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Last year, Vietnam’s export revenue of agro-fishery-forestry products set a record high of 53.22 billion USD, up 9.3% year-on-year. However, Europe accounted for only 11.3% of its market share. This is a modest number, although the agricultural sector has optimized many advantages of the E.U. - Vietnam Free Trade Agreement (EVFTA). One of the main reasons is said to be the union’s high requirements on farm imports, while Vietnam’s agricultural production has yet to meet green growth requirements. According to the World Bank’s report, agriculture is the second highest emitter, accounting for 19% of the nation’s total gas emissions in 2020. About 48% of the sector’s emissions and more than 75% of methane emissions are from rice production. Therefore, to boost farm exports to the E.U., the sector is advised to pay more attention to green growth indicators through making policies and roadmaps to reduce greenhouse gas and methane emissions in accordance with international … [Read more...] about Vietnam develops green agriculture to increase exports to E.U.

SABECO spends $42 million on cash dividend advances According to its latest financial statement, in the fourth quarter of 2022, SABECO reported revenue of more than $439 million, a sharp increase compared to the first three quarters of 2022 and up 11.4 per cent on-year. Sales expenses increased by more than 70 per cent on-year to $70 million, mainly in the form of advertising, marketing, and promotions. Therefore, SABECO's after-tax profit stood at $46.8 million, down 23 per cent on-year. Throughout 2022, SABECO's net revenue reached $1.53 billion, an increase of nearly 33 per cent compared to 2021, equivalent to an average of more than $4.2 million per day. After-tax profit reached $239 million, the highest since the brand belonged to Thai owners at the end of 2017. SABECO set a revenue target of $1.5 billion and an after-tax profit of $200 million for the year. With the above results, the company has exceeded the target set forth in 2022. The brewer's total assets at … [Read more...] about SABECO gains peak profits over the last six years

Demand for fresh foods increases ahead of the Ram Thang Gieng (the first full moon of the lunar year) as usual, but market prices have barely changed. The upcoming celebration of Ram Thang Gieng (the full moon of the first lunar month) marks a strong increase in demand for fresh food in the market, but prices have remained stable. People buy fruits at a traditional market in Hanoi to prepare dishes for the celebration of the first full moon in the lunar year. Photo: Hoai Nam/The Hanoi Times The first full moon of the lunar year falls on the 15th day of the first lunar month. On that day, Vietnamese prepare some dishes in honor of the gods, Buddha, and ancestors, and pray for the happiness, luck, and prosperity of their relatives. In 2023, Ram Thang Gieng falls on January 4. Given such meaning,  demand for fresh and good quality food before and during the day tends to increase. In 2023, however, prices for raw and fresh foods are virtually unchanged … [Read more...] about Food prices rise slightly ahead of first full moon

An overview of Ho Chi Minh City (Photo: VNA) HCM City (VNS/VNA) – Ho Chi Minh City is likely to face hurdles caused by a global recession this year and escalating uncertainty, Vice Chairman of the municipal People’s Committee Duong Anh Duc has warned. Speaking at a meeting on February 1, he said the global economic slowdown and inflation would impact the city’s socio-economic development, slowing its recovery. Global growth is expected to decrease from 3.2% last year to 2.7% this year, he said. The real estate, stock and bond markets are all expected to face huge challenges this year amid tightening monetary policy, according to Duc. Many local businesses lack orders because of the weak global demand, and the situation would not improve until the middle of the year, he said. The city would organise meetings to discuss measures to support businesses and workers, and seek ways to supply the economy with capital amid the tight monetary policy, Duc said. For … [Read more...] about HCM City to face economic challenges, recovery to be hit

Vietjet aircraft (Photo: VNA) Hanoi (VNA) - Vietjet Air saw an impressive recovery after the COVID-19 pandemic as it recorded a year-on-year rise of 175% in net revenue to 7.35 trillion VND (313.4 million USD), and earned profit of 902 billion VND in the last quarter of 2022. The company’s revenue in 2022 hit 32.5 trillion VND, while profit was limited, reaching only 215 billion VND. It also contributed over 4.3 trillion VND worth of direct and indirect taxes, fees and charges to the State budget. Last year, the carrier transported 20.5 million passengers aboard 116,000 flights, in which domestic transport increased by 20% compared to 2019 before the COVID-19 broke out. Vietjet opened more than 20 new routes in 2022, mainly to the Indian market. As of December 31, 2022, Vietjet had operated a total of 103 routes. In 2023, Vietjet expects high revenue growth thanks to the reopening of the Chinese market and the increased exploitation of potential international … [Read more...] about Vietjet reports over 900 billion VND in profit in Q4/2022

