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Local fuel prices rise sharply

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Motorists get their vehicles refilled at a local gas station. Retail fuel prices in the local market soared by VND570-650 per liter or kilogram starting 3 p.m. today, November 26 – PHOTO: VNA

HCMC – Retail fuel prices in the local market soared by VND570-650 per liter or kilogram starting 3 p.m. today, November 26, according to an announcement jointly released by the Ministry of Industry and Trade and the Ministry of Finance.

The price of E5 RON92 gasoline is now VND14,494 per liter, up by VND609, while the price of RON95 gasoline is capped at VND15,351 per liter, up by as much as VND650.

The respective prices of diesel oil, kerosene and heavy fuel oil are capped at VND11,434, VND10,138 and VND11,742 per liter or kilogram, expanding by VND596, VND576 and VND651.

During this fuel price adjustment, the national fuel price stabilization fund was tapped to curb the rise of fuel product prices. The ministries decided not to extract money for each liter of bio-fuel E5 RON92, kerosene and each kilogram of heavy fuel oil sold to replenish the fund.

Meanwhile, the extraction rate for each liter of RON95 petrol and diesel oil is VND100.

Besides this, local fuel traders were allowed to tap the stabilization fund at VND1,000 for each liter of E5 bio-fuel sold, VND200 for each liter of RON95 gasoline sold, VND200 for each kilogram of heavy fuel oil sold, and VND300 for each liter of diesel oil and kerosene.

Source: https://english.thesaigontimes.vn/79562/local-fuel-prices-rise-sharply.html

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Foxconn unit receives business license for $270 mln Vietnam plant

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Foxconn unit receives business license for $270 mln Vietnam plant

A motorcyclist rides past the logo of Foxconn, the trading name of Hon Hai Precision Industry, in Taipei, Taiwan March 30, 2018. Photo by Reuters/Tyrone Siu.


The FuKang Technology Company, a Foxconn unit, received a business license Monday to build a plant to produce laptops and tablets in northern Vietnam.

The plant will be located in the Quang Chau Industrial Park in the northern province of Bac Giang and will annually produce eight million units, the government said in a statement on its website.

The Taiwanese electronics contract manufacturer has so far invested $1.5 billion in Vietnam and created jobs for more than 35,000 workers and the company, formally known as the Hon Hai Precision Industry Co., plans to raise its investment by $700 million and recruit 10,000 more local workers this year, the government said.

Last week Foxconn was also looking into investing $1.3 billion in Thanh Hoa Province, 160 km south of Hanoi.

Last year, the company produced the first batch of display screens at its $26-million factory in the northern Quang Ninh Province.

Foxconn, a major assembler of Apple products, including the iPhone, and the world’s largest contract manufacturer, came to Vietnam in 2007, and has been operating mainly in the northern provinces of Bac Ninh, Bac Giang and Vinh Phuc, making computers and other electronic products and car parts.

It has said that Vietnam is its largest manufacturing hub in Southeast Asia.

Source: https://e.vnexpress.net/news/business/companies/foxconn-unit-receives-business-license-for-270-mln-vietnam-plant-4222816.html

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VN-Index inches down in week’s opening session

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VN-Index inches down in week’s opening session

An investor points at stock prices on a laptop at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran.


The VN-Index edged down 0.19 percent to 1,191.94 points after struggling to stay in the green throughout the trading day.

The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, was predominantly green despite closing in the red, with 273 stocks gaining and 201 losing. Total trading volume fell slightly over the previous session to VND17.76 trillion ($767.14 million).

Blue chips were the main drag this session, with the VN30-Index for the stock market’s largest caps plunging 0.75 percent.

Private banks did not do well this session. EIB of Eximbank shed 2.5 percent, STB of Sacombank 2.4 percent, HDB of HDBank 2.3 percent, VPB of VPBank 2.1 percent, and TCB of Techcombank, 1.8 percent.

State-owned banks did slightly better. Among Vietnam’s three biggest lenders by assets, CTG of VietinBank dropped 2.3 percent and BID of BIDV went down 0.4 percent while VCB of Vietcombank edged up 0.1 percent. MBB of mid-sized Military Bank fell 2.1 percent.

All real estate stocks ended in the red. NVL of Novaland shed 1.1 percent, KDH of Khang Dien House, 1 percent, TCH of Hoang Huy Group, 0.9 percent and VHM of giant Vinhomes 0.5 percent.

Other major losing tickers this session included SSI of top brokerage SSI Securities Corporation, down 1.8 percent, GAS of energy giant PetroVietnam Gas and MWG of electronics retailer Mobile World, both down 1.1 percent, and VIC of private conglomerate Vingroup, 0.8 percent.

Topping gains for the sixth session was ROS of construction firm FLC Faros, up 6.9 percent, hitting its ceiling price again. Despite this, ROS closed at VND3,740, far below its VND12,600 IPO in 2016 and a high of VND178,000 in late 2017.

The ticker has been plummeting since early 2018 as a result of increasingly poor business performance, and is now the smallest capped ticker on the VN30.

It was followed by SBT of agricultural exporter TTC-Sugar, up 5 percent, POW of electricity generator PetroVietnam Power, 2.8 percent, MSN of food conglomerate Masan Group, 2.3 percent, and VRE of mall operator Vincom Retail, up 1.8 percent.

The HNX-Index for the Hanoi Stock Exchange, home to mid-and small-caps, surged 2.23 percent, while the UPCoM-Index for the Unlisted Companies Market slipped 0.11 percent.

Foreign investors were net sellers to the tune of around VND620 billion on all three bourses, with the net selling focused mostly on HPG of steelmaker Hoa Phat Group (up 0.2 percent), SSI of SSI Securities Corporation and VHM of Vinhomes.

Source: https://e.vnexpress.net/news/business/economy/vn-index-inches-down-in-week-s-opening-session-4221149.html

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Winners of HCMC Brand Award to be announced Thursday

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A poster of the HCMC Brand Awards, which will be held on January 21 – PHOTO: COURTESY OF ORGANIZER

HCMC – The HCMC Department of Industry and Trade and The Saigon Times Group will co-organize the HCMC Brand Award at the GEM Center in District 1 on Thursday, January 21, aimed at honoring enterprises in the city for their efforts in building their brands.

Since the launch of the HCMC Brand Award on December 1 last year, as many as 64 firms have registered to participate in the awards.

These applicants were required not to violate ownership rights nor show acts of trade fraud, while working on building their brands for at least two years.

The winners will be evaluated and selected by experts in brand building and customers based on the following criteria: efficiency in brand building, innovation, creativity, the quality and safety of products and corporate social responsibility.

Earlier at the launch ceremony, Bui Ta Hoang Vu, director of the HCMC Department of Industry and Trade, said the HCMC Brand Award would help raise the awareness of businesses operating in the city over the importance of building their brands and encourage them to accelerate innovation, creativity and sustainable development.

Besides, the awards are expected to help them reach out to the global market.

Source: https://english.thesaigontimes.vn/80240/winners-of-hcmc-brand-award-to-be-announced-thursday.html

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