Business
Petrol prices reach historic peaks: which tools should be used?
On February 21, petrol prices set a new record after the Ministry of Industry and Trade and the Ministry of Finance decided to increase the price of all kinds of petrol and oil.
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Accordingly, the price of gasoline E5 RON92 rose by 960 VND/liter to 25,530 VND/liter. Petrol RON95-III rose by 960 VND/liter to 26,280 VND/liter. The prices of kerosene, diesel oil and mazut oil also increased several hundred VND per liter.
Previously, the record petrol price was set on June 23, 2014. At that time, petroleum companies listed the selling price of RON 95 petrol at 25,730 VND per liter and 25,230 VND/liter for RON92 gasoline. This record has now been broken.
Currently, a liter of gasoline is subject to many taxes, such as import tax, luxury tax, environmental protection tax, and value-added tax besides a number of other items that are not taxes, but are included as the basis for calculating petrol and oil prices.
Specifically, the petrol price structure is added with eight items, including taxable CIF price (imported gasoline price + transportation cost), import tax (10%), value added tax (10%), special consumption tax (10% for RON95 gasoline and 8% for E5 gasoline), and environmental protection tax (3,800 VND for E5 petrol, 4,000 VND for RON 95 petrol).
In addition, there are business costs (1,050 VND/liter for RON95 gasoline and 1,250 VND/liter for E5 gasoline), profit (300 VND/liter) and stabilization fund (300 VND/liter, but fluctuating according to actual situation).
Of the four taxes on gasoline, the environmental protection tax is the highest, “attached” to a fixed amount, instead of a percentage like many other taxes. Therefore, regardless of whether the price of gasoline drops or rises sharply, the environmental protection tax cost per liter of gasoline remains the same.
In March 2020, when the price of gasoline plummeted, only 12,560 VND/liter of RON95 gasoline, the tax rate then accounted for 49% per liter of RON95 gasoline and 47% per liter of E5 gasoline.
Mr. Tran Duy Dong, Director of the Domestic Market Department (Ministry of Industry and Trade), said that if the price of gasoline continues to escalate, besides using the price stabilization fund, another tool must be taken into account, which includes taxes and fees.
“If gasoline prices are too high, it will disable a number of tools and policies being implemented in the economic recovery program, including a 2% VAT reduction,” said a representative of the Ministry of Industry and Trade, adding that the use of tax and fee tools should be considered because the petrol price stabilization fund is limited.
Luong Bang
Source: https://vietnamnet.vn/en/business/petrol-prices-reach-historic-peaks-which-tools-should-be-used-818012.html
Business
Vietnam Q1 rice exports at 1.79 mln T, up 19.3% year-on-year
Vietnam’s rice exports in the January-March period are estimated to have risen about 19.3% from a year earlier to 1.79 million tonnes, government data showed on Wednesday.
Revenue from rice exports in the period is seen up 30.2% at $952 million.
March rice exports from Vietnam, one of the world’s leading shippers of the grain, likely totalled 900,000 tonnes, worth $480 million.
Source: Reuters
Source: https://e.nhipcaudautu.vn/economy/vietnam-q1-rice-exports-at-179-mln-t-up-193-year-on-year-3351586/
Business
NovaGroup to sell stake in property subsidiary Novaland
In a notice sent to the Ho Chi Minh City Stock Exchange on Monday, NovaGroup said it would sell 38 million shares between March 30 and April 28 to balance its investment portfolio and restructure debts.
The announcement comes amid a sharp rise in the price of NovaGroup shares thanks to the deferral of its bond redemption, approval for capital hike and the nomination of two new directors. Novaland shares closed Monday at the ceiling price of VND12,700 ($0.54) and there were no sellers, a fourth straight day of gains.
At this price, the transaction is expected to fetch Nova nearly VND500 billion ($21.3 million).
But it will reduce NovaGroup’s stake to 27.43%. Nhon’s family, including himself, his wife, two children and two related companies, will see their holdings fall to 50.72%.
Novaland’s charter makes 51% the controlling stake.
NovaGroup, formerly known as Thanh Nhon Trading Co., Ltd., was founded by Nhon in 1992.
It underwent several rounds of restructuring. In 2007 two companies, Novaland Group in real estate and Anova Group in livestock and animal feed, were established.
