Connect with us

Business

Steel manufacturers pocket big money in 2021

Published

on

2021 was a prosperous year for steel manufacturers with profits increasing sharply compared with the year before. However, some manufacturers had poor business.

Steel manufacturers pocket big money in 2021

Tran Dinh Long, Chair of Hoa Phat Group

Hoa Phat Group (HPG) has released its 2021 finance report which shows that the steel manufacturer for the first time obtained net profit of VND34.520 trillion. In the fourth quarter of 2021, Hoa Phat obtained revenue of VND45 trillion, an increase of 73 percent, and post-tax profit of VND7.4 trillion, up by 59 percent over the same period last year.

In 2021, its accumulated revenue reached VND150.8 trillion, up by 62 percent over 2020, while post-tax profit increased by 1.56 percent.

The finance report of Hoa Sen Group (HSG) showed that in the first quarter of its 2021-2022 fiscal year, the revenue reached VND16.934 trillion (it was VND9.099 billion in the same period of the 2020-2021 fiscal year), an increase of 86 percent, while post-tax profit was VND638 billion, an increase of 11.5 percent (it was VND572 billion). Of this, domestic revenue accounted for 17 percent, while exports brought turnover of VND28.329 trillion, or 2.8 times higher than the same period of the previous year.

Nam Kim Steel (NKG) has also reported increases in revenue and profit, reaching VND8.78 trillion, while the gross profit was VND1.058 trillion, three times higher than the same period of 2020. In 2021, the accumulated profit reached VND28.173 trillion, or 2.5 times higher than the same period of the year before. By the end of 2021, Nam Kim had made a post-tax profit of VND2.225 trillion, or 7.5 times higher than the same period of the year before.

The good business performance of steel enterprises caused steel share prices to increase sharply in 2021. Hoa Phat shares saw prices soar by 75 percent, Nam Kim shares by 264 percent and Hoa Sen by 110 percent.

However, while big players in the steel industry reported significant profits, some others were bogged down in difficulties.

Vietnam-Italy Steel JSC obtained VND5.821 trillion in revenue, an increase of 43 percent over the same period last year. However, its post-tax profit reached VND132 billion. The post-tax profit in 2020 was also modest, just VND30 billion.

As of December 31, 2021, the total assets of Vietnam-Italy Steel had increased by 4 percent to VND2.998 trillion. Of this, short-term receivables had reached VND941 billion, up 20 percent; and inventories VND1.303 trillion, up by 59 percent. Total liabilities also increased by 11 percent to VND2.602 trillion.

Prior to that, on January 18, the shareholders’ meeting of Vietnam-Italy JSC approved the cancellation of the public company status and delisting of all shares of the company at HOSE (HCM City Stock Exchange).

Meanwhile, Song Hong JSC, a subsidiary of Song Hong Corporation(SHG), is following procedures to be dissolved after many years of taking losses. In 2009-2011, the steel manufacturers reported losses with an accumulated loss of VND218 billion in the three years.

The H1 2021 finance report of the company showed that total investment capital of SHG in Song Hong Steel was VND102 billion. If Song Hong Steel declares bankruptcy, this means that SHG will lose the investment worth VND100 billion.

In the case of SHG, though the enterprise has total assets of over VND1 trillion, its business is not satisfactory. SHG reported losses in 2015-2020.

The enterprise has not released its H2 finance report yet, but it may witness another year of loss after reporting a loss of VND27 billion in the first half of 2021.

Meanwhile, Tisco (Thai Nguyen Iron and Steel JSC), which is called the ‘eldest brother’ in the steel family, continues to be bogged down in the second phase of the steel mill and to suffer huge economic losses. Tisco’s general director Tran Trong Mung, representative of the investor, has to appear in court and take responsibility for the efficiency of the project.

The total value Tisco paid for the project was VND4.4 trillion. The total loan principal and interest payable is VND3.8 trillion (it has to pay interest of VND40 billion a month).

The problems in investments have had a serious impact on the enterprise’s operation in recent years. However, business results in 2021 improved with revenue of VND13 trillion, up by 34 percent, and net profit of VND122 billion. 

Ngoc Cuong

Source: https://vietnamnet.vn/en/feature/steel-manufacturers-pocket-big-money-in-2021-819797.html

Business

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.

Published

on

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/

Continue Reading

Business

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

Published

on

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.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

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

Continue Reading

Business

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.

Published

on

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/

Continue Reading

Trending