Hanoi (VNA) – Prices of oil and petrol products continued to decrease from 3:00pm on May 20, according to the latest adjustment of the Ministry of Industry and Trade and the Ministry of Finance the same day. The prices of RON 92 slightly dropped by 211 VND per litre, while that of E5 bio-petrol and diesel oil declined by 197 VND and 343 VND per litre, respectively. Following a joint decision by the ministries, RON 92 and E5 bio-petrol is sold at no more than 17,063 VND (0.75 USD) and 16,871 VND (0.74 USD) per litre, respectively. Meanwhile, the new ceiling prices of diesel 0.05S and kerosene are 13,260 VND (0.58 USD) and 11,792 VND (0.52 USD) per litre. The average global price of RON 92 during the last 15 days to May 20 was at 61,084 USD per barrel, down 1 USD compared to the previous price adjustment. The prices of petrol and oil are adjusted every 15 days by the two ministries depending on changes in the world market.-VNA … [Read more...]

Hanoi (VNA) – The Vietnamese Government will facilitate conditions for Japanese enterprises to land their investment in Vietnam, making contributions to promote friendship and cooperation relations between the two countries, said Prime Minister Nguyen Xuan Phuc. The PM made the statement during his meeting in Hanoi on May 20 with Japanese Minister of Economy, Trade and Industry Hiroshige Seko who is in Vietnam for the 23rd Meeting of Ministers Responsible for Trade (MRT 23) of the Asia-Pacific Economic Cooperation (APEC) forum. Lauding Japan’s role in Asia-Pacific region, the Vietnamese leader believed that Japan will make active contributions to the success of the APEC Ministers Responsible for Trade Meeting. Prime Minister Phuc also spoke highly of the exchange activities between the two countries, especially the first visit to Vietnam made by Japanese Emperor and Empress that marked a milestone in cooperation and friendship between the two sides. As part of activities to … [Read more...]

VietNamNet Bridge - Adventure travel accounts for example only 10 percent of all types of tourism in Vietnam. Of many different types of tourism, adventure travel is now witnessing the highest growth rate. Meanwhile, Vietnam has great potential to satisfy travelers' demand for exploring unusual, exotic, remote and wilderness destinations. Three quarters of Vietnam territory is made up of mountainous and hilly regions. Vietnam has limestone mountains, karst areas, beautiful caves, tropical primary forests, nature reserves, large national parks and over 3,000 km of coastline. Many areas in Vietnam have favorable conditions for jogging, mountain climbing, car racing, sea diving, rafting, sailing, windsurfing, parachuting and parasailing. However, despite great natural advantages, Vietnam’s adventure tourism still has not developed. Chung said that not many localities and businesses had invested in the segment. Many areas in Vietnam have favorable conditions for jogging, … [Read more...]

Fitch said the ratings reflect Vietnam’s strong growth performance and prospects, persistent account surpluses, manageable debt service costs and sustained foreign direct investment (FDI) inflows. The ratings also reflect a high public debt ratio, low foreign exchange reserve buffers, macro-prudential and banking sector risks, and a number of structural indicators being weaker than those of its peers. Fitch said in a statement that the adjustment of the outlook to positive is driven by policies focused on macroeconomic stability, including greater exchange rate flexibility and an increasing focus on inflation stability. The ratings agency expects Vietnam’s GDP to improve gradually to 6.3% in 2017 and 6.4% in 2018, supported by continued FDI inflows into the manufacturing sector and strong private consumption expenditure. According to Fitch, Vietnam’s foreign exchange reserves continued to improve, thanks to the adoption of a new exchange rate mechanism in early 2016, … [Read more...]

Many markets conquered By the end of April, China, the US, Japan and the Republic of Korea were the four the largest buyers of Vietnamese fruit and vegetables, accounting for nearly 83% of the total export value. Markets that saw strong growth include Russia, Thailand and Malaysia. The growth of fruit and vegetable exports is currently the second fastest among farm produce, only after rubber, which grew 66% year on year to US$611 million. In terms of value, fruit and vegetable exports sit in third position, after seafood and coffee. According to Nguyen Van Ky, General Secretary of the Vietnam Fruit and Vegetable Association, Vietnam’s fruit and vegetables are now available in 50 countries and territories. In addition to established markets, the sector is expanding to more demanding markets such as the US, EU, Japan, Canada, Australia and New Zealand. Although Thailand is one of the leading fruit and vegetable exporters in Southeast Asia, the country imported a large amount of … [Read more...]

