Internet advertising revenue report

In Q1, Thai Nguyen Iron And Steel JSC (TIS) witnessed its profit down by 35 per cent, to only VND29.2 billion. — VNA/VNS Photo The cost of raw materials and transportation fees have skyrocketed, causing the first-quarter profits of most steel companies to decline. Data from the Viet Nam Steel Association (VSA) showed that in the first quarter of this year, finished steel consumption reached 8.137 million tonnes, up 11.9 per cent over the same period in 2021. Of the estimate, steel exports reached about 2.275 million tonnes, with export value reaching US$2.3 billion, decreasing by 22.15 per cent in volume but up by 12.53 per cent in value over the same period last year. However, the business performance of many enterprises in the industry did not move in the same direction. The first-quarter business results report of Viet Nam Steel Corporation (TVN) showed a sharp decline in profit at member units, especially in the construction steel and galvanised steel segments. In the … [Read more...] about Steel companies report decline in Q1 profits

Public-private partnership (PPP) is a mechanism and common practice to mobilise and encourage investment in areas promoted by governments. The main characteristic of such projects is that both private investors and public authorities share the risks and responsibilities in construction and operation. The public sector typically contributes only a small portion to these projects, with the private sector still in charge of construction and operation. The risks of these projects typically involve the phases of selection, approval, design, construction, financing, operation, and management phases. Over the years, Vietnam issued several decrees before the new Law on Public-Private Partnership Investment was promulgated in 2020 and took effect from January 2021. The law and accompanying decree guiding the implementation of the law have overcome and limited barriers to investment in the form of PPP, creating favourable conditions for such investment. PPP investment in health is one of … [Read more...] about Navigating legal challenges in healthcare partnerships

A woman shops for fresh fruits at a Winmart store in Ha Noi. — VNA/VNS Photo Tran Viet Domestic purchasing power has rebounded after a strong decline caused by the COVID-19 pandemic. That rebound has facilitated businesses to step up production and seize new opportunities, experts have said. The nation's total revenue from retail trade and services surpassed VND1.77 quadrillion (US$76.2 billion) in the first four months of 2022, up 6.5 per cent year-on-year, the latest report from the Ministry of Industry and Trade (MoIT) showed. In April alone, the revenue also saw a positive yearly rise of 12 per cent to over VND455 trillion, according to the report. These encouraging figures were attributable to abundant good supply and increasing purchasing power in the domestic market, the MoIT said, adding that goods retail sales saw a year-on-year hike of 7.6 per cent to over VND1.42 quadrillion in the four months. Of this, sales of food and foodstuff rose 13.2 per cent year-on-year … [Read more...] about Four-month purchasing power rebound facilitates business recovery

Prime Minister Pham Minh Chinh attended the opening ceremony of FPT Software's new office in New York City Speaking at the ceremony, Prime Minister Pham Minh Chinh stressed the importance of the event in the context of Vietnam’s rapid recovery after the pandemic, showing the country’s sustainable socioeconomic development with a focus on technology and innovation. The PM believed that FPT would develop faster and stronger, contributing to the development of science and technology among Vietnam’s businesses. Dang Tran Phuong, CEO of FPT Americas said, “This is a milestone asserting our rapid and strong growth in the world's largest economy. In the next three years, we expect the new office to contribute 20 per cent of FPT Software's total revenue in the US, with the number of employees working directly with US reaching 5,000 people." This is FPT Software's 10 th office in the US and the company's 58 th worldwide. The new office is located at 295 Madison Avenue in New York … [Read more...] about FPT Software opens 10th office in the US

Hanoi’s economy is recovering Major balances ensured According to a report by the Hanoi People’s Committee, key industries are gradually recovering and developing from the impact of the COVID-19 pandemic. Hanoi’s gross domestic product in the first quarter of 2022 increased by 5.83 percent, 16 percent higher than the country average (5.03 percent), three times higher than that of Ho Chi Minh City (1.88 percent), achieving the quarterly growth forecast (5.7-6.2 percent). These figures reflect the growth momentum in many industries and fields. Many major balances have been ensured. The total state budget revenue of Hanoi in the first quarter of 2022 exceeded VND102.40 trillion, or 80.2 percent of the revenue estimate, representing a rise of 9.2 percent against the same period last year. Regarding investment capital disbursement, Hanoi disbursed more than VND4.11 trillion, reaching eight percent of the plan (up by 26.7 percent over the same period last year) as of March … [Read more...] about Hanoi makes strides in economic recovery

