Year ahead 2018

It targets revenues of VND9.531 trillion, a 15% decline, it said in documents it circulated ahead of its annual general meeting in late May. It does not plan to pay dividends for last year and this year despite having undistributed profits of around VND13 trillion. Last year it reported after-tax profits of VND2.181 trillion on revenues of VND11.15 trillion, down 37% and 26%. At the end of last year it had assets of VND257.7 trillion and liabilities VND213 trillion. PwC Vietnam, its auditor, has expressed doubts about Novaland’s ability to remain a going concern, but the company has claimed it has adequate working capital and can meet all its obligations in the next 12 months. Novaland chairman Bui Thanh Nhon was quoted in the annual report as saying "The company is temporarily facing short-term financial and liquidity difficulties," but it would recover in the third quarter of this year thanks to its restructuring in late 2022. According to the company’s management, it … [Read more...] about Novaland profit to fall by 90% to smallest in 8 years

River Tales is a four-minute short documentary produced by Coca-Cola about The Ocean Cleanup’s Interceptor technology in the Mekong region, shining a light on how plastic pollution is impacting the Can Tho River and the opportunity to make a tangible difference through technology and community action. The Interceptor Original is the first scalable technology solution to prevent plastic from entering the world’s oceans from rivers, and after years of planning, Interceptor 003 was first launched into the Can Tho River in December 2021 and is operated by the Department of Natural Resources and Environment of Can Tho City. Positioned downstream from the popular Can Tho floating market, the Interceptor has collected an estimated 120 tonnes of waste in its first year of deployment. A scene from the "River Tales" film. Photo by Coca-Cola Beyond financial support, Coca-Cola has contributed to The Ocean Cleanup in Vietnam including driving on-the-ground awareness of the … [Read more...] about Coca-Cola celebrates one year anniversary of Mekong cleanup project

Fashion and apparel products for families and children. — VNA/VNS Photo Total retail sales of consumer goods and services in the first five months of this year was estimated at VND2.52 quadrillion ($107.2 billion), a year-on-year rise of 12.6 per cent, the highest recorded in the same period since 2015, reported the General Statistics Office (GSO). It underlines that the five-month result represents a surge of 28.3 per cent over the same time in 2019 before the COVID-19 pandemic broke out. Specifically, in the January-May period, revenue from retail sales of goods was VND1.99 quadrillion, up 10.7 per cent year on year. Upturn was seen in sales of food and foodstuff (14.6 per cent), garment and textile (11.1 per cent), home appliances (4.8 per cent), transport vehicle excluding automobiles (4.2 per cent), and educational and cultural products (1.9 per cent). Strong rise in revenue from retail sales of goods was seen in many localities, led by Bac Ninh with 19.6 per cent, … [Read more...] about Five-month retail sales of consumer goods, services highest in eight years

Quang Ninh Thermal Power Plant in Ha Long City, Quang Ninh Province. Its business results are expected to be lower this year. — Photo quangninhtpc.com.vn Quang Ninh Thermal Power JSC (UpCOM: QTP) estimates a profit after tax of more than VND440 billion (US$18 million) in 2023, a decrease of 42 per cent from the previous year's performance while paying dividends at 10 per cent of its charter capital. The company set a target of producing 7.159 trillion kWh of electricity and selling 6.815 trillion kWh, down 6.3 per cent and 1.4 per cent, respectively, over last year. This year, it plans to invest VND213 billion in 13 projects, of which VND131 billion is allocated to Quang Ninh 2 Thermal Power Plant project. Quang Ninh Thermal Power also expects to spend VND19 billion on purchasing fixed assets. The company signed two coal sale contracts for 2023 with suppliers in December 2022. Specifically, Quang Ninh Thermal Power Plant will buy three million tonnes of coal from the Vietnam … [Read more...] about Quang Ninh Thermal Power sets profit target of $18 million this year

A Louis Vuitton store in Ha Noi, a shopping destination for high-income earners. Viet Nam's ultra-high-net-worth individuals have doubled in number over the past five years. — Photo vn.louisvuitton.com Viet Nam's ultra-rich population has nearly doubled over the past five years, according to Knight Frank's The Wealth Report. The number of ultra-rich persons in the country, whose net wealth exceeds US$30 million, rose from 583 in 2017 to 1,059 in late 2022. The figure is forecast to hit 1,295 in the next five years. And the good news doesn't stop there. The group of individuals with a net worth in excess of $1 million also expanded by 70 per cent, and is expected to reach more than 112,250 persons in 2027. The expansion of the well-off class in Viet Nam was echoed by the growing wealth in Malaysia, Indonesia, and Singapore, which were three of the top 10 fastest-growing wealth hubs in the world. The three countries saw their wealthy populations expand by around 7 to 9 per … [Read more...] about Viet Nam’s top income bracket doubles over five years

