Oil corporation profits 2022

Illustrative image (Photo source: vneconomy.vn) Hanoi - Vietnam is studying and adjusting its investment policies to adapt to the global minimum corporate income tax which is scheduled to be applied from 2024, said Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc. The global minimum corporate income tax is part of the Action Plan on Base Erosion and Profit Shifting (BEPS), which involves the participation of 141 member countries. Accordingly, large companies with annual global consolidated revenue of at least 750 million EUR (806 million USD) over at least 2 years of the preceding 4-year period will be subject to a minimum tax rate of 15 per cent. If they are currently paying a tax rate lower than 15 per cent in the country where they are investing, they will have to pay the remaining "shortfall" at a tax rate of 15 per cent to the country where they have their headquarters. According to economists, investment exporting countries’ application of the global … [Read more...] about Vietnam adjusting policies to adapt to global minimum corporate income tax: Official

Final assembly of the gas turbine. — Photo baodautu.vn Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd (MHI), captured the top market share by megawatts in 2022 with a global gas turbine market share of 33 per cent according to McCoy Power Reports data. The company has also secured 49 per cent market share in the Advanced Class gas turbine market, led by Mitsubishi Power’s latest model JAC (J-Series Air-Cooled) gas turbines. This is one of the most advanced turbines in the market, contributing towards reducing air pollution, but still be able to ensure proper electricity production which is essential to overall global economic development, especially when Viet Nam and many nations in the world are accelerating the transition to clean energy. Mitsubishi Power's high market share results are attributed to its strong project execution track record, high performance, and product reliability. Mitsubishi Power has extensive experience with large frame … [Read more...] about Mitsubishi Power achieves No 1 global gas turbine market share in 2022

Michele Wee, CEO of Standard Chartered Bank Vietnam (centre) received the award as "The Most Outstanding Foreign Bank in Viet Nam". — Photo courtesy of the bank Standard Chartered Bank Vietnam has been named in the Top 50 Foreign Invested Enterprises (FIEs) in Viet Nam with the title "The Most Outstanding Foreign Bank in Viet Nam" in 2022-23 of the Golden Dragon Awards 2023 by Viet Nam Economic Times. This is a testament to the bank’s strong commitment and unwavering efforts to support the sustainable development of its clients and the economy. From more than 500 nominations, the award recognises the top 50 pioneers for their contributions to innovation, green transition, and the application of digital technology during their activities in Viet Nam, and especially for their environmental, social, governance (ESG) performance. Winning FIEs were selected in six sectors: manufacturing; digital technology and digital services; financial and insurance; infrastructure, industrial … [Read more...] about Standard Chartered Vietnam named “The Most Outstanding Foreign Bank in Viet Nam” in 2022-23

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

At the event, representatives of Saigon Newport Corporation and provinces’ Information and Education Commissions reviewed the outcomes of their coordination in disseminating information related to sea and islands and attracting resources in 2022. In particular, the corporation worked with localities to popularize sea and islands-related information to around 3,000 officials, Party members, war veterans, locals, and students through different forms and channels. The business cooperated with the Gia Lai provincial Party Committee’s Information and Education Commission organized an online contest on Vietnamese sea and islands and 40 years of United Nations Convention on the Law of the Sea (UNCLOS 1982), attracting the participation of around 900,000 contestants from 63 provinces and cities. Together with information dissemination activities, the corporation has effectively carried out policy work in the three provinces; given care to additional 26 martyrs’ relatives, bringing the … [Read more...] about Saigon Newport Corporation and Central Highlands provinces coordinate in dissemination

