Shanghai announced a gradual reopening from Monday of businesses, though it remains unclear when the millions of people still locked down in China's economic capital will finally be allowed out of their homes. Police and security members in protective suits stand outside cordoned off food stores following the COVID-19 outbreak in Shanghai, China, Mar 29, 2022. (File photo: Reuters/Aly Song) Confronted with its worst Covid-19 outbreak since the beginning of the pandemic, China -- the last major economy still closed off to the world -- put the city of 25 million under heavy restrictions in early April. The rigid strategy to root out virus cases at all costs has wreaked havoc on supply chains, crushed small businesses and imperilled the country's economic goals. For many Shanghai residents, some of whom were already confined to their homes even before April, the frustrations have included problems with food supplies, access to non-Covid medical care and … [Read more...] about Covid-hit Shanghai announces gradual reopening of businesses
Business reporting
Steel companies report decline in Q1 profits
In Q1, Thai Nguyen Iron And Steel JSC (TIS) witnessed its profit down by 35 per cent, to only VND29.2 billion. — VNA/VNS Photo The cost of raw materials and transportation fees have skyrocketed, causing the first-quarter profits of most steel companies to decline. Data from the Viet Nam Steel Association (VSA) showed that in the first quarter of this year, finished steel consumption reached 8.137 million tonnes, up 11.9 per cent over the same period in 2021. Of the estimate, steel exports reached about 2.275 million tonnes, with export value reaching US$2.3 billion, decreasing by 22.15 per cent in volume but up by 12.53 per cent in value over the same period last year. However, the business performance of many enterprises in the industry did not move in the same direction. The first-quarter business results report of Viet Nam Steel Corporation (TVN) showed a sharp decline in profit at member units, especially in the construction steel and galvanised steel segments. In the … [Read more...] about Steel companies report decline in Q1 profits
1,895 new COVID-19 cases, two more deaths reported on Saturday
The 1,895 new COVID-19 cases are all local infections including 1,585 in the community detected in Hà Nội (489), Nghệ An (115), Quảng Ninh (95), Vĩnh Phúc (92), Phú Thọ (92), Yên Bái (86), Tuyên Quang (81), Thái Bình (66), Quảng Bình (54), Bắc Kạn (52), Lào Cai (51), Thái Nguyên (47), Hồ Chí Minh City (45), Hà Nam (41), Lâm Đồng (38), Lai Châu (34), Nam Định (30), Đà Nẵng (27), Lạng Sơn (26), Ninh Bình (24), Hưng Yên (22), Hà Tĩnh (22), Đắk Nông (22), Hải Phòng (22), Bình Dương (22), Sơn La (21), Cao Bằng (21), Điện Biên (16), Hải Dương (15), Hòa Bình (13), Bình Định (13), Phú Yên (12), Bình Phước (11), Thanh Hóa (10), Hà Giang (10), Bắc Giang (9), Gia Lai (8), Quảng Trị (7), Tây Ninh (7), Cần Thơ (5), Bình Thuận (5), Bà Rịa - Vũng Tàu (5), Đồng Nai (4), Khánh Hòa (4), Đồng Tháp (2), and Cà Mau (2). … [Read more...] about 1,895 new COVID-19 cases, two more deaths reported on Saturday
1,895 new COVID-19 cases reported on Saturday
A child receives a COVID-19 vaccine dose in the northern province of Thái Bình. — VNA/VNS Photo Thế Duyệt HÀ NỘI — A total of 1,895 new COVID-19 infections were detected on Saturday, the first time Việt Nam has registered less than 2,000 cases in a single daily update since July 11 last year. The latest numbers bring the total national caseload to 10,695,036 so far. All the new infections were domestic. A total of 1,585 new transmissions were detected in the community. The capital city of Hà Nội continued to record the highest number of infections with 489, followed by Nghệ An with 115. The other cases were found in Quảng Ninh (95), Vĩnh Phúc (92), Phú Thọ (92), Yên Bái (86), Tuyên Quang (81), Thái Bình (66), Quảng Bình (54), Bắc Kạn (52), Lào Cai (51), Thái Nguyên (47), HCM City (45), Hà Nam (41), Lâm Đồng (38), Lai Châu (34), Nam Định (30), Đà Nẵng (27), Lạng Sơn (26), Ninh Bình (24), Hưng Yên (22), Hà Tĩnh (22), Đắk Nông (22), Hải Phòng (22), Bình Dương (22), Sơn La (21), … [Read more...] about 1,895 new COVID-19 cases reported on Saturday
1,594 new COVID-19 cases reported on Sunday
The 1,594 new COVID-19 cases are all local infections including 1,029 in the community found in Hà Nội (461), Quảng Ninh (88), Nghệ An (80), Yên Bái (80), Tuyên Quang (73), Phú Thọ (73), Bắc Ninh (57), Thái Bình (47), Đà Nẵng (46), Quảng Bình (46), Thái Nguyên (45), Lào Cai (44), Vĩnh Phúc (41), Ninh Bình (29), Sơn La (28), Bình Phước (26), Nam Định (26), Hồ Chí Minh City (25), Bình Dương (24), Bắc Kạn (23), Hà Nam (23), Hải Dương (22), Hà Tĩnh (21), Hòa Bình (20), Hải Phòng (19), Hưng Yên (19), Lâm Đồng (18), Lạng Sơn (14), Cao Bằng (12), Điện Biên (9), Hà Giang (8 ), Bình Định (7), Quảng Trị (6), Gia Lai (5), Lai Châu (4), Bình Thuận (4), Bà Rịa - Vũng Tàu (3), Kiên Giang (3), Đồng Tháp (3), Tây Ninh (2), Thừa Thiên Huế (2), Hậu Giang (2), Bắc Giang (2), Khánh Hòa (1), Vĩnh Long (1), Trà Vinh (1), and Bạc Liêu (1). … [Read more...] about 1,594 new COVID-19 cases reported on Sunday
Not lending to property sector will have mixed effects: analysts
A view of HCM City. Many banks have temporarily ceased lending to the property sector. — Photo vneconomy.vn Deputy Governor of the State Bank of Viet Nam, Dao Minh Tu, announced at the Government’s March press conference that credit growth in the first quarter of the year had been 5.04 per cent, much higher than the 2.16 per cent rise in the same period last year. He described it as a “quite positive result” that showed the economy had made a significant recovery with people’s lives and businesses returning to normal thanks to the Government’s effective measures against the COVID-19 pandemic. According to a report by the SBV’s HCM City office, credit growth in the country’s main economic hub was estimated at 3.65 per cent in the first quarter. The positive performance has encouraged many banks to set high goals for the full year. At its annual general meeting on March 16, VIB approved a growth target of 30 per cent, much higher than the cap of 14 per cent set by the central … [Read more...] about Not lending to property sector will have mixed effects: analysts