Mr. Mai speaks at the meeting (Photo: SGGP) On the afternoon of May 17, the Ho Chi Minh City National Assembly Delegation supervised the implementation of Resolution 54/2017 of the National Assembly on piloting specific mechanisms and policies for the city’s development and social economy in the first four months of the year and the benefits and solutions in the last months of 2022. Speaking at the meeting, Vice Chairman of Ho Chi Minh City People's Committee Vo Van Hoan emphasized that the city’s socio-economic situation in the first four months of 2022 has many bright spots. Importantly, the Covid-19 epidemic has been under control as from April 8 to now, the southern largest city has not recorded any deaths. The city's economy continued to rebound and recover strongly. In the first four months, the total state budget revenue reached more than VND186,000 billion, reaching more than 43 percent of the estimate. Regarding the implementation of the Resolution 54 , the … [Read more...] about HCMC petitions for specific mechanisms and policies to develop sustainably

A wind power project in the northern province of Ninh Thuận. — Photo evn.com.vn HÀ NỘI — The Vietnamese economy’s unparalleled exposure to multinational corporations and the global consumer market calls for a pragmatic alignment between the country’s renewable energy strategy and the decarbonisation commitments of the global brands, according to IEEFA’s latest report on Việt Nam. “Multinational corporations responsible for up to US$150 billion of Việt Nam’s export revenues have made specific pledges on carbon neutrality or decarbonisation of varying scope and timelines,” said Thu Vũ, energy finance analyst leading the Vietnamese market coverage for IEEFA. “These brands’ journey toward sustainability progress is one in which Việt Nam can not afford to ignore or miss out on.” Việt Nam is currently the largest exporter of goods in developing Southeast Asia. With nearly 60 per cent of the exports being manufactured goods for the big brands, its growing role in the global … [Read more...] about IEEFA: Việt Nam’s manufacturing future rests on a credible renewable energy game plan

ThaiBev spin-off pinpoints dedicated beer group growth, Source: ThaiBev International Beverage Holdings Ltd., a wholly-owned subsidiary of ThaiBev Group which holds all of the issued ordinary shares of BeerCo, will conduct a public offering of up to approximately 20 per cent of the total number of issued ordinary shares of BeerCo. Controlled by tycoon Charoen Sirivadhanabhakdi, ThaiBev is one of Southeast Asia’s largest drinks makers. It initially paused the plan to go public last year due to the pandemic. BeerCo is a company incorporated in Singapore as an investment holding company. An internal restructuring exercise within ThaiBev Group was undertaken and completed in 2020 to substantially streamline and consolidate the group’s beer business and operations under BeerCo, except for the sale of Thai beer products outside Thailand. BeerCo’s business includes the production, distribution, and sales of beer, including popular products Chang, Archa, and Federbräu in Thailand. … [Read more...] about ThaiBev spin-off pinpoints dedicated beer group growth

Last year, around 140 countries and territories agreed in principle to set up a minimum corporate tax rate-illustration photo, Source:Freepik.com At a conference on May 10, the Vietnam Association of Foreign-Invested Enterprises (VAFIE) released its first annual report on foreign direct investment (FDI) in the country. One of the discussion points at the event was the topic of a global minimum corporate tax and its potential impact on Vietnam’s FDI prospects. Last year a landmark agreement was reached on a minimum global corporate tax rate of 15 per cent. However, the proposal is still in its early stages and getting the majority of nations to come to implemented it may take plenty more time. “Large corporations often choose to pour money into nations with good tax regimes and more incentives. If the global minimum tax of 15 per cent is applied, it will certainly have a big impact on businesses in Vietnam,” said Hong Sun, vice chairman of the Korea Chamber of Business in … [Read more...] about Nation urged to prepare for tax overhaul

Investigators looking into the crash of a China Eastern Airlines jet are examining whether it was due to intentional action on the flight deck, with no evidence found of a technical malfunction, two people briefed on the matter said. The Wall Street Journal reported earlier on Tuesday that flight data from one of the Boeing 737-800's black boxes indicated that someone in the cockpit intentionally crashed the plane, citing people familiar with the preliminary assessment of U.S. officials. Boeing Co, the maker of the jet, and the U.S. National Transportation Safety Board (NTSB) declined to comment and referred questions to Chinese regulators. The Civil Aviation Administration of China (CAAC), which is leading the investigation, did not respond immediately to a request for comment. The Boeing 737-800, en route from Kunming to Guangzhou, crashed on March 21 in the mountains of the Guangxi region, after a sudden plunge from cruising altitude, killing all 123 passengers and nine crew … [Read more...] about China Eastern crash probe eyes intentional action – sources