Cost revenue and profit

SINGAPORE/HANOI -- Singapore's sovereign wealth fund GIC is among investors vying to buy up to 20 percent stake in grocer Bach Hoa Xanh from Vietnam's retail giant Mobile World Investment, in a deal that could value the grocery chain at up to $1.7 billion, two sources said. GIC declined to comment. Other bidders include companies from Thailand, the sources added, declining to be named as the matter is private. The identity of the potential buyers has not been reported previously. "The deal is nearing to the finalising stage and expected to close soon," one of the sources with knowledge of the matter said, adding that a deal could be sealed as early as the first quarter of next year if negotiations are successful. In a statement to Reuters , Mobile World said it would announce the information once the deal was concluded. "We are still in a private placement and have signed an agreement not to disclose information with interested bidders," it said. The potential deal would … [Read more...] about Singapore’s GIC among bidders vying for stake in Vietnam’s third largest grocery chain

According to the Ministry of Industry and Trade, 72 countries recognize Vietnam as a market economy, including Canada, Australia, Japan, and South Korea. The UK did so recently with an official letter to the effect. Speaking to VnExpress , a Trade Remedies Authority Department official said since its first anti-dumping investigation case against Vietnam in 2002 the U.S. had been considering the country a non-market economy. In a meeting with the U.S. Secretary of Commerce Gina Raimondo in Washington last Tuesday, Prime Minister Pham Minh Chinh proposed the U.S. to soon recognize Vietnam’s market economy status . The need for recognition of Vietnam's market economy status was also in the joint statement between General Secretary Nguyen Phu Trong and President Joe Biden on upgrading the two countries' relations to a Comprehensive Strategic Partnership. The EU also sees Vietnam as a non-market economy. In 2015, while free-trade agreement negotiations were underway, the EU … [Read more...] about Significance of Vietnam being a market economy

Data from WINA estimates that in 2022, China’s national noodle demand amounted to nearly 45 billion servings, followed by Indonesia at 14.2 billion, and Vietnam with 8.48 billion. This means each Vietnamese person consumed an average of 85 packs a year, ranking first globally. The report indicates that the instant-noodle demand among Vietnamese decreased slightly between 2021 and 2022, with the figures down by nearly 1 per cent. However, the 8.6 billion packs sold in 2021 marked an increase of more than 20 per cent compared to 2020. Vietnam is home to about 50 instant noodle producers, offering a diverse range of options and price points. Dominated by four major instant noodle makers, namely Acecook Vietnam, Masan Consumer, Uniben, and Asia Foods, the competition in Vietnam's instant noodle market is becoming fiercer. In 2022, Acecook generated revenues of over $590 million. Annually, it provides the market with more than three billion instant food products each year, making it … [Read more...] about Vietnam among the world’s principal instant noodle consumers

Logistics groups go green to add to net-zero goals, source: DHL Express DHL Express on September 19 onboarded Asia Commercial Joint Stock Bank (ACB) to its GoGreen Plus service to reduce carbon emissions for its time-definite international shipments through the use of sustainable aviation fuel (SAF). By investing in GoGreen Plus, it is estimated that ACB will be able to reduce 14 tonnes worth of total CO2 emissions within a 12-month period. The entire process is verified annually by an independent third-party agency. In addition, a complementary carbon footprint report will be updated monthly, detailing ACB’s overall emissions with DHL Express. Bernardo Bautista, general director and country manager for DHL Express Vietnam, said that the company believed that corporate social responsibility and business success go hand-in-hand. “Global sustainability and environmental protection are important for all of us, including our customers. With SAF as our key lever to effectively … [Read more...] about Logistics groups go green to add to net-zero goals

Huynh Thanh Dat, Minister of Science and Technology, and Susan Elliott AM, interim president and vice-chancellor of Monash University What does it mean to Monash University to successfully host International TECHFEST 2023? We are pleased to host International TECHFEST 2023 – the first time the event has been held in Australia – as we celebrate the milestone of 50 years of diplomatic relations between Vietnam and Australia. We are delighted to collaborate with Vietnam's Ministry of Science and Technology and to have the opportunity to welcome the country's delegation to Monash. International TECHFEST 2023 reflects Monash University’s distinctive global footprint and commitment to international collaborations. It is a wonderful platform to strengthen relations between Monash and Vietnam, and deepen our connections with Vietnamese students, researchers, and industry leaders. Importantly, this event offers a significant opportunity to enhance the potential of the … [Read more...] about Monash University helps Vietnamese startups unlock their potential