Tran is currently the assurance leader for PwC Vietnam, a role he has played since 2019. He has over 26 years experience in auditing, accounting and management through construction and real estate, manufacturing and services, hospitality as well as the entire sale and retail industry. Mai Viet Hung Tran Tran’s core expertise lies in assurance, International Financial Reporting Standards and Vietnamese Accounting Standards. Under his leadership, the assurance practice has grown significantly and built up a portfolio of audit clients, including many local companies and multinational corporations. "We are pleased to announce Tran’s appointment and are confident that under his leadership, the firm will continue to grow and deliver on our client and people's expectations. It has been a fulfilling experience leading the firm since 2011, growing our multidisciplinary practice, developing new capabilities and most importantly, driving efforts to make PwC a better place to work … [Read more...] about PwC Vietnam appoints Mai Viet Hung Tran as general director

The Starbucks emblem on reusable coffee cup in Annapolis, Maryland, on February 2, 2023, ahead of earnings report.(Jim WATSON / AFP) The big coffee chain's results were a study in contrast between its two main markets, with North American comparable sales jumping 10 percent and China comparable sales slumping 29 percent. The results in the United States reflected a lift from "strategic" price increases that helped offset the impact of increased spending on wages and employee benefits. Acting Chief Executive Howard Schultz described the results as strong in light of "challenging global consumer and inflationary environments, a soft quarter for retail overall and the unprecedented, Covid-related headwinds that unfolded in China in Q1." Overall, profits rose 4.8 percent from the year-ago period to $855.2 million in the fiscal first quarter ending January 1. Revenues increased 8.2 percent to $8.7 billion. The profits translated into earnings per share of 75 cents, a bit below … [Read more...] about Starbucks profit rises despite hit from China

Vietnam collects $78 million in tax from cross-border platforms in 2022 According to the department, in March 2022, it launched the information portal for foreign service providers. As of the end of October last year, over 40 foreign service providers had registered and declared tax on the information portal for foreign service providers. Meta, Google, Microsoft, TikTok, Netflix, and Apple, which account for 90 per cent of revenue from e-commerce services on cross-border digital platforms , have declared and paid taxes in Vietnam, totalling tens of millions of dollars. For example, Google paid $28.8 million, Meta (Facebook) $34.5 million, and Apple with $7.56 million. These cross-border platforms, which account for 90 per cent of revenue from e-commerce services on cross-border digital platforms, have declared and paid tax in Vietnam, totalling tens of millions of dollars. Tax revenue collected from cross-border platforms has increased thanks to the launch of the electronic … [Read more...] about Vietnam collects $78 million in tax from foreign tech giants in 2022

Rikkeisoft's leaders announced the establishment of RKTech in the US and appointed Bui Hoang Tung as their Senior Executive Vice President of Rikkeisoft Corp. and CEO of RKTech Corp. — Photo courtesy of the firm Rikkeisoft on Tuesday officially announced the establishment of its subsidiary company - RKTech in the US, acting as a bridge coping with timezone and communication challenges between US businesses and Viet Nam-based production teams. Located in Plano, Texas - a technology hub in the US, RKTech could help US companies easily access Southeast Asian IT services as an alternative to ones from other outsourcing countries such as India and Argentina. RKTech will develop and deliver high-value IT services to the US market. This is also an opportunity for the corporation to access global cooperation, helping them achieve their goal of becoming a billion-dollar company in the next five years. RKTech also appointed Bui Hoang Tung as their Senior Executive Vice President of … [Read more...] about Rikkeisoft enters the US market to realise the “Go Global” strategy

A construction site of Phat Dat Real Estate Development Joint Stock Company (PDR). PDR reported net revenue of VND14.6 billion (US$622,600) in the last 3 months of 2022. — VNA/VNS Photo A volatile real estate market caused revenues and profits of realty businesses to decrease sharply in the fourth quarter of 2022. Phat Dat Real Estate Development Joint Stock Company (PDR) reported net revenue of VND14.6 billion (US$622,600) in the last three months of 2022, a sharp decrease compared to the VND1.29 trillion recorded in the fourth quarter of 2021. The company suffered an after-tax loss of VND229.4 billion in Q4 of 2022, while in the same period in 2021, it reported a net profit of VND751.4 billion. This was considered Phat Dat's "failure" quarter as the company reported a loss for the first time since it announced business results. Dat Xanh Group Joint Stock Company (DXG) reported a loss of VND460 billion in the last quarter of 2022. During the period, the company's net revenue … [Read more...] about Volatile real estate market puts pressure on business results