Revenues gross profit

In July, Thien Long joined hands with Galaxy Education, a leader in online education based in Ho Chi Minh City’s Thu Duc city, in a deal which is set to aid Vietnamese people across the country to easily access educational products and services. “Cooperating with Galaxy Education is a stepping stone in the Thien Long ecosystem expansion plan as well as the company’s aim for a happy learning life for the Vietnamese people,” said Tran Phuong Nga, CEO of Thien Long Group. Building a complete stationery ecosystem is deemed a perfect formula to help Thien Long maintain high growth in revenue and profits. Along with this, early this month the group inaugurated two new Clever Box stores in Ho Chi Minh City’s Thu Duc and in Tien Giang, making five stores in total nationwide. The Clever Box store system, under Thien Long Group , was launched at the end of 2022 with a view to elevating the shopping experiences for consumers. In addition, Flexoffice Pte. Ltd. - a … [Read more...] about Thien Long Group gearing towards ambitious revenue target

Speaking at a meeting of the National Assembly Standing Committee in Hanoi Thursday, he said if the global minimum tax is not imposed on businesses with a turnover of €750 million (US$800 million)or more from the beginning of 2024, Vietnam has to give up the right to tax at all and businesses would pay additional taxes to the country where they are headquartered is their parent company is located. Imposing the minimum tax would give Vietnam the opportunity to increase its tax revenues and prevent evasion and transfer pricing and profit transfer frauds, he said. The global minimum tax of 15% was agreed upon by the G7 rich nations in June 2021. The 15% tax will apply to companies with revenues of at least €750 million in at least two of the four most recent years. Some countries like the U.K., Japan, South Korea, and the EU are expected to apply the tax from 2024. According to the Government, foreign enterprises in Vietnam that are paying a corporate tax rate of less than 15% … [Read more...] about No global minimum tax will result in revenue loss: finance minister

The total consolidated revenue of 19 State-owned economic groups and corporations hits 1.871 quadrillion VND (77.9 billion USD) last year. (Photo: VNA) Hanoi (VNA) – The total consolidated revenue of 19 State-owned economic groups and corporations hit 1.871 quadrillion VND (77.9 billion USD) last year, or 20% of the country’s gross domestic product ( GDP ), up 0.6% from 2018, heard a workshop in Hanoi on September 26. The event was co-hosted by the Vietnam Investment Review and the Commission for Management of State Capital at Enterprises (CMSC) on the occasion of the fifth anniversary of the CMSC. Compared to 2018 when the management of those groups and corporations was transferred to the CMSC, their total consolidated owners' capital hiked from 1.056 quadrillion VND to 1.155 quadrillion by the end of 2022 while the total consolidated equity also increased from 2.360 quadrillion VND to 2.491 quadrillion VND. The annual production and business indicators … [Read more...] about Revenue of 19 State groups, corporations accounts for 20% of 2022 GDP

VinFast has announced its unaudited financial results for the quarter ended June 30, 2023. Accordingly, the company posted a total revenue of $334.1 million in the second quarter of 2023, representing an increase of 131.2 per cent from the second quarter of 2022 and an increase of 303.3 per cent from the first quarter of 2023. Meanwhile, its vehicle sales were $314.6 million, representing an increase of 147 per cent from the second quarter of 2022 and an increase of 387.3 per cent from the first quarter of 2023. The increase in vehicle sales over the second quarter of 2022 and the first quarter of 2023 was mainly due to a significant increase in EV sales volume in Vietnam in the second quarter. VinFast recorded 9,535 EV deliveries in the second quarter of 2023, up approximately 436 per cent from the first quarter of 2023. Meanwhile, e-scooters deliveries were 10,182, a 4 per cent increase from the first quarter of 2023. As of June 30, 2023, VinFast had 122 showrooms globally for … [Read more...] about VinFast reports $387.8 million loss in Q2, amid improved revenues

The business results were announced by Thaco Group in a financial statement to the Hanoi Stock Exchange last week. In the first half of the year, Thaco reported about VND1.07 trillion ($45.4 million) in after-tax profit, equivalent to almost 25 per cent of the same period last year. The profit margin also decreased by nearly five times, down to 2.1 per cent on-year. The domestic car market has remained sluggish for around a year, so numerous models assembled and distributed by Thaco have had their prices reduced by $5,000-10,000 in an attempt to stimulate demand. Earlier this year, chairman Tran Ba Duong predicted that this year's car market would be weaker compared to 2022, and competition would become increasingly fierce. However, the business still set a yearly sales target of over 120,000 vehicles, which covered 96,000 passenger cars, 23,500 trucks, and 1,500 buses and minibuses. Thaco Auto, the key company of the group, is expected to achieve a consolidated revenue of over … [Read more...] about Thaco Group profits drop sharply amidst grey market