The latest draft plan for implementation of Power Development Plan VIII (PDP8), submitted by the Ministry of Industry and Trade (MoIT) on August 31, pointed out the vast challenges remaining despite the approval of the plan in May. Detailed implementation will direct success of PDP8, Source: Vietnam+ “For solar power projects that have been approved and assigned to an investor, the specific progress will be considered in the implementation plan PDP8. However, this request cannot yet be carried out according to the MoIT’s Institute of Energy,” noted the latest draft plan. The Institute of Energy, the unit responsible for developing plans to implement PDP8, explained that there are currently 23 solar power projects approved and assigned to investors with a total capacity of about 2,360MW. This is a much higher capacity than the 1,500MW limit currently set in the PDP8. Meanwhile, the MoIT reported that there are more than 2,000 proposed wind, solar, and small … [Read more...] about Detailed implementation will direct success of PDP8

The Drug Administration of Vietnam (DAV) under the Ministry of Health on Wednesday said it has not received any reports indicating adverse effects of Swiss pharmaceutical company Roche’s Avastin cancer drug, a treatment associated with 12 Pakistani patients losing their vision. The DAV affirmed that Avastin’s four previously-granted registration certificates for circulation within Vietnam remain active. The agency made the announcement following the Roche representative office in Vietnam’s update on the ongoing investigation into the use of the drug Avastin in Pakistan. The probe was carried out after 12 diabetic patients in Pakistan who were injected with a drug labeled 'Inj. Avastin 1.25mg/0.05ml' went blind. The drug was distributed by unauthorized provider Genius Pharmaceutical Service, but its label led to the misunderstanding that it was an authentic product produced by Roche. In fact, Genius Pharmaceutical Service 'altered/dispensed/diluted' Roche’s original Avastin … [Read more...] about Vietnam records no undesired incidents related to controversial cancer drug

In Vietnam, the import of wild-caught lobster larvae is under strict control because of short supply, yet the smuggling of this in-demand shellfish remains rampant on social media, posing immeasurable risks. Many raft owners in Cam Ranh City, Khanh Hoa Province find it difficult to import official lobster larva shipments, while some online sellers offer lobster larvae in great numbers and with plenty of pricing. When buying lobster larvae becomes a gamble Despite being aware of numerous risks in quality, many consumers still go for buying lobster larvae online. "Vendors vaguely claimed that these infant lobsters hailed either from Indonesia or the Philippines,” said Le Phuong Dung, a buyer in Cam Linh Ward, Cam Ranh City. The price per lobster larva peaked at VND60,000 (US$2.46) in July and August, while each cost about VND40,000 ($1.64) at the moment, said Dung. Besides purchasing from a regular contact, she usually orders lobster larvae online as this kind of trading … [Read more...] about Lobster larvae increasingly smuggled into Vietnam

Many households and businesses in Hanoi have raced to equip escape ladders outside their high-rise buildings following a fatal apartment block inferno that killed 56 people in the capital earlier this month. These escape ladders come in all types and sizes, but most of them are made from metal. The owners of buildings with enough spaces have equipped them with spiral ladders, while vertical ladders have been installed outside some others. Some ladders have even encroached on sidewallk areas. The owner of an eight-floor apartment block on Thanh Binh Street in Ha Dong District, Hanoi has equipped the building with an escape ladder system costing over VND100 million (US$4,100). Photo : Hong Quang / Tuoi Tre Le Ha Khanh, residing on Minh Khai Street in Hai Ba Trung District, was in a divided mind while choosing an escape ladder for her six-floor apartment block. Vertical ladders are dangerous as people may fall while climbing down, Khanh said. Meanwhile, she … [Read more...] about Hanoi households, businesses rush to install escape ladders outside buildings

A FireGroup Technology representative receives the Việt Nam’s Top 10 Digital Technology Companies. — Photo courtesy of FireGroup Technology FireGroup Technology has won the Top 10 Digital Technology Companies Awards in two categories for 2023: Logistics and e-Commerce solutions and impressive revenue growth. The annual awards, presented by the Việt Nam Software and IT Services Association, were announced in Hà Nội last week. It marks a milestone in the company’s journey from being a start-up founded by five entrepreneurs driven by their passion for e-commerce and drop-shipping. “In 2023, during the seventh year of our development journey, FireGroup remains steadfast in our fundamental desire to grow,” Khoa Le, one of the founders and CEO of FireGroup Technology, said. “We are a dedicated team with growth mindsets that transform our work into a passion, fostering a culture of learning where we actively explore and apply the world’s leading innovations and creative ideas. … [Read more...] about FireGroup Technology wins Việt Nam’s Top 10 Digital Technology Companies Awards