External inflation has begun to affect domestic production activities in both agriculture and industry. This is driving prices skyward, a major challenge for domestic businesses.
Thanks to a cut of about 4.4% in operational costs, the cost to produce each barrel of crude oil by Bien Dong Petroleum Operating Company (BIENDONG POC) is likely to drop 12 % this year.
In the face of rising domestic gasoline prices, many retail businesses have been making efforts to control the price of goods to ensure supply and stabilise the market.
The state oil firm of Indonesia PT Pertamina (Persero) posted a net profit of 14 trillion Rp (1 billion USD) in 2020, according to its Director and President Nicke Widyawati.
Tax Law No 71/2014/QH13, which treats fertiliser as a VAT-free item, has become a double-edged sword as after five years of implementation it has not reduced domestic fertiliser prices but instead hindered production and investment in the sector.
Cutting interest rates and corporate income and added value duties, and extending loan payments and tax and social insurance collections were among the proposals raised by businesses at a seminar in Ho Chi Minh City on March 17.
The Mekong Delta province of Hau Giang will develop its agriculture towards improving added value and sustainable development, according to the provincial Department of Agriculture and Rural Development.
Rising input production costs, unfavourable weather conditions, a saturated domestic market and stiff competition are causing difficulties for fertiliser businesses.
The private sectors of ASEAN member nations are preparing to build standards for organic products in order to reduce production costs and improve supply chain management.
As Singapore, an unlikely place for farming revolution, aims to boost agricultural production and rely less on imports to feed its 5.6 million people, the country has developed tiered fish farms, vegetable plots atop office buildings and lab-grown shrimp.
Electricity retail prices should have been raised by 9.26 percent instead of 8.36 percent if Vietnam Electricity (EVN) had correctly calculated the 3.26 trillion VND foreign exchange rate difference in 2018 into its power production costs.
Domestic cashew processing enterprises have been facing difficulties due to a new regulation that requires additional checks on raw materials imported from African ports.
The Saigon Beer-Alcohol-Beverage Corporation (Sabeco) is targeting a lower post-tax profit in 2018 due to the increase of production costs and stronger competitiveness in the industry.
Vietnam’s labour productivity is very low compared with growth need, thus raising productivity is the key to economic growth, experts said at a conference on April 13.
The increasing number of Vietnamese suppliers who provide parts and components to Samsung would not only help Samsung Vietnam (SEV) reduce its production costs, but also develop the country’s auxiliary industry.
Vietnam’s tea exports are forecast to increase in both volume and value in the remaining months of 2017 due to growing global demand and limited supply.
Vietnam's enterprises feel positive about the business climate for the fourth quarter, according to the General Statistics Office (GSO) under the Ministry of Planning and Investment.
The imposition of temporary safeguard duties on DAP and MAP fertiliser imports into Vietnam, which came into effect on August 19, is an effort to help protect the domestic fertiliser industry but might push up production costs for farmers.
Business
