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Flexibility is key in fighting the pandemic

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No extreme solution – full opening or closing – will work in the context of Covid-19. ‘Flexibility’ is the principle used in wartime and applies to this situation.

Flexibility is key in fighting the pandemic

Vietnam has begun receiving foreign travelers

In late December 2021, FLC inaugurated FLC Vinh Phuc, a complex of 200-room 5-star hotel and a conference center with 2,000 seats.

The construction work worth trillions of dong were implemented throughout 10 months of 2021 when the pandemic waves occurred.

Also in 2021, FLC, taking full advantage of the time between lockdown campaigns, kicked off the second phase of FLC Quang Binh project, FLC Ha Giang ecological resort, and FLC Gia Lai, and put the third 5-star hotel in Quy Nhon into use.

In 2021, Bamboo Airways implemented a non-stop flight between Vietnam and the US. It also announced the Vietnam-US direct air route under the witness of Vietnamese President Nguyen Xuan Phuc.

The air carrier announced non-stop routine air routes between Vietnam and the UK and Australia.

Like thousands of businesses, Stavian Chemical has been facing difficulties because of the pandemic, but still decided to make an investment to enlarge the distribution of primary plastic beads and the production of biodegradable packaging. The company has also reached markets in Asia, Europe, Africa and America.

Many Vietnamese businesses have reported high profits for 2021. Vicostone, the quartz manufacturer, made a profit of VND2.1 trillion in 2021, conquered the US and Canadian markets, and expanded its production scale to compete with Chinese products in the US market.

Duc Giang Chemicals is expecting a huge profit of VND2.4-2.5 trillion in 2021. VN Direct Securities reported a pre-tax profit of VND2.8 trillion. PV Gas has estimated post-tax profit of VND8.38 trillion.

Phu My Fertilizer reported a record pre-tax profit of VND3.6 trillion, while PV Trans estimated profit of VND1 trillion, twice as much as the targeted level.

Trinh Van Quyet, President of FLC Group and Bamboo Airways, said he often receives the question ‘how is FLC going?’

“I reply that FLC bears a big impact from the pandemic, but we still can control everything well. For us, the worst things are over,” he said.

Quyet is still optimistic, though FLC’s core business fields, including resort real estate, aviation and tourism, have been facing difficulties since 2020.

The pandemic came unexpectedly in early 2020, which put businesses, people and the State into a defensive situation. Aircrafts had to stop flying, hotels had to close the doors, and nearly all businesses witnessed a cash flow disruption.

“The Covid-19 crisis wiped out all the tourism and aviation achievements accumulated over many years. However, the pandemic gives opportunities to reconsider business plans and strategies,” Quyet said.

On/off regime

The pandemic came unexpectedly in early 2020, which put businesses, people and the State into a defensive situation. Aircrafts had to stop flying, hotels had to close the doors, and nearly all businesses witnessed a cash flow disruption.

Though Covid-19 developments remain complicated, analysts believe the situation will be brighter this year.

Asked how to weather the storm, Quyet emphasized the ‘wartime spirit’ in business governance and the flexible switching between ‘On’ (opening) and ‘Off’ (closing) modes.

Because of pandemic waves, enterprises have had to change their mode from ‘on’ to ‘off’ all the time. If enterprises close the doors completely to fight the pandemic, they won’t generate value. They should be flexible in organizing production and businesses as in wartime.

When they are under ‘off’ mode, they need to preserve their resources and prepare to implement business plans. Meanwhile, ‘on’ means getting ready to reopen after every lockdown campaign.

“It’s necessary to make the most of travel opportunities to energize enterprises,” Quyet said, adding that the solution allows FLC to have a quick response to the pandemic and obtain positive recovery in all fields.

Asked about the path ahead, Quyet said the pandemic would still be the biggest concern. He stressed that only with an undisrupted economy will Vietnam have durable resources to fight against the pandemic.

“In the context of the complicated pandemic developments in the world and Vietnam, I believe that macroeconomic stability needs to continue to be strengthened, while many core issues will be promoted to serve as the dynamic forces for Vietnam’s strong reform process in 2022, creating momentum for the sustainable growth of the new tenure,” he said.

Quyet hopes there will be a master program for economic recovery, under which scientific and quantitative criteria are shown clearly, so that enterprises can organize their production and business in a safe way.

Tran Hoang Ngan, a respected economist, also said that businesses need support from the Government.

“I believe that a stimulus package is extremely useful now. Businesses need continued tax exemption, fee reduction, loan restructuring, preferential loans and debt payment deadline extension until the end of 2022,” Ngan said.

According to the General Statistics Office (GSO), 119,800 businesses left the market in 2021, an increase of 17.8 percent over the same period last year. Most of them were under five years old and had a small amount of capital. 

Luong Bang

Source: https://vietnamnet.vn/en/feature/flexibility-is-key-in-fighting-the-pandemic-806671.html

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C.T. Group honored as one of the best companies to work for in Asia

Real estate developer C.T. Group received the annual HR Asia Award for being one of the best companies to work in Asia at a ceremony held in HCM City on August 11.

