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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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An Cuong Wood to list neary 134 mln shares on HOSE

An Cuong Wood-Working JSC will list 135.85 million shares on the Ho Chi Minh City Stock Exchange (HoSE) on September 28.

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An Cuong Wood-Working, which holds 55% of the market for decorative materials and industrial wood, announced the first six month revenue of VND1,915 billion ($80 million), up  12% and a 17.4% increase in after-tax profit to VND279 billion ($11.7 million).

Since this firm enjoys the benefit of name and brand recognition in the industry, leadership claimed that they are not particularly interested in the low-end category.

With an aim of building 30 more showrooms between 2022 and 2025, the Vietnamese enterprise An Cuong Wood already operates almost 30 showrooms around the country, mostly in Hanoi, Da Nang, and Ho Chi Minh City.

Builders, construction units, and agents account for 69% of the income generated by customers, followed by export customers (15%), consumer customers (5%), and real estate developers like Vingroup (11%). As of June 30, there were 2,962 persons working for the entire firm.

To enhance capacity, the firm is marketing the export market. With a concentration on the US, An Cuong Wood has exported goods to 15 nations.

By 2025, it’s anticipated that exports would account for 15–18% of overall income. The firm aspires to generate $300 million in sales by 2025 through a strategy of consistently growing its product line and finding new markets.

The profit after tax for An Cuong Wood- Working is VND947 billion ($40 million). The business continues to invest an additional VND393 billion ($16.5 million) in the first half of 2022 to acquire 30% of Central Hill Real Estate Company.

The leadership determined that the goal of VND550 billion ($23 million) in profit was realistic and anticipated that it will be exceeded by 10% to 20%. This will be the wood industry’s finest outcome ever.

Source: https://e.nhipcaudautu.vn/companies/an-cuong-wood-to-list-neary-134-mln-shares-on-hose-3348172/

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Vietnamese dong ranked among currencies with lowest depreciation: SBV

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Among the countries in the region and worldwide grappling with currency depreciation, the Vietnamese dong is listed in a group with the smallest devaluation, Pham Chi Quang, deputy director of the Monetary Policy Department under the State Bank of Vietnam, told a press briefing late last week.

In the year to date, the dong dropped by nearly 4 percent against the U.S. dollar, much lower than other currencies, said Quang.

After the U.S. Federal Reserve (Fed) hiked interest rates by 75 basis points on September 21, many nations followed suit.

In the past nine months, the Taiwanese dollar, the Japanese yen, the Philippine peso and the euro have lost 13.5 percent, 25 percent, 13.65 percent and 13.49 percent, respectively, against the greenback.

“The Vietnamese dong is one of the currencies reporting the lowest depreciation in the region and the world, at some 4 percent,” Quang stressed.

After the Fed’s move, a number of the central banks of many nations such as Thailand, Norway and Indonesia raised key interest rates to tame inflation.

Dao Minh Tu, deputy governor of the State Bank of Vietnam, said that many countries’ rate hikes are expected to take a toll on Vietnam’s foreign exchange rates.

Following the Fed’s rate spike, the central bank decided to set new interest rate caps on deposits.

The highest rate for savings from one month to fewer than six months is 5 percent per year, up 1 percentage point, taking effect from September 23.

“The central bank will continue to control its currency in a flexible and appropriate manner to stabilize foreign exchange rates and ensure a reasonable and legal supply of foreign currencies for firms and residents,” Tu affirmed.

The central bank’s top mission for the control over monetary policy is curbing inflation and stabilizing the economy, Tu added.

Besides, the banking system will focus on supporting enterprises with their post-COVID-19 recovery, contributing to reaching the full-year target of the country’s economic growth at 6.5 percent set by the National Assembly.

To ease fears over a spike in lending rates after the deposit rate cap hikes, the central bank will continue to maintain interest rate stability, said the representative of the central bank.

Tu also added that lending rates will follow the move of domestic and foreign inflation in a suitable way.

Further, the central bank will continue to encourage credit institutions to cut operating costs to lower lending rates for the government’s priorities, including small and medium enterprises and firms active in agriculture.

“We called on commercial banks for a cost-cutting plan to slash lending rates to share difficulties with customers. This has been implemented well over the past two years, with VND25 trillion ($1.05 billion) in lending rate reduction,” said Tu.

The credit growth target will be kept at 14 percent this year. In the year to date, the nation’s credit has jumped by over 10 percent.

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Source: https://tuoitrenews.vn/news/business/20220926/vietnamese-dong-ranked-among-currencies-with-lowest-depreciation-sbv/69260.html

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Trade ministry aims to bring Vietnam Rice trademark into high-end markets

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Vietnam’s Ministry of Industry and Trade is drafting a strategy to increase the country’s direct rice export rate and boost the sale of the Vietnam Rice national brand to high-end markets by 2030.

The trade ministry is making a draft strategy to develop Vietnam’s rice export until 2030, which highlights many solutions for boosting demand through negotiations, entering new markets, and increasing exports with a tariff reduction road map.

By 2025, the proportion of low- and medium-grade white rice will have accounted for no more than 15 percent of the country’s rice exports, while high-grade and fragrant rice, japonica rice, and specialty rice will constitute 40 percent.

Rice with high added value such as nutritious rice, parboiled rice, organic rice, and processed products will make up five percent.

By 2030, the direct export of rice will have generated 60 percent of the country’s rice export turnover, while products under the Vietnam Rice trademark will account for 25 percent.

To realize these goals, Vietnam needs to implement policies related to agricultural land, attract investment, promote mechanization and high technology in production, develop more rice varieties, and effectively use the Vietnam Rice trademark, the trade ministry stated.

Certain requirements in production and processing should be established to make sure that the quality of rice meets standards of the country as well as of demanding markets such as the European Union.

The development strategy also focuses on restructuring the rice industry and agricultural production, as well as providing solutions for the production and control of pesticide residues toward the implementation of clean agricultural production.

In addition, the country will tighten the management of imported rice via non-tariff measures and technical barriers.

Vietnam has grown and exported rice for many years, Nguyen Thanh Phuoc, head of the Sub-Department of Cultivation and Plant Protection in the Mekong Delta province of Soc Trang, stated, adding that it is a pity that no rice brand has become the national trademark.

The rice cultivation skills of local farmers have improved, and it is not difficult to produce high-quality rice varieties, Phuoc continued.

In order to have large output and stable quality, export businesses need to cooperate closely with farmers, the official proposed.

Farmers and businesses must play the central roles in boosting the exports of products under the Vietnam Rice brand, said Vo Cong Thuc, head of the food quality management department of Loc Troi Group, a manufacturer and supplier of agricultural products and services.

After noticing the positive signals from the European market, Loc Troi Group has boosted its investment into local farmers to ensure the interests of both sides.

If farmers do not comply with European rice export standards, businesses will suffer losses as they fail to provide high-quality products for their partners.

Farmers’ compliance with international standards of farmers is decisive in producing high-quality rice grains and increasing the value of Vietnam’s rice export in the global market, Thuc remarked.

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Source: https://tuoitrenews.vn/news/business/20220925/trade-ministry-aims-to-bring-vietnam-rice-trademark-into-highend-markets/69253.html

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