Of the international arrivals , 88% came to the country by air, 10.9% by road, and 1.1% by sea. Revenue from tourism services went up 89% while earnings from accommodation and restaurant services rose 22%, the General Statistics Office said, attributing the increases partly to many holidays during the five months. Recently, Vietnamese tourism has continually been honoured by foreign media, helping enhance its attractiveness to international travellers. Notably, Cat Ba of Hai Phong city has been given the second place among the 10 most spectacular beaches in Asia by Microsoft Travel; Ninh Binh province named among the world's top 10 best hidden family vacation spots to visit in 2023 by Canada’s The Travel magazine./. VNA … [Read more...] about Foreign visitors to Vietnam surge over 12-fold year on year

Hotel supply in Vietnam has tripled over the past decade, photo Le Toan According to a report by DKRA Vietnam, the supply of villas and town houses across the country continued to decrease from the end of the second quarter of 2022. Specifically, in April only two projects were opened for sale, providing 12 apartments to the market, down 69 per cent from the previous month and down 98 per cent compared to the same period last year. Particularly, the Central region recorded the fourth consecutive month that no new projects were introduced to the market. “It is expected that in the next few months, supply and demand may increase slightly. However, the market will not have obvious fluctuations with key transactions, except from expected transactions on Phu Quoc island,” according to DKRA’s report. The primary selling price did not alter greatly compared to the previous month. Instead, investors have aggressively launched discounts up to 30-40 per cent to stimulate market … [Read more...] about Second home real estate on the slow path to recovery

HCM City’s economic growth is expected to climb to 5.87 per cent in the second quarter of 2023, its leader has said. A view of HCM City at night. The city is expected to face economic headwinds during the rest of this year. — VNA/VNS Photo It was only 0.7 per cent in the first quarter. Speaking at a meeting on Tuesday, Phan Văn Mãi, chairman of its People’s Committee, said its economic growth in the first half is expected to be 3.55 per cent. Public spending in the first five months is expected to be worth VNĐ10.2 trillion (US$436.4 million), up 24 per cent year-on-year, he said. The global economic decline and high inflation will continue to affect the city’s economy across the board, hindering its recovery, he said. In May, the index of industrial production (IIP) rose by an estimated 1.5 per cent month-on-month and 5.5 per cent year-on-year. It was up 1.6 per cent year-on-year in the first five months. The services sector is expected to post the … [Read more...] about HCM City eyes jump in economic growth to 5.87% in Q2

At the talks, Vice President and Secretary General of the VFF Central Committee Nguyen Thi Thu Ha affirmed the fruitful relations between the two sides, with the signing of cooperation documents. The two sides briefed each other on operations of their front organizations, and compared notes on cooperation orientations and contents in the time ahead. Nhem Valy, Permanent Vice Chairman and Secretary General of the National Council of the Solidarity for the Development of Cambodian Motherland, held that the talks will help the two front organizations better understand each other, thus helping deepen the friendship and solidarity between Vietnam and Cambodia. The official noted his hope that following the sixth international conference on building a shared border of peace, friendship and cooperation for development between Vietnam and Cambodia, which was held in Vietnam’s Mekong Delta province of An Giang last year, the 10 provinces that share the border line will continue completing … [Read more...] about Vietnamese, Cambodian front organizations forge cooperation

At a working session with the Standing Board of the provincial Party Committee as part of his visit to the northern mountainous locality, Prime Minister Pham Minh Chinh said Ha Giang boasts unique potential and competitive advantages to grow rapidly and sustainably. “Ha Giang should always desire for rapid, green, sustainable development,” he said, asking the locality to optimize its strengths and opportunities to growth further. The Prime Minister urged Ha Giang to accelerate public investment disbursement, drastically implement the national target programs and the socio-economic recovery and development program, and push ahead with the materialization of strategic breakthroughs in institution, infrastructure and personnel training. At the same time, more attention should be paid to the growth engines of investment, consumption and export, he said, asking the locality to restructure its industrial sector, and develop hydro-electricity in tandem with the rational use of water … [Read more...] about Prime Minister asks Ha Giang to pave way for development with mechanisms, policies