Latest news with #PhuongNguyen
The Star
16-07-2025
- Business
- The Star
Vietnam's public security ministry takes stake in internet firm FPT Telecom
FILE PHOTO: The FPT Headquarters is pictured in Hanoi, Vietnam, July 15, 2023. REUTERS/Thinh Nguyen/File Photo HANOI (Reuters) -A majority stake in Vietnam's FPT Telecom, one of the country's largest internet providers, has been transferred to the Ministry of Public Security from a state-run investment corporation in an effort to boost national cybersecurity, the ministry said on Wednesday. Vietnam's State Capital Investment Corporation previously held 50.17% of FPT Telecom, while FPT Corp, Vietnam's largest private tech company, had a 45.66% stake but retained control of the unit, according to FPT Telecom's financial statements for last year. The transfer is aimed at strengthening the ministry's capability to protect national security and ensure network and information security, the ministry said in a statement. It did not elaborate whether the ministry would take effective control of FPT Telecom. Wednesday's statement confirmed a Reuters report in April about the possible transfer. The ministry, which oversees the police, has become increasingly involved in Vietnam's internet and telecoms sector. It took control of the country's third-largest telecoms operator, MobiFone, last year and also spearheaded a tightening of data protection rules that has raised concerns among foreign tech firms. Shares in FPT Corp rose by 0.24% on Wednesday morning, while shares in FPT Telecom were also up slightly. In addition to providing internet services, FPT Telecom is involved in the development of undersea fibre-optic cables, which Communist-run Vietnam considers a national priority as most of its existing cables are ageing and prone to accidents. (Reporting by Phuong Nguyen; Editing by John Mair)
Mint
10-07-2025
- Business
- Mint
Vietnam prices edge down further on thin trade, premiums flat in Indonesia
By Phuong Nguyen and Mas Alina Arifin HANOI, July 10 (Reuters) - Coffee prices in Vietnam edged down further this week on thin trading activity as the crop season comes to an end and the global beans stockpile recovers on the back of supply from Indonesia and Brazil, traders said on Thursday. Farmers in the Central Highlands, Vietnam's largest coffee-growing region, sold beans at 92,300-92,600 dong ($3.54-$3.55) per kg, down from last week's 94,700-95,200 dong. "Big roasters are buying cautiously amid tariff risks (from the U.S.), while exporters from Vietnam started to take profits and release more inventories," said a trader based in the coffee belt. "The fact that Indonesian and Brazilian beans are hitting the markets is another reason for decreasing prices." Another trader based in the region said it received sufficient rain recently and is likely to improve supply. Robusta coffee settled down $98, or 2.7%, at $3,470 a metric ton on Wednesday. Traders offered 5% black and broken-grade 2 robusta in the range of $120-$130 per ton premium to the September LIFFE contract. Vietnam exported 943,000 tons of coffee in the first half of this year, up 4.1% from the same period last year, government data showed. June exports stood at 119,000 tons, an annual increase of 53%. In Indonesia, Sumatra robusta coffee beans were offered at $240-$250 premium range to the August-September contract, unchanged from last week, one trader said. Another trader quoted beans at $200 premium to the September contract, also the same as last week.
