Business
Trade Ministry to inspect major fuel suppliers
The Ministry of Industry and Trade will launch unannounced inspections of major oil and petroleum suppliers amid fluctuations facing the fuel supply chain.
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Minister of Industry and Trade Nguyen Hong Dien has signed a decision to establish special inspection teams tasked with checking the compliance with regulations on fuel trading among wholesale firms.
As many as 33 fuel wholesale firms will face inspections, according to the inspectors of the ministry.
The local fuel market now has a total of 36 wholesale firms, including Petrolimex, PVOil and Military Petroleum Corporation, the local media reported.
The inspectors from the ministry also wrote to the Domestic Markets Department under the ministry asking it to provide relevant documents, such as business licenses and business certificates, to facilitate the inspection.
The inspection is aimed at reorganizing and strengthening the fuel market, according to the ministry.
During the inspection period, wholesale fuel firms and distributors will have their licenses re-checked and reviewed to promptly detect violations and prevent substandard fuel trading, as over the past few years licensing fuel traders has been rampant.
In related news, HCMC seems to face a potential shortage of gasoline, as many gas stations in the city are offering each customer a volume of petrol worth VND30,000, meaning that each buyer is only able to purchase over one liter of gasoline. Meanwhile, others disagreed to refill cans brought with residents.
Also, many wholesale firms have sold a limited volume of fuel to retailers.
The owner of a filling station in the city told Tuoi Tre Online that the gas station only sold each customer VND30,000 of gasoline, as the station did not want to order more fuel due to losses. She said that though fuel wholesalers still provide retailers with gasoline, they receive a zero-percent discount.
Source: SGT
Source: https://vietnamnet.vn/en/business/trade-ministry-to-inspect-major-fuel-suppliers-816733.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.
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| 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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