Day: August 8, 2022

 Four member companies of the Vietnam Oil and Gas Group (PetroVietnam) have been named in the list of the top 50 listed firms in Vietnam in 2022 compiled by Forbes Vietnam.

They are Petrovietnam Gas Corporation (PV Gas), PetroVietnam General Service Joint Stock Corporation (Petrosetco), PetroVietnam Fertilizer and Chemicals Joint Stock Corporation (PVFCCo), and PetroVietnam  Camau Fertilizer JSC.

PV Gas is at the ninth place in the list this year. This is the 10th consecutive year that the company has been honoured in the list.

The company posted record revenue and profit in the first six months this year, with net turnover at 54.342 trillion VND (2.32 billion USD at current exchange rate), up 35% year on year and after-tax profit at 8.637 trillion VND, up 98% year on year. In the period, PV Gas produced and supplied more than 1 billion tonnes of LPG, accounting for 70% of the domestic gas wholesale market.

Meanwhile, it is the sixth time PVFCCo has made its way onto the list. The company has maintained its growth in the first half of this year, posting revenue of around 10 trillion VND and parent company’s pre-tax profit of over 4 trillion VND. The production and business outcomes in the period demonstrated the rising contribution of chemical business to the company.

PVFCCo produces more than 600,000 tonnes of chemicals of all types each year, with 540,000 tonnes of ammonia (NH3). The company supplies 90% of NH3 demand in the southern region’s market. It now holds 10% of the domestic fertilizer market and 37% of the urea fertilizer market.

The company reported two-digit growth rates in net revenue and post-tax profit in the period from 2017 to 2021, at 11.42% and 23.28%, respectively.

For PVCFC, this is the second time it has been named in the list. It reported more than 8.24 trillion VND in total revenue and 2.451 trillion VND in pre-tax profit in the first half of this year.

During the period, PVCFC had accomplished all business targets. Accordingly, the company’s urea fertiliser equivalent production output reached 474,350 tonnes, equal to 55% of the year’s plan and up 4% year on year.

Meanwhile, urea fertiliser consumption was estimated at 432,380 tonnes, equal to 56% of the full-year plan and up 3% year on year.

The company paid 297.85 billion VND to the State coffer, up 3.4 fold of the yearly target.

Meanwhile, this is the first time Petrosetco has been named in the list. It reported revenue of 8.7 – 9.0 trillion VND and consolidated profit of 160 billion VND in the first six months of this year, an increase of 6-7% year on year.

Last year, the company posted a ten-year high revenue of 17.598 trillion VND, surpassing the yearly plan by 17% and rising 31% from the previous year. Its pre-tax profit topped 415 billion VND, surpassing plans by 66% and doubling the figure of 2020.

US business magazine Forbes Vietnam applied its global ranking method to compile the list but also took into consideration the characteristics of the Vietnamese market.

Voting criteria are based on the results of three rigorous screening rounds. The preliminary round selects companies with a good business situation, stable listing on HOSE and HNX, market capitalization and revenue of at least 500 billion VND. The next round of assessment is based on metrics like compounded annual growth rate, return on equity, return on capital, and earnings per share in 2016-20.

Besides, companies also have to satisfy criteria like sustainable development, their position in the industry, profit sources, governance quality, and industry development prospects./.

Source: Vietnam News Agency

 Prime Minister Pham Minh Chinh on August 8 described digital transformation as an important tool for the building of an independent and self-reliant economy and the extensive and effective integration into the world.

He made the remark while chairing the third meeting of the National Committee on Digital Transformation in Hanoi.

The Ministry of Information and Communications reported that digital transformation was promoted strongly and reaped encouraging outcomes in the first half of 2022.

So far, 100% of the enterprises have used e-invoices, e-commerce revenue reached 11.27% of total retail sales (compared to the target of 7%), 66% of the people aged 15 and above had payment accounts (1% higher than the target), 70.91% of the adults owned smartphones (compared to the target of 85%), and 71.75% of all the households used broadband cable internet (compared to the target of 75%).

Digital infrastructure has continued to be improved, with fixed and mobile broadband internet speeds respectively reaching 71.79 Mbps and 35.29 Mbps, up 32.7% and 4.7% year on year.

Besides, 35 national digital platforms have been developed, of which 31 have become operational and four on a trial basis. Ministries and sectors have also coordinated to build 50 other platforms, including 18 serving the formation of a digital government, 16 for a digital economy, and 16 for a digital society. Breakthroughs have also been recorded in the digital economy, whose added value has made up about 10.41% of GDP, according to the ministry.

