Estimating what sales volume is needed to achieve a specific target profit

It is expected that local governments will waive or reduce fees for the use of online public services and for online payments. Hanoi aims to achieve 100% account registration in its online public services portal by 2023, while at least 50% of new documents will be received and processed online. Public officials at Trung Liet Ward, Dong Da District, guide locals on the use of online public services. Photo: The Hanoi Times The move was part of the City's Plan No. 95 to implement National Project No. 06 to build a population database and electronic authentication and identification for national digitization in 2022-2025, with a vision to 2030. The city will provide 100% of citizens with free digital signatures for electronic transactions and public service delivery. Under Plan No. 95, Hanoi authorities identified implementing Government Project No. 06 as a crucial task that requires the active participation of all levels, sectors, and localities, leveraging … [Read more...] about Hanoi targets 100% of population with accounts on public services portal

Public-private partnerships contribute to digital transformation in Vietnam According to experts at a VIR's forum on digital transformation on March 21, digitalisation needs to be embedded in all aspects of society to be impactful. The pace and consistency of improvements being made has given a lot of reassurance that Vietnamese authorities are on board to ensure digital transformation continues to accelerate and be applied successfully across different sections of society. Do Tien Thinh, deputy director of the Vietnam National Innovation Centre (NIC), told that digital transformation is the way to support innovation and further help the business community to achieve emission reduction targets. "During the process of working with the business community, we see that technology groups have a demand for expanding customers network to provide technology solutions, meanwhile, local enterprises have a demand for digital transformation and innovation," … [Read more...] about Digital transformation needs private and public sector support

According to experts, this will help them expand their shares in the domestic market which remains being dominated by imported drugs and extend their international reach. Vietnam’s pharmaceutical market has significant potential. The Ministry of Health estimated the market at USD 6.9 billion in 2021 while BMI Research forecast the market to reach USD 16.1 billion in 2026 with a compound growth rate of up to 11%. According to Nguyen Dieu Ha, general secretary and office chief of the Vietnam Pharmaceutical Companies Association (VNPCA), there are 55 foreign-invested pharmaceutical companies in Vietnam as of the end of 2022, 228 companies meeting World Health Organization – Good Manufacturing Practice (WTO-GMP) and 12 meeting high GMP standards of the EU, Japan, PIC/S and TCA. These figures show that the pharmaceutical industry of Vietnam has made a significant improvement since 2017 when there were only two companies meeting GMP. Still, the domestic pharmaceutical market is a … [Read more...] about Pharmaceutical companies urged to invest in R&D, improve competitiveness

Its revenues were VND1.579 trillion ($67.15 million) and earnings before interest, taxes, depreciation, and amortization (EBITDA) were VND195 billion, the highest gross profit margin in the industry, according to Masan’s newly published annual report. Highland Coffee had revenues of over VND2 trillion a year in 2019 and 2020. Phuc Long opened 23 large flagship stores and two mini shops in the last quarter of 2022, increasing their total numbers to 111 and 21. They represented a near doubling of numbers from 2021 when Masan first bought stakes in Phuc Long. The flagship stores achieved very high profit margins of 31% in 2022 and 26% in 2021. Last year they reported sales of VND1.1 trillion and profits of VND330 billion. But Phuc Long had to close 150 tea and coffee kiosks located inside WinMart retail stores, also belonging to Masan, in the second half of 2022, the annual report said. "We are adjusting this model (opening tea and coffee kiosks in WinMart stores) in the first … [Read more...] about How tea chain Phuc Long fared in the year after Masan takeover

The Vietnamese Ministry of Information and Communications, at a working session on Wednesday with the U.S.-ASEAN Business Council (USABC) and representatives from many U.S. enterprises, called on U.S enterprises to support Vietnamese enterprises, especially SMEs, in digital transformation. Following a working session with Vietnamese Prime Minister Pham Minh Chinh, the USABC and U.S. enterprises, who are in Vietnam to seek cooperation, investment, and business opportunities, held a meeting with the Vietnamese Ministry of Information and Communications. A view of the working session between Vietnamese Prime Minister Pham Minh Chinh and the U.S.-ASEAN Business Council. Photo: Duong Giang / Tuoi Tre USABC President and CEO Ted Osius took time from the meeting to share his appreciation for the potential of Vietnam’s digital economy. According to Osius, U.S. enterprises are paying attention to the Southeast Asian country’s policies aimed at boosting the digital economy, … [Read more...] about Vietnam calls for U.S. support in digital transformation

