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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

Tung Ho Steel Vietnam Corp. Ltd. has lowered its steel bar and coil prices by around 3 percent, or VND500,000 ($21.6) a ton. Thai Nguyen Iron and Steel Company sold its steel products at VND18.75-19.07 million a ton, down 2-3 percent. On average, Vietnam steel prices are hovering at around VND18.5-18.7 million a ton, down 3 percent a ton from April but VND1.5-1.7 million higher than the middle of last year. Insiders attributed the drop to lower input costs, with iron ore prices at China’s Tianjin Port falling 11.5 percent to $139 million a ton. Vietnam’s steel industry has satisfied domestic demand, producing 11.4 million tons of finished steel products on consumption of 10.6 million tons in the first four months this year, according to data from Vietnam Steel Association. But prices are still heavily dependent on global material prices as local supply only meets 30 percent of production demand, it added. Costs of public investment projects will surge 20-30 percent this … [Read more...] about Vietnam steel price drops in May

Illustrative image. (Photo: VNA) Hanoi (VNA) - The Comprehensive and Progressive Agreement for Trans-Pacific Partnership ( CPTPP ) helps promote Vietnam-Australia cooperation in terms of trade and investment, the Cong Thuong (Industry and Trade) newspaper said, citing Vietnamese Ambassador to Australia Nguyen Tat Thanh. Vietnam and Australia are both members of at least three free trade agreements , namely ASEAN-Australia-New Zealand Free Trade Area (AANZFTA), CPTPP and the Regional Economic Comprehensive Economic Partnership (RCEP). According to data of the General Statistics Office of Vietnam, last year, two-way trade between Vietnam and Australia hit 12.4 billion USD for the first time, up more than 49 percent compared with that of 2020. The value of shipments to Australia reached more than 4.45 billion USD, a year-on-year increase of 23 percent. Vietnam spent nearly 8 billion USD in importing goods from Australia, up nearly 70 percent against 2020’s figure. … [Read more...] about CPTPP helps leverage Vietnam-Australia investment cooperation

Vietnam and Australia are both members of at least three free trade agreements, namely ASEAN-Australia-New Zealand Free Trade Area (AANZFTA), CPTPP and the Regional Economic Comprehensive Economic Partnership (RCEP). According to data of the General Statistics Office of Vietnam, last year, two-way trade between Vietnam and Australia hit 12.4 billion USD for the first time, up more than 49 percent compared with that of 2020. The value of shipments to Australia reached more than 4.45 billion USD, a year-on-year increase of 23 percent. Vietnam spent nearly 8 billion USD in importing goods from Australia, up nearly 70 percent against 2020’s figure. Vietnam's exports to Australia are growing strongly, reaching 1.38 billion USD in the first quarter of 2022, a surge of 32.36 percent against the same period last year. Sharp increases were seen in Vietnam’s export of various agricultural and industrial products to Australia, for example 84 percent in coffee, 51 percent in aquatic … [Read more...] about CPTPP helps leverage Vietnam – Australia investment cooperation

Hòa Phát Group is the only Vietnamese production firm in the Top 2,000 largest companies in the world in 2022 (Global 2000). Photo courtesy of the firm HÀ NỘI — Hòa Phát Group had the highest revenue and profit among five Vietnamese firms listed in the Top 2,000 largest companies in the world in 2022 (Global 2000) announced by Forbes. It is also the only Vietnamese production firm in the list. Forbes collected the latest financial data as of April 22, 2022 to rank businesses globally according to four criteria including revenue, net profit, total assets and market capitalisation. The other Vietnamese firms included in the list are all banks: Vietcombank, Vietinbank, BIDV and Techcombank. In 2021, Hòa Phát recorded VNĐ150.8 trillion (US$6.5 billion) in revenue and reached a net profit of VNĐ34.5 trillion for the first time, up 65 per cent and 156 per cent respectively compared to 2020. Its net profit margin in 2021 reached 23 per cent. Its total contribution to the State budget … [Read more...] about Hòa Phát Group listed in Forbes’ Top 2,000 largest firms in the world

Hoa Phat Group is the only Vietnamese production firm in the Top 2,000 largest companies in the world in 2022 (Global 2000). Photo courtesy of the firm Hoa Phat Group had the highest revenue and profit among five Vietnamese firms listed in the Top 2,000 largest companies in the world in 2022 (Global 2000) announced by Forbes. It is also the only Vietnamese production firm in the list. Forbes collected the latest financial data as of April 22, 2022 to rank businesses globally according to four criteria including revenue, net profit, total assets and market capitalisation. The other Vietnamese firms included in the list are all banks: Vietcombank, Vietinbank, BIDV and Techcombank. In 2021, Hoa Phat recorded VND150.8 trillion (US$6.5 billion) in revenue and reached a net profit of VND34.5 trillion for the first time, up 65 per cent and 156 per cent respectively compared to 2020. Its net profit margin in 2021 reached 23 per cent. Its total contribution to the State budget last … [Read more...] about Hoa Phat Group listed in Forbes’ Top 2,000 largest firms in the world

Illustrative image. (Photo: SGGP) In the last few years, the volume of imported coal has increased sharply to meet the needs of an increasing number of thermal power plants currently in operation. The requirement of coal for 2022 for all thermal power plants in Vietnam is estimated at 35 million tons. Recently, the Vietnam National Coal and Mineral Industries Group (Vinacomin) reported to the Ministry of Industry and Trade the present situation of coal production, trading, and coal supply for the entire thermal power industry. According to Vinacomin, the high price of input materials for production of gasoline and oil, as well as of imported coal for blending, is two to three times higher than that of domestic coal. This has created several difficulties for the industry. Simultaneously, the cost of coal mining is increasing as well due to deeper digging of coal mines. Some mines have complicated geological conditions that are not documented in the original design of the mine, … [Read more...] about Coal shortage to affect thermal power plants in Vietnam