Spec sheet

In Q1, Thai Nguyen Iron And Steel JSC (TIS) witnessed its profit down by 35 per cent, to only VND29.2 billion. — VNA/VNS Photo The cost of raw materials and transportation fees have skyrocketed, causing the first-quarter profits of most steel companies to decline. Data from the Viet Nam Steel Association (VSA) showed that in the first quarter of this year, finished steel consumption reached 8.137 million tonnes, up 11.9 per cent over the same period in 2021. Of the estimate, steel exports reached about 2.275 million tonnes, with export value reaching US$2.3 billion, decreasing by 22.15 per cent in volume but up by 12.53 per cent in value over the same period last year. However, the business performance of many enterprises in the industry did not move in the same direction. The first-quarter business results report of Viet Nam Steel Corporation (TVN) showed a sharp decline in profit at member units, especially in the construction steel and galvanised steel segments. In the … [Read more...] about Steel companies report decline in Q1 profits

Farmers harvest clams in Bến Tre Province’s Bình Đại District. — VNA/VNS Photo Công Trí BẾN TRE — The Cửu Long (Mekong) Delta province of Bến Tre is expanding farming of some key fisheries products for both domestic consumption and exports. They include black tiger shrimps, white-legged shrimps, clams, river giant prawns, and tra fish. Nguyễn Minh Cảnh, deputy chairman of the province People’s Committee, said advanced breeding techniques would be used to increase yield, output and quality. They would also help adapt to climate change and protect the environment, he said. The province would develop linkages between small fisheries breeding establishments to create large breeding areas and also link them with businesses to ensure supply of inputs and outlets for their harvests, he said. Trần Văn Hùng, who has a four-hectare industrial shrimp farm in Bình Đại District’s Định Trung Commune, said he uses advanced breeding techniques and quality shrimp breed stock, buys feed … [Read more...] about Bến Tre expands farming of key aquaculture species

The Industry Promotion Center of Dak Lak Province is implementing 23 local industry promotion projects with a total budget of VND5.374 billion (phase 1 in 2022) in provincial districts of Cu M'ga, Krong Nang, Krong Buk, Lak, Ea Sup, Krong Ana, Ea H'Leo, Krong Pak, Krong Bong, and Buon Don. Most of the funding is designated for technology transfer and scientific and technological application in industrial and handicraft production, including VND2.515 billion from the provincial budget and VND2.859 billion as reciprocal capital from project beneficiaries. Most industry promotion funding is used for technology transfer and scientific and technological application in industrial and handicraft production The center implemented 62 industry promotion projects in the 2014-2020 period in addition to 12 projects for mushroom processing and production of cocoa powder, chocolate, coffee powder, vermicelli, custard-apple tea and iron sheet last year. The projects not only … [Read more...] about Success of key industry promotion projects

The investment registration certificate is a major enabler for the establishment of the Son My LNG terminal project company. The terminal will have an installed capacity of 450 trillion British thermal unit (TBtu) and represents a total investment of about $1.4 billion. "This is an important milestone for the development of the Son My LNG terminal project, which will supply liquified natural gas (LNG) to southern Vietnam and play a major role in shaping Vietnam’s energy future by diversifying the energy mix with imported LNG," said David Stone, president of AES Vietnam. Representatives of AES (L) and PetroVietnam Gas Joint Stock Company (R) were granted an Investment Registration Certificate for the Son My LNG terminal project. Photo by PV Gas The Son My LNG terminal complements AES’s project in the Son My 2 Combined Cycle Gas Turbine (CCGT) power plant. Together, the plant and the terminal affirm AES’s commitment to Vietnam’s economic growth and energy transition … [Read more...] about PV Gas, US firm get investment registration certificate for Son My LNG terminal

Techcombank is on track to be among the top ASEAN banks Techcombank’s rise within the Vietnamese banking industry was highlighted last year when it became the first non-state-owned bank to join Vietnam’s billion-dollar profit club. “Even in the very tough environment we are seeing, our employees have maintained a high quality and reliable service for our customers and this is helping us to deliver stellar performance year after year,” said Jens Lottner, CEO of Techcombank. Last year, the bank continued to reduce costs while focusing on building deposits in its current accounts and savings accounts (CASA), which Lottner described as a “stable and cheap” source of funding. Techcombank’s CASA ratio, which reflects the percentage of the bank’s total deposits that are CASA, jumped from 46.1 per cent in 2020 to 50.5 per cent last year, well on its way to the bank’s target of 55 per cent by 2025. Techcombank’s net interest margin, a measure of the difference between the interest … [Read more...] about Techcombank on track for a seat among the top ASEAN banks