Us business

A perspective rendering of the project. Photo by Kimson Land An address befitting a business empire Situated in the future international financial hub of Thu Thiem, the Luxury Boutique Office is a new collection of premium office spaces, reserved for leaders of renowned business empires. Operating at all hours of the day to keep up with the world’s biggest business hubs in the world, the project presents a haven for owners to connect with international partners, strategize and carry out important business decisions. The Luxury Boutique Office is geared towards accommodating family offices for the leaders of entrepreneurial empires (30 to 40 years in operation), a headquarters for the management of existing subsidiaries and potential new overseas businesses. With flexibility in conventional office developments, the Luxury Boutique Office also offers the ideal home for law firms, commercial offices, art galleries, auction houses, and more. The lobby at the Luxury … [Read more...] about SonKim Land develops Luxury Boutique Office for business elites

Illustrative photo (Photo: congthuong.vn) Hanoi (VNA) – The US Department of Commerce (DOC) has commenced anti-dumping investigation into boltless steel shelving units from Vietnam, Trade Remedies Authority of Vietnam said, recommending enterprises producing and exporting related products keep a close watch on the next developments of the case. On 25 April 2023, Edsal Manufacturing Co., Inc, the largest producer of boltless steel shelving in the US, filed a petition to the DOC and the US International Trade Commission (USITC) to initiate an anti-dumping duties investigation into certain boltless steel shelving allegedly dumped from Malaysia, India, Taiwan (China), Thailand and Vietnam. The product under investigation is packed boltless steel shelf with HS code 9403.200075. The petitioner has alleged that boltless steel shelving imported from Malaysia, India, Taiwan, Thailand and Vietnam are being, or are likely to be, sold at less than fair value in the US. The … [Read more...] about Vietnam asks businesses to keep close watch on US investigation into boltless steel shelving imports

Vietnam shows significant improvement in the business environment. (Photo: VNA) Hanoi (VNA) – Vietnam jumped 12 places in the Economist Intelligence Unit (EIU)’s latest business environment rankings which measure the attractiveness of doing business in 82 countries with 91 crucial indicators. The report highlights that Vietnam, along with Thailand and India, is considered the Asian country that has made the most progress in terms of business environment development. Thailand leaped 10 places and India six. Meanwhile, Singapore topped the rankings. In the first four months of this year, FDI channeled into Vietnam neared 8.9 billion USD, with new capital surging after a slight decrease in the first three months. According to the Ministry of Planning and Investment’s Foreign Investment Agency (FIA), there were 750 new projects granted with investment licences worth over 4.1 billion USD, up 65.2% and 11.1% annually, respectively. A total of 386 projects had their … [Read more...] about Vietnam shows significant improvement in business environment: EIU

"We have nearly 1,600 students, and guests have also confirmed their participation, so we cannot cancel the ceremony," Nguyen Le Quoc Dung, vice principal of Phu Hoa 3 Elementary School in Thu Dau Mot city said. "With this power cut notice, we have to cancel some activities." Besides, the school would have to hire a generator, he added. A seafood restaurant in the city said it could only open in the evening on May 26. "The power cut is from 6am to 6pm, and so we cannot open with the hot weather and without fans and air conditioners. We also had to cancel pre-orders for that day." Many factories have had to change their schedules or suspend operations due to load shedding since last week. A construction materials manufacturer in HCMC has had to stop production at its facilities for one to five hours on some days last week. There is no schedule for this week yet, but its CEO said that if the power outages continue, production would badly hit. Pham Xuan Hong, chairman of … [Read more...] about Businesses on edge as record power demand, low supply cause outages

Data from the General Department of Customs shows that exports of wood and wood products were worth only US$4 billion in the first four months of the year, a 28.5% year-on-year decline. The value of wood products alone fell by 36.7% to $2.6 billion. The slump has been blamed on inflation, tight monetary policies, slow economic recovery, and the collapse of some banks around the world, which have caused consumers to cut spending on non-essential goods. Demand has therefore plummeted in large markets like the U.S. and the EU. The reopening of the world’s biggest exporter, China, has also put pressure on Vietnamese exports, especially wooden furniture. The industry faces a slew of other problems too. "We are struggling on many sides," Nguyen Thanh Tuan, CEO of Viet Au My Wood JSC, told VnExpress. He said his company has cash flow problems and its production has been affected by banks’ credit tightening limits, slow disbursement and rising interest rates. "Suppliers are … [Read more...] about Low demand takes a toll on timber businesses

