Digital business transformation

Hanoi-headquartered Techcombank recorded another year of stellar financial performance and growth in 2021, while continuing to support its customers, employees and communities in Vietnam, especially those impacted by the Covid-19 pandemic. In 2021, the bank recorded VND37.1 trillion (over $1.6 billion) in its total operating income, up 35.4 percent year-on-year. The bank’s profit before tax (PBT) rose to VND23.2 trillion. The company has achieved double-digit PBT growth for five consecutive years, at a compound average growth rate (CAGR) of 50 percent between 2016 and 2021. The bank’s performance remained resilient despite Covid-19 casting its shadow on the local markets and causing disruption to businesses and people’s lives. Techcombank grew its total assets by 29.4 percent, to VND568.7 trillion, and delivered an "industry-leading" return on its assets of 3.7 percent, according to the bank. It has also been able to maintain an impressive current account and savings account … [Read more...] about Digital, data and human excellence key components in Techcombank’s transformational journey

Three parties signed a strategic cooperation agreement On May 13, C.P. Vietnam announced at its head office in Bien Hoa that it has kick-started its digital transformation journey with SAP SuccessFactors solutions. The move will help the company enhance its HR capabilities and leverage real-time analytics for better business decisions and capabilities. C.P. Vietnam expects not only to reduce costs and drive greater operational efficiency but also to deliver an enhanced employee experience consistent with its mobile-first, cloud-first philosophy that attracts and retains talent, fosters employee engagement, and drives improved business outcomes. The company is a foreign direct investment enterprise that operates in the closed agro and food industry. Established in 1993, it has steadily grown to become Vietnam’s leading food conglomerate, covering both livestock and aquaculture businesses. The company’s food products not only meet the needs of the domestic market but are also … [Read more...] about C.P. Vietnam’s digital transformation with
 SAP SuccessFactors

Prime Minister Pham Minh Chinh (right) and New York Stock Exchange (NYSE) President Lynn Martin hold talks with CEOs of major firms listed on the NYSE on May 16. — VNA/VNS Photo Duong Giang Prime Minister Pham Minh Chinh had a roundtable with CEOs from world-leading firms and investment funds listed on the New York Stock Exchange (NYSE) during a visit there on May 16. In the opening address, PM Chinh said global instabilities had impacted both Viet Nam and the US, requiring the companies to help address the challenges. Viet Nam in recent times had strived to keep macroeconomic conditions under control, including exchange rates, inflation and interest rates, as well as budget revenues and expenditure balances, food security, imports and exports. Viet Nam is currently in serious need of developing a healthy, sustainable securities and bonds market, according to the Prime Minister. The PM also informed the company executives of the implementation of the recovery package worth … [Read more...] about PM underlines commitments to facilitate foreign businesses in roundtable with NYSE-listed firms

He made the statement at a meeting with the U.S. business community in Washingon D.C on May 12 (local time), as part of his trip to the U.S. The meeting was held by the U.S.-ASEAN Business Council and the U.S. Chamber of Commerce, during which he also affirmed that Vietnam always considers the U.S. a leading partner. He said the impressive growth of trade of between 17-20 percent a year proves that there remains an ample room for economic development between the two countries. Vietnam is the ninth largest trading partner of the U.S. Two-way trade turnover between the two countries in 2021 reached nearly 112 billion USD in spite of difficulties caused by the COVID-19 pandemic, the PM noted. He said the world's context is undergoing many changes with opportunities, advantages and challenges intertwining. Vietnam is currently implementing the policy of safe and flexible adaptation to and effective control of the pandemic. The macro economy is stabilised and major balances … [Read more...] about PM Pham Minh Chinh meets U.S. business community

