How to make money on the stock market

Deputy governor of the State Bank of Vietnam (SBV) Dao Minh Tu has said that bad debts are climbing for both credit organisations and the wider economy. "It is an ongoing challenge to manage bad debts and banking activities will be seriously affected over the next few years," said Tu. He said that the woes would be revealed more clearly as the ratio of on-balance-sheet bad debt continues to grow due to inflation and interest rate rises. At the end of 2022, bad debts were classified based on the groups of borrowers and economic issues like recovery and inflation curbing. Can Van Luc, a member of the National Monetary and Financial Policy Advisory Council, said that on-balance-sheet bad debt could reach 2.3-2.5 per cent and gross bad debt could hit 6 per cent in 2023, rising into 2024. As the regulations on unchanged debt groups in Circular No.14/2021/TT-NHNN expire, economic recovery could suffer. According to the SBV, at the end of 2022, the ratio of … [Read more...] about Bad debts continue to soar at commercial banks

Hai An Transport and Stevedoring Joint Stock Company's after-tax profits were up 90% from 2021 at VND1.050 trillion (US$44.49 million); Petrovietnam Transportation Corp's (PVTrans) was up 39% to VND1.16 trillion; and Vietnam Petroleum Transport's (Vipco) rose by 25 times to VND246 billion. Other logistics firms too reported excellent numbers. Gemadept’s after-tax profits surged by 60% to VND1.15 trillion, its second highest since 2000 when it first publicized financial statements. Vosco’s profits decreased by 0.4% to VND490 billion, but were still the second highest since it listed on the stock market. Vinalines said profits fell by 23% to VND2.5 trillion, but were still second only to 2021. According to data from Freightos, one of the world’s largest freight booking platforms, the cost of sending a container from Asia to the U.S. fell by more than 80% late last year. In the third quarter of 2021 it had been at a record $20,000 per 40-foot container. But thanks to the … [Read more...] about Big shipping firms report record profits

New momentum For over one week now, more than 94% of businesses in the Southern economic hub has resumed their production with over 95% of workers being back to work after Tet holiday. Workers at Go Vap district-based Joint Stock Company 28.1 under the Corporation 28 of the General Department of Logistics, which specializes in garments making, are working with the highest capacity, focusing on orders from the U.S., Australia, and European countries. Working for the company for more than 21 years now, Nguyen Van Hong from Hai Duong province said that good income and policy offered by the company make him feel secure at work. Despite difficulties facing the garment sector due to COVID-19, his company has ensured orders uninterrupted, so workers have resumed work since the beginning of the lunar New Year. In addition, good Tet welfare policy has helped keep workers attached to the company. Senior Colonel Tran Doan Thoan, Director of Joint Stock Company 28.1 informed that the … [Read more...] about Businesses in Ho Chi Minh City speed up production to achieve set targets

The latest move from the Fed marked eight consecutive rate hikes since March 2022, with no signs that it has reached the peak of its hike journey. Assoc. Prof. Dr. Dinh Trong Thinh, a financial expert from the Vietnam Association of Financial Advisers, predicted that a rate hike of 25 percentage points was anticipated. Thinh stated that, in general, the pressure on the USD/VND exchange rate from the Fed’s interest rate hike is not significant. Pressure on to support new economic growth, photo Le Toan Dr. Le Dang Doanh, former head of the Central Institute for Economic Management, also believes that the Fed’s interest rate rise is targeted to contain inflation in the US, since inflation has begun to fall from the previous year’s low level. The USD price will adjust as a result. “A change in the price will influence the exchange rate between it and VND, impacting import-export businesses and foreign-invested enterprises,” said Doanh. On the other hand, deposit interest … [Read more...] about Pressure on to support new economic growth

Police in the northern coastal city of Haiphong yesterday seized another batch of ivory illegally imported from Africa at Lach Huyen Port. 125 kilos of ivory tusks are seized at Lach Huyen Pork in Haiphong City on February 6 This was the second of its kind seized within five days. The ivory was hidden in a container owned by HMD Technicality Technology Joint Stock Company. The container was transported on the KOTA LIHAT E184 ship which arrived at Lach Huyen Port on February 3. HMD had declared that the container contained cow horn which had been cleaned and dried. They imported the goods from Nigeria to make handicraft products. This kind of good is allowed to be imported following the Convention on International Trade in Endangered Species of Wild Fauna and Flora. However, through checking, customs officers and police at the port then found 42 pieces of ivory tusks weighing 125 kilos hidden among the cow horns inside the container Vietnam has an ivory … [Read more...] about Another batch of illegally-traded ivory seized at Haiphong port

