Market share and market growth

The Ministry of Industry and Trade cited statistics of the Statistical Office of the Eu ropean Communities as saying that the market share of Vietnamese coffee in Spain's total imports from the global market accounted for over 30% in 2022. Vietnam exported over 342,000 tonnes of coffee in the first two months of the year, earning 745 million USD, down 7% in volume and 9.5 percent in value year-on-year. Spain is the 8th largest trading partner of Vietnam in the EU, and the 8th biggest importer of Vietnamese goods. Last year, two-way trade between Vietnam and Spain hit 3.54 billion USD, 13% higher than that recorded in 2021. This was the highest growth rate ever. The two countries have witnessed the sound development of bilateral relations and there is a bright prospect for the two sides to further expand their relationship, especially in economic, trade, and investment cooperation. Spain's coffee sector is forecast to grow by 6.84% in the 2022-2025 period, … [Read more...] about Vietnam posts growth in coffee export value to Spain

A worker on a latex processing line at a factory of Vietnam Rubber Group (GVR). GVR shares rose 0.7 per cent yesterday. — Photo GVR Shares bounced back strongly in the afternoon session, driven by increasing demand at the support price levels. On the Ho Chi Minh Stock Exchange, the VN-Index rose 0.91 per cent to close Tuesday at 1,032.43 points. The index had lost 2.11 per cent on Monday. Market breadth was positive with 279 rising stocks and 109 losing ones. Nearly 474.9 million shares worth VND8.3 trillion (US$352 million) were traded on HCM City’s bourse. The VN-30 Index, tracking the 30 biggest stocks on HoSE, gained 1.03 per cent to close at 1,035.04 points. In the VN-30 basket, 19 stocks gained while seven lost ground. The biggest gainers included the Vietnam Rubber Group (GVR), Hoa Phat Group (HPG), SSI Securities Inc (SSI), PetroVietnam Gas JSC (GAS), PV Power (POW), Mobile World Group (MWG) and Vinhomes (VHM). As many as 21 out of 25 industries tracked by … [Read more...] about Shares recover on increased demand

The market share of Vietnamese coffee in Spain's total imports from the global market accounted for 30.16 per cent in 2022. — Photo laodong.vn Viet Nam was Spain's largest supplier of coffee (by volume) in 2022, with 113,550 tonnes worth 269 million euros (US$287 million), up 21.6 per cent in volume and 78.9 per cent in value against 2021. The Ministry of Industry and Trade (MoIT)'s Import-Export Department cited statistics from the Statistical Office of the European Communities (EUROSTAT) as saying that the market share of Vietnamese coffee in Spain's total imports from the global market accounted for 30.16 per cent in 2022. Statistics compiled by the department indicate that Viet Nam exported 342,300 tonnes of coffee in the first two months of the year, earning $745.28 million, down 7 per cent in volume and 9.5 per cent in value year-on-year. In February alone, the country shipped abroad over 200,000 tonnes of coffee worth $434.9 million to foreign markets, up 40.3 per cent … [Read more...] about Viet Nam posts 78.9 per cent growth in coffee export value to Spain

Prime Minister Pham Minh Chinh (front row, fourth from right) with delegates from international organisations and business associations at the event. — VNA/VNS Photo Duong Giang The Vietnamese Government is committed to creating favourable conditions for businesses to develop, Prime Minister Pham Minh Chinh said at the Annual Viet Nam Business Forum held in Ha Noi on Sunday. It would continue to perfect mechanisms and policies to create a favourable and equal business environment, improve national competitiveness, remove difficulties for enterprises and increase transparency and equality in access to resources. Top priority would also be given to cutting costs for businesses and synchronously and effectively deploying policies to support firms in capital, technology transfer, training and human resource development. Viet Nam would also develop all kinds of markets, including goods and services, finance-currency, securities, real estate, science- technology, labour and public … [Read more...] about Viet Nam vows to faciliate businesses towards green growth, says PM

Outside of the State Bank of Vietnam in downtown Ha Noi. — Photo SBV The State Bank of Viet Nam must step up efforts in the management of the country's banking sector and prepare for all possible scenarios for timely and effective interventions, according to the World Bank. Carolyn Turk, WB country director in Viet Nam, said the global economy will likely enter a period of turbulence while it's struggling with slow growth, decreased demand, high inflation and central banks around the world tightening credit. Turk's comment was made in the aftermath of an event in which three US banks: Silicon Valley Bank (US' 16th largest bank), Silvergate Bank and Signature Bank, one after another, collapsed in a week. She said the ramifications of such an event will likely follow within a short time and consequences be felt across the global financial market, which commands policymakers to pay attention and plan for necessary interventions. She said there are many similarities that can be … [Read more...] about Central bank must keep a close on the financial market: WB

