Business news headlines

A pavilion at the first-ever livestream promoting products of Hanoi’s “One Commune, One Product” (OCOP) programme was held early this month. (Photo courtesy of the Hanoi Department of Agriculture and Rural Development )

Hanoi (VNS/VNA) – Hanoi’s Department of Agriculture and Rural Development has been supporting farmers, cooperatives, and enterprises to promote the consumption of farming products via modern distribution channels in the context of the COVID-19 pandemic.

Deputy director of the department Nguyen Ngoc Son said that, to expand the agricultural product market, the department has strengthened the connection between Hanoi and other provinces and cities in consuming safe agricultural products.

Of which, it has cooperated with the municipal Department of Industry and Trade to support localities’ trade promotion  activities in the capital city to increase the consumption of agricultural and seafood products.

“Besides that, the department has also organised direct connection activities among manufacturers – distributors – consumers in the city, and launched the website https://chonhaminh.gov.vn to promote connections on the e-commerce platform,” Son said.

“Hanoi has also supported businesses in building and advertising their brands of agricultural products to promote consumption via supermarkets, food chains, restaurants, and hotels.”

Specifically, the department has connected with supermarket chains, such as Central Group, MM Mega Market, Vinmart and BRG, to consume more than 130 tonnes of Chi Linh chicken of Hai Duong province; 56,000 tonnes of mango and 98,000 tonnes of longan of Son La province; 12,000 tonnes of vegetables, fruits and seafood products of Hai Duong, Quang Ninh and Ha Giang provinces, and Vinh Chau purple onions of the Mekong Delta province of Soc Trang.

The first-ever livestream promoting products of Hanoi’s “One Commune, One Product” (OCOP) programme was held early this month by the Hanoi Coordination Office for New-style Rural Area Building together with the ASEAN Digital Conversion Research Institute (ASEAN Academy).

This event aimed to support stakeholders in the production, sale and marketing of OCOP products through digital technologies and e-commerce platforms, especially against the backdrop of COVID-19.

Nguyen Van Chi, standing deputy chief of the Coordination Office for the New Rural Development Programme in Hanoi, said: ” Hanoi considers livestreaming one of the effective solutions to promote online consumption of agricultural products, especially OCOP products and regional specialities.”

Dang Thi Cuoi, Director of the Cuoi Quy Hi-tech Organic Vegetable Cooperative in Dan Phuong district, Hanoi, said that due to the impact of the COVID-19, collective kitchens and restaurants must close while foreigners to Vietnam are also limited, so it is difficult for her cooperative to sell vegetables. However, with online trading channels, the cooperative has stability in vegetable consumption with an average volume of 200-300 kilos of vegetables per day.

According to Dao Thi Luong, Director of the Tam Anh Cooperative for Production and Trading of organic vegetables and fruits in Phu Xuyen district, Hanoi, with the support from the city Women’s Union, the cooperative has sold 200 kilos of vegetables every day. Along with that, the cooperative has been promoting online trading activities, especially on Facebook.

Director of the Hanoi Department of Agriculture and Rural Development Chu Phu My said that the department will continue to coordinate with the Hanoi Department of Industry and Trade and the Hanoi Trade and Investment Promotion Centre to promote the implementation of a programme on regional cooperation, and support consumption between Hanoi and other provinces and cities.

This programme includes support in introducing farming products and connecting Hanoi and other provinces and cities to promote the consumption of those products, especially products facing oversupply in harvest seasons.

It will support connections between domestic and joint venture enterprises with foreign partners abroad in the distribution and processing of those products, and encourage the businesses to develop e-commerce platforms and apply information technology in consumption activities./.

Vietnam is anticipated to become the world’s third largest rice exporter next year with an estimated export volume reaching 6.3 million tonnes, according to the projection made by the United States Department of Agriculture (USDA).

A free rice dispensing machine for poor people and those out of work is installed at a kindergarten in district 12’s Thanh Loc ward, which is under lockdown. (Photo laodong.vn)

HCM City (VNS/VNA) – Ho Chi Minh City is set to offer a second financial relief package for businesses and workers affected by the COVID-19 pandemic, according to its Department of Labour , Invalids and Social Affairs.

Tourism, transport and small and medium-sized businesses, teachers, laid-off workers, and informal sector workers will be beneficiaries of payments that will be made between this month and December.

Le Minh Tan, director of the department, said it was working with authorities in the city’s 21 districts and Thu Duc city to compile a list of affected businesses and laid-off and informal sector workers who are eligible to receive the payments.

