E commerce industry booming

Hanoi plans to create five to ten industrial clusters this year. Hanoi's authorities broke ground for the construction of the Phu Yen craft village industrial cluster in Phu Xuyen District on March 30. The groundbreaking ceremony of the Phu Yen craft village industrial cluster project. Photo: Hanoimoi Newspaper The Phu Yen artisan village industrial cluster in Gie Ha Village, Phu Yen Commune, covers 10.5ha and was funded by Chi Cuong Construction Investment Consultant Joint Stock Company for VND200.3 billion (US$8.5 million). Speaking at the groundbreaking ceremony, Nguyen Xuan Thanh, Secretary of the Phu Xuyen District Party Committee, stated that the industrial cluster's establishment aims to relocate local production facilities in the fields of leather and footwear, garment, lacquer, services for industrial clusters, and other industries away from residential areas, thereby reducing the environmental pollution. According to Nguyen Manh Quyen, Vice … [Read more...] about Hanoi begins work on Phu Yen craft village industrial cluster

"In 2022 the steel industry was going through a difficult cycle. I predicted this at last year's meeting, and honestly it was worse than expected," he said at the 2023 annual general meeting on Thursday. "However, the most difficult period has passed, and the internal strength of Hoa Phat in particular is good, and now it completely depends on the demand side." Steel is an industry that depends on the real estate market and the government's public spending policy. Long said now "everything is very slow." Hoa Phat's January and February results were negative, but the losses were lower than the management had feared, he said. Things have been better in March, he said without providing figures, but promised to announce them at the end of April. Asked about his past assertion that "Hoa Phat cannot make steel forever," he said that applied for the long term and is a path that all large corporations must tread, but not easy to implement in the short term. "In theory, it is … [Read more...] about Worst over for industry: Hoa Phat Steel chairman

Vietnamese steel industry calling for wider investment from overseas entities, photo Le Toan Posco Yamato Vina Steel JSC, a joint venture between South Korea’s Pohang Iron and Steel Company and Japan’s Yamato Holdings, is contemplating constructing a second facility in Vietnam. Lee Youngwoo, general manager of Posco Yamato Vina, wants to “establish a robust sales network” across Vietnam while enhancing scrap supply security. In 2020, Posco Yamato Vina was the first to manufacture wide H-shaped steel in Vietnam. According to Lee, the business built a representative office in Haiphong last year in order to “create additional prospects for collaboration” with clients. In the southern province of Ba Ria-Vung Tau, Posco Yamato Vina operates a steel mill with a capacity of one million metric tonnes per year and produces section steel with a capacity of 500,000 tonnes per year. Following a lack of foreign investment in steel manufacturing in recent years, many observers see Posco … [Read more...] about Vietnamese steel industry calling for wider investment from overseas entities

“Vietnam’s hospitality market had great momentum before the pandemic, moving from a destination only for experienced travellers, to a place for holiday and leisure travellers. It rivalled international travel hubs like Thailand, thanks to the joint efforts from many industry players,” said Mauro Gasparotti, director of Savills Hotels in the opening presentation on the challenges and opportunities of the industry this year. “However, development outpaced demand, and now we are dealing with the consequences of over development, with incomplete or underperforming projects. The market needs time to readjust. On a positive note, several high-quality hotels and resorts in the country are doing exceptionally well, and they will keep doing so for the foreseeable future. Projects that have been properly implemented and are correctly managed will recover faster,” he added. "Development outpaced demand, and now we are dealing with the consequences of over development, with incomplete or … [Read more...] about Hospitality industry looks to level up

An HDBank transaction office in HCM City. HDBank hopes to maintain its high growth momentum in the coming years. — Photo courtesy of HDBank The Ho Chi Minh City Development Joint Stock Commercial Bank has announced its 2022 results audited by PwC, which shows profit before tax of nearly VND10.27 trillion (US$437.18 million), its highest ever and up 27.2 per cent from the previous year and 105 per cent of the target approved by shareholders. The non-performing loans (NPL) ratio was low, while operational safety indicators were among the best in the industry. The operating income for the year topped VND22 trillion ($936.39 million), up 31.1 per cent. Its credit, services, card, and digital banking businesses all saw high growth. The total number of credit cards it issued quadrupled while their transaction value nearly tripled, and the number of e-banking transactions doubled with their value growing by six times to VND761 trillion ($$32.39 million). The return on equity and … [Read more...] about HDBank outstanding loans to property sector, corporate bond holdings among industry lowest

