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Illustrative image (Photo: VNA) Binh Phuoc (VNA) - The index of industrial production (IIP) of the southern province of Binh Phuoc in the first five months of 2023 increased by 6.5% year-on-year, the provincial Department of Statistics reported. The four key sectors, namely the mining; processing and manufacturing industry; electricity, gas, hot water, steam and air conditioner production and distribution; water supply and waste and waste treatment recorded stable growth , respectively expanding by 7.5%, 6.6%, 4.2%; and 10.3% in the Jan - May period. In May alone, the province’s IIP rose by nearly 3% month-on-month, and 7.1% over the same period last year, the department said. According to the provincial People’s Committee, it has taken measures to remove difficulties for local production and business activities; and effectively implemented the economic recovery and development programme in the province, focusing on mobilising resources for carrying out projects … [Read more...] about Binh Phuoc’s industrial production index up 6.5% in five months

The Vietnamese booth at the exhibition draws a large number of visitors (Photo: VNA) Hanoi (VNA) – A Vietnamese business delegation led by Le Khanh Van, Director of the Centre for Science-Technology Application and Startup ( COSTAS ) under the Vietnam Association for Intellectual Women (VAFIW), attended the third “Made in Russia” - the leading exhibition in the beauty industry of Russia that took place in Moscow from June 6-7. The event gathered leading experts in Russia, as well as celebrities and cosmetics manufacturers. Addressing the opening ceremony, Van said that the exhibition is a good chance for Vietnam to access new technology and products in the industry, seek partners and strengthen the trade of products in this field between Vietnam and Russia. The Vietnamese booth showcased hormonal products, herbal toothpaste, shampoo, collagen to nutritional products such as cordyceps and black garlic, among others. At the event, VAFIW signed cooperation agreements … [Read more...] about Vietnamese firms explore beauty industry of Russia

Hanoi has accumulated about US$69.844 billion in foreign direct investment, ranking second in the country. Hanoi plans to build more industrial parks to attract foreign investment. Simultaneously, the city will prioritize site clearance and expedite the development of a comprehensive and modern infrastructure system. Overview of the meeting. Photo: Hoai Nam/The Hanoi Times Deputy Chairman of the Hanoi People's Committee Nguyen Manh Quyen revealed the plan today [June 8] at a meeting with representatives of the Ministry of Planning and Investment to discuss solutions to further attract foreign direct investment (FDI) into the capital . Nguyen Ngoc Tu, Deputy Director of the Hanoi Department of Planning and Investment, revealed that the city had seen a significant increase in FDI in the first four months of 2023, reaching $1.82 billion, a remarkable 260% increase compared to the same period last year. Numerous projects in sectors such as … [Read more...] about Hanoi eyes new industrial parks to lure foreign investors

A draft decree regarding the newly adjusted fees for registering domestic vehicles is expected to be submitted to the Government by June 15. Vietnamese Government plans to halve registration fees for domestically produced and assembled cars, effective from July 1 until the end of 2023. In a recent governmental instruction, Prime Minister Pham Minh Chinh required the Ministry of Finance (MoF) to draft a decree to cut registration fees by 50%, which will be evaluated by the Ministry of Justice. The decree will be submitted to the Government before June 15. Customers at a car showroom in Hanoi. Photo: Viet Dung/The Hanoi Times Various associations and municipalities proposed the Government extend the excise tax and reduce registration fees for domestically produced and assembled cars by 50% in early March this year. The aim was to stimulate demand. In response, import companies expressed their desire for the Government to apply the same policy to … [Read more...] about Vietnamese Prime Minister orders 50% cut in registration fees for domestic cars

On the morning of November 30 last year, Minh, now 29, received an email from his employers at DoorDash, the largest online food delivery company in the U.S. The company announced that it was letting him go. Just a day earlier, Minh was still the leader of one of the company’s finance management team. When he received the email, Minh had already studied and worked in the finance field in the U.S. for over a decade. He has a bachelor’s degree in accounting, a master’s in data science, is a certified Chartered Financial Analyst (CFA), as well as a Certified Public Accountant. "Though the layoff wave at that time was staggering many tech firms, I still couldn’t believe my eyes. I was aware of the financial situation of the company [DoorDash], and it was good," Minh said. The next thing he did was call his manager, hoping the letter may have been a mistake. The manager said they were surprised by the news and promised to look into the matter. Ten minutes later, it was … [Read more...] about Vietnamese worker back on feet after US layoff