The magnitude 7.8 quake brought down whole apartment blocks in Turkish cities and piled more devastation on millions of Syrians displaced by years of war. It struck before sunrise in harsh weather and was followed in the early afternoon by another large quake. In Diyarbakir in southeast Turkey, a woman speaking next to the wreckage of the seven-storey block where she lived said: "We were shaken like a cradle. There were nine of us at home. Two sons of mine are still in the rubble, I'm waiting for them." She was nursing a broken arm and had injuries to her face. "It was like the apocalypse," said Abdul Salam al-Mahmoud, a Syrian in the northern town of Atareb. "It's bitterly cold and there's heavy rain, and people need saving." The earthquake was the biggest recorded worldwide by the U.S. Geological Survey since a tremor in the remote South Atlantic in August 2021. In Turkey, the death toll stood at 2,316, the Disaster and Emergency Management Authority (AFAD) said, making … [Read more...] about Major earthquake kills 3,700 in Turkey and Syria, weather hits survivors

At the reception for Tatsuo Yasunaga, President and CEO of Mitsui & Co Ltd., the Government leader praised the company’s business performance in Vietnam, particularly in processing and distributing of local aquatic products. PM Phuc welcomed a joint project between Mitsui and Minh Phu Seafood Corporation which could push the shrimp export value of the major shrimp farming business in Vietnam to 1 billion USD. Yasunaga informed his host of the success of the joint project, which has seen over 150 million USD invested in improving Minh Phu’s processing, business management and export capacity, adding the sides plan to focus on upgrading refrigeration equipment and expanding export markets, particularly targeting Russia apart from the US. In another meeting with Han Chang-woo, chairman and CEO of Maruhan Corporation, PM Phuc said Vietnam is pressing ahead with effective equitisation of Stated-owned enterprises (SOEs), particularly in transport, infrastructure, construction, … [Read more...] about PM meets with leaders of Japanese conglomerates

As of the Kanagawa Festival in Hanoi, its latest holding last year has left good imprints on the locals and Vietnamese people. Hanoi will continue tightening relationships with Japanese localities including Kanagawa, focusing on the development of economic and cultural exchange, educational cooperation, and manpower training, among others. Deputy Chairman of Hanoi People’s Committee Nguyen Doan Toan stressed the idea when receiving Governor of Kanagawa prefecture Yuji Kuroiwa on November 11. The meeting also saw the attendance of Umeda Kunio, Ambassador of Japan to Vietnam. At the meeting, the two sides discussed the organization of the Kanagawa Festival in Hanoi this year and the orientations of cooperation between the Vietnamese and Japanese localities in the coming time. According to Hanoi’s deput mayor, the city is currently on a very strong development momentum, to which many Japan – Vietnam cooperation projects have contributed a great deal. Deputy … [Read more...] about Hanoi looks to tighten cooperation with Japanese locality

I wanted to address my staff on the first working day after the Tet holidays, but instead of writing a speech by myself, I asked ChatGPT to do it by using three keywords: "optimism," "speed" and "resilience." It finished the speech in 15 seconds. It was terrific though I had to edit it a little bit. The AI tool knew how to express my ideas logically based on the keywords I provided. The speech expressed the foundation, the connection between these keywords, and the central point. Moreover, the structure of the speech was excellent, making a reference to the current economic situation and highlighting the key points and conclusions. The writing was coherent, and the wording is suitable for business executives and consultants. ChatGPT by U.S. startup OpenAI is estimated to have reached 100 million active users in January, just two months after launch, making it the fastest-growing consumer app in history, according to a study released on February 1 by analytics firm UBS. This … [Read more...] about What to do with ChatGPT

In the first quarter, the figures will be 72,000-79,000 or 79,000-87,000, according to the Center for Forecasting Manpower Needs and Labor Market Information (FALMI). Recruitment demands focus on the service sector, with 57.69%, and industries, 20.31%. This year, the city’s labor force is more than 4.8 million people, accounting for more than half of its population. Of the total, more than 2.2 million are female, making up 46.17%. In terms of qualifications, the demand for laborers holding a bachelor’s degree or higher will account for 38%. The number of trained and skilled workers to be employed accounts for 85.78%, of whom 20.19% hold Bachelor's degrees. Source: VNA … [Read more...] about Ho Chi Minh City attracts workers in service, industrial sectors