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The prestigious award of “Best Companies to Work for in Asia” was presented by the continent’s leading magazine – HR Asia.

This is the second time CT Group has received this prestigious award and the first time that this Corp has surpassed nearly 600 “competitors” in Vietnam to achieve the highest score at 4.68/5 points (94%).

This score is 25% higher than the average score of businesses competing across Asia in 2022 and far from the average score of Vietnam, according to the property developer.

Achieving the position that many businesses across the continent aim for is not easy since the list of “Asia’s Best Places to Work” is selected through an extremely rigorous evaluation process.

The evaluation was made according to the TEAM (Total Engagement Assessment Model) model which is based on a set of criteria including Core, Self, Group applied to major human resource markets in Asia.

Accordingly, CORE (Collective Organization for Real Engagement) assesses culture, discipline, management capacity, leadership, and agile initiatives; SELF (Heart, Mind, Soul) assesses the level of cohesion, pride, and emotion at work; and GROUP (Think, Feel, Do) measure the level of cooperation of members with businesses.

“CT Group is extremely proud to become one of the Enterprises with a fantastic working environment in Asia 2022,” said Ms. Nguyen Thi Tien Phuong Deputy Director – Community Human Resources Department of CT Group during the honoring ceremony.

“Our group is the center of human development with a way of wisdom, dignity, skills and lifestyles. In addition, to economic development for common prosperity for all members and their families. “360-degree policy” – is a policy that cares for the development of physical and spiritual life in all aspects.”

On the 30th anniversary of the Corporation’s establishment, CT group has awarded an attractive ESOP stock bonus, even a chauffeur received ESOP stock shares which were equal to VND10 billion, life insurance – Lifetime insurance with preferential rates to billions of Vietnam dong.

The market is always impressed with the team that rewards cars for employees annually, everyone is happy in an open and especially loving environment.

At work, employees also have the opportunity for physical training, improve health and feel a positive life. In addition, CT Group regularly organizes entertainment activities, social participation, tourism, and vacation every year. Moreover, the journey of CT Group Caravan is one of the important pieces to building the corporate culture of the Group.

CT Group is the door to access science and technology from the world and enter the future 4.0 of humanity. Photo: CT Group
CT Group is the door to access science and technology from the world and enter the future 4.0 of humanity. Photo: CT Group

The activity was inspired by the program of West Point Military Academy (USA), which trained many leaders globally. If you like the community service activities, the CT group is an opportunity for all of you to join hands to contact the community right away, the honest poor, the weak in society, because the core value of CT group is a corporation for the community right from the early days of its establishment.

For young people who love hi-tech, CT group is the door to access science and technology from the world and enter the future 4.0 of humanity. The catchphrase from veteran employees:” CT group is a place where an ordinary employee can become great people”.

After 3 decades of establishment and development, with the second 30-year plan, CT group aims to add resources up to 25,000 by 2025, CT Group is attracting many outstanding talents not only in domestic but also all over the world, from foreigners to expatriates with knowledge, overseas talents, those from many different fields such as High Technology (Cell Tech, Fintech, AI, Protech, Flytech, Clean Energy ) finance, construction, sales – marketing, … to contribute to diversifying the staff network, serving the strategy of technological transformation with a scale spread throughout the Group including 50 companies members and work offices in many countries around the world.

For the second time being honored as “Asia’s Best Place to Work”, CT Group not only once again affirms its position but also prepares strongly for the upcoming global integration, becoming more and more “classic, quality, difference” in creating an ideal and desirable working environment for the community.

Source: https://e.nhipcaudautu.vn/companies/ct-group-honored-as-one-of-the-best-companies-to-work-for-in-asia-3347269/

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Vietnam ready for talks with US on tax evasion investigation into Vietnamese steel pipes

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Vietnam is willing to hold trade talks with the United States to timely solve arising problems regarding a U.S. anti-circumvention investigation into steel pipe products imported from the Southeast Asian country. 

Le Thi Thu Hang, spokesperson of the Vietnamese Ministry of Foreign Affairs, made the statement at a regular press briefing in Hanoi on Thursday following reports that the U.S. officially initiated an investigation into the case.

Hang affirmed that the Vietnam-U.S. comprehensive partnership has witnessed progress in all fields in recent times, including in economy, trade, and investment. 

Vietnam is the leading trade partner of the U.S. in Southeast Asia, while the U.S. is the second-largest trade partner of Vietnam, with two-way trade turnover exceeding US$110 billion in 2021.

“Vietnam advocates promoting economic, trade, and investment cooperation with the U.S. on the basis of freedom, fairness, and mutual benefits in accordance with bilateral agreements and regulations of the International Trade Organization (WTO),” she said.

“Vietnam is willing to exchange with the U.S. through existing mechanisms such as the Trade and Investment Framework Agreement (TIFA) to promptly solve arising problems and strengthen economic, trade, and investment relations for the interests of businesses and people of the two countries.”

