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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

The rendering of Lai Xuan Bridge. (Photo: nhandan.vn) Hai Phong (VNA) - The northern port city of Hai Phong commenced construction on Lai Xuan Bridge, connecting it with Quang Ninh province across Da Bach River, with a ceremony on February 2. The 1.33 trillion VND (56.9 million USD) project also includes the upgrade and expansion of a 14km-long provincial road linking Hai Phong’s Thuy Nguyen district and Quang Ninh’s Dong Trieu town. The project is part of a cooperation programme on comprehensive development that the two localities signed in 2009. Lai Xuan Bridge will be 840m long and 12m wide while provincial road 352 will have its width expanded to 12m to match the bridge. According to Hai Phong officials, Lai Xuan Bridge and the upgraded road will enhance transport connectivity between Hai Phong and Quang Ninh and promote local socio-economic development. The project is scheduled for completion in 2024./. VNA … [Read more...] about Work begins on bridge linking Hai Phong and Quang Ninh

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

Ninh Binh Province in northern Vietnam ranked seventh on a list of the 10 most welcoming destinations in the world published recently by Dutch-based online travel agency Booking.com. The ranking was based on an analysis of more than 240 million verified customer reviews on the website. Around 90 kilometers south of Hanoi, Ninh Binh Province is famous for a high density of natural and cultural attractions, including Cuc Phuong National Park, Van Long wetland nature reserve, grotto caves and rivers in Trang An, Tam Coc-Bich Dong and Mua Caves, historic monuments in the Hoa Lu ancient capital, Bai Dinh Temple -- Vietnam’s largest buddhist worshiping complex -- and the Phat Diem Cathedral. The northern Vietnamese province started shining on the global stage after the Hollywood movie ‘Kong: Skull Island’ was filmed there in 2016. It welcomed nearly 330,000 visitors, including over 29,500 foreigners, during the recent seven-day Lunar New Year holiday. La Rioja in Spain topped … [Read more...] about Vietnam’s Ninh Binh world’s 7th most welcoming destination: Booking.com

Authorities in Hai Phong City, northern Vietnam began construction of a bridge to create the fourth linkage of its kind with neighboring Quang Ninh Province on Thursday. Investment in the project, which includes building the Lai Xuan Bridge across the Da Bach River and expanding Provincial Road 352 to connect Hai Phong’s Thuy Nguyen District with Dong Trieu Town in Quang Ninh, totals nearly VND1.33 trillion (US$56.93 million). Of the total, nearly VND550 billion ($23.45 million) is dedicated to the construction of the Lai Xuan Bridge, which will be 840 meters long and 12 meters wide upon completion. The remaining capital is for the renovation and expansion of the 14km-long Provincial Road 352. Delegates press symbolic buttons to start a project to build the Lai Xuan Bridge and renovate a provincial road to directly connect Hai Phong City and Quang Ninh Province in northern Vietnam, February 2, 2023. Photo: Tien Thang / Tuoi Tre The project is being funded by … [Read more...] about Work starts on $23.5mn bridge linking Hai Phong to Quang Ninh in northern Vietnam

UK Minister of International Trade Greg Hands visited Vietnam on Wednesday to explore trade cooperation opportunities between the two countries. His visit came amidst the UK’s pursuit of full membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2023. Vietnam is the first stop on the minister’s three-day trip to three Southeast Asian countries, all of which are founding members of the partnership. During an exclusive interview with Tuoi Tre News , Hands emphasized what the UK can offer the CPTPP, as well as discussed the UK’s strong strategic partnership with Vietnam. In a speech at Lancaster House on January 23, UK Trade Secretary Kemi Badenoch outlined five priorities for trade. What are your priorities as the Minister of State for Trade Policy? My personal priorities are, first, to get the UK into the CPTPP. Vietnam will play a crucial role in that progress. My second priority is to do a free trade agreement with India this … [Read more...] about UK joining CPTPP a fundamental change to the bloc: minister