Business
Transport costs rise as fuel prices surge
HCM CITY — The sharp rise in gasoline prices is pushing up transport costs and thus fares, bus operators said.
Eleven transport businesses operating at the Miền Đông (Eastern) bus station have announced a fare hike of 20 per cent starting at the end of this month, Nguyễn Lâm Hải, head of the station’s planning department, said.
Operators have suffered losses as a result of a sharp drop in the number of commuters and the relentless rise in fuel prices, he said.
The number of passengers has dropped by half this year from pre-pandemic levels, he said.
Operators at the Miền Tây (Western) coach station are also likely to hike fares.
Lê Thị Đoan Trinh, human resources director at GHN Express, a provider of nation-wide express delivery services, said the increase in gasoline prices has added around VNĐ2 billion (US$87,700) to the operation costs.
It is bearing the rising costs to maintain a competitive pricing, Trinh said.
Sài Gòn New Port Corporation has announced that it would increase container freight rates by 10-30 per cent from April 1.
The rising fuel prices are pushing up the costs of freight, loading and unloading, forcing it to raise the rates, it said in a statement released on Sunday.
Container truck rates will rise by 10 per cent between Đồng Nai Port and Cát Lái Port, and 30 per cent between inland container depots to the Tân Cảng- Cát Lái Terminal.
A spokesperson for the HCM City Cargo Transport Association said its members would increase freight rates in the next few days.
Financial support
The Ministry of Transport expects to provide various kinds of support to help transport businesses, which have been hit hard by the soaring petroleum prices, survive.
It also wants the Government to direct related agencies to provide credit at conducive interest rates and tenors to airlines.
It said rollover of loan repayments and interest rate reductions are needed for inland waterways transport operators.
It wants Government agencies and local authorities to reduce a number of fees and charges.
Inland water and marine transport businesses long for want the environment tax on petroleum to be cut from March until global crude oil prices fall under US$80 a barrel.
They also want the special consumption tax reduced to 5-6 per cent from the current 10 per cent until the end of the second quarter. —
Source: https://vietnamnews.vn/economy/1165536/transport-costs-rise-as-fuel-prices-surge.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.
 |
| 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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