In their lawsuit filed in May, major U.S. steel pipe manufacturers, namely Nucor Corporation, Bull Moose Tube, and Maruichi Steel Corporation, accused Vietnam of importing hot rolled steel (HRS), the main raw material used to produce steel pipes, from several countries, including China, for processing steel pipes to be exported to the U.S..

By doing so, the said Vietnamese exporters try to evade the respective trade remedy tax that the U.S. is levying on several countries, including China, according to the lawsuit.

The U.S. Department of Commerce recently decided to officially initiate a probe into the case.

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Source: https://tuoitrenews.vn/news/business/20220812/vietnam-ready-for-talks-with-us-on-tax-evasion-investigation-into-vietnamese-steel-pipes/68565.html

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Masan Group honored in Top 50 Corporate Sustainability Awards 2022

During the Sustainable Development “Good for business, Good for planet” Conference held by Nhip Cau Dau Tu magazine on Wednesday, Masan Group was honored in the Top 50 Corporate Sustainability Awards 2022.

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This award aims to promote the sustainable development trend spreading among the business community and Vietnamese society and honor businesses that typically implement sustainable development strategies and adopt commitments for green growth and community responsibilities.

Top 50 Corporate Sustainability Enterprises 2022 were evaluated and voted based on five main assessment criteria: Stable growth, Sustainable corporate culture, Corporate governance, Environment protection, and Social responsibility. The judicial panel is reputable international and local experts.

Honoring green businesses, serving the community

Recently, awareness development towards systemic issues including climate change, diseases, natural resource depletion, and gender inequality has promoted investment trends following ESG criteria or sustainable investment in the region. Recognizing this importance, the Government signed Decision No. 167/QD-TTg approving the “Program to support private business sector in sustainable development period 2022 – 2025”.

The program aims to raise awareness of the private sector business community’s role and the importance of sustainable business.

Along with business, sustainable development is a key pillar of Masan’s strategy. Masan’s sustainability initiatives are focused on bringing value to social life and contributing to local communities.

WinMartWinMart+ conducts several promotions to form green consumption habits. Photo: Masan
WinMartWinMart+ conducts several promotions to form green consumption habits. Photo: Masan

Masan Group has continuously been researching and leading utility trends to improve Vietnamese material and spiritual lives and contribute to the country’s overall development.

The Vietnamese private conglomerate was recently honored in the Top 50 listed companies in 2022 held by Forbes Vietnam Magazine, for ten consecutive years. And Top 10 at Vietnam Top 50 Public Companies (VIX50) conducted by Vietnam Report.

This is the best result of Masan’s ceaseless efforts in the journey of serving our consumers and developing businesses in parallel with sustainable development. At the same time, it is the motivation for Masan constantly creates more and more quality products and services, contributing to the general development of the community, society, and the country.

Masan’s sustainable development journey

Since the early days of Masan’s establishment, community development and social responsibility have been among its sustainable development goals. Masan Group, Vietnam’s leading consumer-focused business group, believes in “Doing well by doing good” when serving the daily essential needs of consumers. Community initiatives are an essential part of its mission to improve the lives of nearly 100 million Vietnamese consumers.

The largest modern retailer with nearly 3,000 WinMart/WinMart+ supermarket and mini-marts – WinCommerce always upheld the spirit of Vietnamese people using domestic goods and keeping the retail sector for Vietnamese people.

As a result, Vietnamese goods make up 90% of products sold in the system. MEATDeli produces meat products with European standards and provides world-class animal protein for Vietnamese consumers.

Along with that, Masan Consumer also preserves and brings Vietnamese culinary culture to the world through familiar brands of fish sauce, soy sauce, instant noodles, chili sauce, etc. At the same time, it encourages Vietnamese manufacturers to upgrade to international standards and enhances the competitiveness of domestic goods.

Masan sponsors eye surgery for people in Binh Thuan province. Photo: Masan
Masan sponsors eye surgery for people in Binh Thuan province. Photo: Masan

Masan High-Tech Materials (MHT), the world’s leading manufacturer of high-tech tungsten metal powders and tungsten carbide (mid-stream tungsten products), always focuses on environmental protection and sustainable development. With the potential of the state-of-the-art mining and processing technology, constant innovation, research, and development of products, over the years.

Masan High-Tech Materials demonstrates sustainable and responsible mining practices complying with leading international standards, ensuring minimization of resource losses and optimization of the value of natural resources, with a mineral recovery rate of over 96%. Besides, MHT also brings outstanding contributions to Vietnam’s economy, society, and sustainable livelihoods for thousands of local workers.

In 2021, Masan Group contributed nearly VND 5,450 billion to the State budget. Since 2021, the Group has contributed more than VND 500 billion to activities to support local residents and frontline workers in the fight against the Covid-19 epidemic and to implement various community health and social security projects.

Recently, the Group sponsored eye surgery for 1,000 people in 2 provinces of Binh Thuan and Kien Giang and donated to the Ho Chi Minh City “For the national sea and islands – For the fatherland frontline” Fund 2022. 

Source: https://e.nhipcaudautu.vn/companies/masan-group-honored-in-top-50-corporate-sustainability-awards-2022-3347253/

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