Industry

Growth in industry and construction sector remains major momentum for Vietnam’s gross domestic product (GDP) during the first six months of 2018.

Samsung`s four subsidiaries in Vietnam posted a combined revenue of VND405 trillion (US$20.5 billion) and profit of VND41.1 trillion (US$2.08 billion) in the first quarter, both of which saw an increase of 50% year-on-year, according to Samsung`s quarterly financial statement.

Mekong Innovative Startups in Tourism (MIST) will support ten innovative travel and hospitality companies in the region in 2018.

Vietnam`s military-run telecoms group Viettel set its annual growth rate of 15% between 2018 and 2020, part of the group`s plan to become one of the top 10 telecommunications companies in the world, said Major General Nguyen Manh Hung, Viettel`s Chairman.

Hanoi`s Index of Industrial Production (IIP) in June increased 1.1% month-on-month and 8.3% year-on-year, according to the Hanoi Statistics Office.

The US administration`s decision to impose tariffs on steel and aluminum imports from certain countries, including Vietnam, is expected to have little impact on major Vietnamese steel producers, according to a recent report by SSI Retail Research.

Vietnam`s building materials industry aims to reach an export turnover of US$2 billion by 2020 and achieve a high level of automation by 2030, said Thai Duy Sam, Vice Chairman of Vietnam Association for Building Materials (VABM).

Vietnam’s seafood is facing numerous difficulties including steep anti-dumping tariffs from the US and the “yellow card” warning from Europe

The Ministry of Industry and Trade is studying to issue new policies on the wind power development to make it more attractive as the current low feed-in-tariff (FIT) regulation is hindering investors from pouring capital into this industry.

Toyota Vietnam (TMV) always aims to contribute to the prospect of Vietnam auto market, especially domestic production, a company representative told Hanoitimes.

PetroVietnam Power (PV Power), a subsidiary of Vietnam National Oil and Gas Group (PetroVietnam), is scheduled to hold its first ever annual general meeting on June 26, following the company`s initial public offering (IPO) in January.

It is hard for the Vietnamese government to achieve the target of having one million operational firms by 2020 because the number of firms going bankrupt is almost the same as the number of new ones, experts warned.

The massive entry of modern retail businesses raises the question whether local small-sized businesses and the traditional market can coexist with modernized industry, according to Korea International Cooperation Agency (KOICA).

Vietnam National Coal and Minerals Group (Vinacomin), Vietnam`s largest coal producer, said its pre-tax profit reached VND3 trillion (US$131 million) in 2017, nearly tripling the number in 2016, according to the group`s consolidated financial statement.

In May, Vietnam`s total export-import turnover reached US$40.86 billion, an all-time high yet and up 14.9% month-on-month, according to the General Department of Vietnam Customs.

Manufacturing and processing has retained its leading position in attracting foreign direct investment (FDI) in Vietnam with US$5.18 billion reported in the first five months of this year.

Binh Son Refinery and Petrochemical (BSR)`s after-tax profit in the first six months this year reached VND2.7 trillion (US$119.2 million), equivalent to 77.6% of the year target.

Double digit growth in revenue has made Vietnam’s retail sit atop the list of sectors with the highest number of newly-established enterprises to date this year.

Singapore-based Sunseap International along with its venture partners on June 8 broke ground for a 168-megawatt (MW) solar power plant in the central province of Ninh Thuan.

Although Vietnam`s economy maintained an uptrend in the first five months of 2018, growth rates in some industries and economic indicators have slowed down, making it difficult for the country to achieve this year`s targets.