The department proposes to pay workers who were laid off for at least a month due to the pandemic monthly relief payments of 1.8 million VND (78 USD), Tan said.

The department allocated 611 billion VND (26.5 million USD) and 181 billion VND (7.85 million USD) for businesses and informal sector workers in the first relief package last year.

More than 20,500 lottery ticket sellers received more than 20 billion VND (869,400 USD).

Free food, essential goods

More than 600 workers placed under quarantine at the VINA Kitchen Ware JSC at the Tan Binh Industrial Park in HCM City on June 1 received essential goods and food for free from the Trade Union of the industrial parks and export processing zones.

They are quarantined after coming into close contact with COVID-19 patients.

Huynh Van Tuan, Chairman of the Trade Union, said the workers got minimum wages and other support in quarantine.

Infected workers would get financial assistance of up to 3 million VND (130 USD) and others would get 1.5 million VND (65 USD), he said.

A free rice dispensing machine for poor people and those out of work has been installed at a kindergarten in district 12’s Thanh Loc ward, which is under lockdown.

Disadvantaged people could get free rice and essential goods from a store set up next to the machine, Nguyen Duc Vinh, Secretary of the Thanh Loc Ward Youth Union, said.

Some three to four tonnes of vegetables transported from Lam Dong province are delivered to people quarantined in the Thanh Loc ward every three or four days./.

A view of the trial on May 20 (Photo: VNA)

Hanoi (VNA) – The Hanoi People’s Court on May 20 afternoon announced penalties for eight defendants involved in brokering and organising illegal travel on a special flight to the Republic of Korea (RoK) in late 2018.

The eight defendants were given prison sentences, ranging from 16 months and 11 days to five years, for organising and brokering illegal emigration under Article 349 of the 2015 Penal Code.

The jury concluded that in early 2018, taking advantage of several people’s demand for working in the RoK and the State’s policy of creating the necessary conditions for businesses to connect and promote investment and business links with foreign partners through participating in overseas trips by leaders’ working delegations, the defendants received money from six people to disguise them as entrepreneurs to join a business delegation and travel on a special flight to the RoK.

Four of the six people illegally migrating to the RoK have returned to Vietnam./.

A real estate project constructed by Hoa Binh Construction Group. (Photo: VNA)

Hanoi (VNS/VNA) – Several construction firms have reported a drop in profits in the first quarter of this year due to the COVID-19 pandemic and rising material prices .

Since the beginning of this year, the prices of construction materials on the market have increased sharply amid worries over shortages of materials and rising demand for economic recovery after COVID-19 .

Local brands have increased steel prices by 30-40 percent compared to the fourth quarter of 2020, putting great pressure on the construction industry, as steel currently accounts for 20 percent of inputs for construction work .

Not only steel, the price of cement has also skyrocketed. Since mid-April, many cement manufacturers have adjusted the price of products sold with an increase of 40,000 VND per tonne.

The prices of some other key materials such as sand and gravel are also increasing dramatically.

Facing the double pressure from the COVID-19 pandemic and rises in material prices, a series of contractors have decided to suspend construction progress to wait for market stabilisation.

Coteccons Construction Corporation (CTD)’s revenue fell from 3.5 trillion VND (151.5 million USD) in Q1 last year to 2.56 trillion VND in Q1 this year, down by nearly 28 percent.

Gross profit was 120 billion VND, down by more than 38 percent compared to 2020. The gross profit margin was 4.67 percent, significantly lower than 5.46 percent of the same period last year.

Its pre-tax profit dropped 55 percent to touch 69 billion VND. On the stock market, CTD prices have dropped and are currently being traded at 58,600 VND per share, down more than 27 percent since the beginning of the year.

The pre-tax profit of Hoa Binh Construction and Real Estate Corporation (HBC) in Q1 decreased by 12 billion VND, down 37 percent. In contrast, the gross profit margin improved from 7.7 percent in Q1, 2020 to 8.7 percent in Q1 this year.

This year, in addition to civil real estate construction, HBC has stepped up contracting for energy, industrial and infrastructure projects to increase market share.

Ricons Construction Investment JSC reported its Q1 profit decreased 28 percent to VNĐ31 billion.

Hung Thinh Incons Joint Stock Company (HTN) saw revenue in Q1 increased to 1.16 trillion VND but gross profit fell sharply to 103 billion VND.

In a new report, the Vietnam Steel Association (VSA) indicated that steel prices may continue to rise until the end of the third quarter.

On its side, the Vietnam Association of Construction Contractors (VACC) has issued a petition to the Government to soon direct ministries and branches to examine the cause of the sudden increase in steel prices./.