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Hai An Transport and Stevedoring Joint Stock Company's after-tax profits were up 90% from 2021 at VND1.050 trillion (US$44.49 million); Petrovietnam Transportation Corp's (PVTrans) was up 39% to VND1.16 trillion; and Vietnam Petroleum Transport's (Vipco) rose by 25 times to VND246 billion. Other logistics firms too reported excellent numbers. Gemadept’s after-tax profits surged by 60% to VND1.15 trillion, its second highest since 2000 when it first publicized financial statements. Vosco’s profits decreased by 0.4% to VND490 billion, but were still the second highest since it listed on the stock market. Vinalines said profits fell by 23% to VND2.5 trillion, but were still second only to 2021. According to data from Freightos, one of the world’s largest freight booking platforms, the cost of sending a container from Asia to the U.S. fell by more than 80% late last year. In the third quarter of 2021 it had been at a record $20,000 per 40-foot container. But thanks to the … [Read more...] about Big shipping firms report record profits

Illustrative image (Photo: xinhua/VNA) Phnom Penh (VNA) – The Cambodia n Government has been pushing for the establishment of more bilateral free trade agreements (FTAs) with main trade partners in order to expand export markets for its products. The country's Deputy Prime Minister and Minister of Economy and Finance Aun Pornmoniroth said that the United Arab Emirates, India, Japan, Eurasian Economic Union (EAEU), Canada, and American Latin countries are in the plan for bilateral FTA negotiations. Speaking at the Ministry of Commerce’s recent annual meeting, Aun Pornmoniroth asked the ministry to continue boosting the export of goods and service to the existing markets and expanding new markets. The ministry has to conduct extensive consultations with stakeholders on the benefits from the bilateral trade agreements, he added. Currently, Cambodia has two bilateral FTAs with China and the Republic of Korea, which came into force in January and December 2022, … [Read more...] about Cambodia eyes more bilateral free trade agreements

The 6th Joint Committee Meeting (JCM) on Information and Communications Cooperation is held between Malaysia and Singapore on February 3, highlighting the importance of digitalisation. (Photo: Facebook/KKD) Kuala Lumpur (VNA) – Malaysia and Singapore have pledged to strengthen bilateral cooperation on personal data protection , cyber security and the digital economy. The commitment was made at the two countries' 6th Joint Committee Meeting (JCM) on Information and Communications Cooperation held in Kuala Lumpur on February 3. At the meeting, officials of Malaysia and Singapore shared their perspectives on the importance of digitalisation as their economies transition to the endemic phase of COVID-19. Both sides shared the view that the rising uptake of digital technologies during the pandemic demonstrates an opportunity to bolster digital economies and improve corporate and individual connectivity. Consequently, the need for a safe and secure online space has … [Read more...] about Malaysia, Singapore strengthen cooperation in data protection, cyber security, digital economy

Tourists take photos in Phuket, Thailand. (Photo: AFP/VNA) Bangkok (VNA) – The number of Chinese tourists visiting Thailand is expected to achieve pre-COVID-19 pandemic level by the end of year, Thai Deputy Government Spokeswoman Traisuree Taisaranakul has said, citing a projection by the Aeronautical Radio of Thailand Ltd. Co . Thailand , after the East Asian country relaxed rules governing personal foreign travel at the beginning of the year. recovery was recent figures reported by Grabtaxi of Thailand which showed a 45% growth in business in the third quarter of last year, compared with the previous quarter, he added. Anucha also said that a decision by Qatar Airways to add three more direct flights from Doha to Phuket from the start of this month means the airline is now operating the full seven flights daily between Doha and Thailand again. VNA … [Read more...] about Thailand optimistic about tourism recovery

Seven international partners will support the investment in infrastructure, transport, urban development, and climate response. Nearly US$8 billion will be pumped into Vietnam's Central Coast region to support the socio-economic development of the region towards sustainability and climate adaptation. An overview of the signing and awarding ceremony. Photo: Trung Nhan/The Hanoi Times The value was announced at a signing ceremony held on February 5 between the Ministry of Planning and Investment and international partners. Accordingly, the local authorities granted investment certificates and approved investment policies and investment cooperation for domestic and international investors. Among the investment deals, seven development partners are committed to providing a total capital of more than US$1.7 billion in 45 projects. The partners included the Asian Development Bank (ADB), the French Development Agency (AFD), the International Fund for Agricultural … [Read more...] about $8 billion to be pumped into Vietnam’s Central Coast