However, certain difficulties and shortcomings still exist, including the shortages of capable personnel and funding for the task and the lack of monitoring mechanisms.

PM Chinh, who is also head of the national committee, said digital transformation needs constant reforms, a breakthrough mindset, a strategic vision, proactiveness, and creativity.

He underlined the importance of mobilising every resource for the work, especially through the public – private partnership, while ensuring harmonious interests among the State, people, and enterprises.

He asked ministers, heads of ministry-level bodies and Government agencies, chairpersons of the provincial-level People’s Committees, and the steering committees for digital transformation of ministries, sectors, and localities to drastically carry out the assigned tasks under the national digital transformation programme, the national strategy for developing the digital Government, and the national strategy for developing the digital economy and society to meet the targets for 2022.

The Government leader also gave out duties to each ministry and sector while requesting businesses, particularly those in the information, communications, and science – technology industries, to play an active role in the national digital transformation process./.

Source: Vietnam News Agency

 The Spanish Embassy in Vietnam has released a notice affirming that from August 8, it accepts visa applications of holders of the Vietnamese new passports again, requesting applicants to submit their valid ID cards together with the passports.

According to the notice, after conducting compulsory technical consultations, authorised agencies of Spain decided to accept the new-style passport (dark blue cover) of Vietnam as it includes necessary information in line with international regulations.

However, as the place of birth is a compulsory information for applicants of Schengen visas, holders of the new passports must include their valid ID cards in their applications to show this information, it said.

It reminded visa applicants with the new passports to be aware that, according to Schengen regulations, visas issued on the passports will not be valid for entry into the territories of the Schengen member states where the new passports are not accepted. Therefore, the embassy recommended that visa applicants who plan to travel many different countries must contact the embassies of those countries before departing.

The embassy added that the old passports with a green cover, which show “place of birth” information and are not restricted from entry by any of the Schengen member states, will continue to be accepted normally.

Earlier on August 1, the Spanish Embassy in Vietnam announced that it cannot accept Schengen visa applications from Vietnamese citizens using new-style passports due to a lack of information about place of birth in the passports./.

Source: Vietnam News Agency

 The Ministry of Foreign Affairs organised a ceremony in Hanoi on August 8 to fly the ASEAN flag in celebration of the bloc’s 55th founding anniversary (August 8, 1967) and 27th anniversary of Vietnam’s accession to the regional organization (July 28, 1995).

The ceremony was chaired by Foreign Minister Bui Thanh Son, and attended by Ambassadors of ASEAN countries and ASEAN partners, along with local officials.

The annual ASEAN flag hoisting ceremony is held in each ASEAN member state to honour their common values and express the determination to promote solidarity and cooperation. This year’s event is of greater significance since the region is working towards the establishment of the ASEAN Community at the end of 2015 and Vietnam is marking its 20th year of ASEAN membership.

The ASEAN flag’s colours – blue, red, white and yellow – represent the main colours of the member countries’ flags. It symbolises unity and support for the bloc’s principles and mission, and represents a stable, peaceful, united and dynamic ASEAN.

Addressing the ceremony, Minister Son said the foundation of ASEAN 55 years ago created the precedence for regional countries to realise their aspiration for a peaceful, stable region with sustainable and inclusive development. This year’s event is of greater significance since the region is working towards the establishment of the ASEAN Community at the end of 2015 and Vietnam is marking its 20th year of ASEAN membership.

The ASEAN flag’s colours – blue, red, white and yellow – represent the main colours of the member countries’ flags. It symbolises unity and support for the bloc’s principles and mission, and represents a stable, peaceful, united and dynamic ASEAN.

Addressing the ceremony, Minister Son said the foundation of ASEAN 55 years ago created the precedence for regional countries to realise their aspiration for a peaceful, stable region with sustainable and inclusive development.

Source: Vietnam News Agency

 The finale of Miss World Vietnam 2022 will take place at MerryLand Quy Nhon in Quy Nhon city, the south-central province of Binh Dinh, on August 12 with the competition of 38 beauties.

The final night will include Ao dai (traditional long dress), swimsuit, evening gown, and question-and-answer rounds.

This year, the winner will receive a reward of 300 million VND (12,825 USD) in cash and a crown called Ocean Lotus. Meanwhile, the first runner-up will receive 150 million VND and the second, 100 million VND.

Miss World Vietnam 2022 will also seek a representative for Vietnam at Miss World.

Earlier, the 38 finalists had travelled through Hanoi, Ho Chi Minh City, Thai Nguyen, Ninh Thuan and finally Binh Dinh, where they participated in activities to spread humanistic values and promote the country’s image.