Vietnam plans to expand its crude oil and petroleum product reserves to 75-80 days of net imports by 2030 and 90 days by 2050. The national petroleum and gas supply reserve infrastructure is predicted to cost VND270 trillion (US$11.4 billion) by 2030. Deputy Prime Minister Tran Hong Ha at the meeting. Source: VGP Minister of Industry and Trade Nguyen Hong Dien commented on March 30 during a meeting of the Appraisal Council for the draft National Petroleum and Gas Reserve Infrastructure Plan. The minister stated that the country's liquefied petroleum gas (LPG) storage infrastructure is limited, with only ten 10,000 m3 or larger warehouses. Furthermore, no operational liquefied natural gas (LNG) warehouses are nationwide. "The development of new gas pipelines connecting warehouses to consumers has also encountered challenges due to a lack of designated corridors within industrial parks for gas pipelines," Dien explained. In the case of petroleum, there … [Read more...] about $11 billion required for Vietnam’s oil and gas infrastructure development

The Hai Thach 1 oil rig under the Bien Dong 1 project (Photo: VNA) Hanoi (VNA) – Head of the Party Central Committee’s Economic Commission Tran Tuan Anh held a working session with the Vietnam National Petroleum Group (Petrolimex) in Hanoi on March 31. Anh, who is also head of the Steering Committee for the building of a project on reviewing the implementation of the Politburo’s Resolution on the strategic orientations for the development of the Vietnamese petroleum industry by 2025, with a vision to 2035, asked delegates to discuss Petrolimex’s production and trade situation since the issuance of the Resolution, focusing on shortcomings, difficulties, their causes and suggestions regarding policies, mechanisms, legal regulations, particularly petrol price and market management, investment procedures, business development, national petroleum reserve as well as the construction, management, and operation of warehouse-port system. The meeting between head of the … [Read more...] about New strategic orientations for Petrolimex suggested

Illustrative image (Source: AFP/VNA) Bangkok (VNA) – Thailand’s Commerce Ministry has projected the country's export sector to gradually recover in the latter part of the year. The rebound of the service and tourism sectors should also boost demand from trading partners , the ministry said. However, global economic uncertainty and an inflationary environment will inevitably affect Thai exports in the first half of the year. Thai outbound shipments are expected to contract in the first and second quarters, as importers still maintain large stockpiles, said Phusit Ratanakul Sereroengrit, director-general of the International Trade Promotion Department . The ministry reported on March 30 the customs-cleared value of exports dipped for the fifth month in a row in February, falling 4.7% year-on-year to 22.4 billion USD while imports increased by 1.1% to 23.5 billion USD, resulting in a trade deficit of 1.11 billion USD. For the first two months of 2023, Thai … [Read more...] about Thailand’s export expected to recover in H2 of 2023

Nguyen Minh Thoai, CEO of DIGI-TEXX Nguyen Minh Thoai, CEO of DIGI-TEXX, last weekend shared his insight at Finovate : Product Day 2 - a Jobhoppin’s event themed “Digitalisation and Automation strategy for operations in financial services” in Ho Chi Minh City. “Finovate: Product Day 2” event shredded lights on how organisations of all industries navigated through uncertainties amidst this period of of hyper-turbulence and change. Businesses that highlight and successfully optimise automation process at the centre of their transformations will have a competitive advantage through complexity. While there's little doubt that automation can yield significant benefits for all kinds of sectors, such as financial services, healthcare services, e-commerce, and real estate, to name a few. Robotic Process Automation (RPA) could relieve humans from repetitive hazardous and unpleasant tasks. “Organisations across the globe are increasingly relying on RPA to carry out routine, … [Read more...] about DIGI-TEXX sets the standards in digital and business process outsourcing services

Breeding farms could lose out massively if relocation strategies are not efficient Photo: Le Toan In March, the Dong Nai Breeding Association, which represents over 6,000 breeding households and livestock companies operating in the province, met with the Ministry of Agriculture and Rural Development and Dong Nai People’s Committee to discuss solutions to minimise damage for breeding farms that have been placed on a list for relocation or termination. In late February, Dong Nai People’s Committee revealed that it required relocation of 2,100 breeding farms and to shut down approximately 900 breeding facilities before January 2025. The reason for the drastic move is to remove livestock facilities from residential areas, which are causing untold amounts of environmental pollution. The province’s decision immediately worried breeding households and livestock companies, with representatives stating that the roadmap is too short, financial information or assistance is scarce, and … [Read more...] about Livestock switch serves up dispute