5