Companies

In Q1, Thai Nguyen Iron And Steel JSC (TIS) witnessed its profit down by 35 per cent, to only VND29.2 billion. — VNA/VNS Photo The cost of raw materials and transportation fees have skyrocketed, causing the first-quarter profits of most steel companies to decline. Data from the Viet Nam Steel Association (VSA) showed that in the first quarter of this year, finished steel consumption reached 8.137 million tonnes, up 11.9 per cent over the same period in 2021. Of the estimate, steel exports reached about 2.275 million tonnes, with export value reaching US$2.3 billion, decreasing by 22.15 per cent in volume but up by 12.53 per cent in value over the same period last year. However, the business performance of many enterprises in the industry did not move in the same direction. The first-quarter business results report of Viet Nam Steel Corporation (TVN) showed a sharp decline in profit at member units, especially in the construction steel and galvanised steel segments. In the … [Read more...] about Steel companies report decline in Q1 profits

Hoa Phat Group and four commercial banks of Vietnam have been named in this year’s Forbes list of the world’s 2,000 largest companies (Global 2000). Customers conduct transactions at a branch of Vietcombank in Hanoi. (Photo: VNA) In the latest ranking, Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) ranks at the 950th position while Vietnam Technological and Commercial Joint Stock Bank (Techcombank) stands at 1,874th. This year, Hoa Phat Group is named on the list for the first time with revenues of 1.5 billion USD and market value of 8.53 billion USD. The total capitalisation of the four Vietnamese banks on the list reached 46.84 billion USD, in which the market value of Vietcombank accounted for more than 36 percent.. Forbes said that despite the challenges of the COVID-19 pandemic and Russia-Ukraine conflict, the world’s top companies still managed to boost sales and profits last year. Besides, the stock values of … [Read more...] about Hoa Phat Group, four Vietnamese banks among world’s 2,000 largest companies

PM Pham Minh Chinh (R) meets with CEO of Warburg Pincus Charles Kaye in New York on May 15. (Photo: VNA) Hanoi (VNA) – Prime Minister Pham Minh Chinh received executives of Warburg Pincus and Glenfarne Group in New York on May 15, part of his working visit to the US and the UN. Meeting with CEO of Warburg Pincus Charles Kaye, PM Chinh noted that in the time ahead, it is necessary to improve the effectiveness of funding and focus on the key areas that can boost other fields. He stressed Vietnam is investing efforts in developing strategic infrastructure, including digital and transport infrastructure, digital transformation, climate change fight, the capital market, and digital transition, calling on the private equity firm to promote sources of investment into Vietnam in these areas. Clarifying the issues of Warburg Pincus’s concern like the cooperation capability of Vietnamese companies, macro-economic stability, infrastructure, and logistics, the PM affirmed … [Read more...] about Vietnamese PM receives leaders of US companies in New York

Bui Ngoc Tuan-Partner, Deloitte Vietnam The aim is to prevent tax base erosion and profit shifting, limit the race to the bottom on tax rates, and create a fair competitive environment in attracting investment among countries. It is hoped Pillar 2 would take effect from 2023. The regime would be applied to multinational corporations (MNCs) with a global consolidated turnover exceeding $778.5 million. Therefore, there would be a number of large MNCs in Vietnam in the scope of Pillar 2. When applying Pillar 2, if the effective tax rate of the subsidiaries of those MNCs in Vietnam is less than the GMT rate of 15 per cent, they would incur additional tax liabilities in the country of their headquarters, equal to the difference between the 15 per cent rate and the effective tax rate in Vietnam. Although the standard tax rate in Vietnam is 20 per cent, currently many foreign-invested enterprises (FIEs) that are subsidiaries of MNCs have projects eligible for investment incentives … [Read more...] about Assessing impact of global corporate tax rate on multinational companies

To receive this award, Takeda Vietnam met all the criteria set by Great Place to Work including effectiveness in building high-performing cultures where employees trust their leaders, are proud of what they do, and enjoy the people they work with. This year, companies committed to keeping its employees’ well-being on par with their growth demonstrated their focus on putting people first and purpose led. These workplaces and its leadership, middle managers and human resources professionals have grappled with the changes of a Covid-19 economy without sacrificing the priority of their workforce culture – one that is open, flexible and trusting. Katharina Geppert, Country Manager of Takeda Vietnam, expressed that she is grateful for and proud of receiving this significant accolade: “This recognition showcases our work culture, our efforts and commitment towards our employees. At Takeda Vietnam, we believe every employee plays an important role in creating a culture of belonging in an … [Read more...] about Takeda Vietnam listed among best workplaces in Vietnam

