Construction company Becamex IDC Corp has been cautious about this year’s business targets. Photo batdongsan.com.vn Compiled by Thiên Lý Construction company Becamex IDC Corp has been cautious about this year’s business targets. Its consolidated turnover target is only VNĐ1.226 trillion (US$53.3 million), or 96 per cent of last year’s figure, and after-tax profit target is VNĐ252 billion, only 8 per cent higher than last year. In a document already sent to the company’s shareholders ahead of the annual general meeting, its general director, Đỗ Quang Ngôn, explained the reasons for setting such moderate growth targets. He said the real estate market is facing an imbalance between supply and demand in certain segments, and credit to the property sector is drying up. Externally, the global economy is expected to see a lot of volatility this year and likely to have a strong impact on the Vietnamese economy, he said … [Read more...] about Companies follow Government lead, set cautious growth targets
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Hoa Phat partners with Italian group to produce stainless steel
Hoa Phat Dung Quat Steel JSC of Hoa Phat Group is coordinating with Italian group to produce stainless steel (Illustrative image. Source VNA) Quang Ngai (VNA) - Hoa Phat Dung Quat Steel JSC of Hoa Phat Group is coordinating with Italy’s Danieli – one of the world’s largest suppliers of metallurgical equipment to consider a project on stainless steel (inox) production. According to Deputy Director of the Hoa Phat Dung Quat Steel JSC Vuong Ngoc Linh, the project is designed with a capacity of 600,000 tonnes per year, which could be increased to one million tonnes per annum, and will be the first modern stainless steel manufacturing plant in Vietnam. The plant will be located at the Hoa Phat Dung Quat iron and steel production complex area in Dung Quat Economic Zone in central Quang Ngai province to make use of the available infrastructure. The project, which will be completed by 2020, aims to increase the value chain of steel products, and reduce … [Read more...] about Hoa Phat partners with Italian group to produce stainless steel
Auto support industries falling short
The positive results posted by Vietnamese manufacturers in support industries over the last 20 years have come mostly on the back of the development of the local motorcycle industry. Despite the government’s policies to limit the number of vehicles on Vietnam’s streets, there have been many opportunities in place for manufacturers to grow, according to Ms. Truong Thi Chi Binh, Vice Chairwoman and Secretary General of the Vietnam Association of Supporting Industries (VASI). “They are willing to be involved further in automobile support industries once volumes in the industry are sufficiently large, along with government support in terms of policies,” she said. Bright side The Export Mechanical Tool JSC (EMC), the Nhat Quang Steel Limited Company, and the Manh Quang Mechanics Co. - three of VASI’s 224 members - have posted good results from the flourishing motorcycle market. Reaching 3.38 million local and imported vehicles in 2018, Vietnam stood behind … [Read more...] about Auto support industries falling short
Conference promotes engagement in hydropower planning in Mekong basin
Drought in the Mekong Delta region (Photo: VNA) Hanoi (VNA) – Environmental experts gathered at a conference held in Hanoi on September 11, discussing the important roles of stakeholders in outlining hydropower master plan and protecting water resources in the Mekong River basin. The event was organised by the Centre for Sustainable Development of Water Resources And Climate Change Adaptation in collaboration with the Centre for Water Resources Conservation and Development and the Vietnam Rivers Network. Discussions at the conference highlighted water exhaustion and pollution in the Mekong Delta region and their impact on local socio-economic development, as well as potential to branch out small- and medium-sized hydropower plants in northern Lao Cai province’s Sa Pa district and its side effects on the local environment and tourism. According to Vietnam Rivers Network’s Head Coordinator Dao Trong Tu, the conference aimed to promote the important roles of … [Read more...] about Conference promotes engagement in hydropower planning in Mekong basin
Vietnam, Philippines seek to expand defense ties
The Vietnamese Deputy Defense Minister also had talks with other high-ranking officials of the host country, including Defense Minister Delfin N. Lorenzana, National Security Adviser Hermogenes Cendana Esperon Jr., and Executive Director of the Cabinet Cluster on security, justice, and peace at the Office of the Presiden, Emmanuel T. Bautista. During the dialogue and talks, Filipino officials highly appreciated the visit to the Philippines by the Vietnamese military delegation, led by General Vinh. They emphasized that the bilateral defense cooperation has contributed considerably to expanding the strategic partnership and stressed that Manila prioritizes cooperation in all spheres, including the defense sector, with Hanoi, as the two countries share many common strategic interests and challenges. Senior Lieutenant General Nguyen Chi Vinh (L) and Filipino Defense Minister Delfin N. Lorenzana The host officials took this occasion to express a deep thanks to … [Read more...] about Vietnam, Philippines seek to expand defense ties