Miss World Vietnam 2022 is the second edition of the Miss World Vietnam pageant. In 2019, Luong Thuy Linh, a 19-year-old student from the northern province of Cao Bang, surpassed 38 others to become the first Miss World Vietnam./.

Source: Vietnam News Agency

 Minister of Foreign Affairs Bui Thanh Son wrote an article entitled ’55 years of ASEAN: One Vision, One Identity, One Community’ on the 55th anniversary of the Association of Southeast Asian Nations (ASEAN) (August 8, 1967-2022).

Following is the full text of the article:

“On August 8, 1967, the Association of Southeast Asian Nations (ASEAN) was established, initiating the process of extensive integration for the sake of peace, stability, and development in Southeast Asia and the region.

From a group of Southeast Asian nations divided by wars, after 55 years of growth, ASEAN is today one of the most important, reputable, and successful regional organisations in the world, a ‘common home’ for 650 million people in 10 Southeast Asian countries with diverse culture, the fifth largest economic community in the world, and an important and reliable partner of many countries in the world, and an organisation that holds a central role in the many important dialogue, cooperation and connectivity processes in the region.

The journey to build an ASEAN Community with shared vision and identity

The creation of ASEAN 55 years ago has reflected the aspiration of many countries in the region for peace, stability, friendship, cooperation, and development. Overcoming the vicissitudes of time and adapting to the changes in the region and the world at large, ASEAN has been growing consistently and perfecting itself on multiple fronts.

In 1995, Vietnam’s accession to ASEAN laid the foundation for the ‘common home’ connecting 10 Southeast Asian countries.

In 1997, for the first time ever, ASEAN adopted the ASEAN Vision 2020 on a community “cohesive in shared identity,” satisfying the aspirations of the member states for a Southeast Asian region “where rivers and mountains no longer divide but unite us in friendship and cooperation.” In particular, the formation of the ASEAN Community in 2015 with three pillars of security-political, economic, and socio-cultural has raised the process of cooperation and regional linkage to a new height for the sake of peace, cooperation, and mutual prosperity.

The “ASEAN Way,” based on the basic principles of international law, solidarity, consensus, non-interference in internal affairs, is always preserved, fostered, promoted, and has built value and identity for ASEAN.

It is the “ASEAN Way” that has helped ASEAN and its member countries overcome the turbulent periods of the region and the world. At the same time, when successfully overcoming challenges and difficulties, ASEAN becomes more mature, the spirit of solidarity and unity is enhanced, and ASEAN’s methods and identity shine ever more brightly. As a result, ASEAN has affirmed its prestige, position, and central role, expanding substantive and deeper relations with its partners, and winning extensive and practical international support to promote the development and integration of ASEAN.

To date, ASEAN has a dialogue partnership with 11 important countries and international organisations (China, USA, Russia, Japan, the Republic of Korea, India, EU). Many stances and regulations of ASEAN such as the ASEAN Charter, the Treaty of Amity and Cooperation (TAC), etc. are welcomed and embraced by the international community.

Being faithful to its purpose and operating principles, ASEAN has played an important role in promoting dialogue, cooperation, and confidence-building among countries inside and outside the region in order to maintain peace, stability, development, and cooperation in the region.

On the basis of upholding international law, settling disputes and disagreements via peaceful means in accordance with international law and the 1982 United Nations Convention on the Law of the Sea, ASEAN has been making important contributions to the maintenance of a peaceful and stable environment in the South China Sea, which has been recognised and supported by the international community.

Promoting integration and economic linkage has always been a central content in the ASEAN integration process for the past 55 years. To date, intra-regional trade accounts for about 25% of ASEAN’s total trade. ASEAN GDP in 2021 reached 3,360 billion USD, an increase of more than 30% compared to 2015 when the ASEAN Community was established. In addition, ASEAN is also at the centre of an open economic space with a network of eight free trade agreements (FTAs) including the ASEAN Free Trade Area (AFTA) and seven FTAs with important partners, of which the Regional Comprehensive Economic Partnership (RCEP) is meant to create a free trade area that accounts for 30% of the world’s population and 32% of global GDP.

After 55 years of construction and development, ASEAN can be proud of being a model of successful regional integration. The achievements have been a solid foundation for ASEAN to strive to fulfil the ASEAN Community Vision 2025 and build the ASEAN Community Vision Post-2025 to further strengthen the unity, resilience, and responsiveness of the ASEAN Community. Unity is for making consensus, promoting community awareness, shared responsibility for the sake of long-term mutual benefits of the ASEAN Community, for the maintenance of peace, stability, cooperation, and development in the region. Resilience is for maintaining the fortitude, promoting internal potentials and strengths of each ASEAN member state and of the whole ASEAN Community.