HCM City - Financial inclusion has been an accelerating global phenomenon recently, with financial services being provided at affordable costs to disadvantaged and low-income segments to increase earnings, alternate social capital flow and promote economic growth, a conference heard on May 19 in HCM City. Speaking at 'Digital technology - the great engine of accelerating financial inclusion in Việt Nam,' Assoc Prof Nguyễn Kim Anh, deputy governor of the State Bank of Việt Nam, said: "Financial inclusion will contribute to implementing 7 out of 17 sustainable development goals by 2030 and poor countries might achieve breakthroughs in financial inclusion. "Digital technology will help banks accelerate financial inclusion, expanding their financial services to remote and rural areas, saving expenditure and developing sustainably." Nguyễn Thị Hòa, deputy head of the central bank's Banking Strategy Institute, said: "Good financial inclusion is able to promote economic growth, create … [Read more...]

HÀ NỘI - Representatives from 21 member economies of the Asia-Pacific Economic Co-operation (APEC) have shared their experiences in promoting trade and innovation, as well as exploring activities that APEC can undertake to boost innovative growth in the region. The discussion took place at the APEC Symposium on Trade and Innovation on Friday in Hà Nội, as part of the APEC Ministers Responsible for Trade (MRT) Meeting to be held on May 20-21. In his opening remarks, Minister of Industry and Trade Trần Tuấn Anh said trade, among other important enablers, plays an essential role in determining an economy's innovation policy and strategies; while innovation, in return, contributes to promoting trade among economies. "Given the evolution in the global and regional economy and the dramatic transformation brought about by the Fourth Industrial Revolution, economies are seeking to drive economic growth with innovation as one of the important enablers," Tuấn Anh said. Innovation - generally … [Read more...]

Viet Nam News HÀ NỘI - Việt Nam's first oil refinery operator Bình Sơn Refinery and Petrochemical Co Ltd (BSR) has planned its domestic initial public offering (IPO) with 5-6 per cent of its capital in the fourth quarter of the year. The information was announced on Thursday. BSR, which owns the US$3-billion Dung Quất Oil Refinery, added that the remaining shares would be offered to strategic investors. Trần Ngọc Nguyên, BSR's general director, said it has selected a consultancy firm to implement divestment plans at the three capital contribution units of PV Building, PMS and PVOS to prepare for the IPO. Answering a question on the modest rate of the IPO, Nguyên said BSR had carefully considered the number of offered shares and taken note of recommendations from the consultancy firm. Nguyên added that all information on business value and offered price would be announced next week after receiving approval from the Ministry of Industry and Trade. The IPO will be divided into two … [Read more...]

Viet Nam News HÀ NỘI - The customs authority has striven to shorten the time for carrying out customs clearance of goods across borders to 70 hours for export goods and 90 hours for import goods by the end of this year. The General Department of Customs (GDC) on Wednesday said in its report that the authority would continue its renewal and modernisation process while reducing paperwork and cost of administrative procedures to follow Government's Resolution No 19-2017/NQ-CP on improving the business environment and enhancing national competitiveness in 2017 and orientation to 2020. Accordingly, the time for customs clearance of goods across the border would be shortened to 60 hours for export goods and 80 hours for import goods by 2020. The set targets were much higher than those of 2016, requiring the sector to make greater efforts. According to the Việt Nam Logistics Association's (VLA) statistics in 2016, the time to clear exports is still high -- up to 108 hours -- and 138 … [Read more...]

VietNamNet Bridge - Why can’t the private economic sector grow more quickly, even though more policies and resolutions on developing private businesses have been created recently? In 2007, when Vietnam joined WTO, Phu Thai Group, together with Satra, Hapro and Saigon Co-op – all large retail chains – planned to set up VDA, a distribution network development joint stock company. The four distributors wanted to build up a retail chain powerful enough to compete with foreign investors when Vietnam’s commitments open its retail market. However, the project failed because of problems in land access, complicated procedures and other obstacles. “We had been trying to create a ‘Vietnamese pillar’ in the distribution field in the last decade, but it is so difficult to do this. VDA could not do anything,” Doan said at a workshop held recently discussing solutions to promote the private economic sector.The revenue of the 10 biggest private … [Read more...]

