Business

Saudi Arabia’s Ministry of Foreign Affairs has launched a new transit visa allowing stopover air passengers to stay in the kingdom for up to four days for tourism and pilgrimage purposes. The new visa, which is only for passengers flying with Saudia Airlines and Flynas Airlines, came into effect on …

Saigon Jewelry Company gold price fell 0.44% to VND67.3 million ($2,869.93) per tael Wednesday morning after rising on the God of Wealth Day. PNJ of Phu Nhuan Jewelry sold its gold at VND54.5 million per tael, unchanged from Tuesday. A tael equals 37.5 grams or 1.2 ounces. Demand for gold …

There were 10,800 newly-registered enterprises with total registered capital of VND99.1 trillion ($4.22 million) in January 2023, representing respective decreases of 16.6% and 48.5% over the same period last year. Data from the Business Registration Management Agency under the Ministry of Planning and Investment showed that the average registered capital …

Photos of three foreigners begging near Duong Dong Market on Phu Quoc Island have gone viral on social media, prompting local authorities to step in to verify. Huynh Quang Hung, chairman of island city, said he instructed the police to investigate, local media reported. Photos show the three men with …

Vingroup’s revenues rose by 1% to VND130.5 trillion (US$5.57 billion) last year, but its auto and property businesses fared poorly. It reported a post-tax profit of VND2 trillion as against a loss of VND7.6 trillion in 2021. Its auto subsidiary, VinFast, sold 7,400 electric vehicles last year for revenues of …

Gold has been the most profitable investment asset in Vietnam since early 2020, with a profit margin of 50% over the last three years, beating bank deposits, the U.S. dollar, and stocks. Gold Global geopolitical tensions and downward economic trends have pushed gold prices up by over 50% since the …

Pomina Steel has reported a loss of VND1.127 trillion (US$48 million) for 2022, adding another name to the list of steel giants in the red. In the fourth quarter its revenues plummeted to VND1.8 trillion, or less than half the 2021 figure and the lowest since 2010, as it made …

Asia Commercial Joint Stock Bank (ACB) made its biggest ever profit of VND17.1 trillion (US$724.58 million) last year, representing a year-on-year increase of more than 40%. According to its consolidated financial statement, income from interest and services both increased by over 20% to VND23.5 trillion and VND3.5 trillion. Net profits …

Conglomerate Masan Group, parent company of beverage chain Phuc Long Heritage, said the chain’s profits of VND195 billion ($8.26 million) last year topped the Vietnamese bubble tea market. Phuc Long, which opened 25 new stores in the last quarter of 2022, bringing its total to 132, raked in revenues of …

Property developers plan to cut costs, slow investment, and target lower-income housing markets in 2023 amid frozen real estate market. A VnExpress survey of 10 property developers in Ho Chi Minh City and other southern localities showed that more than 70% of businesses were taking a more cautious approach to …