Non corporate revenue

A FireGroup Technology representative receives the Việt Nam’s Top 10 Digital Technology Companies. — Photo courtesy of FireGroup Technology FireGroup Technology has won the Top 10 Digital Technology Companies Awards in two categories for 2023: Logistics and e-Commerce solutions and impressive revenue growth. The annual awards, presented by the Việt Nam Software and IT Services Association, were announced in Hà Nội last week. It marks a milestone in the company’s journey from being a start-up founded by five entrepreneurs driven by their passion for e-commerce and drop-shipping. “In 2023, during the seventh year of our development journey, FireGroup remains steadfast in our fundamental desire to grow,” Khoa Le, one of the founders and CEO of FireGroup Technology, said. “We are a dedicated team with growth mindsets that transform our work into a passion, fostering a culture of learning where we actively explore and apply the world’s leading innovations and creative ideas. … [Read more...] about FireGroup Technology wins Việt Nam’s Top 10 Digital Technology Companies Awards

Data from WINA estimates that in 2022, China’s national noodle demand amounted to nearly 45 billion servings, followed by Indonesia at 14.2 billion, and Vietnam with 8.48 billion. This means each Vietnamese person consumed an average of 85 packs a year, ranking first globally. The report indicates that the instant-noodle demand among Vietnamese decreased slightly between 2021 and 2022, with the figures down by nearly 1 per cent. However, the 8.6 billion packs sold in 2021 marked an increase of more than 20 per cent compared to 2020. Vietnam is home to about 50 instant noodle producers, offering a diverse range of options and price points. Dominated by four major instant noodle makers, namely Acecook Vietnam, Masan Consumer, Uniben, and Asia Foods, the competition in Vietnam's instant noodle market is becoming fiercer. In 2022, Acecook generated revenues of over $590 million. Annually, it provides the market with more than three billion instant food products each year, making it … [Read more...] about Vietnam among the world’s principal instant noodle consumers

Lotte's largest retail complex in Vietnam has opened all establishment “We are committed to accompanying the socioeconomic development of Hanoi and Vietnam through investment activities, research, and development of more projects here,” said Shin Dong-bin, chairman of Lotte Group. Located in Hanoi, the $624 million complex combines a shopping mall with a hotel, cinema and aquarium, and has officially opened all establishments of the largest retail complex in Vietnam this month, is the 16 th supermarket of Lotte Mart in Vietnam, and the third branch of Lotte Mart in Hanoi. This is in light of the restructuring in China and stagnating sales in Korea. The move signifies Lotte's turn towards Southeast Asia. “1996 marked the beginning of Vietnam's Lotte Group with an investment contract for shopping malls and supermarkets, and now we have 19 member companies of Lotte in Vietnam,” he said. Lotte Shopping operates department stores, hypermarkets and supermarkets, e-commerce, … [Read more...] about New Lotte mall expands operating terms amid growth in foreign retail

According to the Ministry of Industry and Trade, 72 countries recognize Vietnam as a market economy, including Canada, Australia, Japan, and South Korea. The UK did so recently with an official letter to the effect. Speaking to VnExpress , a Trade Remedies Authority Department official said since its first anti-dumping investigation case against Vietnam in 2002 the U.S. had been considering the country a non-market economy. In a meeting with the U.S. Secretary of Commerce Gina Raimondo in Washington last Tuesday, Prime Minister Pham Minh Chinh proposed the U.S. to soon recognize Vietnam’s market economy status . The need for recognition of Vietnam's market economy status was also in the joint statement between General Secretary Nguyen Phu Trong and President Joe Biden on upgrading the two countries' relations to a Comprehensive Strategic Partnership. The EU also sees Vietnam as a non-market economy. In 2015, while free-trade agreement negotiations were underway, the EU … [Read more...] about Significance of Vietnam being a market economy