Stock market

HCM City to implement third relief package worth 7.3 trillion VND Ho Chi Minh City will carry out the third relief package worth 7.3 trillion VND (around 320.7 million USD) sourced from the local budget to help more households and informal workers affected by the COVID-19 pandemic, said Vo Van Hoan, Vice Chairman of the municipal People’s Committee. Speaking at a press conference held by the city’s Steering Committee for COVID-19 Prevention and Control on September 20, Hoan said given complicated developments of the COVID-19 pandemic in the city and prolonged social distancing, people face more difficulties due to job loss and having no income. Therefore, in addition to the social security relief packages of the city's Vietnam Fatherland Front Committee and other organisations and individuals, the municipal People's Committee continues to implement the third relief package to help ease difficulties for local residents. According to reports from the People's Committees of …

Continue Reading about VIETNAM NEWS HEADLINES SEPTEMBER 21 →

A Vietjet Air plane (Photo: Vietjet Air) Hanoi (VNA) - Vietjet Aviation Joint Stock Company (HOSE: VJC) has released its half-year audited financial statements for 2021, which saw a bigger post-tax profit of the parent company over its compiled reports. According to the financial statement s audited by PwC, Vietjet as a parent company had its transport revenue reaching 5,022 billion VND (approx. 220 million USD) for the first six months of this year. Its profit after tax was reported at 34.2 billion VND (approx. 1.5 million USD), a year-on-year leap of 102 percent thanks to profits gained from new project investments. The airline’s audited after-tax profit has also increased by 148 percent compared to that in its compiled reports. Vietjet posted its consolidated revenue at 7,556 billion VND (approx. 332 million USD) while the consolidated profit after tax reached 121.8 billion VND (approx. 5.3 million USD), showing a remarkable year-on-year growth of 161 percent. …

Continue Reading about Vietjet’s audited report confirms positive results in H1 →

Hanoi-based enterprises and experts shared with The Hanoi Times about their initiatives to ensure smooth operation with anti-pandemic prevention measures in place. Do Thanh Tam, Deputy General Director of Son Ha Group: Uniting to overcome challenges Do Thanh Tam, Deputy General Director of Son Ha Group. HNT Photos: Hoang Anh As Hanoi's authorities have eased the anti-pandemic restrictions, we have built safe operation plans at production facilities, which strictly complied with the 5K protocol (in Vietnamese) Khau tran g (facemask) - Khu khuan (disinfection) - Khoang cach (distance) - Khong tu tap (No gathering) - Khai bao y te (health declaration). We also tightened the implementation of anti-disease measures according to the Prime Minister's Directive. The “three on-site”option continues to be applied at some factories in high-risk areas to ensure the safety of all employees as well as uninterrupted production activities. Logistics units …

Continue Reading about Hanoi-based firms ensure safe production in new normal →

Vice Secretary of the Party Committee of HCMC Nguyen Ho Hai (4th, R) presents gift to Go Vap District’s Covid-19 treatment hospital. (Photo: SGGP) The Vice Secretary noted that District 12 has more than 7,000 Covid-19 patients (F0 cases) who are being treated at home. If the district has not arranged the treatment reasonably, its number of severe patients will increase. F0 cases need to be monitored blood pressure, pulse oximetry and body temperature. The municipal Party Committee has called on businesses to donate medical products of masks, sterilizing liquid and oxygen saturation (SpO2) to support mobile healthcare stations in Covid-19 treatment. He suggested the district improve the local medical system and strengthen the cooperation with the city’s health department. Vinh Tien Joint Stock Company hands over 1,100 medicine bags to the People’s Committee of District 12. Secretary of the Party Committee of District 12 Tran Hoang Danh extended his sincere thanks to …

Continue Reading about Deputy Party Secretary of HCMC visits, presents gifts to health clinics →

Illustrative image (Photo: VNA) Hanoi (VNA) - The ADB has revised down Vietnam's 2021 GDP growth forecast from 6.7 percent to 3.8 percent due to a resurgence of the COVID-19 pandemic that has tightened the labour market, lowered industrial output, and disrupted agricultural value chains, according to a report released by the bank on September 22. At a virtual press conference, ADB country director Andrew Jeffries said the prolonged COVID-19 pandemic and extended lockdowns have weakened consumption and investment, hampering Vietnam’s growth prospects. “But the Vietnamese economy will bounce back if the COVID-19 pandemic is brought under control by the end of 2021 and 70 percent of the country’s population are vaccinated by the second quarter of 2022," he said. ADB remains bullish on the country’s prospects in the medium and long term. Growth could be aided by a revival of domestic demand, an acceleration in the disbursement of public investment, and an expansion to new export …

