Talk Vietnam

Lowering bank rates helps businesses and individuals access credit, stimulating the economy. Vietnamese banks have slashed their deposit rates to a maximum of 8.5% per annum, aiming to make credit easier to access for businesses and people. A Vietinbank office. Photo courtesy of the bank Banks cut their interest rates by 0.5% per annum for deposits of six months or less. For deposit accounts of more than six months, rates were reduced by 0.2-0.3% per annum on average. The four state-owned banks, namely Vietcombank, Agribank, BIDV, and Vietinbank, cut interest rates by a maximum of 0.4% per annum for deposits of more than six months, capping savings rates at 6.8-7% per annum. Private banks' deposit rates range from 8% to 8.5% per annum. Some banks with the highest interest rates are GPBank, SeABank, ABBank, VietABank, and PVCombank. As of May 28, depositors will receive interest rates of 7-7.7% per annum for savings with terms of 6-12 months. The … [Read more...] about Local banks cap deposit rates at 8.5%/year

The family, the school, and the community are the three main pillars of society that are conducive to developing healthy and happy children in the community. The launch ceremony of Action Month for Children in Hanoi 2023 with the theme “Joining hands to reduce harm to children” is held on May 29 at the Friendship Palace of Culture and Labour. The launching ceremony of “AAction Month for Children in Hanoi 2023” takes place today, May 19. Photo: Pham Hung/ The Hanoi Times The ceremony was attended by Nguyen Thi Tuyen, Member of the Party Central Committee, Deputy Secretary of the Hanoi Party Committee, city leaders, and 500 children representing more than 1.9 million living in the capital. According to Vu Thu Ha, Vice Chairwoman of the Hanoi City People's Committee, the Action Month for Children is one of Hanoi's action programs to concretize Uncle Ho's teaching, "For the sake of ten years, we cultivate trees; for the sake of a hundred years, we cultivate … [Read more...] about Hanoi launches Action Month for Children 2023

Vietnam's legal framework for orphan drugs is in place to enable hospitals to have storage plans. The Ministry of Health (MoH) has been working on a plan to set up centers to store orphan drugs in line with the Vietnamese Government's directive, according to Le Viet Dung, Deputy Director of the Drug Administration of Vietnam (DAV). Dung said when sharing measures to overcome the shortage of orphan drugs and the lack of botulinum antidote that some warehouses for these drugs will be set up across the country. Drug Administration of Vietnam Deputy Director Le Viet Dung. Photo: VNA "There will be 15-20 medicines to be stockpiled, including botulinum antitoxins. The DAV has been working with the World Health Organization (WHO) to study its storage mechanism, liaise with regional countries on storing limited supply drugs, and with WHO storage facilities," Dung said. He stressed that the legal framework for rare drugs is in place, and the DAV is asking … [Read more...] about Vietnam to establish warehouses for orphan drugs

Among the top 10 fruit and vegetable export markets, China, the U.S., the Netherlands, and Malaysia have the strongest growth, with China importing $805 million worth of Vietnamese products, accounting for 59% of market share, compared with 53% in the same period last year. Durian in an orchard in the Mekong Delta City of Can Tho. Photo by VnExpress/Manh Khuong Nguyen Dinh Tung, general director of Vina T&T Import Export Trading Service Company, told VnExpress that while his company’s fruits exported to the U.S. and Canada dropped in the first four months of this year, goods shipped to China, including durian, dragon fruit and banana, helped its export turnover increase 20%. The company has signed contracts to export 1,500 containers of durian, with each container holding 15 tons of the fruit to China this year. In foreign markets, including China, Vietnamese fruits had to fiercely compete with peers from Thailand, Cambodia and the Philippines, according to … [Read more...] about Fruit exports surge in five months

Hau Giang’s location gives it unique advantages in terms of connections, transport, and logistics Earlier this year, the Ministry of Transport joined efforts with Hau Giang People’s Committee and Can Tho city to convene the groundbreaking ceremony of the Can Tho-Hau Giang road component project, part of an initiative to build the North-South Expressway network’s eastern portion, with total length approximating 37km. Meanwhile, the An Giang-Can Tho-Soc Trang expressway is slated to kick-off construction in June, and investment in the Ha Tien-Rach Gia-Bac Lieu expressway will follow suit. Once those key motorways are open to traffic, Hau Giang will be the convergent point between the highways, acting as the gateway to other localities in the region. In light of Hau Giang’s development direction this decade, the province is working on the planning scheme of eight industrial parks (IPs) and 15 clusters spanning 2,800 hectares in total, alongside the development of several urban … [Read more...] about Hau Giang can become major Mekong region growth engine

