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| Oil and gas extraction at Bach Ho field (Photo: VNA) |
This is the sixth consecutive year the group has secured its leading position, affirming its operation efficacy over the past years with sound financial health, and flexible management capacity recognized by reputable domestic and international organizations.
Petrovietnam maintained stable and effective operations during January-July as most of its production and financial criteria exceeded the set plans by 4.4-75%, and were better than the results recorded in the same time last year.
During the seven-month span, the group’s total revenue was estimated at 567.4 trillion VND (over 23 billion USD), 31% higher than the set target and up 14% year-on-year. It contributed 84.6 trillion VND to the state budget, surpassing the plan by 54%, and up 8% against the same time last year. Meanwhile, its profit before tax was 29.6 trillion VND, exceeding the goal by 75%.
Other firms in the top ten most profitable list are military-run telecom service provider Viettel, Samsung Electronics Vietnam Thai Nguyen, Vietcombank, BIDV, MBBank, Agribank, VietinBank, Techcombank, and Petrovietnam Exploration Production Corporation.
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| Oil and gas extraction at Rang Dong field (Photo: baotainguyenmoitruong.vn) |
Several subsidiaries of Petrovietnam were also named in the list, including Petrovietnam Gas Joint Stock Corporation (PV Gas) at 12th place, Binh Son Refining and Petrochemical JSC 19th, Petrovietnam Transportation Corporation 85th, and Petrovietnam Power Corporation 90th.
Launched by the Vietnam Report and the online newspaper Vietnamnet, the PROFIT500 list has recognised the contributions to the nation made by leading corporations over the past eight years, helping introduce and promote the Vietnamese brands among the domestic and international business community, and investors.
A ceremony to announce and honour the firms will be held in Hanoi in October.
Vietnamese grandmaster Le Quang Liem ranks 13th globally
Vietnamese grandmaster Le Quang Liem has risen to the 13th place in the world after his impressive performance at the 2024 Chess Olympiad held in Budapest, Hungary from September 10-23, the Vietnam News Agency quoted the information of the Live Chess Ratings website.
In this tournament, 33-year-old Liem defeated Mohammad Fahad Rahman of Bangladesh, Makhnev Denis of Kazakhstan and drew against Nodirbek Abdusattorov of Uzbekistan.
On the International Chess Federation (FIDE) rankings, Liem's position has not been updated, remaining at the 14th place in the world which is also the highest achievement in his career, as well as in the history of Vietnamese chess.
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| Vietnamese grandmaster Le Quang Liem (Photo: VNA) |
Liem's performance has helped the Vietnamese chess team defeat the 2022 champion Uzbekistan 3-1 at the 2024 Chess Olympiad.
This is the second time that the Vietnamese chess team has won all four first rounds in the Open group, after a similar achievement in 2010.
The 2024 Chess Olympiad is an international team chess event organised by the FIDE in Budapest from September 10-23 with 1,884 participants including 975 in the Open and 909 in the Women's event.
Wood export target of 15.2 billion USD feasible, challenges remain
Despite market recovery, the wood industry needs to overcome formidable challenges to realise the export revenue target of 15.2 billion USD for the whole year, the Vietnam News Agency quoted the information of insiders.
Director of the Department of Forestry under the Ministry of Agriculture and Rural Development Tran Quang Bao, said that the shipment of key products has gone up over the past time, including wood chips (38%), and wood and wooden products (over 20%), helping the industry gain 8.75 billion USD in revenue during January-July.
He held that high interest rates, trade tensions, and military conflicts have exerted pressure on the global economy, affecting demand for wood and wooden products in the remainder of the year. Major export markets like the EU, the US, Japan and the Republic of Korea are facing economic headwinds, and implementing various protectionist trade measures.
Although the US completed its investigation into the trade remedy duty circumvention of wooden cabinet products imported from Vietnam, the country will enhance control and post-clearance audits on the goods, as well as continue trade defence measures to support domestic enterprises, he said.
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| The export revenue target of 15.2 billion USD for the whole year is feasible. (Photo: VNA) |
According to Chairman of the Vietnam Timber and Forest Product Association Do Xuan Lap, that the US Department of Commerce has not recognised Vietnam as a market economy means Vietnamese exports are challenged by anti-dumping and countervailing investigations. Furthermore, the actual production costs of Vietnamese enterprises are not recognised, instead, the "surrogate value" of a third country will be used to calculate dumping/subsidy margin in such cases.
In the Republic of Korea, its Trade Commission decided to continue levying anti-dumping tax between 9.78% and 32.28% on Vietnamese plywood in the next five years.
Meanwhile, the EU Deforestation Regulation (EUDR), taking effective from December this year, will create both opportunities and challenges for the industry. According to Chairman of the Forest Products Association of Binh Dinh province Le Minh Thien, if businesses adapt to the regulation, their competitive edge will be sharpened in this market. However, their failure to meet the EUDR means their products cannot sell into the market, and they will have to step out of the global supply chain.
Despite the peak shopping season in the end of the year, instability across the globe as well as high logistics costs will have a great impact on the wood sector.
Lap recommended enterprises focus on improve their competitive capacity based on the five pillars of production technique and technology, emissions reduction, digital transformation, trade promotion, and building of internal supervision standards.
Chairman of the Binh Duong Furniture Association Nguyen Liem said firms need to be flexible about their production and business, while developing technology and supply chain so as to grow sustainably.
Vietnam-China trade turnover hits nearly 130.8 billion USD
The import-export turnover between Vietnam and China reached nearly 130.8 billion USD in the first eight months of this year, the Vietnam News Agency quoted the latest statistics of the General Department of Customs.
Of the figure, Vietnam’s export value was 38.28 billion USD, up 3.9% year-on-year.
Vietnam had 10 items with export turnover of more than 1 billion USD each, including phones and components; computers, electronic products and components; cameras, camcorders and components; fruits and vegetables; and machinery, equipment, tools, and spare parts.
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| Dragon fruit is one of the items with large export turnover to China (Photo: VNA) |
Meanwhile, the country imported goods worth 92.5 billion USD from China, surging by 34.25% compared to the same period last year.
As a result, Vietnam ran a trade deficit of 54.22 billion USD with China in the reviewed period, exceeding the figure of 2023 by nearly 5 billion USD.
Imported goods from the Chinese market are mainly products and raw materials for production of exports such as machinery, equipment, chemicals and chemical products, plastics of all kinds and plastic products, textile materials, leather and footwear, iron and steel, and construction materials.
In recent years, despite the sluggish global trade, Vietnam's import-export growth with China has remained one of the standout bright spots.
Last year, the two-way trade hit 171.2 billion USD. Of the figure, Vietnam's exports stood at 61.2 billion USD (up 6.4%), and imports 110.6 billion USD (down 6.6%).
Currently, China is the first market with two-way trade with Vietnam exceeding 100 billion USD in the January - August period. The import-export turnover between the two countries averagely reaches about 16 billion USD per month.
With the strong improvement in trade during the first half of 2024, the Vietnam-China trade is forecast to approach the 200-billion-USD mark this year./.