As one of the most prominent ministerial meetings in APEC’s framework, MRT 23 also saw the participation of ministers responsible for trade and senior officials from 21 APEC member economies as well as Director-General of the World Trade Organisation (WTO) Roberto Azevedo. In his opening remarks, PM Nguyen Xuan Phuc said since its inception in 1989, APEC has always been an important economic driver and growth engine of the Asia-Pacific region and the world. APEC has a combined population of more than 2.8 billion people, approximately 40% of the world population. After nearly three decades, APEC member economies have strongly expanded, accounting for approximated 60% of the world GDP and 49 percent of the global trade. The regional average tariff has been reduced from 11% in 1996 to 5.5% in 2016. Income and living standards have been improved for a large proportion of the population in the region. These outcomes have provided testament to the efforts of the region for trade … [Read more...]

Recently, more and more companies have been participating and using salary surveys as a credible source of information in planning their total rewards strategy. However, only a full data remuneration survey used on-time following business plans can help companies stand out from their competitors in the market and set a winning strategy for their people agenda. During these information-driven times, insightful salary survey reports together with a total remuneration strategy are the cornerstone for building sustainable business goals. Why a salary report matters When most businesses decided on the solution of cutting down operation costs to break the barriers of low efficiency, it is a top priority to optimize their human resources (HR), which entails a regular efficiency and compensation budget review. According to the exclusive salary report provider in Vietnam, Talentnet Corporation, the number of companies purchasing its salary report has continually increased in recent years. … [Read more...]

Viet Nam News HCM CITY - Sustainable productivity is the only way for the world to deal with changing business models driven by fast changing technologies, according to the Asian Productivity Organisation. Dr Santhi Kanoktanaporn, APO's secretary-general, said the world has experienced an unprecedented rate of change in every field, including the internet, mobile phones and knowledge. The fast changing and newly emerging technologies today not only attempt to make current products better, but "also disrupt or kill current products or organisations. This kind of innovation we called disruptive innovation." In an interaction with the media in HCM City recently, he said: "One of the technologies coming very fast and that is very important is artificial intelligence. "If you put this box - an artificial intelligence -- into a car then you do not need to drive a car, it will take you to the destination you want. That's why we call it disruptive because if you have a car you drive … [Read more...]

Viet Nam News HÀ NỘI - During his keynote address at yesterday's conference on the future of the Việt Nam - US commercial relationship, President Trần Đại Quang expressed his faith in the bilateral economic ties between Việt Nam and the United States. The conference, titled "The United States and Việt Nam in 2017 and Beyond" and jointly hosted by the American Chamber of Commerce in Hà Nội (AmCham) and the US Chamber of Commerce with cooperation from the Việt Nam Chamber of Commerce and Industry (VCCI), aimed to promote expanded trade and investment through dialogues between government and industry leaders from both countries. During his address, the President said that bilateral growth will be the basis for the comprehensive partnership between the two countries toward sustainability, stability, productivity and mutual benefits. Sharing in the President's belief, Ted Osius, current United States Ambassador to Việt Nam, stressed that US firms have significant interest in the … [Read more...]

Dr Nguyen Duc Kien, deputy chairman of the National Assembly Economic Commission, told VIR’s Manh Bon that if Vietnam focuses on available solutions, and especially, the disbursement of investment capital, the 2017 GDP growth may be closer to the target of 6.7 per cent. Are you satisfied with Vietnam’s economic performance in the first four months of 2017? Based on the statistics of the General Statistics Office of Vietnam, the GDP increased by only 5.1 per cent in the first quarter of 2017, the lowest growth rate since the trough of 5.42 per cent in the second quarter of 2014. Thus, to reach the target of 6.7 per cent, for the three remaining quarters of 2017, an average of 7.1 per cent growth needs to be produced. This will be difficult to achieve. Of the three main pillars of the Vietnamese economy, although agriculture, forestry and fishery sectors significantly recovered in the first quarter of 2017, their overall growth rate was a meagre 2.03 per cent, a decrease of … [Read more...]

