Business

The Ministry of Industry and Trade should take responsibility in regulating the fuel market instead of pushing this task on other government bodies, lawmakers said Wednesday. Although several agencies are involved in managing the fuel market, the trade ministry needs to take the lead in this duty, and should be …

Vietnam’s benchmark VN-Index dropped 1.02% to 1023.19 points Wednesday, with two-thirds of blue chips falling. The index closed 10.56 points lower after gaining 5.81 points on Tuesday. Trading on the Ho Chi Minh Stock Exchange (HoSE) fell by 6% to VND10.10 trillion ($406.29 million). The VN-30 basket, comprising the 30 …

E-commerce platforms like Shopee, Tiki or Lazada will not have to file tax on vendors’ behalf and instead only provide authorities with their revenue and other details. Every quarter the platforms will need to submit vendor details including name, tax ID, personal ID, address, phone number and revenue, according to …

Vietnamese 5% broken rice, which usually costs less than its Thai peers in export markets, raced past them in October to reach record levels. It fetched $425-430 per ton, $48-51 and $18-25 higher than similar varieties from India and Thailand, according to the Ministry of Agriculture and Rural Development. Vietnam …

The prices of some older iPhone models are rising amid a shortage of the latest iPhone 14 Pro and Pro Max phones and the dollar’s sharp appreciation. Two weeks ago Ngoc Huyen in Ho Chi Minh City saw a store charging VND21.5 million (US$865) for a 128GB iPhone 13 Pro …

The looming global recession is likely to stymie HCMC’s efforts to achieve strong economic growth next year, its government has admitted. After bringing the Covid-19 pandemic under control at the end of last year, the city had aimed to “regain what was lost” this year before accelerating economic development next …

Individual investors lowered offering prices for land and houses in HCMC by some 30% in October, while companies gave discounts of 40-50% to boost stagnant sales. Early October, an individual investor named Nien sold an apartment at a big project in the city’s Thu Duc City for VND1.8 billion ($72,600), …

A Taiwanese shoemaker in HCMC’s Binh Tan District has laid off 1,185 workers, and blamed it on a drying up of orders. In an announcement Monday Ty Hung Co. Ltd, which said its customers face financial issues and have not placed new orders. Despite trying everything it could, it is …

Leading steelmakers in the country have reported biggest-ever Q3 losses in amidst low sales, rapidly falling prices and high inventories. The nation’s biggest steelmaker, Hoa Phat, incurred negative after-tax return of VND1.79 trillion ($72 million), the first loss it has reported in 13 years. This is also the third consecutive …

As many as 108 of 550 fuel stations in Ho Chi Minh City, or nearly 20% of the total, are recording an inventory shortage. The shortage is more severe in outskirt districts like Cu Chi, Hoc Mon, Binh Chanh, Binh Tan and 12, where many retailers comprise family businesses and …