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Large-cap firms report at least VNĐ3 trillion in 2019 pre-tax profit

HÀ NỘI: Most large-cap firms have released full-year earnings reports for 2019 with 29 companies reporting a pre-tax profit of more than VNĐ3 trillion (roughly US$130 million). Total pre-tax profit of the 29 companies is roughly VNĐ255 trillion, up 21 per cent year on year. Industrial park developer Becamex IDC (UPCoM: BCM) was the lowest earner. The company recorded VNĐ3 ... Read More »

Oil firm bags nearly $4.4 billion in 2019

HÀ NỘI: The Bình Sơn Refining and Petrochemical JSC (BSR), a subsidiary of the Việt Nam Oil and Gas Group (PetroVietnam), has reported gross revenue of VNĐ102.82 trillion (nearly US$4.4 billion) last year. According to a consolidated financial report released on Monday, BSR’s after-tax profit hit more than VNĐ2.75 trillion, contributing over VNĐ9.7 billion to the State budget. The firm’s ... Read More »

Vietnamese currency under bigger pressure in 2020

HÀ NỘI After being relatively stable last year, the foreign exchange rate of the Vietnamese đồng against the US dollar is forecast to be under greater pressure in 2020 due to both internal and external headwinds. Finance expert Nguyễn Trí Hiếu told Việt Nam News that pressure on the exchange rate would be bigger this year as a greenback supply ... Read More »

US-China Trade War Seen as Boosting Vietnam Growth

Vietnam will enjoy the fastest economic growth in Southeast Asia in 2020, according to a new forecast from British multinational investment bank HSBC. Vietnam has been a beneficiary of the China-U.S. trade war, enjoying a boost in services and exports that should drive economic growth to 7% this year, HSBC economist Yun Liu said last week. But she said the ... Read More »

Nestle faces new coffee rival as Vietnam targets instant market

After quietly supplying coffee addicts their daily fix for decades, Vietnam is preparing to take on Nestle SA and its Asian rivals to reach them faster. Instead of selling raw robusta beans to foreign companies for turning into instant coffee, Vietnam’s biggest supplier is preparing to offer its own soluble powder in early 2020. The shift is aimed at reaping ... Read More »

Việt Nam to promote shrimp exports to EU next year

HÀ NỘI The EU is a potential market for Việt Nam’s shrimp industry next year because it is the largest shrimp market in the world, while the shrimp production of this bloc has not met its demand, according to domestic seafood experts. If the domestic shrimp industry takes advantage of preferential tariff and implements rules of origin under the EU-Vietnam ... Read More »

VN30 firms take 92% of all top listed firms’ total Q3 profits

HÀ NỘI: The top 60 biggest companies by market capitalisation and trading liquidity on the two local stock exchanges saw combined post-tax profit gain of 22.5 per cent to VNĐ46.75 trillion (US$2 billion) in the third quarter of 2019. Profits recorded by the top 30 firms on the Hồ Chí Minh Stock Exchange accounted for nearly 92.3 per cent of ... Read More »

Techfest Vietnam 2019 welcomes start-ups and investors

HÀ NỘI — Innovative Vietnamese start-ups taking part in Techfest 2019 will have opportunities to connect with potential regional and global investors through a series of exciting events. The national innovative entrepreneurship day, expected to attract more than 5,500 people, 300 start-ups and 250 investors, will take place in Hạ Long City, the home to UNESCO World Heritage Site Ha ... Read More »

Bank lending interest rates to remain steady, say experts

After increasing steadily in recent times, deposit interest rates at most banks are standing at rather high levels, including 8.5 per cent for 12-month terms at ABBank, Viet Capital Bank and VietABank. Some others such as OCB, BacA Bank, NCB, Bảo Việt Bank, and Nam Á Bank are offering around 8 per cent. Only a few banks have kept their ... Read More »

Textile industry hit by on-going trade war

Việt Nam’s textile industry faces many difficulties with both export and production on the decrease due to effects of an intensified China-US trade war, said industry experts. “Buyers are concerned with the on-going China-US trade war and it has resulted in fewer and smaller orders,” said a report by the Ministry of Investment and Planning. Vietnamese textile companies were being ... Read More »