Continue Reading about ADB optimistic about Vietnam’s economic prospect despite slowdown →

As the capital relaxed its coronavirus restrictions starting Tuesday, thousands of residents flooded the streets at night to celebrate the Mid-Autumn Festival. Streams of vehicles closely packed together could be seen on downtown streets like Trang Thi, Dinh Tien Hoang and Ly Thai To. "If there was any person infected with the Delta variant among the crowds in Hanoi last night, transmission is extremely likely. Once it happens, authorities would find it difficult to contact trace, as they have no idea who's made contact with whom," said Tran Dac Phu, senior advisor at the Public Health Emergency Operations Center. While the capital city authorities had advised people to only go out if necessary despite the relaxed restrictions, the gathering large crowds like Tuesday night without adequate coronavirus control measures may severely impact efforts to fight Covid-19. Even if most people were wearing masks, close proximity can still allow infections to happen, Phu said. However, he …

Continue Reading about Hanoi Mid-Autumn Festival crowds can spark new outbreaks: experts →

Vu Thu Hang, head of sales with TNI Holdings Vietnam, enumerated several problems with land clearance at a recent webinar on "Identifying new trends in Industrial Park development." She said infrastructure investors were forced to pay site clearance compensation in stages and the process was prolonged even further because of legal and procedural hassles. This, in turn, interferes with enterprises' planning process and reduces project duration for investors, she added. "Businesses have lost many opportunities, especially when there were many orders that could not be met because site clearance did not happen in time," Hang said. A wave of factory relocations from China has heated up Vietnam's industrial real estate market generating high demand and increasing rentals. While investors are willing pay a premium to sign leases, complete licensing procedures and begin operations, land clearance continued to be a bottleneck for industrial real estate investment enterprises, Hang …

Continue Reading about Land clearance a chronic bottleneck in Vietnam →

ADB has reduced its GDP forecast for Vietnam but remains optimistic on its post-pandemic prospects The country’s economy is expected to grow 3.8 per cent this year and 6.5 per cent in 2022, according to the Asian Development Outlook (ADO) 2021 Update . Growth picked up in the first half of 2021, largely because of higher trade volumes, but slowed down in the second half of the year as the fourth wave of the pandemic took a toll on business and the labor market. Inflation will be muted in 2021 and 2022 due to the slower growth. “The prolonged COVID-19 pandemic and extended lockdowns have weakened consumption and investment, hampering Vietnam’s growth prospects," said ADB’s country director for Vietnam Andrew Jeffries. “But the Vietnamese economy will bounce back if the COVID-19 pandemic is brought under control by the end of 2021 and 70 per cent of the country’s population are vaccinated by the second quarter of 2022.” The COVID-19 pandemic is expected to drag down 2021’s …

Continue Reading about ADB bullish on Vietnam’s economic growth despite COVID-19 slowdown →

Thai Gia Han, junior associate at Indochine Counsel Advertising is one of the most effective ways for enterprises to approach their customers. The channel not only allows access to potential customers but also provides cross-marketing to previous and existing clients, enhancing the reach of an enterprise’s products or services. With the rising demand on introducing products and services across borders, several advertising models have earned themselves a good standing in the market, especially digital advertising. Unfortunately, every story has two sides. While many enterprises have tried to use digital advertising for genuine purposes, others made use of it for earning illegal income. Therefore, regulators of many countries have recently taken actions to consolidate their legal frameworks regulating advertising in general, as well as digital advertising in particular. Vietnam is not an exception. With the government’s approval of Decree 70, certain new conditions are now …

Continue Reading about Crafting balanced treatment in cross-border advertising →

Many restaurants in Hanoi cleaned up overnight to prepare for their business resumption after more than 50 days of lockdown. Photo: Duc Thanh Since early September, Ho Chi Minh City has allowed food and beverage (F&B) businesses to provide takeaway services from 6am to 6pm. To ensure that pandemic prevention measures are met, the city has requested such businesses to also apply the stay-at-work model, with continuous coronavirus tests for their staff every two days. Despite the green light, many F&B businesses in the city remain careful. Harry Ang, founder of the Singaporean restaurant chain Lion City told VIR, “It’s a good decision to extend the lockdown and utilise more time for planning the next steps to prevent another outbreak. We have been preparing well, as we know that life will never be the same again. All plans have to be carefully executed according to prevention protocols.” He added that he agrees with the local authorities on COVID-19 tests as a good way …

Continue Reading about F&B groups breathe sigh of relief after relaxation of social distancing protocols →