Despite the festive occasion, the consumption of non-essential goods in the first month of 2023 remained stagnant, with analysts believing the situation will linger throughout at least the first half this year. Despite the unfavourable environment, Mobile World Group (MWG) – the largest consumer electronics retailer in Vietnam – still aims to post positive revenue and net-profit growth in 2023, as well as two-digit growth compared to average level during the 2020-2022 period. To achieve this goal, the company envisages opening new stores on a selective basis and striving for new shops to generate profit for the patent company within three months after launching. Simultaneously, all shops in the system will focus on augmenting the sales revenue at existing outlets and controlling their operating costs to boost profits. Besides this, MWG will optimise its cash flow and slash financial expenses through improved inventory management. Specifically, the group aims to … [Read more...] about Retailers flexibly steering through turbulent times

Despite near-term trade headwinds, tourism has emerged as a source of growth for Vietnam to mitigate the challenges ahead in 2023, according to the “Vietnam at a glance” report released by HSBC on February 6. Foreign tourists visit Vietnam (Photo: VNA) The report stressed that January’s data showed Vietnam continues to face difficulties in trade and the inflationary pressure of increasing prices. However, in spite of slowing trade, there are still pockets of resilience in Vietnam’s economy, and tourism will be a key one in 2023. Following its re-opening last March, Vietnam’s domestic tourism has been soaring, easily surpassing its 2022 target of 60 million to over 100 million tourists. Meanwhile, international tourism, which previously accounted for 60% of tourism receipts, saw a tepid recovery post COVID-19, with tourist arrivals reaching 3.6 million, only 20% of 2019’s level. But there are good reasons to expect a more meaningful recovery, in … [Read more...] about Tourism – a source of growth in Vietnam for 2023: HSBC

The festival celebrates the full moon of the first lunar month of the year. The city’s Center for Cultural Heritage Management and Preservation confirmed the certificate was handed over on February 5, marking the fifth national intangible heritage after Thanh Chau bird's nest, Thanh Ha pottery village, carpentry of Kim Bong village and Tra Que vegetable garden. The center said the festival was a major event in a series of cultural and ritual activities among local people held during the first lunar month. Local people often prepare for the festival from the seventh day of the month with ancestor worship and praying for peace at the communal houses of Cam Pho, Ong Voi, Japanese Bridge, Ong and Ba Pagoda and Minh Huong communal house, as well as the Fujian and Jiao Zhou clubs. A night parade will take place in the Old Quarter with lanterns and a poet recital at Cam Pho communal house as well as folk games at Kazik Park on February 4-6. Pagodas and communal houses will be open … [Read more...] about Hoi An’s full moon festival named intangible heritage

The sluggish Internet speed in Vietnam will not improve until March when one of the four submarine cable systems with ongoing problems is expected to be fixed. Repair work on the Asia Pacific Gateway (APG) is expected to be finished in March, a representative of an Internet service provider (ISP) told Tuoi Tre (Youth) newspaper on Sunday. It is still unclear when the problems on the Asia America Gateway (AAG), Asia Africa Europe (AAE-1), and Intra Asia (IA) cables will be fixed. Four out of the five submarine Internet cable systems connecting Vietnam to the world are facing problems. The APG and IA encountered issues in late January, while glitches were recorded on the AAG and AAE-1 in late 2022. ISPs said they have deployed routing solutions to overland cable lines, as well as implementing other contingency plans, to minimize the impacts on domestic users. However, many people said that they were unable to use online television and entertainment services, conduct … [Read more...] about Vietnam’s Internet speed to remain sluggish until March

Four Vietnamese students from Le Hong Phong High School for the Gifted in the northern province of Nam Dinh won a gold medal at the World Invention Creativity Olympic (WICO) 2023, which recently concluded in the Republic of Korea (RoK). Four Vietnamese students win gold at Invention Creativity Olympic 2023 (Photo: Nam Dinh Newspaper) Their wining invention came from instructions given by Dr. Tran Thi Thanh Xuan, head of the Biology - Technology Department. WICO aims to provide a platform for students from all over the world to come together and create innovations that can be applied in reality. The annual competition is organised by the Korea University Invention Association and supported by the National Assembly of the RoK. This marks the seventh time that Vietnam has attended the WICO and achieved success. In 2019, two inventions by Vietnamese students also won gold medals at the competition. … [Read more...] about Vietnamese students win gold at Invention Creativity Olympic 2023