Viet Nam News HÀ NỘI - Việt Nam-based technology corporation CMC on May 19 released its anti-data encryption software CMC CryptoShield, which offers protection from ransomware. Ransomware is software that blocks access to a computer system until the hackers behind the attack are paid. CMC CryptoShield is designed to prevent all forms of malicious code by applying artificial intelligence. The artificial intelligence system integrated in CMC CryptoShield can recognise all micro-encoded data and block it. Ransomware has become a new global threat and profitable business and with the boom of difficult to trace cryptocurrencies in recent years, most notably Bitcoin, hackers can get ransom without being traced. CMC CryptoShield ensures that all user data will be put into a secure and inviolable area right before it is encrypted, said Vũ Lâm Bằng, Director of CMC's Research and Development Centre at the launch ceremony of CMC CryptoShield. Artificial intelligence is a weapon in the … [Read more...]

Viet Nam News HÀ NỘI - Shares rose on both local exchanges on Friday, boosted by big gains for brokerage and energy companies. The benchmark VN Index on the HCM Stock Exchange gained 0.94 per cent to close at 733.82 points, setting a fresh nine-year high. The HNX Index on the Hà Nội Stock Exchange advanced 0.78 per cent to end at 92.18 points. The northern market index bounced back from Thursday's 0.5 per cent loss. The VN Index has posted a weekly gain of 1.2 per cent compared to the previous trading week, and the HNX Index has gained 2 per cent. More than 281.6 million shares were traded on both local bourses, worth VNĐ6.11 trillion (US$271.58 million). The stock market was driven up by strong gains of brokerages and energy companies, which saw their sector indices up 5.4 per cent and 0.8 per cent, respectively, according to vietstock.vn. Among securities companies, HCM City Securities (HCM), Sài Gòn Securities (SSI), Sài Gòn-Hà Nội Securities (SHS) and VNDirect Securities … [Read more...]

Presided over by Vietnam's Permanent Deputy Foreign Minister Bui Thanh Son, who is APEC 2017 SOM Chair, the two-day meeting discussed APEC's long-term cooperation orientations and proposals on the reform of APEC apparatus to make it more effective in promoting initiatives benefiting businesses and people. Comprising nearly 50 meetings and workshops, SOM 2 drew about 2,300 delegates from 21 member economies, the business community, scholars as well as representatives from international organizations and ministries and sectors of host Vietnam.  A SOM2 session held at the National Convention Center in Hanoi. Photo: Huu Duong The SOM2 and related meetings played a key role in speeding up the implementation of the theme and four priorities of the APEC Year 2017 that were approved at the SOM1 in NhaTrang in March. Major outcomes of the meeting include member economies' strong support for APEC's role as a motivation for regional economic growth and connection and a cradle of … [Read more...]

The Hanoitimes - Fitch Ratings has revised its outlook on Viet Nam’s long-term foreign and local currency issuer default ratings (IDR) to Positive from "BB-." The information was stated by the credit rating agency in a press release on its website on May 18. According to the agency, Viet Nam’s ratings reflected strong growth performance and prospects, persistent current account surpluses, manageable debt service costs and sustained foreign direct investment inflow. However, the ratings still reflected a high public debt ratio, low foreign-exchange reserve buffers, macro-prudential and banking sector risks and some structural indicators being weaker than those of peers, including per capita income and human development standards. The policy-making focused on macroeconomic stability had supported strong levels of foreign direct investment (FDI) and helped maintain robust economic growth, said the agency. It cited statistics showing that Viet Nam’s real GDP expanded at … [Read more...]

Viet Nam News HÀ NỘI - National flag carrier Vietnam Airlines (VNA) will work with the Việt Nam Air Service Company (VASCO) to operate two daily flights connecting Hà Nội and Quảng Bình Province from May 29, the carrier announced on Thursday. The VNA flights, using Airbus A321s, will take off at 6:30am from Hà Nội and 8:30am from Đồng Hới City. Meanwhile, passengers on ATR72 aircraft, operated by VASCO, will leave Hà Nội at 2:30pm and Đồng Hới at 4:30pm. Promotional air fares on the route, priced from VNĐ299,000 (US$13.2), are available for flights departing between May 29, 2017 and March 31, 2018. Earlier in March, Vietnam Airlines transferred the Hà Nội-Đồng Hới air route to VASCO to operate seven round trips per week, using the 68-seat ATR72 aircraft. The move is part of Vietnam Airlines Corporation's plan to improve operational efficiency of its subordinate airlines -- Vietnam Airlines, VASCO and Jetstar Pacific Airlines -- and expand VASCO's business to meet increasing … [Read more...]