VietNamNet Bridge - With profits down and inventory up, sugar companies are in their most difficult period of the last 15 years. June was the end of the 2017-2018 fiscal year of many sugar companies. The finance reports released so far all showed that they experienced a tough time. Even Thanh Thanh Cong Bien Hoa, the largest company with best production capacity, has also reported the profit decrease. Its combined revenue was VND10.364 trillion, while post-tax profit was VND546.7 billion, up by 61 percent. Casuco is facing the same problems. Its finance report showed revenue of VND1.065 trillion and post-tax profit of VND3.1 billion in the last fiscal year, decreasing by 21.5 percent and 95.5 percent compared with the last year. RELATED NEWS Sugar protectionism questionable ATIGA postponement to give push to sugar industry Kim Chi … [Read more...] about Vietnam’s sugar industry in the worst slump of the last 15 years
Fiscal year 2018
DPM asks for taking advantages of ADB preferential loans in 2018
Deputy PM, FM Pham Binh Minh chairs a meeting to review and accelerate the implementation of seven projects supported by the Asian Development Bank (ADB)’s loan in the fiscal year 2018, Ha Noi, September 17, 2018 - Photo: VGP/Hai Minh Participants in the meeting included representatives of the Ministries of Planning and Investment, Construction, Justice, Health, Labor, Invalids and Social Affairs, Industry and Trade, Agriculture and Rural Development, Culture, Sports and Tourism, the Government Office, the State Bank of Viet Nam as well as leaders from the provinces of Hoa Binh, Nghe An, Quang Tri and Thua Thien Hue. Among seven projects, three of which were ratified and four ones are prepared to be negotiated with the total capital of around US$300 million, including skills and knowledge for inclusive economic growth program, the second phase of the Greater Mekong Subregion tourism infrastructure for … [Read more...] about DPM asks for taking advantages of ADB preferential loans in 2018
Sugar firms anticipated more buoyant upcoming fiscal year
Positive factors apprear promising a more upbeat upcoming fiscal year for sugar firms The recently released financial statement of Son La Sugar JSC (SLS) showed that in the fourth quarter of the company’s 2017-2018 fiscal year from July 1, 2017 to June 30, 2018, it fetched VND144 billion ($6.3 million) in revenue, equal to the number recorded one year ago, but its post-tax profits plunged by 39.3 per cent. For the whole fiscal year 2017-2018, the company’s post-tax profit decreased by 28.9 per cent on-year to VND116 billion ($5.13 million). Lower profits against augmenting asset value have led to a sharp fall in the company’s major profitability indexes. Accordingly, its return on asset (ROA) ratio fell to 8.2 per cent from 17.8 per cent in the same period last fiscal year, while its return on equity (ROE) ratio dropped to 24.2 per cent from 38.8 per cent. The SLS results reflect a development shared by most other sugar firms in the 2017-2018 fiscal year. In the … [Read more...] about Sugar firms anticipated more buoyant upcoming fiscal year
Growth in Asia and the Pacific’s developing economies for 2018 and…
In a supplement to its Asian Development Outlook (ADO) 2018 report released last April, ADB forecasts 2018 growth for Asia and the Pacific at 6.0% for 2018 and 5.9% for 2019, in line with its previous projections. Excluding Asia’s newly industrialized economies, growth is forecast at 6.5% in 2018 and 6.4% in 2019, also unchanged from April.“Although rising trade tensions remain a concern for the region, protectionist trade measures implemented so far in 2018 have not significantly dented buoyant trade flows to and from developing Asia,” said ADB Chief Economist Mr. Yasuyuki Sawada. “Prudent macroeconomic and fiscal policymaking will help economies across the region prepare to respond to external shocks, ensuring that growth in the region remains robust.”In East Asia, growth picked up in Hong Kong (China) and Taipei (China), though growth forecasts are unchanged for the subregion at 6.0% in 2018 and 5.8% in 2019. The world’s second largest economy, … [Read more...] about Growth in Asia and the Pacific’s developing economies for 2018 and…
WHO to provide US$21 million for Vietnam’s healthcare development
The Hanoitimes - The program is aimed to support Vietnamese government in improving priorities in the healthcare system, at the same time to achieve national health goals. The Prime Minister has approved the cooperation program with the World Health Organization (WHO) in fiscal year 2018 – 2019, which is financed by the WHO. Illustration photo. The long-term target of the program is to support the government dealing with priority issues of the healthcare system, while simultaneously implementing national health targets in period 2016 – 2020, with vision to 2030 and strategy to develop and expand healthcare network in period 2016 – 2025. Targets of the program is to enhance institutional and human capabilities, health financing and health products, as well as to provide health services at an affordable price for households, increasing the rate of doctor available at medical stations. At the same time, it is vital to improve … [Read more...] about WHO to provide US$21 million for Vietnam’s healthcare development
Vietnam cooperates with WHO to address health priority issues