In 2020 NovaGroup restructured for a second time and added three more corporations: Novaland, Nova Service (services) and Nova Consumer (consumer goods). A year later it set up five more companies, with Novaland remaining the main one.
The last time NovaGroup sold shares in Novaland was in November 2022 when it registered to sell 150 million shares but only managed to sell 98 million.
Novaland is Vietnam’s second largest listed property developer, according to Reuters.
It reported revenues of VND11.15 trillion and after-tax profits of VND2.29 trillion last year, 25% and 34% down from 2021.
It has capital of VND257 trillion, 82.6% of it from debt.
Source: VnExpress
Source: https://e.nhipcaudautu.vn/companies/novagroup-to-sell-stake-in-property-subsidiary-novaland-3351561/
The Vietnamese Ministry of Information and Communications, at a working session on Wednesday with the U.S.-ASEAN Business Council (USABC) and representatives from many U.S. enterprises, called on U.S enterprises to support Vietnamese enterprises, especially SMEs, in digital transformation.
Following a working session with Vietnamese Prime Minister Pham Minh Chinh, the USABC and U.S. enterprises, who are in Vietnam to seek cooperation, investment, and business opportunities, held a meeting with the Vietnamese Ministry of Information and Communications.
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| A view of the working session between Vietnamese Prime Minister Pham Minh Chinh and the U.S.-ASEAN Business Council. Photo: Duong Giang / Tuoi Tre |
USABC President and CEO Ted Osius took time from the meeting to share his appreciation for the potential of Vietnam’s digital economy.
According to Osius, U.S. enterprises are paying attention to the Southeast Asian country’s policies aimed at boosting the digital economy, digital infrastructure development, and metaverse and digital asset management regulations.
They are also keen on the country’s priorities and targets for 2023 – the year of digital data, as well as how U.S. firms can join hands to help Vietnam achieve these targets, Osius added.
A representative of the Vietnamese Ministry of Information and Communications said Vietnam expects to conduct the digital transformation with three pillars—digital government, digital economy, and digital society.
The ministry admitted that Vietnam needs a new legal framework appropriate to the development of it’s digital economy, in which U.S. firms can make contributions.
Lessons from successful digital transformation in other countries may not be successfully applied in Vietnam, so domestic firms can help localize solutions developed by U.S. enterprises.
 |
| U.S. ambassador to Vietnam Marc Knapper (L) and USABC President and CEO Ted Osius at the working session with Vietnamese Prime Minister Pham Minh Chinh. Photo: Duong Giang / Tuoi Tre |
At the working session with the USABC and representatives of Meta, Roblox, SpaceX, FedEx, UPS, Amazon Web Services, Boeing, and Apple, PM Chinh thanked them for accompanying Vietnam on it’s digital transformation journey and wished all enterprises success in working with Vietnam.
“Your success is also our success,” PM Chinh stressed.
He affirmed that the Vietnamese government is always willing to listen to U.S. firms’ opinions and proposals.
Vietnam will continue to create favorable conditions for U.S. enterprises to expand their investment in Vietnam and pave the way for Vietnamese companies to take part in their value chains.
The prime minister also discussed Vietnam’s development pillars, breakthrough strategies, and viewpoint on the foreign-invested sector.
In addition, he introduced specific sectors in Vietnam in which the USABC and U.S enterprises are interested, such as digital economy, creative industries, healthcare, energy, agriculture, and aviation.
He affirmed that Vietnam is willing to import machines, equipment, tools, and spare parts from the U.S. to balance Vietnam-U.S. trade.
Meta has high hopes for Vietnam
On Wednesday, Rafael Rrankel, Director of Public Policy for South and Southeast Asia at Meta, met with representatives from Vietnamese press agencies, including Tuoi Tre (Youth) newspaper.
At the meeting, Rrankel said Vietnam has a high number of Facebook users and the number is on the rise. In addition, many Vietnamese companies use Facebook’s Business Messaging service to manage parts of their operations.
 |
| Director of Public Policy for South and Southeast Asia at Meta Group Rafael Rrankel. Photo: Nguyen Khanh / Tuoi Tre |
“It can be said that you are a leading market of Facebook in the world in using the service,” Rrankel affirmed.
The Meta representative shared his appreciation for the Vietnamese government’s long-term vision and investment in telecom infrastructure.
