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-What do you think about local garment firms’ inability to dominate the domestic market of 100 million people here in Vietnam? - Vietnamese textile and garment enterprises are still [only beginning to] tap the domestic market. Last year, the domestic market increased by 40% against 2021. Local enterprises performed very well in the first half of last year and began to face difficulties in the third quarter. In the fourth quarter, many good Vietnamese brands like Viet Tien saw sales decrease. In late 2022, the Vinatex Fashion Center retail outlet in Hanoi made revenues of only VND500-600 million ($21,200-25,400) a day, compared with daily revenues of over VND1 billion in previous years. Over the past two years, many domestic fashion brands have reduced their number of stores and limited new openings. They have had to focus on certain locations to reduce costs, optimize operations and try to offer products that are most suitable to consumers’ incomes.In fact, domestic … [Read more...] about Garment firms should tap niche markets: Vinatex chairman

A meeting in Hong Kong (China) from January 6 - February 7, 1930 discusses the establishment of the CPV. (Photo: VNA) Moscow (VNA) – Vice Chairman of the Committee for External Relations of Russia’s Saint Petersburg city Vyacheslav Kalganov has stated that the role of the Communist Party of Vietnam (CPV) is now more significant than ever. In an interview recently granted to Vietnam News Agency on the occasion of the CPV’s 93rd founding anniversary (February 3), Kalganov highlighted Vietnam's achievements under the leadership of the CPV over the past 93 years, stressing that the main purpose of the Party is the well-being and sovereignty of the people. Kalganov also stated that it is important for a party in power to be close to the people and to avoid alienation and bureaucracy.  According to him, purifying the party is of great significance. Col. Aleksey Skreblyukov, former Soviet military expert in Vietnam and Chairman of the Vietnam War Veterans' Association in … [Read more...] about Russian experts highlight CPV’s role

Many banks in Vietnam have released their business results in 2022, which indicate their hefty profits. According to the 2022 financial report of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), it recorded a pre-tax profit of over VND37.3 trillion (US$1.59 billion), up 36 percent year on year and exceeding its 2022 target. With this result, Vietcombank has taken the lead in pre-tax profit in the entire banking system for five consecutive years. It was followed by Vietnam Technological and Commercial Joint Stock Bank (Techcombank), which earned over VND25.5 trillion (nearly $1.09 billion) last year, rising 10 percent compared with the preceding year. Last year was the ninth straight year that Techcombank had posted a profit growth rate, albeit at a modest rate. Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) was also among the banks with a high profit. Its pre-tax profit surged more than 70 percent to nearly VND23 … [Read more...] about Banks in Vietnam report handsome profits in 2022

The Ho Chi Minh City Stock Exchange (HoSE) on Thursday warned that Vietnam Airlines (HVN) could be delisted if an audit proves the company has logged an operating loss for three consecutive years. In its warning, the HoSE cited the firm’s consolidated financial statement for the last quarter of 2022 in which Vietnam Airlines posted an accumulated loss of nearly VND34.2 trillion (US$1.46 billion) in 2022. The carrier also reported that its equity was negative VND10.2 trillion ($435.4 million) last year. According to the Law on Securities, the stock of a public company must be delisted if it suffers annual operating losses for three consecutive years, if its accumulated losses exceed its charter capital, or if its equity is negative. As such, if Vietnam Airlines' audited consolidated financial statement for 2022 shows a loss, it will be the firm’s third consecutive year of operational losses and its ticker will be delisted, the HoSE warned. On June 1, 2022, the HoSE issued a … [Read more...] about Vietnam Airlines risks stock delisting

The event was attended by leaders of the Political Department of Military Region 3, the Military Youth Advisory Board, the provincial Military Command, the provincial Party Committee, the People’s Council, the People’s Committee, agencies, organizations, enlisted youths, and their relatives and friends. During the event, participants offered incense in commemoration of the fallen; visited historical relic sites; had exchange with war veterans, historical witnesses, and demobilized troops in 2023; participated in artistic, cultural, and sports exchanges. On the occasion, units presented gifts to youths enlisted to military and public security units. According to Senior Colonel Tran Viet Nang, Head of the Military Youth Advisory Board, the program aimed to disseminate and educate young people about patriotic traditions, national pride, and tradition of the heroic Vietnam People’s Army as well as to create a joyful atmosphere to encourage young people to join the military. It was … [Read more...] about Activities held for enlisted youths in Ha Nam province