India automobile production

Illustrative image (Photo: VNA) Binh Phuoc (VNA) - The index of industrial production (IIP) of the southern province of Binh Phuoc in the first five months of 2023 increased by 6.5% year-on-year, the provincial Department of Statistics reported. The four key sectors, namely the mining; processing and manufacturing industry; electricity, gas, hot water, steam and air conditioner production and distribution; water supply and waste and waste treatment recorded stable growth , respectively expanding by 7.5%, 6.6%, 4.2%; and 10.3% in the Jan - May period. In May alone, the province’s IIP rose by nearly 3% month-on-month, and 7.1% over the same period last year, the department said. According to the provincial People’s Committee, it has taken measures to remove difficulties for local production and business activities; and effectively implemented the economic recovery and development programme in the province, focusing on mobilising resources for carrying out projects … [Read more...] about Binh Phuoc’s industrial production index up 6.5% in five months

A draft decree regarding the newly adjusted fees for registering domestic vehicles is expected to be submitted to the Government by June 15. Vietnamese Government plans to halve registration fees for domestically produced and assembled cars, effective from July 1 until the end of 2023. In a recent governmental instruction, Prime Minister Pham Minh Chinh required the Ministry of Finance (MoF) to draft a decree to cut registration fees by 50%, which will be evaluated by the Ministry of Justice. The decree will be submitted to the Government before June 15. Customers at a car showroom in Hanoi. Photo: Viet Dung/The Hanoi Times Various associations and municipalities proposed the Government extend the excise tax and reduce registration fees for domestically produced and assembled cars by 50% in early March this year. The aim was to stimulate demand. In response, import companies expressed their desire for the Government to apply the same policy to … [Read more...] about Vietnamese Prime Minister orders 50% cut in registration fees for domestic cars

Hoang Quang Phong, Vice President of the Vietnam Chamber of Commerce and Industry speaks at the opening ceremony of the exhibition. (Photo: VNA) Hanoi (VNA) – The 11th Hanoi International Plastic, Rubber, Printing, and Packaging Industry Exhibition (Hanoi PlasPrintPack 2023) was opened in Hanoi on June 8, attracting 200 companies with 340 booths. The companies are from 11 countries and territories including China, India, Indonesia, Japan, Malaysia, the Philippines, Taiwan (China), Hong Kong (China), Thailand, the UK, and Vietnam. Speaking at the opening of the exhibition, Hoang Quang Phong, Vice President of the Vietnam Chamber of Commerce and Industry, said that along with the development of the domestic manufacturing industry, the plastic, packaging, and printing industries also see rapid growth. They are supporting industries with great potential and require high-tech products, modern production processes, and management to increase competitiveness in the market. Ho Duc … [Read more...] about Over 200 companies join Hanoi PlasPrintPack 2023

The event connects 14 service providers in the cross-border e-commerce industry to bring together solutions to support Vietnamese businesses to promote exports via e-commerce. — VNS Photo Viet Nam could see its e-commerce export revenues rise to VND296.3 trillion (US$12.5 billion) by 2027, heard the 2023 Cross-Border E-Commerce Conference in Viet Nam in Ha Noi on Wednesday. Amazon Global Selling and Viet Nam E-commerce and Digital Economy Agency (iDEA), Ministry of Industry and Trade kicked off their Cross-Border E-Commerce (CBEC) Conference in Viet Nam in response to growing demand from Vietnamese businesses and to empower them to capture the rising CBEC opportunity. With the theme “Embrace Asian Experience, Vietnamese Brands Go Global”, held in Ha Noi on Wednesday and HCM City on Friday, the event will include a CBEC conference to share the most updated insights and information about the e-commerce export industry, a connecting day for 14 services providers in many services … [Read more...] about Supporting businesses to promote online exports

According to the Ministry of Planning and Investment’s Foreign Investment Agency (FIA), accumulatively as of May 20, total foreign direct investment (FDI) inflows into Vietnam reached $10.86 billion, a drop of 7.3 per cent on-year, the fall is getting smaller than in previous months. Of this, newly registered capital was $5.26 billion, up 27.8 per cent on-year; additionally registered capital was $2.28 billion, down 59.4 per cent; and capital contribution and share purchase $3.32 billion, up 67.2 per cent. Do Nhat Hoang, FIA director-general, said that the rise of newly registered investment in the first five months is much higher than that in the first four months (11 per cent). The number of newly registered projects in the first five months also soared sharply on-year (66.4 per cent) to over 960 projects. “The growth rate of the number of new projects confirms that small- and medium-sized foreign investors continue to believe in Vietnam’s business environment,” said Hoang. … [Read more...] about Vietnam tasked with gaining FDI edge