He was speaking during a meeting with the US business community in Washington DC on May 12 (US time), as part of the Vietnamese leader’s trip to the US. The meeting was held by the US-ASEAN Business Council and the US Chamber of Commerce. PM Chinh affirmed that Vietnam always considers the US as a leading, important partner. He said the impressive growth of bilateral trade of between 17-20 per cent a year proves that there remains ample room for economic development between the two countries. Prime Minister Pham Minh Chinh meets US investors and business leaders in Washington DC on May 12 (US time) — VNA/VNS Photo Vietnam is the ninth largest trading partner of the US. Two-way trade turnover between the two countries in 2021 reached nearly US$112 billion in spite of difficulties caused by the COVID-19 pandemic, the PM said. PM Chinh added that Vietnam is focusing on technology renovation, digital transformation and diversification of the supply chain. The … [Read more...] about PM Chinh meets US business community

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

Prime Minister Phạm Minh Chính  met with US National Security Advisor Jake Sullivan in Washington DC on May 13. — VNA/VNS Photo Dương Giang HÀ NỘI — Prime Minister Phạm Minh Chính held a reception for US National Security Advisor Jake Sullivan in Washington DC on May 13 (US time), as part of his working visit to the US and the United Nations. The PM spoke highly of the role and efforts of the US National Security Council in coordinating with the ASEAN member countries to organise the ASEAN-US Special Summit, demonstrating President Joe Biden administration’s strong commitment to the bloc and the region. PM Chính said since Việt Nam and the US normalised their relations they had cooperated sincerely, reliably, and responsibly with the willingness for constructive exchange of ideas and dialogues when there are differences, overcoming difficulties and maintaining a positive development momentum together. In recent years, there had been significant progress following the direction … [Read more...] about US security official agrees with Việt Nam’s proposal to clarify Indo-Pacific economic framework

Foreign tourists visit the History Museum in HCM City on April 8. Photo baotanglichsutphcm.com.vn HCM CITY — Human resource shortages plague the tourism industry even as tourism, transport and other services are resuming, HCM City authorities said. Lack of human resources is a global problem for the tourism industry, and Việt Nam is no exception, Bùi Thị Ngọc Hiếu, deputy director of the city Department of Tourism, said. It has been a longstanding issue in HCM City and was only exacerbated by the COVID-19 pandemic, she told a workshop on May 13. Around 80 per cent of workers were laid off or moved to other industries during two years of pandemic restrictions, creating a huge worker shortage, she said. The city is a leader in training people in tourism specialities, and has 24 universities, 20 colleges and 19 vocational schools, according to Hiếu. More than 12,000 people graduate from them every year, meeting around 60 per cent of demand, she said. As of mid-April 454 … [Read more...] about Tourism hit by lack of personnel after reopening

PM Pham Minh Chinh (front, third from right) and other officials at the opening ceremony of the FPT Software office in New York on May 15 (Photo: VNA) This is FPT Software’s second office in New York, 10th in the US, and 58th in world. The company is providing technological and digital transformation services for tens of businesses in the Fortune 500 list in the North American country. After 14 years of operating in the US, FPT Software now has 450 employees and its clients are from 30 states across this country. The US is currently one of the two largest markets of the company, whose revenue here rose 52 percent year-on-year in 2021 and 60 percent in the first quarter of 2022. Dang Tran Phuong, Director of FPT America, said FPT Software is the second Vietnamese company to open an office in New York - the world’s largest economic, financial, and technological hub. It hopes that in the next three years, its office in New York will contribute to 20 percent of its total revenue in … [Read more...] about PM attends opening ceremony of FPT Software’s second office in New York

Textile is one of the key export products of Vietnam (Photo: SGGP) Representative of Villalobos Modas Company (Brazil) Sergio Arevalo said that South America in general and especially Brazil, in particular, is a potential market for exporting textiles, footwear, and handbags from Vietnam. For instance, Brazil - the largest consumer market with a population of up to 200 million people, on average, each year imports more than US$236 billion value of goods and 30 percent of which comes from Asia including Vietnam. According to the statistics of the General Department of Vietnam Customs, three groups of most exports to the Brazilian market since the beginning of the year include footwear of all kinds with $33.18 million, textiles reaching $12.73 million, and bags, wallets, suitcases, hats, umbrellas achieving $3.33 million. Unlike Brazil and South America in general, the Indian market is considered to be a very potential one for tea and coffee exporters. Mr. Bui Trung Thuong, … [Read more...] about Vietnamese goods displayed in over 200 countries and territories