Profits in corporate

Logistics groups go green to add to net-zero goals, source: DHL Express DHL Express on September 19 onboarded Asia Commercial Joint Stock Bank (ACB) to its GoGreen Plus service to reduce carbon emissions for its time-definite international shipments through the use of sustainable aviation fuel (SAF). By investing in GoGreen Plus, it is estimated that ACB will be able to reduce 14 tonnes worth of total CO2 emissions within a 12-month period. The entire process is verified annually by an independent third-party agency. In addition, a complementary carbon footprint report will be updated monthly, detailing ACB’s overall emissions with DHL Express. Bernardo Bautista, general director and country manager for DHL Express Vietnam, said that the company believed that corporate social responsibility and business success go hand-in-hand. “Global sustainability and environmental protection are important for all of us, including our customers. With SAF as our key lever to effectively … [Read more...] about Logistics groups go green to add to net-zero goals

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

Huynh Thanh Dat, Minister of Science and Technology, and Susan Elliott AM, interim president and vice-chancellor of Monash University What does it mean to Monash University to successfully host International TECHFEST 2023? We are pleased to host International TECHFEST 2023 – the first time the event has been held in Australia – as we celebrate the milestone of 50 years of diplomatic relations between Vietnam and Australia. We are delighted to collaborate with Vietnam's Ministry of Science and Technology and to have the opportunity to welcome the country's delegation to Monash. International TECHFEST 2023 reflects Monash University’s distinctive global footprint and commitment to international collaborations. It is a wonderful platform to strengthen relations between Monash and Vietnam, and deepen our connections with Vietnamese students, researchers, and industry leaders. Importantly, this event offers a significant opportunity to enhance the potential of the … [Read more...] about Monash University helps Vietnamese startups unlock their potential

The latest draft plan for implementation of Power Development Plan VIII (PDP8), submitted by the Ministry of Industry and Trade (MoIT) on August 31, pointed out the vast challenges remaining despite the approval of the plan in May. Detailed implementation will direct success of PDP8, Source: Vietnam+ “For solar power projects that have been approved and assigned to an investor, the specific progress will be considered in the implementation plan PDP8. However, this request cannot yet be carried out according to the MoIT’s Institute of Energy,” noted the latest draft plan. The Institute of Energy, the unit responsible for developing plans to implement PDP8, explained that there are currently 23 solar power projects approved and assigned to investors with a total capacity of about 2,360MW. This is a much higher capacity than the 1,500MW limit currently set in the PDP8. Meanwhile, the MoIT reported that there are more than 2,000 proposed wind, solar, and small … [Read more...] about Detailed implementation will direct success of PDP8

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

The increase in electricity prices remains a hot topic as it has a major impact on households and businesses alike. Vietnam Electricity (EVN) has proposed another increase in retail electricity prices to compensate for its losses. Speaking at the state capital management in enterprises seminar last week, Nguyen Xuan Nam, vice president of EVN, said, "EVN accepts selling electricity at much lower prices than feed-in-tariffs (FiT). Although electricity prices have climbed three per cent in 2023, it only minimizes some parts of lingering difficulties since 2022. This year, retail electricity prices were not adjusted in a timely manner. As a result, EVN has incurred a loss of $1.48 billion." He added, "EVN's main task is to ensure a sufficient supply of electricity to the economy. However, the company encounters many challenges in mobilising and balancing its capital to fund its initiatives and ensuring safe operation and sufficient electricity supply in the following years. In 2023, … [Read more...] about Adjusting electricity tariff vital to the energy sector

It is projected that coal demand for power generation will be boosted before the end of the year On September 13, Vietnam Electricity (EVN), Vietnam National Coal and Mineral Industries Group (Vinacomin), and Northeast Corporation signed a cooperation agreement for coal to supply electricity. Under the agreement, Vinacomin and Northeast Corporation will supply 56.48 million tonnes of coal to EVN’s coal-fired power plants. “We are working with Vinacomin and Northeast Corporation to secure a sufficient coal supply for our coal-fired power plants using anthracite coal from January 2024,” said EVN president Tran Dinh Nhan. “We have completed the plan to provide additional coal to coal-fired power plants in operation to ensure future demand.” In 2023, Vinacomin has signed coal purchasing contracts for 22 thermal power plants with an output of 38.52 million tonnes of coal. From now to the end of the decade, EVN’s coal-fired power plants will generate about 40-42 billion kWh per … [Read more...] about Coal supply moves shoring up generation of power

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

“Japfa for Education” journey reached out to students at Vinh Quang Elementary School in Tuyen Quang province This initiative is part of a project named "Japfa for Education" which the company has been implementing for many years to support children nationwide. As part of the programme, company representatives presented 300 gift packages consisting of backpacks and notebooks to underprivileged students, along with envelopes contributed by accompanying distributors. At Vinh Kien Elementary School in Yen Bai province, Pham Van Quang – a feed agent cooperating with Japfa Vietnam expressed, "The gifts hold great significance for the children in the mountainous region, and we are delighted to accompany Japfa in spreading this love to the disadvantaged students in the local area." The value of the gifts, worth VND100 million ($4,200), includes a portion of the budget contributed by over 500 participants in a virtual run commemorating Japfa Vietnam's 27th anniversary. … [Read more...] about Japfa Vietnam accompanies children to schools