High reaches taubmans

Positive prospects Total consolidated revenue of the Vietnam National Textile and Garment Group (Vinatex) in the first quarter of 2022 reached nearly VND4.9 trillion, a year-on-year increase of 45 percent. Its pretax profit reached VND376.7 billion, up 74 percent compared with the first quarter of 2021, and equivalent to 39.6 percent of the annual projection. Many textile and garment companies have received orders to maintain exports until the end of the third quarter of 2022 Vinatex attributed these results to the fact that most yarn companies of the group received orders in 2021 to maintain exports in 2022 and to the forecast about cotton price increases resulting in a large volume of low-priced cotton in stock. In early 2022, member companies of Vinatex achieved satisfactory business results and many received orders for the first three quarters of the year. The yarn sector so far has fulfilled 63 percent of its annual business plan. Garment companies have … [Read more...] about Q1 reports of Vietnamese enterprises reflect economic recovery

Prime Minister Pham Minh Chinh (R) receives US Secretary of Commerce Gina Raimondo in Washington DC. on May 11 (Photo: VNA) This visit has been successful in paving the way for new development opportunities and stronger trade relations between the two countries. According to statistics from the General Department of Customs, the bilateral trade turnover between Vietnam and the US in 1995 was at US$450 million, and by 2021 it had increased to $111.6 billion, 248 times higher. In 2021, Vietnam exported $96.3 billion worth of goods to the US, up by 24.9 percent compared to 2020, accounting for 28.6 percent of the total export turnover of the country. As a result, Vietnam had a trade surplus of $81 billion, and the US continues to be Vietnam's number one trade surplus market, up by 27.9 percent compared to $63.4 billion in 2020. This has contributed to creating a new peak in exports and imports and prolonging the trade surplus for six consecutive years from 2016 until 2021. Vietnam … [Read more...] about Vietnam-US to have stronger trade relations

The conference took place on Wednesday — Photo viettimes.vn The Vietnamese economy recovered more slowly than the world economy last year, but the reverse is likely to be true this year. BIDV Chief Economist Can Van Luc made the forecast at the conference “Vietnam financial market 2021 and outlook 2022” yesterday. Luc had three possible scenarios for the Vietnamese economy in 2022. In the best-case scenario, the economy is expected to rebound strongly with an annual growth rate of 6-6.5 per cent. The figure is adjusted down to 5.5-6 per cent in the base-case scenario, and to 4.5-5 per cent if things do not turn out well. Meanwhile, inflation is believed to rise steadily due to global inflationary pressures. “I’m quite sure that Vietnamese inflation will rise to around 3.8-4.2 per cent this year. It’s inevitable amid rapid-rising global inflation,” he added. Additionally, Luc was optimistic that the securities market is likely to become more sound and stable after several … [Read more...] about Vietnamese economy to do well in 2022: experts

Illustrative photo (Source: VNA) Hanoi (VNA) - The Bank for Investment and Development of Vietnam (BIDV) and the Asian Development Bank (ADB) on May 25 co-organised a workshop to announce a report on Vietnam’s financial market in 2021 and its 2022 outlook. BIDV Senior Executive Vice President Tran Phuong said it is a result of research by a team of ADB and BIDV experts. This is the first time a Vietnamese financial institution has collaborated with ADB to make a comprehensive assessment report on the Vietnamese financial market, covering the fields of banking, securities, and insurance, he noted. Looking back at 2021, the report states that the world economy recovered quite quickly along with a rapid increase in inflation due to the majority of countries reopening socio-economic activities. The global financial market continued its fast recovery given the new normal condition and strengthened confidence. In that context, Vietnam's economy recovered quite … [Read more...] about BIDV, ADB release report on Vietnam’s financial market

Đỗ Xuân Lập, Chairman of the Việt Nam Timber and Forest Products Association. Photo laodong.vn Businesses are urgently preparing plans to be ready to respond if the US Department of Commerce investigates tax evasion with Vietnamese wooden cabinets. Pháp Luật Thành Phố Hồ Chí Minh (Hồ Chí Minh City Law Newspaper) interviews Đỗ Xuân Lập, Chairman of the Việt Nam Timber and Forest Products Association, about this issue. The US Department of Commerce recently said it had received an application to review the product scope and investigate tax evasion with imported kitchen and bathroom cabinets from Việt Nam. What is exactly the story here? This investigation was conducted because the American Kitchen Cabinet Alliance accused Vietnamese manufacturers and exporters of importing cabinets and cabinet parts from China (which is subject to a high level of defensive trade tax), and then fully assembling them in Việt Nam for export to the US. It is expected that after 30 days of … [Read more...] about Việt Nam seeks solutions to protect timber exports

