Want to be in the loop?
subscribe to
our notification
Business News
SHIPPING FIRMS POST PROFIT SURGE
Many shipping companies have posted a year-on-year surge in profits in Q3, driven primarily by higher freight rates.
The Vietnam Maritime Corporation (VIMC) has recorded third quarter revenues of VND4.127 trillion ($179.4 million), up 71 percent year-on-year, and profits of VND760 billion, compared to nearly VND30 billion in losses during the same period last year.
The VIMC’s ocean shipping operations transported over 18 million tons of cargo and earned profits of more than VND380 billion.
The Vietnam Ocean Shipping Joint Stock Company (Vosco), a VIMC affiliate, posted a net profit of nearly VND186 billion in Q3, against net losses of over VND21 billion in the same period last year. Vosco’s total profits in the first nine months rose to VND409 billion, against losses of more than VND139 billion during the same period last year.
Another VIMC affiliate, the Transport and Trading Services Joint Stock Company (Transco), recorded profits of VND9 billion in Q3, up from VND326 million in the same period last year.
Meanwhile, Hai An Transport and Stevedoring Joint Stock Company (HAH) made net profits of VND476 billion, up 65 percent, and after-tax profit of over VND100 billion, up 370 percent on-year, the highest profit hike since it became a listed firm in 2014.
In the first nine months of this year, HAH recorded net revenues of VND1.284 trillion and after-tax profits of VND284 billion, up 50 percent and double year-on-year, respectively.
A surge in freight rates has been the main contributor to the profit surge, market observers say. The average cost for transporting a standard container from China to the West Coast of the U.S. is $20,586, nearly double that of July and double that of January, Fox Business reported.
With Covid-19 outbreaks easing in many big economies, import and export activities are surging, and Vietnam is benefiting from the free trade agreements it has signed.
According to the Vietnam Maritime Administration, seaports nationwide handled over 535 million tons of cargo in the first nine months of this year, a year-on-year rise of 3 percent.
Source: VNExpress
Related News
VIETNAM’S GDP TO GROW 5.5% THIS YEAR – WB
This forecast is based on the assumption of a moderate recovery in manufacturing exports in 2024, fueled by rebound growth of 8.5% year-on-year in the fourth quarter of 2023 and 17.2% year-on-year in the first quarter of 2024, reflecting strengthening global demand, said Dorsati Madani, senior country economist at the WB in Vietnam.
FARE REFUND FOR VISA REJECTION
Cathay Pacific will offer full refunds for cases of visa rejection to provide you with the confidence to explore the world with ease. If you are planning to fly to a destination that requires an entry visa, you can now book with greater peace of mind.
FOUR COMMODITIES POST Q1 EXPORT VALUE OF OVER 5 BILLION USD
The total export turnover of agricultural, forestry, and fisheries products in the first three months of 2024 is estimated to reach 13.53 billion USD, an increase of 21.8% compared to the same period of 2023.
MOIT PROPOSES SCHEME TO BOOST RENEWABLE ENERGY PROCUREMENT
The proposed Direct Power Purchase Agreement (DDPA) mechanism, outlined in the draft decree, targets organisations and individuals consuming electricity from the 22kV power grid or higher, with a monthly consumption averaging 500,000kWh. However, residential households are excluded from direct procurement.
REAL ESTATE BONDS PLACE PRESSURE ON ISSUING FIRMS
The ministry’s recent report underscores concerns within Vietnam’s corporate bond market for 2023 and 2024. It emphasizes the critical need to address hindrances to the real estate sector in line with the objectives provided in Government Resolution No. 33/NQ-CP, which aims to stabilize the industry.
DA NANG CUSTOMS FOCUSES ON DEVELOPING CUSTOMS-BUSINESS PARTNERSHIPS
Da Nang Customs Department issued an action plan for developing customs-business partnership in 2024. One of the new events this year is the workshop on “Settlement reports for enterprises engaged in outsourcing, export production and export processing” held in Da Nang Customs Department on April 16, 2024.