Hanoi has accumulated about US$69.844 billion in foreign direct investment, ranking second in the country. Hanoi plans to build more industrial parks to attract foreign investment. Simultaneously, the city will prioritize site clearance and expedite the development of a comprehensive and modern infrastructure system. Overview of the meeting. Photo: Hoai Nam/The Hanoi Times Deputy Chairman of the Hanoi People's Committee Nguyen Manh Quyen revealed the plan today [June 8] at a meeting with representatives of the Ministry of Planning and Investment to discuss solutions to further attract foreign direct investment (FDI) into the capital . Nguyen Ngoc Tu, Deputy Director of the Hanoi Department of Planning and Investment, revealed that the city had seen a significant increase in FDI in the first four months of 2023, reaching $1.82 billion, a remarkable 260% increase compared to the same period last year. Numerous projects in sectors such as … [Read more...] about Hanoi eyes new industrial parks to lure foreign investors

Organized by the Saigon Giai Phong (Liberated Saigon) newspaper, Saigon Co.op and the Ho Chi Minh City Union of Business Associations, it includes building a corporate brand communication strategy associated with environmental social responsibility, mobilizing a large number of volunteers to participate as "information ambassadors" to support the public to clearly identify environmentally friendly products and those made by companies that are environmentally conscious. Saigon Co.op’s distribution system will have promotions and separate display areas for environment-friendly products. Among the highlights of this year’s campaign is a Green Trade Forum with the theme "Green Trade - Challenges and Development Prospects of Enterprises" to be held on June 14 with experts analyzing solutions to improve the efficiency of State management and integrate green growth into the socio-economic development plan. Le Truong Son, Deputy General Director of Saigon Co.op, said the campaign would … [Read more...] about Annual Green Consumption Campaign begins in Ho Chi Minh City

On the morning of November 30 last year, Minh, now 29, received an email from his employers at DoorDash, the largest online food delivery company in the U.S. The company announced that it was letting him go. Just a day earlier, Minh was still the leader of one of the company’s finance management team. When he received the email, Minh had already studied and worked in the finance field in the U.S. for over a decade. He has a bachelor’s degree in accounting, a master’s in data science, is a certified Chartered Financial Analyst (CFA), as well as a Certified Public Accountant. "Though the layoff wave at that time was staggering many tech firms, I still couldn’t believe my eyes. I was aware of the financial situation of the company [DoorDash], and it was good," Minh said. The next thing he did was call his manager, hoping the letter may have been a mistake. The manager said they were surprised by the news and promised to look into the matter. Ten minutes later, it was … [Read more...] about Vietnamese worker back on feet after US layoff

SABECO in Forbes' top 50 listed companies in 2023 This is the 11 th year it has released this list in the country. The rankings are based on last year’s audited consolidated financial reports of the companies listed on the Ho Chi Minh Stock Exchange and the Hanoi Stock Exchange. Forbes Vietnam said total after-tax profit of the 50 firms stood at over VND228 trillion ($9.7 billion) while their combined revenue VND1.49 quadrillion ($64.8 billion), respectively rising 18 per cent and 24.9 per cent from the 2022 list. In 2022, profits of listed companies in general and those in the top 50 hit a record level. Of these, 2022 is a year when SABECO recorded a record profit after tax since its establishment in 1975. The company recorded a nearly 33 per cent increase in net revenue and a 40 per cent increase in net profit compared to 2021, despite the impact of the pandemic as well as fluctuations in the domestic market. On the journey of 148 years of development, an important … [Read more...] about SABECO in Forbes top 50 listed companies

With falling demand and rising input costs, chicken farmers in the north central province of Nghe An are on the verge of bankruptcy, struggling with a debt crisis. Pham Van Chinh besides the dead chickens Tien Thanh and Ma Thanh Communes in Yen Thanh District are known as Nghe An’s Chicken Kingdom, but the cheap chicken prices have caused farmers to incur losses over the past time, forcing them to scale down their flocks or give up breeding chickens. Pham Van Chinh in Tien Thanh Commune said his family had incurred losses of VND1 billion (USD42,962) so far this year. Since early this year, the price of animal feed sharply increased while the price of chicken dropped dramatically. Currently, a 25kg-bag of bran costs VND360,000, an increase of 15 percent compared to last year but the current chicken prices range from VND38,000-40,000 a kg. Chinh cannot now afford to buy bran to feed his flock of chicken and is struggling with an amount of debt. Tran Thi … [Read more...] about Nghe An chicken farmers face debt crisis