The headquarters of the State Bank of Vietnam in downtown Hanoi. (Photo: SBV) Hanoi (VNS/VNA) - The State Bank of Vietnam must step up efforts in the management of the country's banking sector and prepare for all possible scenarios for timely and effective interventions, according to the World Bank (WB). Carolyn Turk, WB Country Director in Vietnam, said the global economy will likely enter a period of turbulence while it's struggling with slow growth, decreased demand, high inflation and central banks around the world tightening credit. Turk's comment was made in the aftermath of an event in which three US banks: Silicon Valley Bank (the US's 16th largest bank), Silvergate Bank and Signature Bank, one after another, collapsed in a week. She said the ramifications of such an event will likely follow within a short time and consequences be felt across the global financial market, which commands policymakers to pay attention and plan for necessary interventions. She … [Read more...] about Central bank must keep a close on financial market: WB

The information comes from Generali Vietnam’s latest release issued March 16, citing that at a meeting chaired by president Andrea Sironi, the Assicurazioni Generali Board of Directors approved the consolidated financial statements and the parent company’s draft financial statements for the year 2022. Along with this, the group’s gross written premiums rose by 1.5 per cent to $86.7 billion, thanks to the positive performance of the Property and Casualty (P&C) segment, led by the non-motor line. Generali Vietnam has contributed to the group’s performance with strong growth after 12 years of operation The operating result climbed by 11.2 per cent to reach $6.89 billion, thanks to positive growth in the Life, P&C, and Holdings and other businesses segments. The Life segment grew strongly by 25.1 per cent to reach $3.73 billion, reflecting excellent technical profitability, which was also confirmed by the new business margin at 5.35 per cent – up 0.86 … [Read more...] about Generali Group touts best-ever operating results in 2022

Working groups of the Vietnam Business Forum touched on a variety of topics and recommendations for greater progress Photo: Dung Minh During Sunday’s Vietnam Business Forum (VBF) in Hanoi, everything from the foreign labour situation and digital tax to combating climate change was discussed by the various participants, which included heads of influential international organisations. Arguably the most vital near-term issue according to those involved is power shortages being felt in some areas of the country. The Japan Chamber of Commerce and Industry (JCCI) said that northern industrial zones are being particularly affected, and it wants to see the nation’s Power Development Plan VIII to officially come on board as soon as possible. “In recent years, Japanese corporations have expanded their footprint in Vietnam to capture the great demand for renewable energy. But it is challenging for domestic businesses and financial institutions to independently execute large-scale power … [Read more...] about Business community leads call to action for authorities

Panasonic Life Solutions Viet Nam in Viet Nam - Singapore Industrial Park, Binh Duong Province. Viet Nam would adjust investment policies to adapt to the global minimum tax rate and remain an attractive destination for investment. — VNA/VNS Photo Vu Sinh Viet Nam will adjust investment policies to adapt to the global minimum tax rate and remain an attractive destination for investment. The move comes amid concerns that this measure might undermine the competitive advantage of developing countries in attracting foreign investment through offering tax incentives. The global minimum tax was Pillar Two of the Organisation for Economic Co-operation Development (OECD)’s base erosion and profit-shifting (BEPS) framework. To date, the solution drew the participation of over 140 countries and jurisdictions, including Viet Nam, which aimed to reform international taxation rules and ensure that multinational enterprises pay a fair share of tax wherever they operate through the … [Read more...] about VN to develop policies to adapt to global minimum tax

In the 35 years since its establishment, Agribank now has the largest countrywide retail network, with nearly 2,300 branches and transaction offices. Agribank has a network system twice as large as the next biggest bank and is the only commercial bank with a presence in nine out of the 13 island districts. Agribank going from strength to strength In addition, Agribank also has the largest number of employees in the banking system, with about 40,000 people. The wide coverage is a testament to Agribank’s mission to work alongside the agricultural sector, farmers, and rural communities, despite the expense of maintaining this large network and number of employees. Agribank boasts a profound understanding of the market and its customers and their communities. The bank has also set another record with the number of its customers. On average, each Agribank credit officer is responsible for approximately 800 customers. In some localities, each credit offer is responsible … [Read more...] about Agribank going from strength to strength