Yahoo
09-06-2025
- Automotive
- Yahoo
EV maker VinFast's Q1 loss widens on higher spending as deliveries rise
By Phuong Nguyen and Akash Sriram (Reuters) -Vietnamese electric vehicle maker VinFast reported on Monday its sixth consecutive quarterly net loss as it continues to ramp up spending to boost sales volumes. VinFast reported a net loss of $712.4 million for the first quarter, less than the $1.3 billion loss in the previous quarter but 20% more than a year earlier. Analysts' average forecast was for a $616.3 million loss, according to LSEG data. Revenue jumped 150% to $656.5 million in January-March, compared with analysts' average estimate of $520 million. Deliveries leapt nearly 300% to 36,330 vehicles in the quarter, mainly driven by sales in Vietnam, its biggest market. VinFast shares were up 10.53% in pre-market trade. Backed by Vietnam's largest conglomerate, Vingroup, VinFast continues to face challenges due to weak consumer demand, stiff competition, and a 25% tariff the U.S. has imposed on imported vehicles. VinFast previously identified the U.S. as a key growth market. The company reported a gross margin of minus 35.2% in the quarter, compared with minus 58.7% a year earlier. The firm is intensifying promotional efforts domestically, shifting to a dealership model from the costlier option of its own showrooms, and redirecting its focus to Asia, with its new assembly plant in India set to begin operations in July. Research and development expenses fell 22.3% year on year in the quarter, while the cost of sales more than doubled over the same period, it said. VinFast, which has reported a loss every quarter since it went public in August 2023, has received around $2 billion in financial support from its founder and CEO Pham Nhat Vuong and Vingroup, as of May. ELECTRIC BUSES VinFast's affordable, small VF 3 and VF 5 models were its best-selling vehicles, accounting for 68% of its domestic deliveries, chair Thuy Le said on an earnings call. The company is also looking to expand in the bus market. "We are exploring opportunities in Asia and Europe with plans to offer electric buses in 6, 8, 10, and 12 meter sizes," Le said. "We set up in Indonesia and Europe already and very soon in the Middle East and the U.S.," Le said, noting that VinFast already delivered buses in big volumes in Vietnam. The company said it would introduce its next-generation platform and an electrical architecture with the Limo Green model in the third quarter. This will underpin existing EV models next year. "While its VF3 subcompact SUV is driving volumes, the company is still losing money on every car it sells," research firm Third Bridge noted in a pre-earnings report. "The bill of materials is estimated to be significantly higher than those of Tesla and BYD, partly because VinFast lacks scale and still pays a premium to suppliers who are wary of its short track record," it said.
Yahoo
23-05-2025
- Politics
- Yahoo
Vietnam orders messaging app Telegram to be blocked, government document shows
By Francesco Guarascio and Phuong Nguyen HANOI (Reuters) -Vietnam's technology ministry has instructed telecommunication service providers to block the messaging app Telegram for not cooperating in combating alleged crimes committed by its users, according to a government document reviewed by Reuters. The document, dated May 21 and signed by the deputy head of the telecom department at the technology ministry, ordered telecommunication companies to take measures to block Telegram and report on them to the ministry by June 2. The ministry asked telecommunication service providers "to deploy solutions and measures to prevent Telegram's activities in Vietnam". The document said the ministry was acting on behalf of the country's cyber-security department after police reported that 68% of the 9,600 Telegram channels and groups in the country violated the law, citing fraud, drug trafficking and "cases suspected of being related to terrorism" among the illegal activities carried out through the app. A technology ministry official confirmed to Reuters the authenticity of the document, noting the move follows Telegram's failure to share user data with the government when asked as part of criminal investigations. Telegram and Vietnam's technology ministry did not immediately reply to requests for comment. The Vietnamese police and state news outlets have repeatedly warned people of possible crime, frauds and data breaches on Telegram channels and groups. Telegram, which competes globally with other social media apps such as Facebook's WhatsApp and WeChat, was still available in Vietnam on Friday. Vietnam's ruling Communist Party maintains tight media censorship and tolerates little dissent. The country has repeatedly asked companies like Facebook, Google's YouTube and TikTok to coordinate with authorities to stamp out content deemed "toxic", including offensive, false and anti-state content. Telegram is accused of not applying laws that require social media to monitor, remove and block information that violate the law, according to the document. Also, the document said that according to information from the police, "many groups with tens of thousands of participants were created by opposition and reactionary subjects spreading anti-government documents". The free-to-use platform with close to one billion users worldwide has been involved in controversies across the world on security and data breach concerns, including in France where its founder Pavel Durov was briefly detained last year. France's President Emmanuel Macron is set to visit Vietnam from Sunday.
The Star
19-05-2025
- Business
- The Star
Exclusive-Vietnam government document says Trump Organization exploring tower in Ho Chi Minh City
HANOI (Reuters) -The Trump Organization and its local partner are exploring building a skyscraper in Vietnam's business hub Ho Chi Minh City as Eric Trump is expected to visit Vietnam this week, a Vietnamese government document seen by Reuters shows. The visit by the U.S. President's son comes just after the Trump Organization received the green light from Vietnam's government for a separate $1.5 billion golf project and as the Southeast Asian export-reliant nation is in talks with Washington to avoid punitive trade tariffs. Ho Chi Minh City officials are invited to "attend a dinner party with Eric Trump, senior vice president of the Trump Organization," on Thursday evening, the internal document seen by Reuters said. (Reporting by Phuong Nguyen and Francesco Guarascio; Editing by John Mair)