The energy transition in Vietnam is tied to the rapid growth of the economy, urbanisation, and industrialisation. We have seen the strong aspiration of the government to speed up the energy transition while meeting the requirements of economic development and the goal of becoming a high-income country by 2045. Energy transition is more seen as a potential engine for employment, and this trend will likely grow, helping to build support for renewables. John Rockhold, head of the Power and Energy Working Group under the Vietnam Business Forum Fossil energy sources are gradually being replaced by green and clean energy sources, reducing greenhouse gas emissions and combating climate change, while Vietnam is one of the first countries to renew its nationally determined contribution to the United Nations Framework Convention on Climate Change in 2020. The roadmap for the country’s transition process towards green and sustainable development will not only need to ensure … [Read more...] about Displaying readiness for the energy transition in Vietnam

As part of the draft national Power Development Plan VIII (PDP8), Vietnam plans to generate 7GW offshore wind capacity by 2030, but the lack of an official strategy is hindering progress. At a conference organised by the Central Economic Committee last week, Mark Hutchinson, chairman of the Southeast Asia Task Force, said, “7GW of offshore wind is crucial for Vietnam for its net-zero goal and for the country’s long-term energy security. Our message has been the same for years – a clearly defined route to the market is needed.” He said that offshore wind deployment was in its early stages and the deployment of the country’s 4GW of offshore wind was not driven by a direct auction mechanism but instead arranged at a time when clear policy measures were not in place. Thus, he called for accelerating a large-scale pilot or mechanism that covers a certain volume of the target, to bypass obstacles and fast track wind power. “There are now two main options: an accelerating mechanism such … [Read more...] about No time to waste in building the offshore wind industry

Stakeholders have much to say about the current state of the tourism industry, and what must be done Prime Minister Pham Minh Chinh chaired a tourism recovery conference on March 15 and talked to management agencies and tourism businesses about removing obstacles for the industry to thrive once again. Despite being one of the first Southeast Asian countries to fully reopen to international tourism after the pandemic, Vietnam’s tourism industry still trails other countries in the region. The PM raised a series of questions about tourism promotion, competitive advantages, products, and visa policies – all factors that are considered to be subjective causes for Vietnam’s tourism to fail its foreign tourism targets thus far. “Tourism cannot develop alone, and tourism cannot develop if culture and the entertainment industry do not develop,” PM Chinh said. He directed the tourism industry to build green and sustainable tourism products, finance tourism activities, and develop … [Read more...] about Tourism breakthrough within reach

A customer shops for mobile phones at a Mobile World store. For Mobile World (MWG), Q4 profit after tax dropped sharply by 60.4% year-on-year to 619 billion VND, a multi-year low. (Photo: thegioididong.com) Hanoi (VNS/VNA) - Retail stocks have dropped significantly due to the decline in business results in the context of the global economic recession and high interest rates. Mobile World (MWG) and Digiworld (DGW) are both hovering around the long-term bottom with a drop of more than 50% from the peak. Petrosetco (PET) has been almost flat since the beginning of February while Petrosetco Distribution JSC (PSD) is finding the bottom. This duo has dropped by 60-65% of the market price compared to their peak. The Phu Nhuan Jewelry Group (PNJ) and FPT Retail (FRT) have been struggling since the end of January. These two stocks have fallen by 16% and 38% respectively from the peak. The recent plunge in retail stocks partly came from the decline in business results. … [Read more...] about Retail stocks drop amid economic downturn and high interest rates

In the 35 years since its establishment, Agribank now has the largest countrywide retail network, with nearly 2,300 branches and transaction offices. Agribank has a network system twice as large as the next biggest bank and is the only commercial bank with a presence in nine out of the 13 island districts. Agribank going from strength to strength In addition, Agribank also has the largest number of employees in the banking system, with about 40,000 people. The wide coverage is a testament to Agribank’s mission to work alongside the agricultural sector, farmers, and rural communities, despite the expense of maintaining this large network and number of employees. Agribank boasts a profound understanding of the market and its customers and their communities. The bank has also set another record with the number of its customers. On average, each Agribank credit officer is responsible for approximately 800 customers. In some localities, each credit offer is responsible … [Read more...] about Agribank going from strength to strength