Illustrative image (Photo: vneconomy.vn) Dak Lak (VNA) - Over the past month, the price of coffee bean has continuously increased, reaching the mark of 60,000 VND (2.55 USD) a kilogramme, the highest in the past 15 years, in the Central Highlands provinces which are considered the country's "coffee capital". According to the Department of Industry and Trade of Dak Lak province and coffee exporters, the market has been strongly influenced by the law of supply - demand. Vietnam is leading the world in Robusta coffee production. However, while the demand for this kind of coffee has increased in recent years, Vietnam's output is decreasing by about 10-15%, causing a shortage of supply. In addition, the current inflation has pushed up the prices of raw materials and fuels, especially agricultural materials, by two-three times, resulting in a rise in coffee production and processing costs, and selling prices. The price of coffee bean has continuously … [Read more...] about Businesses, farmers yet to benefit from recent coffee price hikes

An executive from an Indian firm exchanges information with a local counterpart at a India-Vietnam business meeting in HCM City on May 23. (Photo courtesy of the Indian Consulate General) HCM City (VNS/VNA) - An Indian delegation comprising 17 business executives from various sectors like IT, infrastructure, electrical equipment, aquatic processing, technology services, and renewable energy met with their Vietnamese counterparts to explore tie-ups at a meeting held both online and offline on May 23. Speaking at the event, Dr Madan Mohan Sethi, the Indian Consul General in Ho Chi Minh City, said India has become Vietnam’s seventh largest trading partner after bilateral trade increased significantly in recent years. Sethi said he saw tremendous scope for enhancing cooperation between the two countries not only in trade but also in many other sectors including investment, medical care and tourism. He hoped to be a bridge for cooperation between the two sides. … [Read more...] about Indian businesses explore opportunities in southern region

Producing wooden products for export (Photo: VNA) Binh Duong (VNA) – Wood processing and export businesses in the southern province of Binh Duong have been making every effort to overcome difficulties facing the industry. Statistics showed that the province raked in 1.5 billion USD from exporting wood and wooden products in the first four months of 2023, down 38.5% year-on-year. In the context that major export markets of Vietnam such as the US and Europe have large inventories, and purchasing power has decreased sharply, Vietnamese wood exporters have continued to face negative growth . Recently, Truong Thanh Wood Industries JSC reported that its revenue and profit in the first quarter of 2023 reached 331 billion VND (over 14 million USD) and 1.8 billion VND respectively, down 38% and 90% compared to the same period last year. In 2023, the company plans to increase the capacity of all factories in Binh Duong. It is improving production processes at all stages to … [Read more...] about Binh Duong’s wood businesses exert great efforts to overcome difficulties

Fertiliser products of Petrovietnam Ca Mau Fertiliser JSC (DCM) being processed. (Photo courtesy of DCM) Hanoi (VNS/VNA) - Falling selling prices and rising costs have caused the profits of most fertiliser businesses to plunge, after recording high profits in the previous few years. Urea prices down 30-40% Fertiliser prices have fallen sharply since the fourth quarter of 2022. Profits of the fertiliser businesses in the fourth quarter of 2022 decreased deeply, with some companies even recording losses, although the profits in the whole year 2022 still grew at high rates. Plunging profits continued in the first quarter of 2023. In Q1 this year, Petrovietnam Ca Mau Fertiliser Joint Stock Company (DCM) recorded a 33% decrease in revenue and an 85% decrease in profit after tax compared to the same period in 2022, to reach 2.73 trillion VND and 229 billion VND, respectively. This was the lowest profit in the last seven quarters. According to DCM, the average selling prices … [Read more...] about Fertiliser businesses see profit drop on ailing selling prices and rising costs

The Administrative Procedure Compliance Costs Index, which surveyed 3,092 businesses last year, found that, with the national database on property incomplete and a lack of linkages between various government bodies, paperwork is a burden for companies. Though the government has been calling for Internet adoption to simplify administrative procedures, only 5% of companies submitted their paperwork online and 1% received the results online. No business was able to pay property tax online. Despite major reforms in land administration procedures in recent years, the government and localities need to make more efforts to improve the ease of doing business, the survey said. Technology adoption and perfecting the property information database are key to resolving the issues, it said. The 2022 Provincial Competitiveness Index, released in April, found 42.9% of companies saying the burden of administrative procedures caused them to delay or cancel business plans last year. … [Read more...] about Business need 32 hours to complete each government procedure