SABECO in Forbes' top 50 listed companies in 2023 This is the 11 th year it has released this list in the country. The rankings are based on last year’s audited consolidated financial reports of the companies listed on the Ho Chi Minh Stock Exchange and the Hanoi Stock Exchange. Forbes Vietnam said total after-tax profit of the 50 firms stood at over VND228 trillion ($9.7 billion) while their combined revenue VND1.49 quadrillion ($64.8 billion), respectively rising 18 per cent and 24.9 per cent from the 2022 list. In 2022, profits of listed companies in general and those in the top 50 hit a record level. Of these, 2022 is a year when SABECO recorded a record profit after tax since its establishment in 1975. The company recorded a nearly 33 per cent increase in net revenue and a 40 per cent increase in net profit compared to 2021, despite the impact of the pandemic as well as fluctuations in the domestic market. On the journey of 148 years of development, an important … [Read more...] about SABECO in Forbes top 50 listed companies

Hoang Quang Phong, Vice President of the Vietnam Chamber of Commerce and Industry speaks at the opening ceremony of the exhibition. (Photo: VNA) Hanoi (VNA) – The 11th Hanoi International Plastic, Rubber, Printing, and Packaging Industry Exhibition (Hanoi PlasPrintPack 2023) was opened in Hanoi on June 8, attracting 200 companies with 340 booths. The companies are from 11 countries and territories including China, India, Indonesia, Japan, Malaysia, the Philippines, Taiwan (China), Hong Kong (China), Thailand, the UK, and Vietnam. Speaking at the opening of the exhibition, Hoang Quang Phong, Vice President of the Vietnam Chamber of Commerce and Industry, said that along with the development of the domestic manufacturing industry, the plastic, packaging, and printing industries also see rapid growth. They are supporting industries with great potential and require high-tech products, modern production processes, and management to increase competitiveness in the market. Ho Duc … [Read more...] about Over 200 companies join Hanoi PlasPrintPack 2023

Foodie circles in Vietnam are ridden with complaints after the Michelin Guide announced its list of 103 recommended restaurants in Hanoi and Ho Chi Minh City on Tuesday. In the inaugural edition of the Michelin Guide for Hanoi and Ho Chi Minh City, four restaurants were recognized with one Michelin Star for their high-quality cooking, 29 establishments received a Bib Gourmand for offering good food at moderate prices, and 70 others were recommended as the Michelin Selected restaurants. This image shows representatives of Anan Saigon, Gia, Hibana by Koki, and Tam Vi receiving one Michelin Star recognition for their restaurants at an awards ceremony held in Hanoi on June 6, 2023. Photo: Mai Thuong / Tuoi Tre Local foodies are dismayed by the announcement, with many complaining that the list does not accurately reflect the local culinary culture. “The most important thing I see is that there is no restaurant in Vietnam that really meets Michelin's standards and … [Read more...] about Michelin Guide arouses controversy after Vietnam debut

Vietnam’s e-commerce export revenue is currently experiencing a remarkable annual growth rate exceeding 20 percent and is projected to reach VND296.3 trillion (US$12.6 billion) by 2027. The forecast was released at the Vietnam Cross-border E-commerce Conference 2023 held in Hanoi on Wednesday by the E-commerce and Digital Economy Agency under the Ministry of Industry and Trade in collaboration with Amazon Global Selling, a program that enables merchants to list and sell their products across the world on U.S. e-commerce giant Amazon’s marketplaces. In her remarks at the event, Lai Viet Anh, deputy director of the E-commerce and Digital Economy Agency, highlighted the flourishing global trend of cross-border e-commerce, which is gaining momentum in numerous countries worldwide. “In Vietnam, the retail e-commerce sector demonstrates an annual growth rate of more than 20 percent annually,” Anh said. With this impressive growth rate, Vietnam possesses immense potential for the … [Read more...] about Vietnam’s e-commerce export revenues grow over 20% per year: conference

Several enterprises in the northern region of Vietnam have decried repeated power outages after a region-wide electricity cut paralyzed their production activities. A representative of state utility Vietnam Electricity (EVN) said that power would be cut in the region by up to 30 percent. According to a representative of an apparel firm active in Viet Hung Industrial Park in Ha Long City under Quang Ninh Province, the firm’s production was in a turmoil due to unstable power supply. Power outages have forced the company to constantly run its own generators, leading to a surge in production costs, the representative said, adding that the firm might halt operations if the blackout continues. “Due to global economic difficulties, we have adopted various measures to secure orders to maintain work for over 1,000 employees, but massive power outages have prompted us to use generators,” said the representative. However, it is hard to lengthen the situation, the representative added. … [Read more...] about Companies in northern Vietnam voice outcry over power cut