Photo: German Development Agency (GIZ) The Department of Technical Infrastructure (DTI) of the Ministry of Construction, in collaboration with the German Development Agency (GIZ), the World Resources Institute, and HealthBridge, released technical guidelines for the design of bicycle infrastructure in urban areas on May 29 in Hanoi. The technical guide to bicycle infrastructure design is based on principles learned from recent road safety and infrastructure initiatives for cycling in Vietnamese cities, as well as international case study insights. It will allow people to ride bicycles more safely and encourage transportation options for people of all ages, abilities, and travel purposes. The launch is deemed essential to Vietnam's efforts to address its swiftly expanding urban population, which is projected to account for half of the country's total population by 2025. Existing urban road networks currently pose hazards to cyclists and other vulnerable road users, and many … [Read more...] about Vietnam releases technical guidance for urban bicycle facilities

Sixty Lotte scholarship recipients and school officials from the universities in Ho Chi Minh City, attended the ceremony to celebrate the occasion. The selected Lotte scholarship recipients received $800 per year in funds. Talented students are given a helping hand to the next level through Lotte Scholarship Foundation’s initiative The Lotte Scholarship Foundation is dedicated to supporting students who do not lose their passion despite difficult circumstances and promoting global talent development, not only in South Korea but also around the world. To achieve this, the foundation has continuously provided scholarships in four countries since 2008, starting with Vietnam. At the ceremony, deputy consul general of South Korea in Ho Chi Minh City, Kwon Sun Chil, appreciated the foundation for its contribution to strengthening the friendship between Vietnam and South Korea, as well as the efforts to create an ideal education environment from Lotte Group. “Over the past … [Read more...] about Lotte Scholarship Foundation builds support for talent

How would you evaluate VinFast’s valuation upon completion of its merger? Marc Iyeki, former head of Asia-Pacific Listings at the New York Stock Exchange VinFast’s proposed merger with a special-purpose acquisition company (SPAC) at a $23 billion valuation, negotiated with Black Spade Acquisition, awaits validation in the public market. VinFast’s SPAC merger occurs amid reduced investor enthusiasm for electric vehicle (EV) companies and the broader market, as well as closer regulatory review of SPAC transactions. This adds a layer of scrutiny to the deal. While startups often grapple with mounting losses during their quest for market share, investors will closely monitor VinFast’s on-year sales growth, which turned negative from 2021 to 2022, although 2022 was a difficult year for the auto industry. In comparison to other EV companies that have gone public, how does VinFast’s valuation stack up? One difference between VinFast and a number of EV counterparts … [Read more...] about Tough journey is just starting for VinFast

Quality attendance sets new standards at Vinexpo Asia 2023 The expo exceeded expectations with a highly qualified attendance, substantial business generation, and unparalleled knowledge sharing, solidifying its position as the premier gathering for industry professionals in the region. Vinexpo Asia 2023 witnessed an impressive turnout, with a remarkable and diverse almost 10,000 professionals hailing from 64 countries, with the top five visiting countries being Singapore, China, Malaysia, Vietnam and Thailand. The event attracted top-quality buyers, 80 per cent of which have trade and retail activities in the region, providing exhibitors with many business opportunities, whereas 20 per cent were from media, education and institutional organisations. Highlighting its significance on an international scale, the trade show also welcomed prestigious institutional visits, including ambassadors and high commissioners from 19 countries ambassadors from 16 countries, featuring the … [Read more...] about Vinexpo Asia 2023 makes big impression

Over the next few months, workers in areas like garments and textiles are bracing for bad news, photo Le Toan PouYuen Vietnam, a subsidiary of Taiwan-based Pou Chen Group, will lay off more than 5,700 workers in the next few weeks. The termination of labour contracts will be divided into two phases, with around 4,520 employees to be fired by the end of June and 1,225 others at the beginning of July. PouYuen, a company specialising in manufacturing leather and footwear, once boasted 100,000 employees at its peak. However, the number has declined drastically since the pandemic – it let go of more than 2,300 employees in February this year alone, and the total for the first five months of 2023 has reached nearly 8,000 people. The company has cited falling orders in the main export markets as the cause of the redundancies. It has also had to deal with customers offering prices at half of what they used to be. According to a socioeconomic report by the National Assembly Economic … [Read more...] about Employees at risk of losing livelihoods