At the meeting of Vietnam Electricity in Hanoi on January 3 (Photo: VNA) Hanoi (VNA) – The state-owned Vietnam Electricity (EVN) obtained a number of achievements despite many difficulties in 2018, said EVN Deputy Director General Nguyen Tai Anh. At a meeting to review the group’s performance in Hanoi on January 3, Anh said the power volume produced and purchased last year reached 212.9 billion kWh, up 2.4 billion kWh from the target set and 10.36 percent from 2017. These figures have helped Vietnam’s Getting Electricity (GE) indicator jump 37 places to 27th among the 190 economies listed in the World Bank’s Doing Business 2019 report. EVN was rated BB by Fitch Ratings last year, the executive said, adding that this positive credit rating can help the firm attract investment and power projects. Additionally, the EVN was named among the sustainable Vietnamese enterprises in 2018 by the Vietnam Business Council for Sustainable Development, and one of … [Read more...] about EVN records 15 percent rise in total revenue for 2018
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Foreign fast food giants defy losses in Vietnam
illustration photo In the red In Vietnam, Lotteria and KFC are considered the leading fast food brands. However, the financial statement of Lotteria showed that the fast food chain recorded after-tax losses were VND118 billion ($5.22 million) and VND135 billion ($6 million) in 2015 and 2016 respectively. By the end of 2016, Lotteria’s accumulated losses were more than VND413 billion ($18.27 million), while its charter capital reached only VND433 billion ($19.16 million), as reported by local media. In the meantime, Lotteria’s competitor, KFC also reported losses with a low profit margin at around 15 per cent in 2016. This was even lower in the previous year, at only 10 per cent. As a result, KFC lost VND25 billion ($1.1 million) in 2015 and made a profit of VND15 billion ($664,000) in 2016. The Fast Food in Vietnam report by Euromonitor International reveals that many international fast food brands in Vietnam have declined in 2017, including Burger King, Popeyes, Subway, … [Read more...] about Foreign fast food giants defy losses in Vietnam
Rise in Asia’s wages outpace rest of the world
The Asia Pacific region has outperformed the rest of the world when it comes to wage growth, according to an International Labour Organisation (ILO) report. Annual average incomes rose 6% in the region, compared to a global average growth of 2% in 2013. … [Read more...] about Rise in Asia’s wages outpace rest of the world
Rising labour costs bring benefits
Vietnam is to become a more competitive manufacturing destination for foreign textile and garment businesses as competitors' production costs climb. According to the Thai Garment Manufacturers Association (TGMA), rising local production costs have pushed five major Thai garment manufacturers to relocate to Vietnam, transferring combined investment of $50 million. Vallop Vitanakorn, honorary adviser to the TGMA, said the five were Hong Seng Knitting Company, Hi-Tech Apparel Company, Nice Apparel Company, Liberty Garment Company, and Golden Thai Industry Company. Their factories in Vietnam were expected to start operations within 2011, employing 24,000 workers. He added that "more Thai garment businesses may move to more competitive-labour countries such as Vietnam, Bangladesh, Indonesia, Cambodia and possibly Myanmar due to the declining Thai labour trends." Sukij Kongpiyacharn, president of TGMA, said that Thai government's consideration to increase minimum wages by 25 per … [Read more...] about Rising labour costs bring benefits
Giant Jesus statue rises above Polish countryside
A statue of Jesus Christ that its builders say will be the largest in the world is fast rising from a Polish cabbage field and local officials hope it will become a beacon for tourists. View more pictures The crowned head of a statue of Jesus being built stands in Swiebodzin, 110 km (68 miles) west of Poznan, western Poland, November 4, 2010 Photo: Reuters The builders expect to attach the arms, head and crown to the robed torso in coming days, weather and cranes permitting, completing a project conceived by local Catholic priest Sylwester Zawadzki and paid for by private donations. … [Read more...] about Giant Jesus statue rises above Polish countryside