Passengers board a train leaving a station in the northern city of Vinh. The VNR reported a pre-tax profit of VNĐ143.9 billion in the first eight months of 2023, an increase of 193.7 per cent compared to the same period last year. — VNA/VNS Photo There has been progress made with business management and operation of state-owned enterprises (SOEs) during the first eight months of 2023, according to the latest report by the Ministry of Planning and Investment (MPI). The report estimated the SOEs' total revenue at VNĐ1,136.621 trillion (US$46.73 billion) or 71 per cent of the annual target, and 102 per cent compared to the same period last year. The Vietnam Oil and Gas Group - PVN led the pack at VNĐ350.5 trillion, 84.7 per cent of the annual target and 94.4 per cent compared to the same period last year; Vietnam Electricity (EVN) at VNĐ250 trillion, 109 per cent compared to the same period last year; Vietnam National Petroleum Group (Petrolimex) at VNĐ169 trillion, 88.9 per cent … [Read more...] about SOEs management and operation show signs of improvement: MPI

In Nghe An province, several cement plants have had to temporarily cease the operation of their kilns or significantly reduce capacity. Having come on stream in early 2020 with an annual capacity of two million tonnes, the Tan Thang Cement plant, based in Quynh Luu district, has been running well below capacity for most of this year. Meanwhile, Vicem Hoang Mai, a member of the state-owned conglomerate Vietnam Cement Industry Corporation (Vicem), has only been able to sell around one million tonnes of cement over the year to date, down 15 per cent on-year. This came as the Philippines – the company’s major export market – offered a lower price. Several cement plants in other localities have offered products with more competitive pricing, making a dent in the company’s sales. Nghe An is home to four cement plants with a combined designed capacity of 7.8 million tonnes per year. In the neighbouring Thanh Hoa province, cement production and consumption also face … [Read more...] about Cement firms maintain pessimistic outlook

At the meeting. — Photo courtesy of Petrovietnam Vietnam National Oil and Gas Group (Petrovietnam) is actively pursuing strategies to ensure the continuity of oil and gas production in 2023 in the face of various challenges in its production and business operations. This becomes especially crucial as many of Việt Nam's key oil fields are experiencing natural declines, and several member units lack the capacity for substantial investments in new mining ventures. According to Petrovietnam, the current market supply and demand conditions have exhibited several shortcomings since the beginning of the year. These include a low capacity to mobilise electricity, resulting in significantly lower gas production than planned and in comparison to previous periods. Consequently, there is an excess of gas production, which has repercussions on the targets for crude oil production. Additionally, it hampers the achievement of long-term reserve increases and planned production expansions for … [Read more...] about Petrovietnam pushes initiatives to sustain oil and gas production

Practical power direction can propel SOE fortunes At a seminar last week co-hosted by VIR and the Commission for the Management of State Capital at Enterprises (CMSC), Pham Van Son, head of the CMSC’s General Department, said that the 19 groups and corporations under it have undergone significant changes in the past few years. As of the end of 2022, the total consolidated ownership capital of these groups and corporations accounted for approximately 63 per cent of the total equity and 65 per cent of the total assets of state-owned enterprises (SOEs). “In comparison to 2018, the total consolidated equity increased from over $45.6 billion to more than $49.6 billion, and the total consolidated assets rose from over $98.5 billion to $103.8 billion. Key production and business indicators achieved annual growth,” he said. Notably, these 19 groups and corporations have received approval, implemented, and completed investments in 185 group A projects and 455 group B projects. Since … [Read more...] about Practical power direction can propel SOE fortunes

How much will Japan work with Vietnam and ASEAN to help with the energy transition? Kinoshita Tadahiro, director general of Sojitz Vietnam and president of the Japanese Chamber of Commerce and Industry in Vietnam We highly appreciate the government and related ministries for the national green growth strategy, as well as the action plan on green energy transition and reducing carbon and methane emissions of the transportation sector. Completing the legal framework is an important factor to achieving this goal. In the context of increasing energy demand in Asian countries, the Japanese government is ready to cooperate with ASEAN countries in the energy transition process by providing more financial and technical support for testing and applying emission-reduction technologies. Accordingly, Japanese businesses wish to contribute to an effective energy transition in Vietnam by increasing private investment and applying deflation technologies, aiming to achieve … [Read more...] about Green-focused businesses ready for cooperation