Business

Vietnam Electricity made a loss of over VND36.29 trillion ($1.55 billion) in 2022 due to rising costs, the Ministry of Industry and Trade has said. The state-owned power manager and distributor’s financial performance is an important yardstick for the government in deciding whether to hike electricity tariffs this year. It …

Banking credit growth was just 2.06% year-on-year in the first quarter of this year partly because businesses faced difficulties and had no need to borrow, according to the central bank. “Credit demand has gone down in some areas partly because enterprises lacked orders and production was stagnant,” Dao Minh Tu, …

Instant noodle producer Colusa-Miliket, best known for its Miliket brand, reported record revenues of VND631 billion (US$26.7 million) for 2022 following a 10% rise. It declared its results for last year showing net profits were up 50% from 2021 at VND21 billion, but lower than in the pre-pandemic period. Over …

Vietnam needs VND270 trillion ($11.5 billion) to upgrade its national fuel reserves by 2030 as the current capacity is considered thin and could lead to shortages. Currently the country has to use storage units at fuel distributors to store the national fuel reserves and the capacity amounts to nine days …

Over 800 container trucks were stuck at Vietnam’s border gates with China in Lang Son Province Thursday amid an increase in the transportation of agriculture produce in the middle of the harvest season. The Dong Dang International Border Gate has been receiving more than 1,000 container trucks each day, even …

The central bank on Friday said it would cut caps on interest rates of dong-denominated deposits from April 3, by 0.5 percentage points to between 0.5% and 6.0% depending on maturities. It said the overnight electronic interbank rate would also be kept at the current level of 6.0%. The bank …

The worst might be behind the steel industry but it is hard to determine whether the market has recovered, Tran Dinh Long, chairman of Hoa Phat Steel, has said. “In 2022 the steel industry was going through a difficult cycle. I predicted this at last year’s meeting, and honestly it …

Vietnam’s central bank pledged on Friday to keep monetary policy flexible for the rest of the year to support economic stability amid external challenges, with space for more interest rate cuts while it prioritizes keeping inflation in check. The State Bank of Vietnam (SBV) said it was confident the country …

The State Bank of Vietnam (SBV) wants to restart a program to give businesses debt extensions amid economic challenges. In a meeting with representatives of the central bank Thursday, business leaders said what they need most now is a delay in debt payment amid many financial difficulties. Nguyen Ngoc Hoa, …

Vietnam’s benchmark VN-Index rose 0.49% to 1064.64 points Friday in its ninth straight session in the green. The index closed 5.20 points higher after gaining 3.11 points on Thursday. It is now at the highest since Feb. 21. Trading on the Ho Chi Minh Stock Exchange (HoSE) increased by 7.12% …