The Vietnamese government has issued policies to support digital economy development, and considers the digital economy and support enterprises’ digital transformation as top priorities, Rrankel said.
Rrankel emphasized that “these help leading technology enterprises of the U.S., including Meta, see the bright outlook of Vietnam.”
Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!
The Vietnamese Ministry of Information and Communications, at a working session on Wednesday with the U.S.-ASEAN Business Council (USABC) and representatives from many U.S. enterprises, called on U.S enterprises to support Vietnamese enterprises, especially SMEs, in digital transformation.
Following a working session with Vietnamese Prime Minister Pham Minh Chinh, the USABC and U.S. enterprises, who are in Vietnam to seek cooperation, investment, and business opportunities, held a meeting with the Vietnamese Ministry of Information and Communications.
|
| A view of the working session between Vietnamese Prime Minister Pham Minh Chinh and the U.S.-ASEAN Business Council. Photo: Duong Giang / Tuoi Tre |
USABC President and CEO Ted Osius took time from the meeting to share his appreciation for the potential of Vietnam’s digital economy.
According to Osius, U.S. enterprises are paying attention to the Southeast Asian country’s policies aimed at boosting the digital economy, digital infrastructure development, and metaverse and digital asset management regulations.
They are also keen on the country’s priorities and targets for 2023 – the year of digital data, as well as how U.S. firms can join hands to help Vietnam achieve these targets, Osius added.
A representative of the Vietnamese Ministry of Information and Communications said Vietnam expects to conduct the digital transformation with three pillars—digital government, digital economy, and digital society.
The ministry admitted that Vietnam needs a new legal framework appropriate to the development of it’s digital economy, in which U.S. firms can make contributions.
Lessons from successful digital transformation in other countries may not be successfully applied in Vietnam, so domestic firms can help localize solutions developed by U.S. enterprises.
|
| U.S. ambassador to Vietnam Marc Knapper (L) and USABC President and CEO Ted Osius at the working session with Vietnamese Prime Minister Pham Minh Chinh. Photo: Duong Giang / Tuoi Tre |
At the working session with the USABC and representatives of Meta, Roblox, SpaceX, FedEx, UPS, Amazon Web Services, Boeing, and Apple, PM Chinh thanked them for accompanying Vietnam on it’s digital transformation journey and wished all enterprises success in working with Vietnam.
“Your success is also our success,” PM Chinh stressed.
He affirmed that the Vietnamese government is always willing to listen to U.S. firms’ opinions and proposals.
Vietnam will continue to create favorable conditions for U.S. enterprises to expand their investment in Vietnam and pave the way for Vietnamese companies to take part in their value chains.
The prime minister also discussed Vietnam’s development pillars, breakthrough strategies, and viewpoint on the foreign-invested sector.
In addition, he introduced specific sectors in Vietnam in which the USABC and U.S enterprises are interested, such as digital economy, creative industries, healthcare, energy, agriculture, and aviation.
He affirmed that Vietnam is willing to import machines, equipment, tools, and spare parts from the U.S. to balance Vietnam-U.S. trade.
Meta has high hopes for Vietnam
On Wednesday, Rafael Rrankel, Director of Public Policy for South and Southeast Asia at Meta, met with representatives from Vietnamese press agencies, including Tuoi Tre (Youth) newspaper.
At the meeting, Rrankel said Vietnam has a high number of Facebook users and the number is on the rise. In addition, many Vietnamese companies use Facebook’s Business Messaging service to manage parts of their operations.
|
| Director of Public Policy for South and Southeast Asia at Meta Group Rafael Rrankel. Photo: Nguyen Khanh / Tuoi Tre |
“It can be said that you are a leading market of Facebook in the world in using the service,” Rrankel affirmed.
The Meta representative shared his appreciation for the Vietnamese government’s long-term vision and investment in telecom infrastructure.
The Vietnamese government has issued policies to support digital economy development, and considers the digital economy and support enterprises’ digital transformation as top priorities, Rrankel said.
Rrankel emphasized that “these help leading technology enterprises of the U.S., including Meta, see the bright outlook of Vietnam.”
Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!
Source: https://tuoitrenews.vn/news/business/20230324/vietnam-calls-for-us-support-in-digital-transformation/72241.html
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