Deputy Prime Minister Pham Binh Minh (R) meets Governor of Gunma Prefecture Ichita Yamamoto (Photo: VNA) At the meetings, Deputy PM Minh thanked the Japanese localities for supporting the Vietnamese community there over the years, especially amid the Covid-19 pandemic. He highly valued efforts by the two prefectures in holding cultural exchange activities with Vietnam, even during the pandemic, contributing to enhancing mutual friendship between people of both countries. Highlighting that Vietnam has fully opened its tourism for foreign tourists and put Covid-19 under control, the Deputy PM suggested that the administrations of Kanagawa and Gunma take measures to encourage local businesses to invest in Vietnam, and pledged to create optimal conditions for those from the two prefecture as well as investors from Japan in general during their investment process. For their part, the two governors vowed to work harder to promote economic and cultural exchanges with Vietnam, and … [Read more...] about Vietnam pledges to create optimal conditions for Japanese investors: Deputy PM

Indonesian Minister of Trade, Muhammad Lutfi (R) shakes hands with Japanese Minister of Economy, Trade and Industry Hagiuda Koichi after a meeting in Thailand (Photo: Indonesian Ministry of Trade) Jakarta (VNA) – Indonesia appreciated Japan 's desire to discuss the 'Asia Japan Investing for Future Initiative', Indonesian Minister of Trade Muhammad Lutfi said during his recent meeting with Japanese Minister of Economy, Trade and Industry Hagiuda Koichi. Lutfi said Indonesia welcomed the discussion to prepare this initiative for the benefit of the region. He revealed that there are at least three things that are of concern to Indonesia regarding this initiative. These things are related to the expected results, funding mechanisms, and the planned implementation time. The Indonesian minister also appreciated Japan's support for this year's G20 Presidency, hoping that the support will help G20 member countries generate useful achievements and priority agendas. … [Read more...] about Indonesia, Japan discuss regional economic development

Speaking at the group discussion on supplementary assessments of the implementation of the socio-economic development plans and the state budget in 2021 and the first months of 2022, Phuc also stressed social issues that need special attention, especially education, child abuse, drowning and school violence. He pointed to challenges to the national economy in the time ahead such as inflation, impacts of the soaring global energy prices and stock market volatility which requires supportive measures to stay stable. The President recognized the encouraging economic indices in the first five months of 2022, but warned against complacency. He said the Resolution adopted at the 13th National Party Congress sets specific targets by 2025, 2030 and 2045, with continuously high growth. Therefore, it requires strong, drastic measures to reach the targets. Legislators shared the view that despite unprecedented difficulties caused by COVID-19, the country’s socio-economic development still … [Read more...] about Legislators debate socio-economic development, state budget

The UN General Assembly held a high-level meeting on peace-building and sustaining peace on April 24-25 in New York, with the participation of 128 UN members and international organizations. Speaking at a discussion session, the Head of the Vietnamese Mission to the UN, Ambassador Nguyen Phuong Nga, said that, in the context of current unpredictable and complex challenges, the UN should seek comprehensive approaches, promote close coordination, place people at the center of the process of making and implementing policies, take specific measures to prevent and handle conflict on the basis of the UN Charter and international law while avoiding the use of force or threat to use force, and fully respecting sovereignty and territorial integrity of each country. The Vietnamese Ambassador reconfirmed Vietnam’s commitment to contribute positively to regional and international peace and security, as well as the country’s consistent policy to peacefully settle disputes, including the ones in … [Read more...] about Vietnam committed to contributing to international peace and security

Combined with 2019's losses of VND185 billion, the company has accumulated a loss of over VND1.4 trillion, while liabilities have reached VND4.2 trillion. Revenue was VND1.07 trillion, down 32 percent year-on-year to the lowest since the company merged three subsidiaries to form Mai Linh Group in 2018. Taxi operations, its main focus, accounted for 72 percent of revenues, down from 2019's 82 percent. The rest came from maintenance services, vehicle rental and advertisement. Its board said the losses were "inevitable" due to the the economic downturn and low customer demand last year due to Covid-19. It was also concerned that high fuel prices and disrupted global supply would further haunt the business. But it is expected to return to the black this year thanks to initial signs of recovery. It eyes post-tax profits of VND38 billion on revenues of VND1.67 trillion for 2022. … [Read more...] about Taxi firm Mai Linh remains in the red