Business

After a year of record profits, fertilizer companies saw them plummet last quarter as the prices of urea, potassium, NPK, DAP, and others fell. Ca Mau Petroleum Fertilizer Joint Stock Company reported profit after tax of VND230 billion (US$9.8 million), a 85% drop year-on-year. This was because urea, its main …

One of Apple’s few premium resellers in Vietnam, eDigi, announced it is closing down due to declining sales. Imex Pan Pacific Group (IPPG), whose chairman is luxury retailer and tycoon Johnathan Hanh Nguyen, established eDigi in a prime location in Ho Chi Minh City next to the Post Office in …

Vietnam’s leading car manufacturer VinFast has planned to add mini car model to its lineup, company chairman Pham Nhat Vuong announced. The richest man of Vietnam told the company’s annual meeting on Wednesday that VinFast aims to be the market leader in electric vehicle coverage in all segments. The battery-powered …

Inflationary pressure and banks’ concerns about rising bad debt have kept loan interest rates high, the State Bank of Vietnam (SBV) has said. Many businesses are complaining that a high loan interest rate of around 9.3% a year is leaving them unable to access credit to keep their operations going, …

Vietnam’s benchmark VN-Index dropped 0.51% to 1060.44 points Wednesday, but with trading rising double-digit. The index closed 5.47 points lower after gaining 0.20 points on Tuesday. Trading on the Ho Chi Minh Stock Exchange (HoSE) increased by 17.64% to VND13.27 trillion ($565.84 million). The VN-30 basket, comprising the 30 largest …

Vietnam’s VinFast expects to sell as many as 50,000 electric vehicles (EVs) this year, an almost seven-fold increase over 2022 as it ramps up exports to North America and starts shipping to Europe, the company’s founder said on Wednesday. VinFast could hit break even as soon as the end of …

Investing in electric vehicle manufacturing is Vingroup’s mission to contribute to Vietnam’s development by building a high-tech brand with global influence, according to chairman Pham Nhat Vuong. “If it were just for money, the board of Vingroup would not dive into a sector as difficult as manufacturing electric cars,” the …

Hundreds of homebuyers at Hausbelo apartment project in Thu Duc City have seen no construction in four years and face to loose their money due to confusion as to who the real developer is. In recent weeks, hundreds of customers have been gathering at the headquarters of AHC Minh Son …

Many banks have cut deposit interest rates this month, bringing the average rate to below 9. The rate is half a percentage point lower than at the start of this year for terms of less than six months, and one point lower for longer tenors. Some banks offered nearly 10% …

The U.S. dollar rose against the Vietnamese dong Wednesday morning. Vietcombank sold the dollar at VND23,625, up 0.02% from Tuesday. Eximbank kept its rate stable at VND23,600. Techcombank’s rate was also unchanged at VND23,623. The State Bank of Vietnam raised its reference by 0.02% to at VND23,656. Unofficial exchange points …