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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

Despite the festive occasion, the consumption of non-essential goods in the first month of 2023 remained stagnant, with analysts believing the situation will linger throughout at least the first half this year. Despite the unfavourable environment, Mobile World Group (MWG) – the largest consumer electronics retailer in Vietnam – still aims to post positive revenue and net-profit growth in 2023, as well as two-digit growth compared to average level during the 2020-2022 period. To achieve this goal, the company envisages opening new stores on a selective basis and striving for new shops to generate profit for the patent company within three months after launching. Simultaneously, all shops in the system will focus on augmenting the sales revenue at existing outlets and controlling their operating costs to boost profits. Besides this, MWG will optimise its cash flow and slash financial expenses through improved inventory management. Specifically, the group aims to … [Read more...] about Retailers flexibly steering through turbulent times

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

The final round on February 5 saw the participation of 15 best candidates with the crown given to Le Vu Thuc Anh. Her four runners-up are Tran Minh Ngoc, Chu Ngoc Linh, Ngo Dan Phuong, and Nguyen Ha Thuc Nhi. Miss Spring 2023, themed “Vietnamese Charm in Europe,” is part of VietFest – the biggest event of this year and in the last 20 years organized by the Vietnamese Students’ Association in France (UEVF) with the patronage from the State Committee for Overseas Vietnamese under the Ministry of Foreign Affairs, the Union of Vietnamese Associations in Europe, the Vietnamese Cultural Center in France, and the Union of Vietnamese Youth and Students Associations in Europe. UEVF President Nguyen Phan Bao Thuy said that as 2023 marks many important celebrations such as 50 years of diplomatic relations and 10 years of strategic partnership between Vietnam and France, UEVF organized the biggest community lunar New Year (Tet) celebration to connect generations of Vietnamese people and … [Read more...] about Miss Spring 2023 honors Vietnamese beauty, culture in Europe

Japanese news outlets and social media have been captivated by the crimes that allegedly involved ringleaders based in the Southeast Asian country. Low-level criminals arrested in Japan told police they received instructions from a person or several people who used the name "Luffy" via the Telegram messenger app. Monkey D. Luffy is the lead character of the hugely popular "One Piece" manga, a straw hat-wearing pirate hunting for a coveted treasure. Officials escorted Kiyoto Imamura and Toshiya Fujita, who were both handcuffed, into a Japan Airlines jet at Manila airport. The two suspects would be accompanied by Japanese police to Tokyo, Philippines Justice Secretary Crispin Remulla told reporters. The four men were held at an immigration detention facility in Manila, where they were caught with cell phones that may have been used to run "criminal enterprises," Remulla told reporters last week. Criminals were reportedly given orders to carry out break-ins or fraud. Japanese … [Read more...] about Japanese ‘Luffy’ criminal ringleaders deported from Philippines

Last week, the Board of Directors of the Vietnam National Petroleum Group (Petrolimex) approved a plan to divest capital from PG Bank, which means the bank will have a chance to seek a new strategic shareholder to increase its capital after 12 years. Earlier in January, the Sumitomo Mitsui Banking Corporation (SMBC) was likely to complete capital divestment from Eximbank. Meanwhile, VPBank is working to sell 15% of its stake to a foreign partner. Once the deal finishes, it will be one of the banks with largest equity in the system. In a directive issued earlier this year, the State Bank of Vietnam (SBV) no longer banned banks from paying cash dividends. Accordingly, this year, many banks are preparing to pay cash dividends such as VPBank, TPBank, VIB and ACB. In its Directive 01/CT-NHNN, the SBV also encouraged banks to pay cash dividends in shares to increase charter capital, improve financial capacity and credit supply to the economy, and stabilise market interest rates. … [Read more...] about Bustling M&A deals in banking industry at year beginning

Illustrative image (Photo: VNA) Hanoi (VNA) -  In the early days of this year, Hoa Phat Group secured many orders to export its steel products to the US, Canada, Mexico, Puerto Rico, Australia, Malaysia, Hong Kong (China), and Cambodia. The firm’s export volume in January reached 46,000 tonnes. Hoa Phat produced 392,000 tonnes of crude steel in January, equaling 56% of the output reported in the same period last year. The sales of construction, billet and hot rolled coil steel reached 402,000 tonnes, equivalent to 64% of the sales in the first months of 2022. With an annual capacity of manufacturing 8.5 million tonnes of crude steel , Hoa Phat now leads the market share in construction steel and steel pipes with 36% and 29%, respectively. Based on the market situation, the group has adjusted its production and business plan flexibly, in line with market developments. It is striving to implement the Hoa Phat Dung Quat Iron and Steel Production Complex 2 … [Read more...] about Hoa Phat receives many orders to export steel in January

Vo Tri Thanh *Vo Tri Thanh Viet Nam achieved and exceeded 14 out of 15 targets assigned by the National Assembly for 2022 with many impressive numbers including GDP growth, export turnover and the number of newly-established and re-opened businesses. Only labour productivity was under expectations. Viet Nam’s labour productivity was expected to increase by between 4.7 per cent and 5.2 per cent on average in 2022, higher than the average growth rate of 4.7 per cent in 2021 but behind the target of 5.6 per cent set for the whole of 2022. On January 10 this year, the Government issued Resolution No 06/NQ-CP on the development of a modern, efficient, sustainable and integrated labour market serving quick socio-economic recovery, setting the average labour productivity target for 2023 at more than 6.5 per cent. Labour productivity is an important economic indicator that is closely linked to economic growth, competitiveness and living standards within an economy. According to … [Read more...] about Viet Nam wrestles with labour productivity issue when heading to innovation-based development

Workers making goods for export at a Gia Toc Garment Export factory in Ha Nam Province. — VNA/VNS Photo Tran Viet The profits of Vietnamese textile and garment enterprises were diverse in the fourth quarter, with many big names posting great losses. After being heavily impacted by the COVID-19 pandemic, textile and garment enterprises have gradually recovered and were one of the key export industries that recorded extraordinary growth rates in the first months of 2022. Data from the General Department of Customs showed that the export value of the textiles and garments sector in 2022 reached US$37.57 billion, a gain of 14.7 per cent year-on-year. The US is the biggest import market of Vietnamese textile and garments, worth $17.36 billion last year, up 7.9 per cent. It was followed by the Europe Union and Japanese markets, reaching $4.46 billion and $4.07 billion, up 34.7 and 25.8 per cent, respectively. Although the industry saw positive export prospects in the first and … [Read more...] about Textile industry faces headwinds in 2023 after poor results in Q4