Meeting with CEO of Warburg Pincus Charles Kaye, PM Chinh noted that in the time ahead, it is necessary to improve the effectiveness of funding and focus on the key areas that can boost other fields. He stressed Vietnam is investing efforts in developing strategic infrastructure, including digital and transport infrastructure, digital transformation, climate change fight, the capital market, and digital transition, calling on the private equity firm to promote sources of investment into Vietnam in these areas. Clarifying the issues of Warburg Pincus’s concern like the cooperation capability of Vietnamese companies, macro-economic stability, infrastructure, and logistics, the PM affirmed that the Vietnamese Government is ready to hold dialogue with enterprises so as to field their questions and help them operate successfully in the country, which shows the mutual trust, sincerity, sense of responsibility, and win-win cooperation. He also asked enterprises, including Warburg … [Read more...] about Vietnamese PM receives leaders of U.S. companies in New York

Jakarta (VNA) - Air Products & Chemicals - a multinational industrial gas and chemicals manufacturer headquartered in the US, has carried out the first phase of its investment in projects worth 7 billion USD in Indonesia over the past two years. According to Bahil Lahadalia, Minister of Investment and head of the Investment Coordinating Board of Indonesia (BKPM), this figure accounts for nearly half of the 15 billion USD investment commitment of the company in Indonesia. The company has poured money in dimethyl ether and methanol production projects in the Balongan district of West Java province. Minister Bahil announced the above information after a meeting between President Joko Widodo and Seifi Ghasemi, President and Chief Executive Officer of Air Products, on May 13 in Washington D.C. According to Bahil, the sides discussed the development of an industry upstream to downstream in the petrochemical sector. He said at the meeting, President Jokowi emphasised the … [Read more...] about US company pours 7 billion USD into Indonesia

This project marks GE’s first H-Class gas turbine order in Vietnam. Once in commercial operation in 2025, Nhon Trach 3 & 4 is expected to deliver over 1.6 gigawatt (GW) of electricity, and it will be the first power plant fueled by liquefied natural gas (LNG) in the country. In addition, on May 11, 2022, a memorandum of understanding (MOU) to develop solutions to improve the efficiency of the existing Nhon Trach 1 power plant and develop long-term cooperation on the maintenance for Nhon Trach 3 & 4, was signed and exchanged between GE and PV Power in the presence of Prime Minister of Vietnam Pham Minh Chinh, during his visit to Washington DC. Vietnam is currently heavily reliant on coal which fuels around a third of its electricity output. The growth of gas-fired power generation will support both coal-to-gas transition and accelerate renewables penetration by enhancing the reliability and stability of the energy grid. This project will contribute to the … [Read more...] about GE secures first H-Class gas turbine order in Vietnam

On its 3rd birthday, BAEMIN has introduced new features that bring more value to users, such as the multi-tier promotion feature, allowing users to input 4 different types of promotional codes to enjoy the meals. Lucky users in big cities also earn the chance to be gifted a set of BAEMIN presents such as “Kề vai sát cánh” tote bags and “Kịch bản cuộc đời” notebooks when ordering on the app from May 17-31. In hope of extending the appreciation to customers in the sincerest way on this special occasion, BAEMIN also simultaneously refreshed the content of all of its communication touchpoints with personalized thank you messages shared and handwritten by the colleagues working at BAEMIN. “Thank you for spending a few seconds watching BAEMIN ads every time you stop at a red light over the last 3 years”, or “Thank you for always saying our BAEMIN riders are handsome so we can be really proud over the last 3 years” are just a few examples out of many messages that BAEMIN updated on … [Read more...] about BAEMIN appreciates customers on the occasion of its 3rd anniversary

Customers buying MEATDeli, a product of Masan MEATLife, at a Vinmart+ store. — Photo thitmatmeatdeli.com Higher animal feed prices have eroded livestock companies’ profits in the first quarter of 2022. VNDirect Securities Corporation said that the Russia-Ukraine conflict had a negative impact on the animal feed industry as supplies of raw materials for animal feed production like corn, soybeans and wheat, are disrupted, causing prices to rise sharply. The two countries are respectively the world's leading and third largest wheat exporter, accounting for one-third of the total trade of this commodity. Besides, Ukraine is the second largest corn exporter, accounting for 22 per cent of the world turnover. As of early April, the price of imported corn at Cai Lan port, Quang Ninh Province, reached VND9,200-9,500 per kg (US$0.4-0.41 per kg), an increase of 20-25 per cent compared to the end of 2021 and up 50 per cent over the same period last year. The average price of imported … [Read more...] about Livestock companies profit hit by rising animal feed prices