NAF to acquire 99.9% stake in Nghe An Food
HCMC – Nafoods Group JSC, which trades its NAF shares on the Hochiminh Stock Exchange, has approved a plan to spend VND309 billion buying all assets from Nghe An Food Products JSC (Naprod) to secure a 99.9% stake in the latter. NAF, a major shareholder of Nghe An Food, is holding a 5% stake in […]
Retail sales of goods and services seen growing 8-9%
HCMC – Vietnam’s trade sector is set to achieve 8-9% growth in retail sales of consumer goods and services this year. At the 2023 conference on domestic production and consumption promotion and export market expansion yesterday, Minister of Industry and Trade Nguyen Hong Dien said the supply of
HCMC proposes building parking lots at vacant locations
HCMC – The government of HCMC has sent a draft resolution to the Ministry of Planning and Investment, seeking approval to build parking lots at vacant locations to meet the high parking demand. The multi-storey parking structures can be operated for less than 10 years and installed at the sites of
Vietnam’s rice prices soar to two-year highs
HCMC – Export prices of Vietnamese rice have surged to two-year highs, offering a bright prospect for the country’s rice export sector this year. The export price of 5% broken rice on February 5 was US$473 per ton, up US$15 per ton month-on-month, while the country’s 25% broken rice increased to
Car carrier catches fire, drifts off Vung Tau coast
HCMC – The Panamanian-flagged ship Ah Shin, carrying over 4,500 cars from South Korea to Singapore, caught fire while crossing the waters of Binh Thuan and is now drifting off the coast of Vung Tau City for the fire to be extinguished. All crew members on board are safe. Currently, the fire has
FPT Software gets approval for tech center in Binh Dinh
HCMC – The Binh Dinh government has presented an investment certificate to FPT Software for a VND2-trillion technology expert training, research and development complex in Quy Nhon City. The complex will be constructed in Quy Hoa Valley in Ghenh Rang Ward in the third quarter of this year. The
Over VND100,000 billion in taxes proposed for extension
HCMC – The Ministry of Finance is seeking feedback on a draft Government decree on the rescheduling of payments of value added tax (VAT), corporate income tax (CIT) and land rent amounting to over VND100,000 billion. The draft decree, which was prepared by the ministry, proposes granting a
Over 80% of real estate bonds have low creditworthiness: FiinRatings
HCMC – Over 80% of real estate bonds have been issued by unlisted firms that are financially weak and have low transparency, said the credit rating agency FiinRatings. They may financially leverage further in 2023, causing default risk to grow at alarming rates, FiinRatings said in its latest
SBV pumps more money into banking system post Tet
HCMC – The State Bank of Vietnam (SBV) has injected more money into the banking system since the Lunar New Year (Tet) holiday ended more than 10 days ago. The central bank on February 3 bought over VND2.4 trillion worth of seven-day valuable papers with an annual coupon rate of 6%, while draining
Vietnam sets 2023 export target of US$394 billion
HCMC – Vietnam has set a target of exporting goods worth US$393-394 billion in 2023, up by US$22 billion or 6% against last year, said a trade official. It would be challenging to reach this export target as the country’s export sector has been facing issues such as high yet unsustainable export
HCMC plans to expand four roads
HCMC – Four major roads in HCMC’s Go Vap District that are deteriorating, frequently flooded and overwhelmed by a huge traffic volume could be expanded at a total cost of nearly VND5.9 trillion. The government of Go Vap District proposed the road expansion plan to the HCMC People’s Committee at a
HCMC’s industrial production down 21% in January
HCMC – The index of industrial production (IIP) of HCMC in January fell 21.4% against December last year and 15% against the same period last year, according to the city’s Department of Industry and Trade. The IIP fall resulted from the week-long Lunar New Year holiday in the final week of last
Fuel businesses cry for help
HCMC – Hundreds of fuel companies have written to the prime minister saying the current regulations are putting a strain on their operations. The Government Office said it had received about 250 petitions to revise the law on fuel trading from fuel traders and retailers. In the letters, they asked
Antidumping duties on Chinese cold-rolled steel remain unchanged
HCMC – The Ministry of Industry and Trade has decided to keep in place the antidumping duties on cold-rolled steel coil and sheet imports from China. Vietnam would levy antidumping duties ranging from 4.43% to 25.22% on cold-rolled steel coil and sheet imports from China. The duties, imposed in
State budget revenue from import-export activities drops in January
HCMC – State budget revenue from imports and exports totaled over VND24.8 trillion in January 2023, down 42.3% year-on-year, showed data of the General Department of Vietnam Customs. The fall in January’s State budget revenue is attributed to the week-long Lunar New Year holiday that fell in
Illegally imported elephant tusks detected in Haiphong
HCMC – Haiphong City’s Department of Customs on February 2 coordinated with the competent authorities to inspect and detect nearly 500 kilograms of elephant tusks illegally imported from Africa through Lach Huyen port, the local media reported. A representative of the Haiphong Department of