Investors stock market crash in 1929

A construction site of Phat Dat Real Estate Development Joint Stock Company (PDR). (Photo: VNA) Hanoi (VNS/VNA) - A volatile real estate market caused revenues and profits of realty businesses to decrease sharply in the fourth quarter of 2022. Phat Dat Real Estate Development Joint Stock Company (PDR) reported net revenue of 14.6 billion VND (622,600 USD) in the last three months of 2022, a sharp decrease compared to the 1.29 trillion VND recorded in the fourth quarter of 2021. The company suffered an after-tax loss of 229.4 billion VND in Q4 of 2022, while in the same period in 2021, it reported a net profit of 751.4 billion VND. This was considered Phat Dat's "failure" quarter as the company reported a loss for the first time since it announced business results. Dat Xanh Group Joint Stock Company (DXG) reported a loss of 460 billion VND in the last quarter of 2022. During the period, the company's net revenue reached 984.3 billion VND, down 56.6% year-on-year. … [Read more...] about Volatile real estate market puts pressure on business results

The Ho Chi Minh City Stock Exchange (HoSE) on Thursday warned that Vietnam Airlines (HVN) could be delisted if an audit proves the company has logged an operating loss for three consecutive years. In its warning, the HoSE cited the firm’s consolidated financial statement for the last quarter of 2022 in which Vietnam Airlines posted an accumulated loss of nearly VND34.2 trillion (US$1.46 billion) in 2022. The carrier also reported that its equity was negative VND10.2 trillion ($435.4 million) last year. According to the Law on Securities, the stock of a public company must be delisted if it suffers annual operating losses for three consecutive years, if its accumulated losses exceed its charter capital, or if its equity is negative. As such, if Vietnam Airlines' audited consolidated financial statement for 2022 shows a loss, it will be the firm’s third consecutive year of operational losses and its ticker will be delisted, the HoSE warned. On June 1, 2022, the HoSE issued a … [Read more...] about Vietnam Airlines risks stock delisting

Workers at a facility of PV Gas. The company's shares fell strongly on Friday, leading the market's downside. — Photo courtesy of the company The market ticked lower on Friday but locked a monthly gain in the first month of 2023 on the back of foreign investors and strong rallies of financial and industrial stocks. The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) closed the last trading day of the week at 1,077.15 points, a fall of 0.44 points, or 0.04 per cent. The market’s breadth was neutral as the number of declining stocks on the southern bourse was equal to increasing ones. Liquidity fell over the previous session. Of which, trading value on HoSE reduced slightly to nearly VND10.8 trillion (US$460.1 million), equivalent to a trading volume of over 563.7 million shares. The index’s reversal was due to persistent selling force as some investors continued to take profits after recent rallies. The 30 biggest stocks tracker VN30-Index also went down by 7.78 points, … [Read more...] about Benchmark indices dip slightly on persistent selling force

Synopsis Plaintiffs had claimed billions in damages and the decision also had been seen as important for Musk himself, who often takes to Twitter to air his views. A US jury on Friday found Tesla Inc chief executive officer Elon Musk and his company were not liable for misleading investors when Musk tweeted in 2018 that he had "funding secured" to take the electric car company private. Plaintiffs had claimed billions in damages and the decision also had been seen as important for Musk himself, who often takes to Twitter to air his views. The jury came back with a unanimous verdict roughly two hours after beginning deliberations. Musk was not present in court when the verdict was read but soon tweeted that he was "deeply appreciative" of the jury's decision. "Thank goodness, the wisdom of the people has prevailed," he said. Nicholas Porritt, a lawyer for the investors, said in a statement, "We are disappointed with the verdict and are considering next steps." … [Read more...] about Tesla’s Elon Musk found not liable in trial over 2018 ‘funding secured’ tweets