Responsiveness is for maintaining self-confidence, spirit of dynamism and innovation to steadily rise against the complex changes in the region and in the world.

Vietnam for a united, strong, and developed ASEAN

ASEAN holds an important position in Vietnam’s foreign policy and international integration efforts. Joining ASEAN in 1995 was a strategic decision of our Party and State, contributing to setting a new stage of international integration and development of the country, consolidating a peaceful, stable and competitive environment, capitalising on external resources for the construction and defence of the Fatherland as well as to enhance the prestige and position of the country.

Consistent with the foreign policy of independence, self-reliance, peace, friendship, cooperation and development, multilateralisation, diversification, and respect for ASEAN’s principles, methods and identity, Vietnam has seriously fulfilled membership commitments and obligations, made many important contributions to the strengthening of the ASEAN solidarity and realisation of the idea of ASEAN consisting of 10 member countries, building the ASEAN Community, and realising the ASEAN Vision 2025.

The times when Vietnam took over the ASEAN Chairmanship, the association faced a lot of challenges. In particular, as the Chair of ASEAN 2020, in the face of unprecedented difficulties caused by the COVID-19 pandemic, Vietnam has persisted in ASEAN’s principles, fully embodying the spirit of cohesion and responsiveness, and helping steer the ASEAN ship through turbulence, maintain the momentum of regional cooperation and connectivity, and orient the development of the ASEAN Community in the new period.

Implementing the foreign policy set in the 13th National Party Congress, Vietnam will continue to work with ASEAN countries to further promote the identity and central role of ASEAN, build a united and strong ASEAN Community, bring essential benefits to all ASEAN members as well as partners inside and outside the region.

With the motto of ‘proactive, active, sincere, reliable and responsible,’ Vietnam strives to do its best together with ASEAN to continue writing successful chapters on building the ASEAN Community, making important contributions to peace, stability, cooperation, and development in the region and in the world./.

Source: Vietnam News Agency

 Representatives of the Vietnamese Embassy in Russia led by Ambassador Dang Minh Khoi have visited Vietnamese people in Russia’s southern city of Krasnodar.

During the trip on August 6, the delegation visited some commercial establishments, a market where many expatriates do business, and Royal City Mall – a trade centre built and owned by Vietnamese people.

Talking to the delegation, Do Minh Chanh, Chairman of the Vietnamese People’s Association in Krasnodar region, said there are about 100 Vietnamese families with over 500 members, together with 30 students from the country, in Krasnodar at present.

Before the COVID-19 pandemic broke out, they had frequently organised community activities to enhance solidarity, he said, noting Russia’s special military operation in Ukraine has been affecting their business and daily activities.

Ambassador Khoi thanked the Vietnamese community in Krasnodar for assisting the compatriots stranded in the south and east of Ukraine to return to the homeland via Russia. He also appreciated their contributions to Vietnam’s combat against COVID-19.

The diplomat informed the expatriates about Vietnam’s recent successes while analysing impacts of the current world situation, especially Russia’s special military operation in Ukraine.

He highly valued the community’s solidarity, asking them to uphold this tradition to surmount uncertainties caused by the West’s sanctions against Russia.

At the meeting, Khoi also fielded questions from the community and wished them more successes, development, and contributions to the homeland./.

Source: Vietnam News Agency

 The US Department of Commerce (DOC) announced that it has launched a trade remedy duty evasion investigation into a number of steel pipe products imported from Vietnam.

According to the Trade Remedies Authority of Vietnam under the Ministry of Industry and Trade, in this case, the plaintiffs, including US large steel pipe manufacturers, accused Vietnam of importing hot rolled steel (HRS) – the main raw material for the production of steel pipes – from China, Taiwan (China), the Republic of Korea, and India, and then simply processing them into steel pipes and exporting them to the US in order to avoid the respective trade remedies that the US is applying to these countries.

According to US law, relevant parties have 30 days from the date of initiation to submit comments and provide counter-information to US investigative agencies. Within 300 days of initiation, the DOC must issue a final conclusion of the case, which may be extended, but for a total period not exceeding 365 days.

Earlier in May, the US received requests to investigate against trade remedy tax evasion with a number of Vietnamese steel pipe products.

The Trade Remedies Authority of Vietnam advised relevant steel pipe producers and exporters to continue studying the regulations and procedures for trade remedy evasion investigation in the US.

In addition, businesses need to properly and fully comply with the requirements of the US investigation agency and closely coordinate with the authority throughout the case, it said./.

Source: Vietnam News Agency