Material costs

Nguyen Quang Hoa, director of Duong Vu Co., Ltd., is busy collecting rice from localities, and even from across the land border in Cambodia, to meet the orders of animal feed producers. Domestic rice is being used more, but companies do not want it to be a long-term answer. Photo: Le Toan “The average orders are 30,000 tonnes per month, and over 10,000 tonnes ordered by C.P. Vietnam. The order volume has recently increased due to the escalation in prices of corn and wheat,” Hoa said. Some orders of rice volume are much larger than those figures, and so the company is making efforts to meet the demand of producers, according to Hoa. Japfa Comfeed, GreenFeed Vietnam Corporation, and New Hope Vina Co., Ltd. are also buying rice closer to home in order to offset the shortage of imported materials. In the first six months of this year, Vietnam garnered nearly 8.5 million tonnes of materials for animal feed production, equalling $3.7 billion in value. These figures have … [Read more...] about Feed producers seek alternative sources to save on costs

The company’s unreviewed operating results for Q2/2022 registered revenue from sales of VND101.7 trillion (US$4.4 billion), a flat q-o-q and an increase 14 percent y-o-y mainly due to higher sales across all businesses from higher product prices in-line with market prices. Profit for the period is VND6.6 trillion (US$289 million), a decrease of 42 percent y-o-y from rising feedstock costs in the chemicals business following global oil prices as well as lower equity information at the chemicals business. Profit for the period registered an increase of 12 percent q-o-q due to dividend income from investment businesses. Long Son Petrochemicals Company Limited (LSP) in Vietnam SCG’s revenue from sales for the first half of 2022 rose 19 percent y-o-y to VND207.3 trillion (US$9 billion). SCG’s revenue from sales of high-value added products & services (HVA) for H1/2022 reached VND69.6 trillion (US$3.1 billion), or 34 percent of total revenue from sales. Development … [Read more...] about SCG announces Q2/2022 and H1/2022 operating results

SCG’s Q2/2022 operating results show continuous revenue growth despite energy costs’ effects on profits, maintaining robust financial standing. Roongrote Rangsiyopash, president and CEO at SCG disclosed, “Despite volatile situations with crisis upon crisis such as inflation, rising interest rates, increased energy and raw material costs, and climate change, SCG continues to adapt, resulting in strong overall business and financial performance. Innovative product and service developments are in full gear, especially eco-friendly items with SCG Green Choice labels and innovations to meet consumers’ demands for safety and convenience, catering to the tourism and service sector’s recovery as borders fully open." "Moreover, strategic investments are being prioritised, resulting in the delay of new projects that are non-urgent while still going through with quick-return projects and ones that are aligned with the company’s long-term growth plans. This includes the Long Son … [Read more...] about SCG accelerating strategies to address myriad of challenges

The supply of budget apartments in Hanoi stood at the lowest level in the past five years. Prices of apartments in Hanoi have now surged by 10-15% against the same period of last year and reached a record high level. Investors looking for information on a new real estate project in Hanoi. Photo: Cong Hung High demand for apartments in the capital means there are no more projects with prices of VND35 million (US$1,500) per square meter in the downtown area, while the average price of budget apartments in the districts of Ha Dong, Nam Tu Liem, or Hoang Mai has also surpassed the VND30-million mark per square meter. Data from CBRE revealed the average selling price of apartments in Hanoi rose by 9% year-on-year during the second quarter to $1,293 per square meter. Prices of high-class projects in downtown areas such as Hai Ba Trung, Dong Da, and Ba Dinh posted an average rise of 10%. Director at the Project Marketing Department of CBRE Vietnam Kiet Vo said … [Read more...] about Apartment prices in Hanoi are at a record high

Long Son Petrochemicals Company Limited (LSP) in Viet Nam. — Photo courtesy of SCG Southeast Asian conglomerate SCG reported sales revenue of VND11.1 trillion (US$482 million) in the Vietnamese market in the second quarter of 2022, up 13 per cent year-on-year. The increase was mainly thanks to the new partnership of Duy Tan, a rigid plastic packaging products producer of SCGP - the packaging business of SCG, the company said in its statement. In Q2, SCG’s total assets in Viet Nam topped VND151 trillion, a yearly increase of 24 per cent mainly in the chemicals business from Long Son Petrochemicals (LSP) and packaging business. Overall, SCG’s revenue from sales for the first half of 2022 rose 19 per cent year-on-year to $9 billion. “Despite volatile situations with crisis upon crisis such as inflation, rising interest rates, increased energy and raw material costs as well as climate change, SCG continues to adapt, resulting in strong overall business and financial … [Read more...] about SCG posts Q2 sales revenue increase in Viet Nam