Banks get more support to cut interest rates

HÀ NỘI: Commercial banks are expected to lower lending interest rates after getting more support to cut input costs from the State Bank of Việt Nam (SBV)’s agencies this week. After reducing several key interest rates by 0.25 percentage points on September 16, the SBV’s agencies this week continued to announce the reduction of some service fees, which will help ... Read More »

Việt Nam’s insurance sector catches foreign attention

HÀ NỘI The Vietnamese insurance market is heating up with many high-value bancassurance deals and mergers and acquisitions (M&A) unveiled recently. Roughly half a dozen big names, including Allianz, Nippon Life, MS&AD Insurance, Sun Life Financial and Manulife Financial Corp are vying to buy the Vietnamese and Singaporean businesses of Britain’s Aviva, Reuters cited people with knowledge of the matter ... Read More »

Allianz, Nippon in race to buy Aviva units in Singapore, Vietnam for up to US$2.5 billion: Sources

SINGAPORE: German insurer Allianz, Nippon Life and MS&AD Insurance are vying with rivals to buy the Singapore and Vietnam businesses of Britain’s Aviva in a deal likely to be worth up to US$2.5 billion, sources said. Canada’s Sun Life Financial is also among roughly half a dozen suitors competing for the businesses, said the people with knowledge of the matter, ... Read More »

Bình Thuận gives 11 project licences worth $990 million

BÌNH THUẬN — The authorities of the central province of Bình Thuận on Sunday granted in-principle licences to 11 investment projects with total capital of VNĐ23 trillion (US$990 million). The provincial People’s Committee also signed a Memorandum of Understanding for 14 projects to enter the province with total registered capital of $19 billion. There was huge potential for Bình Thuận’s ... Read More »

Market growth to slow as momentum runs out

HÀ NỘI — Việt Nam’s benchmark VN-Index has climbed to the highest level in three weeks but analysts have warned positive market sentiment may not last in the coming week. The VN-Index on the Hồ Chí Minh Stock Exchange on Friday gained 1.14 per cent to finish last week at 987.22 points, the highest end since August 23. The VN-Index ... Read More »

Vietnam is ripe for private equity investors as US-China trade war drags on

The prolonged trade fight between the United States and China is reordering the global supply chain and Vietnam could stand to be a winner for investors, according to a senior executive at U.S. investment firm General Atlantic. As American companies plan to move their manufacturing bases outside China, countries in Southeast Asia could be the biggest beneficiaries, Sandeep Naik, head ... Read More »

VN imports more petroleum in July

HÀ NỘI — Việt Nam imported more than one million tonnes of petroleum products in July worth more than US$633.2 million, up 99 per cent in volume and 107 per cent in value from the previous month, according to the General Department of Vietnam Customs. Notably, the import price of petroleum in July was 4.2 per cent higher than in ... Read More »

Gold market demand quiet despite recent strong gains

HÀ NỘI — Gold prices on global markets have made strong gains in the past two months, but investors with short-term appetite seem uninterested in gold. Gold futures for the first time in six years broke the US$1,450 an ounce last week, gaining 1.75 per cent on Friday and a total 13.6 per cent since May 28. The strong growth ... Read More »

Vietnam seizes 125kg of smuggled rhino tusks worth $7.5m

More than 125kg of smuggled rhino horns have been seized in Vietnam in one of the biggest wildlife trafficking cases ever seen in south-east Asia. The horns, which had been smuggled in from the United Arab Emirates on an Etihad airways flight, were found in Hanoi’s Noi Bai airport concealed in thick plaster. It took over half a day for ... Read More »

Việt Nam records $700m trade deficit in first half of July

HÀ NỘI — In the first half of July, Việt Nam’s export revenue exceeded US$10.5 billion and its import value topped $11.18 billion, resulting in a trade deficit of nearly $700 million. However, the country posted a trade surplus of more than $900 million from the beginning of this year to July 15 thanks to a significant trade surplus of ... Read More »