Many banks in Vietnam have released their business results in 2022, which indicate their hefty profits. According to the 2022 financial report of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), it recorded a pre-tax profit of over VND37.3 trillion (US$1.59 billion), up 36 percent year on year and exceeding its 2022 target. With this result, Vietcombank has taken the lead in pre-tax profit in the entire banking system for five consecutive years. It was followed by Vietnam Technological and Commercial Joint Stock Bank (Techcombank), which earned over VND25.5 trillion (nearly $1.09 billion) last year, rising 10 percent compared with the preceding year. Last year was the ninth straight year that Techcombank had posted a profit growth rate, albeit at a modest rate. Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) was also among the banks with a high profit. Its pre-tax profit surged more than 70 percent to nearly VND23 … [Read more...] about Banks in Vietnam report handsome profits in 2022

Vietnam should focus on accelerating urbanization and the development of a network of national smart cities with links with their peers worldwide. Vietnam’s policies on developing smart cities and promoting digital transformation have played a very significant role in the country's socio-economic development, Vice Chairman of the Party Central Committee's Economic Commission Nguyen Duc Hien said at the Vietnam Sustainable Urban Development Forum 2022 held in Hanoi this week. With the theme “Sustainable urban development towards green, smart cities, adaptation to climate change, prevention, and control of natural disasters and epidemics,” the forum is one of the largest which are held annually on urban sustainable development in Vietnam. An overview of the forum. Photo: Nguyen Ngan The vice chairman noted that developing smart cities in Vietnam have only focused on the application of smart-city services, while issues related to smart urban planning and … [Read more...] about Vietnam eyes smart cities and sustainable urban development

More than 80% of rice varieties in Vietnam are fragrant high-quality rice, which is an important factor that helps increase Vietnamese rice's value and accessibility to markets.(Photo: VNA) Hanoi (VNA) – Vietnam’s rice export is forecast to continue reaping successes this year as the world's rice prices remain high at least in the short term as global economic and political uncertainties have resulted in a high demand for rice reserves, according to experts. According to the Vietnam Food Association, by the middle of last month, Vietnam earned nearly 115 million USD from exporting more than 226,000 tonnes of rice, an increase of over 41% in terms of both volume and value compared to the same period last year. The country exported ST24 and ST25 rice to the Middle East region with a record-high price of 1,000 USD per tonne, doubling the price of normal white rice. Vietnamese rice further penetrated demanding markets like Japan and the EU. According to experts, more than 80% … [Read more...] about Vietnam’s rice export forecast to enjoy another successful year

Under the circular economy mechanism, all the waste output of an industry should be put into an input resource of another industry or internally circulated within a business. The circular model of NesCafe in Viet Nam makes used beans into bricks for construction. — Photo courtesy of the firm While the circular economy has become a trend in developed economies, it could also be implemented to develop Viet Nam if there is an appropriate legal and policy corridor, said experts. At the COP26 Climate Change Summit last year, Prime Minister Pham Minh Chinh said the country would develop and implement strong emission reduction measures to achieve net zero emissions by 2050. Minimising the amount of plastic waste discharged into the environment every year is among the solutions that harmonize the interests of businesses and consumers, the experts said. A circular economy is a concept first used by David Pearce and Kerry Turner in 1990 to refer to a new economic model based on the … [Read more...] about Viet Nam needs a policy corridor to promote circular economy

Workers at Phuong Nam Garment Trading Import Export Joint Stocks Company in Ho Chi Minh City. (Photo: VNA) HCM City (VNA) – Ho Chi Minh City ’s Index of Industrial Production (IIP) in January reduced by 21.4% compared to the previous month, according to the city’s Department of Industry and Trade. This year’s week-long Lunar New Year (Tet) Festival that falls in January was blamed for the decreased production as the production time in the month was less than the previous month’s. Some industries in the city also saw lower production indexes, for example, the processing and manufacturing industry down 22%, electricity generation and distribution down 12.8%, water supply and waste treatment down 8.4%. Besides, all 30/30 secondary industries decreased compared to the previous month and 15 out of the 30 industries dropped by over 20%. To meet people’s demand in the city in January 2023, especially during the Tet celebrations, the city's industry and trade sector … [Read more...] about HCM City’s industrial production falls over 21% in January