Thanh Cong Textile Garment Investment Trading JSC exported over one-third of its products to the United States in 2021. However, the company started to face challenges following the US’ blanket ban on all Xinjiang cotton. Last year, President Joe Biden signed into law the Uyghur Forced Labor Prevention Act. Vietnam’s cotton imports reach up to one million tonnes each year, Photo: Shutterstock Tran Nhu Tung, chairman of the company, said that the company has adopted regulations this year related to this act. Accordingly, buyers have to be responsible for export orders to the US which source Chinese cotton materials. Thanh Cong secures many large orders from the US. In 2022, the company sets a target to generate $179 million in revenues and $10.87 million in profit, up 120 per cent and 188 per cent respectively against last year. Tung noted that yarn exports are the main driving force for Thanh Cong. “There is a rapidly growing demand for yarn imports in the global … [Read more...] about Demand for cotton forces adjustments

BM PLASCO is the only group in the sector of building materials specialising in plastic pipes and plastic pipe fittings to be included in this year's list. This is a remarkable milestone for the company's 45-year effort, manifesting its relentless commitment to creating a better living environment for Vietnamese people through sustainable approaches. Top 50 Listed Firms is a prestigious award by Forbes Vietnam magazine, in which 50 companies listed on Ho Chi Minh Stock Exchange and Hanoi Stock Exchange have been selected based on a ranking methodology from Forbes US. The award assesses the firm’s performance over five years – from 2016 to 2021 – in the aspects of both financial achievement and sustainability. While facing many challenges such as the pandemic, rising material costs, and the global downturn, BM PLASCO has successfully stabilised its operations and developed steadily. In 2021, the company achieved revenue of $192.4 million and a profit of around $9.2 million. In … [Read more...] about Binh Minh Plastics honoured by Forbes Vietnam

"They said they have to raise prices because of fuel costs. Now gasoline prices have fallen, but their pho still costs me the same," said Hoa, who works for a garment company in District 6, HCMC. Vietnam gasoline prices on Thursday dropped 3.6-3.8% to the lowest since Feb. 11 as global rates kept falling. A liter of popular RON 95 gasoline now costs VND24,660 ($1.05), down VND940, while that of biofuel E5 RON 95 costs VND23,720, down VND900. Thursday’s was the fifth consecutive downward adjustment made to gasoline prices. Compared to this year’s peak on June 21, prices have fallen by 24.22-24.98%. Hoa finds it increasingly costlier to her favorite breakfast, pho , as their prices have been adjusted upward once or twice since May. A bowl of pho in Vietnam now costs VND35,000-45,000 on average, up VND10,000 from May. Pho eateries had blamed their price hike on rising fuel and input costs, but after four consecutive downward adjustments in gasoline prices the … [Read more...] about Fuel prices down but Vietnamese feel inflation pinch

Illustrative photo. In a pattern that seems to have prevailed for years, a transport project is usually put into operation soon after its inauguration, but then within a short time there is a need for its expansion or upgrade. What is more surprising is that even projects that are still under construction are being reconsidered for expansion or an upgrade. Such as in the case of the Hanoi Highway which has been expanded four times and still not complete. It may be that this Highway may even be further expanded. The Ho Chi Minh City to Long Thanh to Dau Giay Expressway was started in 2009 with an original design plan of four lanes, then soon after increased to six lanes and now being considered for eight lanes. For all we know it may also be extended to twelve lanes soon. The 17 km long metro line 1 has not yet been put into a trial operation but is being considered for an extension to include the route to Binh Duong and Dong Nai provinces. More recently, the 51 km long Trung Luong … [Read more...] about Constant re-planning of transport projects in Vietnam

Billion-dollar strategy While visiting THACO Chu Lai Industrial Zone at the end of March 2022, Prime Minister Pham Minh Chinh assigned THACO three essential tasks, one of them being to continue developing the mechanical industrial zone to meet foundation industries requirements. To carry out this task, Supporting Industrial and Mechanics Corporation - THACO Industries (under THACO Group) has continued to invest in expanding its scale, improving production capacity, boosting exports, and setting a target revenue of $1 billion by 2025, of which export is $500 million. THACO Industries factory in Chu Lai Industrial Zone. Photo by THACO Industries THACO Industries has identified 2022 as the hinge year for establishing the foundation for a leap forward in mechanical and supporting industry business. The company has set out a comprehensive plan, from investing in core technology, and developing diversified products to digitalizing management... aiming to reach the … [Read more...] about THACO eyes revenue target of $1 bln in 2025