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The Hanoitimes - Under the growing impacts of the pandemic, market demand is forecast to plunge, while oversupply and the burden of liquidating inventories would lead to lower selling prices. Automobiles in Vietnam are bracing for a tough year with combination effects of the Covid-19 pandemic and fierce competition within the industry, according to Viet Dragon Securities Company (VDSC). Under the growing impacts of the pandemic, market demand is forecast to plunge, while oversupply and the burden of liquidating inventories would force car companies to lower selling prices, said the brokerage firm in its latest report. Revenues, therefore, will be strongly affected in the first half of the year but are expected to recover in the second half. Furthermore, companies have to spend more money on advertisements and discounts, in turn shrinking their respective gross profit margins (GPM) compared to the GPMs last year. As of the end of February, sales of members under the Vietnam Automobile Manufacturers Association (VAMA) decreased by 26% to 31,908 units. In particular, sales of passenger cars and commercial vehicles recorded a decline of 30% and 12% respectively, reaching 24,458 units and 7,073 units. Passenger car consumption fell largely due to the negative impacts of the Covid-19 pandemic on the income and consuming behavior of buyers. In terms of commercial vehicles, the decline in sales volume may have come from some factors such as (1) the production and mining sectors were stagnant because of the pandemic, and (2) the downward trend since 2017 until now. In contrast, special-purpose vehicles increased by 24% to 377 units. So far in 2020, the number of domestically-assembled cars sold fell by 20% year-on-year to 21,296 units, while the sales of imported cars fell sharply by 38% to 12,107 units. Supply surges Meanwhile, the domestic supply is expected to increase rapidly. Specifically, …

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Red Spring Festival expects to collect over 4,000 blood units Young people donate their blood In his opening remarks, Director of the National Institute of Hematology and Blood Transfusion (NIHBT) Bach Quoc Khanh, who is head of the festival’s organizing board, said that the festival has been held annually since 2008 to address blood shortages after the lunar New Year holiday, and gradually changed public awareness of blood donation. After 13 editions, the festival has collected over 85,000 blood units and become the annual biggest blood donation event. Khanh took the occasion to express his gratitude for donators nationwide. The 14th edition is taking place from March 1-7 at the NIHBT headquarters, and three fixed places - 26 Luong Ngoc Quyen in Hoan Kiem district, 132 Quan Nhan in Thanh Xuan district, and Valley 122 of Lang Street in Dong Da district. The organizing board expects to receive over 4,000 blood units during this year’s festival, which then will be allocated to nearly 180 hospitals and medical establishments of 28 provinces and cities in the northern region. It has also made thorough preparations to welcome donors so as to ensure COVID-19 prevention and control as recommended by the World Health Organisation and the Health Ministry./. Fatal coach crash kills three, injures 4 in Dong Thap A serious traffic accident caused by a passenger coach took place on National Highway 54 in Tan Thanh Commune of Dong Thap Province’s Lai Vung District this morning, March 1, killing three and injuring four people. The passenger coach with plate number 51B-17273 driven by Tran Van Nam, aged 41, was heading from Vam Cong Bridge to Vinh Long Province when it plowed into a group of 10 bike riders and killed a rider, identified as Tran Van An, aged 59. The passenger coach continued slamming into two electric poles and a tree on the pavement, damaging the front of the coach. Local residents immediately took some injured passengers …

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Export value skyrockets over Lunar New Year Vietnam's export turnover during this Lunar New Year saw breakthrough growth, occupying nearly half of the total export-import turnover. The latest data published by the General Department of Vietnam Customs showed that export volume over the seven days (February 10-16) of the Lunar New Year holiday reached $730 million, rising 79 per cent on-year and accounting for about 44 per cent of the $1.67 billion export-import turnover. The main export articles include mobile devices and components valued at $332 million; computer and electronic products worth $251 million. The two categories accounted for 80 per cent of the total export value. This Lunar New Year saw exports going to 80 markets, seven more than last year. China continues to be the leading export market with a value of $189 million (26 per cent). Following are the US ($152 million), South Korea ($67 million), and Hong Kong ($57 million). According to statistics from the General Department of Vietnam Customs, there were 960 import-export businesses, up 59 per cent on-year. Nevertheless, importers still outnumbered exporters with an import turnover of $940 million, up 37 per cent on-year. Thus, from early this year to February 16, the total export-import turnover reached $74.51 billion, up 31 per cent on-year. Of this, exports hit $38.57 billion, up 36 per cent on-year while imports reached $35.94 billion, up 26 per cent, resulting in a trade surplus of $2.63 billion. Drug market forecast to grow by 15 per cent in 2021 The pharmaceutical industry grew by just 2.8 per cent last year, much lower than its average 11.8 per cent growth in the last five years. It is expected to recover and grow by 15 per cent this year, mainly due to a rapidly ageing population and increasing incomes, analysts at SSI Securities Corporation said. Last year there was a short supply of active pharmaceutical ingredients from China and India due to social distancing and …

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