Most profitable business models 2022

Illustrative image (Source: VNA) Hanoi (VNA) – Railway freight transport service has experienced a slowdown in the first months of this year, according to the Vietnam Railways Corporation (VNR). Although passenger transport service made better performance, it recovered only 80% of the 2019 pre- COVID-19 level, the corporation reported. VNR leaders explained that difficulties in freight transport were due to the incomplete recovery in railway business and production after the pandemic, plus competition pressure from aviation and road services. Rail freight transport is expected to face more obstacles as sea freight costs have been reduced to their previous rates after a period of increases, they noted. Over the past time, the corporation has applied many solutions to restore business and production after the pandemic, such as maximising freight transport service. VNR General Director Dang Sy Manh said the sector raked in more than 7.7 trillion VND (326.6 … [Read more...] about Rail freight transport slows down in first months

The interest rate hikes by the US Federal Reserve and other central banks that began to significantly accelerate in the second half of 2022 have impacted the tech industry and investors in significant ways. These hikes are expected to continue, at least in the short term, until the central banks are satisfied that inflation is under control or lose their nerve. When that happens is anyone’s guess. Eric Johnson, counsel at Freshfields Bruckhaus Deringer LLP This rapidly changing financial environment has made it more difficult for digital economy companies, especially those that are currently not profitable, to raise money in both public and private markets. Many investors have adopted a wait-and-see approach until the situation becomes clearer, and are revisiting the assumptions behind the sky-high valuations that many tech companies previously commanded. The recent failure of Silicon Valley Bank in the US has sent a shockwave through the tech and venture capital … [Read more...] about Supporting the digital economy space

Its revenues were VND1.579 trillion ($67.15 million) and earnings before interest, taxes, depreciation, and amortization (EBITDA) were VND195 billion, the highest gross profit margin in the industry, according to Masan’s newly published annual report. Highland Coffee had revenues of over VND2 trillion a year in 2019 and 2020. Phuc Long opened 23 large flagship stores and two mini shops in the last quarter of 2022, increasing their total numbers to 111 and 21. They represented a near doubling of numbers from 2021 when Masan first bought stakes in Phuc Long. The flagship stores achieved very high profit margins of 31% in 2022 and 26% in 2021. Last year they reported sales of VND1.1 trillion and profits of VND330 billion. But Phuc Long had to close 150 tea and coffee kiosks located inside WinMart retail stores, also belonging to Masan, in the second half of 2022, the annual report said. "We are adjusting this model (opening tea and coffee kiosks in WinMart stores) in the first … [Read more...] about How tea chain Phuc Long fared in the year after Masan takeover

The railway sector is striving to escape losses and divest capital in many companies in 2023, the Committee for Management of State Capital at Enterprises said about the Project on Restructuring Vietnam Railways (VNR) from 2021 to 2025. A train of Vietnam Railways. Photo courtesy of VNR The project has identified and evaluated the achievements and limitations on the basis of a comprehensive assessment. The restructuring of VNR in 2016-2020 includes the production and business performance, the level of safety, security and defence, development and investment, science and technology and digital transformation. It also sets out goals and plans for the restructuring of the corporation in 2021-2025, aiming at innovation, improved corporate governance, effective exploitation of resources, and enhanced labour productivity. Additionally, VNR tries to achieve and exceed the targets assigned by competent authorities, fulfil the obligation to pay the State budget, … [Read more...] about Railway sector sets plans to avoid losses this year

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

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 Organization 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 Vietnam, which aimed to reform international taxation rules and ensure that multinational enterprises pay a fair share of tax wherever they operate through the establishment of a global minimum effective corporate tax rate of 15% for those with annual revenue of 750 million euros, starting from 2024. Do Van Su, Deputy Director of the Ministry of Planning and Investment’s Foreign Investment Agency, said the global situation was changing rapidly with unpredictable and complicated developments, negatively affecting the economic prospects and budget revenues of … [Read more...] about Vietnam to develop policies to adapt to global minimum tax