Prime Minister Pham Minh Chinh chairs a conference on solutions to innovate the operation of the Committee for Management of State Capital at Enterprises and effectively promote investment resources of State groups and corporations. — VNA/VNS Photo Duong Giang State-run groups and corporations must operate effectively to contribute to building an independent and self-reliant economy, Prime Minister Pham Minh Chinh said on Saturday. Chairing a conference on solutions to innovate the operation of the Committee for Management of State Capital at Enterprises (CMSC) and effectively promote investment resources of State groups and corporations, the Government leader said the CMSC and the 19 groups and corporations it manages must make effective contributions to ensuring macroeconomic stability and major balances, controlling inflation, and promoting growth. Attention should be paid to three growth drivers of domestic consumption, investment and export, he said, adding groups and … [Read more...] about PM asks state-run groups, corporations to contribute to building self-reliant economy

Chairing a conference on solutions to innovate the operation of the Committee for Management of State Capital at Enterprises (CMSC) and effectively promote investment resources of State groups and corporations, the Government leader said the CMSC and the 19 groups and corporations it manages must make effective contributions to ensuring macroeconomic stability and major balances, controlling inflation, and promoting growth. Attention should be paid to three growth drivers of domestic consumption, investment and export, he said, adding groups and corporations should uphold the responsibility and role of their heads in promoting investment and expanding investment in innovation and creativity, with focus on emerging industries, and major and key projects; and continue to restructure enterprises and transform management models to adapt to new conditions and the situation of the country. The Prime Minister pointed out that the activities of the committee and the 19 croups and … [Read more...] about Prime Minister asks state-run groups, corporations to contribute to building self-reliant economy

The ceremony was attended by Major General Le Quang Tuyen, Deputy Director of the General Department of Defense Industry, who urged Ba Son Corporation to use all available resources to speed up the shipbuilding process, procure necessary materials and equipment, and ensure quality and progress. Colonel Mai Quoc Truong, General Director of Ba Son Corporation, stated that the vessels in the Combi Freighter 3850 series are modern ships that require a lot of resources. The Vietnamese corporation is committed to conducting the project with high quality and absolute safety, which will allow them to demonstrate their capacity to build new ship products with modern techniques and quality standards. This will also help the corporation to improve its management level, technological capacity, and the skills of its officials and employees, and strengthen its position and brand in the export shipbuilding market. The Combi Freighter 3850 is a multi-purpose cargo ship with a length of 89.70m, a … [Read more...] about Ba Son Corporation begins building new ship for Damen Shipyards Group

Do Tien Dung, chairman of the Board of Directors at Hang Xanh Motors Service JSC (Haxaco), said that the company counted $3.04 million in profit in Q1 last year. However, they are just trying to break even in Q1 due to a sharp fall in the demand, and the situation may spread until the end of Q2. Most car dealers saw a flat business in the year to date Consumers have been cautious due to very high borrowing costs. In addition, the quiet stock market and real estate market have badly affected people’s purchasing power. A source from Huyndai Thanh Cong reported that for the year to date, auto dealers have launched diverse incentives to attract buyers, yet demand for autos has dwindled amid surging borrowing cost and lowered incomes. Saigon General Service Corporation (Savico) commented that the threat of global economic recession, high inflation and shortage of chipsets and semiconductors would result in auto supply volatilities. Stagnant auto registration … [Read more...] about Car industry remains flat

How can 5G and digital transformation impact the performance of industries such as manufacturing, logistics, agriculture and e-commerce over the coming years? Denis Brunetti, president of Ericsson in Vietnam, Myanmar, Cambodia and Laos As a critical digital national infrastructure, 5G has the potential to significantly transform society, industries, and the economy, as well as benefiting the environment. In the past, developing economies depended on traditional inputs to fuel growth, such as low-cost labour and natural resources. Moving forward, the new economy will increasingly depend on more sustainable inputs, such as science, technology and innovation, whereby data will become the new oil that creates as much as drives a more inclusive and sustainable socioeconomic development, securing broader range prosperity for all. Through 5G, the introduction of Industry 4.0 will be accelerated across thousands of factory floors in Vietnam, enabling robots, digital twin … [Read more...] about Going digital and green in partnership with Ericsson