Le Huu Thang, new general director of Vinacafe Bien Hoa Joint Stock Company. — Photo courtesy of the company Vinacafe Bien Hoa Joint Stock Company expects to achieve net revenues of VND2.9-3 trillion (US$125.4-129.7 million) and after-tax profit attributable to shareholders of VND710-730 billion ($30.7-31.6 million) this year. The company held its annual general meeting on April 14 where shareholders approved a number of targets and plans for 2021. Despite difficulties last year due to the prolonged COVID-19 pandemic, rising raw material prices and fierce competition in the instant coffee market, the company achieved net revenues of VND2.9 trillion and net profit after tax attributable to shareholders of VND724 billion. It paid 250 per cent dividends last year. Its brands such as B'fast, Wake up Saigon, Phinn and especially Wake-up 247 continue to be key drivers of profits during a tough and challenging year. Incorporating with Masan Consumer and VinMart/VinMart+ retail chains has helped Vinacafe Bien Hoa strengthen its distribution chain in both rural to urban areas. Its strategies for this year include the launch of many new products. Last year it won the ‘Viet Nam National Brand - Vietnam Value’ award for the seventh consecutive year and was named in the top 10 prestigious companies in the food and beverage industry for a fourth straight year. The AGM approved the appointment of Le Huu Thang as the company’s new general director. He has more than 25 years of experience in the FMCG industry and held key positions in research and development and operation of coffee production and processing complexes at multinational companies in the US, Switzerland, Australia, Russia, Thailand, and Viet Nam. — VNS …
New product development process
VIETNAM BUSINESS NEWS APRIL 15
Deposits at banks modest due to low interest rates A person arranges stacks of Vietnamese banknotes. Capital has been poured into other sectors rather than banks due to their low deposit rates According to the Department of Credit for Economic Sectors under the State Bank of Vietnam, in the first quarter of this year, the deposit growth reached only 0.54%, well below the credit growth of 2.93% and the average deposit growth of 2.28% in the first quarter of the past seven years, Lao Dong newspaper reported. At present, the rate for savings of less than six months is 3%-4%. Meanwhile, tenors of six to less than 12 months and over 12 months enjoy a rate of 3.5%-5.5% and 4.6%-6%, respectively. Although some banks have revised up their deposit rates by 0.1-0.4 percentage points, the banks’ average deposit rate in the first quarter remained some 2 percentage points lower than that in the same period last year. If the trend continues, the banking system’s liquidity will no longer be ample this year, according to Bao Viet Securities Company. Meanwhile, the General Statistics Office stated that capital had been injected into other sectors, with life insurance premium soaring 11%. Meanwhile, the securities market mobilized nearly VND55.6 trillion, surging 42% over the same period last year. Pham Lam, vice chairman of the Vietnam Association of Realtors, attributed land fevers over the past few months partly to residents’ idle money and their expectations of higher prices of real estate products. According to Dao Minh Tu, deputy governor of the central bank, as of mid-March, banks’ outstanding loans for the property sector grew 2.13%, higher than the current credit growth of 2.04%, despite the central bank’s close control over credit for the sector. Market rebounds, VN-Index returns to 1,250 point-level Shares settled higher on Wednesday, reversing their morning course on recoveries of materials and banking stocks. The benchmark VN-Index …
Vietnam cooperates with US for responsible agriculture
Working session between Minister of Agriculture and Rural Development Le Minh Hoan and US Ambassador to Vietnam Daniel Kritenbrink (Photo: nongnghiep.vn) Hanoi (VNA) – Vietnam wants to cooperate with the US for a responsible agriculture, Minister of Agriculture and Rural Development Le Minh Hoan told outgoing US Ambassador to Vietnam Daniel Kritenbrink at their working session on April 13. Hoan spoke highly of the ambassador’s achievements during his working term in Vietnam, which have created a milestone in the development of the bilateral friendship. Especially, the trade turnover has increased from 51 billion USD to 90 billion USD over the past three years, and is expected to hit 100 billion USD this year, he stressed. He mentioned the US’s current interest in a number of matters of Vietnamese agriculture, such as fishing, origin of goods, wood products or wildlife protection. "As the Minister of Agriculture and Rural Development, I can affirm you that we have made substantial efforts to improve the sector over the past period, which include, first of all, our institutions and policy processes. This demonstrates Vietnam’s view of a responsible agriculture with a national image.” “This is not only for the US but also for the world to understand that Vietnam is a responsible country, first and foremost with international standards and then towards consumers. Therefore, we will continue to drastically improve our commitments to the US and other countries that have trade relations with Vietnam", said Hoan. In the coming time, Vietnam will have complete and clear roadmaps to establish a responsible agriculture , eco-agriculture, safe agriculture, he added. US Ambassador to Vietnam Daniel Kritenbrink (Photo: nongnghiep.vn) At the meeting, in addition to agriculture, Ambassador Daniel Kritenbrink shared that President Biden is highly interested in dealing with climate change and this will be the top priority in his term. Therefore, …
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