Day: November 26, 2021

Vietnam Report JSC has honoured the top 10 enterprises in its 2021 PROFIT500, a list of the 500 most profitable businesses in Vietnam this year.

They include Samsung Electronics Thai Nguyen Limited Company, Viettel Military Industry and Telecoms Group, Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), and Vietnam Oil and Gas Group (PetroVietnam).

The remaining enterprises are Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), Vietnam Technological and Commercial Joint Stock Bank (Techcombank), Hoa Phat Group, Vietnam Electricity (EVN), Vingroup, and Vietnam Dairy Products Joint Stock Company (Vinamilk).

According to General Director of the Vietnam Report JSC Vu Dang Vinh, PROFIT500 recognises business representatives, who demonstrate superiority in financial and communication strength, growth potential, sustainable development, management quality, and position in the market.

Among 339 listed firms ranked in the PROFIT500, 53.1 percent still maintained their profit growth during 2019 – 2020 and in the first six months of 2021, while 24.4 percent began recovering and regained the momentum of profit growth in the first half.

Given the fourth COVID-19 outbreak with complicated developments, profits are not enough, he said, adding that the condition requires sustainable profits based on inner strength, market flexibility, technology application, and rearrangement of supply chains, among other factors.

The Vietnam Report also released its bilingual report ‘Vietnam Earnings Insight 2021’ on profit trends according to economic sectors in 2021 – 2022.

Source: Vietnam News Agency

Despite the prolonged COVID-19 pandemic, shrimp exports have remained strong this year, also causing local retail prices to rise in the Mekong Delta.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in the first 10 months shrimp exports rose by 2.6 percent to 3.2 billion USD, with shipments to the US rising sharply.

The US accounted for 24 percent of exports as they rose 25 percent to nearly 1.7 billion USD.

The EU accounted for 12 percent at 864 million USD after rising by 7 percent, and the Republic of Korea accounted for 9 percent at 643 million USD.

Exports to Japan fell by 7 percent to 1.08 billion USD, and to China, by a whopping 24 percent to 872 million USD.

Frozen small white shrimp, processed white-leg shrimp, fish balls, surimi, whole fillet, cut pieces, dried anchovies, and dried squid were some of the best-selling products.

Exports of frozen whole shrimp, especially tiger shrimp, decreased due to the high prices and tight control over frozen food imports in China.

According to experts and businesses, thanks to lifting of COVID restrictions in southern provinces and cities, supply chains have been re-established, with shrimp exports gradually recovering since October.

Besides, the fourth quarter is when demand for shrimp peaks in Europe and the US.

According to the Vietnam Industry and Trade Information Centre, global demand for shrimp is generally on the rise, especially in large markets.

With supply from other countries still hit by the pandemic, Vietnam’s exports are likely to rise enormously in the next few months due to the numerous free trade agreements it has and its production remaining steady.

Exports by delta provinces will remain high due to the many sales contracts businesses there have signed, but rising transport costs and potential COVID-related complications remain major challenges, according to many provinces.

Vietnam targets shrimp exports of 4 billion USD this year.

Source: Vietnam News Agency

A photo exhibition entitled ‘Vietnam through the Lens of International Photographers’ opened in the northern province of Ninh Binh on November 26.

The event is jointly organised by the Department of Fine Arts, Photography and Exhibition at the Ministry of Culture, Sports and Tourism together with the Ninh Binh People’s Committee.

Hailing it as a focus of the 2021 Vietnam International Photography Festival, Deputy Minister of Culture, Sports and Tourism Doan Van Viet said the exhibition is hoped to promote the images of Vietnam’s landscapes and people, as well as strengthen international exchanges via photography.

As many as 177 works captured by 93 photographers are being showcased. They were chosen from a total of 1,567 entries submitted by 98 professional and amateur photographers from 19 countries and territories.

The exhibition is open to visitors free of charge at the Library of Ninh Binh province, and also available on the department’s website at http://ape.gov.vn./. It will run until December 3.

The Vietnam International Photography Festival is a biennial event aiming to build national brand for Vietnamese photography, popularise the country’s charms and people, and bolster international exchanges and cooperation through photography.

It is the first time the festival has been held in Ninh Binh.

Source: Vietnam News Agency

Vietnam and Switzerland have agreed to soon conclude negotiations on a free trade agreement (FTA) between Vietnam and the European Free Trade Association (EFTA), of which Switzerland is a member.

Vietnamese President Nguyen Xuan Phuc and his Swiss counterpart Guy Parmelin made the announcement at a joint press conference following their talks in Bern city on November 26.

Describing President Phuc’s official visit as a new development milestone in Switzerland-Vietnam relations, President Parmelin said the two sides still have many opportunities and much potential for growth.

The Vietnamese leader noted that he and his Swiss counterpart shared the view that despite development, the bilateral cooperation has yet to match potential of both nations, and they agreed to soon conclude the talks on the FTA between Vietnam and the EFTA.

He added Vietnam welcomes the two countries and their businesses promoting innovation cooperation.

The Presidents agreed to elevate the two nations’ 2019 letter of intent on innovation, science and technology to a protocol on innovation. Therefore, Vietnam welcomes Swiss companies to cooperate with the Southeast Asian country in innovation and digital economy.

The Swiss President said he wanted to sign a free trade agreement (FTA) similar to the deal that Vietnam signed with the European Union, thereby eliminating barriers to goods circulation between the two countries. Another priority is to build a favourable legal framework and effectively enforce intellectual property rights, he said, adding that these are factors that will strongly attract Swiss investors to invest in Vietnam.

President Parmelin informed that he and President Phuc had agreed to assign the heads of the two negotiating teams to accelerate the talks on the EFTA-Vietnam FTA.

Source: Vietnam News Agency

The Vietnam – Russia Youth Forum 2021, which took place both online and offline in Russia and Vietnam, wrapped up on November 26 after three days of sitting.

Co-hosted by the Central Committee of the Ho Chi Minh Communist Youth Union (HCYU), the Federal Agency for Youth Affairs of Russia, the Committee for External Relations of Saint Petersburg city and the Vietnamese Embassy in Russia, the event drew 56 Russian and Vietnamese young delegates.

Speaking at the event, Secretary of the HCYU Central Committee and Standing Vice Chairman of the National Committee on Youth of Vietnam Nguyen Ngoc Luong called on the two countries’ youths to continue serving as friendship bridges, thus making active and responsible contributions to lifting the relationship between the two peoples to a greater height.

Participants held discussions on the topics of enhancing cooperation to promote green tourism, and voluntarily driving back COVID-19 for social welfare.

Within the framework of the event, the Vietnam Youth Academy and the Herzen State Pedagogical University of Russia signed a cooperation agreement, and various offline activities were organised in the northern province of Hoa Binh.

Source: Vietnam News Agency