Taking care of patient at Bach Mai hospital in Hanoi (Photo VNA) Hanoi (VNA) – The Prime Minister has approved investment policy for a health cooperation programme with the World Health Organisation (WHO) in the fiscal year 2018-2019. The programme, with financial support from the WHO, aims to help the Vietnamese Government tackle priority issues of the healthcare system in the long run as well as successfully implement its strategy on improving public health care in 2016-2020 with a vision for 2030, and a project on developing the grassroots healthcare network in 2016-2025. In addition, the programme will strengthen the institutions and the provision of human resources, finance, pharmaceuticals and health care services to reduce household expenditure in the field while increasing the rate of doctors working at communal-level medical stations. The scheme also targets stronger core capacity to carry out the International Health Regulations (IHR), readiness to cope … [Read more...] about Vietnam cooperates with WHO to address health priority issues
Vietnam faces challenges in curbing inflation at 4% in 2018
NDO – Inflation control is an important factor which contributes to macroeconomic stability. Maintaining the inflation rate in 2018 at less than 4% has also been approved, which will create challenges for the country in the context of fluctuations in both the domestic and global economic situation. Great pressureIn 2017, the Vietnamese economy achieved a double success: controlling inflation and economic growth exceeding the target set by the National Assembly (NA)The NA has passed a resolution on the plan for the country’s socio-economic development in 2018, in which the consumer price index (CPI) in all circumstances must remain below 4%. Although the average CPI in 2017 rose by 3.53% against 2016, inflation control in this year still faces many challenges.The GDP growth target for 2018 is set at from 6.5% - 6.7%. Accordingly, 6.5% is the optimum growth rate which will not put pressure on inflation. Meanwhile, a growth rate of over 6.7% could also be feasible if the … [Read more...] about Vietnam faces challenges in curbing inflation at 4% in 2018
Challenges and prospects of Vietnam`s economy in 2018
The Hanoitimes - As the Vietnam’s economy has witnessed a strong growth at the last few months of 2017, however, with many challenges still remains, it is vital for the country to build on this momentum and maintain the growth rate in 2018. In 2017, Vietnam had to face challenges from natural disasters, for which climate change has been taking its toll on an economy heavily depended on agricultural production. The growth rate of Vietnam’s economy is still based on cheap labor force, while the FDI sector has been the main driving force for growth. At present, productivity of Vietnam is still lagging behind neighboring countries in South East Asia in terms of labor productivity, as well as potential risks from high public debts and non performing loans. In 2018, Vietnam is expected to maintain its status as an attractive destination for foreign investment. On the other hand, the global economy was complicated with unexpected occurrences, with the … [Read more...] about Challenges and prospects of Vietnam`s economy in 2018
Government’s first resolution of the year sets remarkable targets
Maintaining macroeconomic stability and socioeconomic developmentAccording to Resolution No.01/NQ-CP dated January 1, 2018, the government directed strengthening economic stability, controlling inflation, ensuring the balance of the economy, improving the business climate, and accelerating sustainable economic growth.To this effect, the government stressed the importance of the synchronous implementation of macroeconomic policies, the combination of proactive, flexible, and prudent monetary policies with strict, disciplined fiscal and other policies. Additionally, the government will strive to reach 6.7 per cent of gross domestic product (GDP) growth and maintain the average increase of the consumer price index (CPI) at 4 per cent.The increase of productivity should be maintained at over 6 per cent, while the contribution of total factor productivity to the 2018 GDP at around 46 per cent.Agricultural development should go along with higher value-added industry development, … [Read more...] about Government’s first resolution of the year sets remarkable targets
ICAEW: Bright growth prospect for Vietnam in next two years
ICAEW: Bright growth prospect for Vietnam in next two yearsLe Hoang HCMC – Despite a slowdown in the first half of this year, Vietnam will have positive economic growth in 2017 and 2018 thanks to high foreign direct investment (FDI) and strong domestic fundamentals, the Institute of Chartered Accountants in England and Wales (ICAEW) said in an Economic Insight – Southeast Asia report. According to the report, the fundamental macroeconomic outlook for the ASEAN region remains reasonably positive in the context of global economic and political uncertainty. Recent data point towards a pickup in trade for several economies such as Vietnam and Singapore, and ASEAN central banks may be able to adopt easing policy to support growth. ASEAN economies are also vulnerable to a more generalized slowdown in globalization or an erosion of the broad consensus in favor of free trade. However, many economies in the region, including Vietnam, have been highly successful in moving up the … [Read more...] about ICAEW: Bright growth prospect for Vietnam in next two years