4 2 sustained business success

Greener trade and investment is crucial to tackling climate change in Asia and the Pacific and will require governments in the region to work together more closely, according to a new report by the Asian Development Bank (ADB). While trade and investment have fueled remarkable economic growth in Asia in recent decades, it has also led to large increases in carbon dioxide emissions in the region—which is more vulnerable to the effects of climate change than any other. Reversing this trend will require measures such as promoting trade in environmental goods and services, nurturing green businesses, developing carbon pricing mechanisms, and strengthening regional cooperation through trade and investment agreements, according to the Asian Economic Integration Report (AEIR) 2023, released by ADB today. “Asia and the Pacific’s remarkable growth has lifted millions of people out of poverty, but this has come at an environmental cost,” said ADB Chief Economist Albert Park. “The region now … [Read more...] about Sustainable trade and investment key to Asia and Pacific’s green future

A tomato farm in Don Duong district, Lam Dong province, joining the platform of Koina (Photo courtesy of Koina) HCM City (VNA) – VinaCapital Ventures, a technology-focused venture capital fund of the Ho Chi Minh City-based VinaCaptial Group , has announced an investment of 1 million USD into Koina, an agritech startup founded in Vietnam. The investment from VinaCapital Ventures is part of Koina’s seed fundraising round. Koina, established in 2021, aims to build a large and efficient agricultural ecosystem in Vietnam by connecting farmers with financial organisations, suppliers, and retailers. Its “Farmer Platform” is intended to help farmers access loans, publicise prices, and give guidance on good agricultural practices. Thi Nguyen, co-founder and Chairman of Koina, said the funding from VinaCapital Ventures will help his firm expand sales channels and increase investment in technology to control quality and boost the value of agricultural products of Vietnam. … [Read more...] about VinaCapital Ventures pours 1 million USD into agritech startup

Many Vietnamese farmers and enterprises exporting red-flesh dragon fruits to Japan are worried about a new regulation that requires dragon fruit exports to have planting area codes. The difficulty lies in the fact that Japan allows only the LD1 dragon fruit variety, one that belongs to a private company in Long An Province, southern Vietnam. As the regulation has just been issued, many local exporting enterprises will fail to meet it and have to sell their dragon fruit at wholesale markets, suffering huge losses. In mid-January, five shipping containers of some 70 metric tons of red-fresh dragon fruits worth US$190,000 from Yasaka Fruit Processing Co. Ltd., which specializes in exporting fruits to Japan, failed to be shipped to Japan. A phytosanitary center under Vietnam's Plant Protection Department announced that both white- and red-flesh dragon fruit exports to Japan must have planting area codes. Nguyen Trong Trung Dung, deputy director of Yasaka Fruit Processing Co. … [Read more...] about Vietnam dragon fruit exports to Japan impeded by new regulations

At the reception for Tatsuo Yasunaga, President and CEO of Mitsui & Co Ltd., the Government leader praised the company’s business performance in Vietnam, particularly in processing and distributing of local aquatic products. PM Phuc welcomed a joint project between Mitsui and Minh Phu Seafood Corporation which could push the shrimp export value of the major shrimp farming business in Vietnam to 1 billion USD. Yasunaga informed his host of the success of the joint project, which has seen over 150 million USD invested in improving Minh Phu’s processing, business management and export capacity, adding the sides plan to focus on upgrading refrigeration equipment and expanding export markets, particularly targeting Russia apart from the US. In another meeting with Han Chang-woo, chairman and CEO of Maruhan Corporation, PM Phuc said Vietnam is pressing ahead with effective equitisation of Stated-owned enterprises (SOEs), particularly in transport, infrastructure, construction, … [Read more...] about PM meets with leaders of Japanese conglomerates

Vo Tri Thanh *Vo Tri Thanh Viet Nam achieved and exceeded 14 out of 15 targets assigned by the National Assembly for 2022 with many impressive numbers including GDP growth, export turnover and the number of newly-established and re-opened businesses. Only labour productivity was under expectations. Viet Nam’s labour productivity was expected to increase by between 4.7 per cent and 5.2 per cent on average in 2022, higher than the average growth rate of 4.7 per cent in 2021 but behind the target of 5.6 per cent set for the whole of 2022. On January 10 this year, the Government issued Resolution No 06/NQ-CP on the development of a modern, efficient, sustainable and integrated labour market serving quick socio-economic recovery, setting the average labour productivity target for 2023 at more than 6.5 per cent. Labour productivity is an important economic indicator that is closely linked to economic growth, competitiveness and living standards within an economy. According to … [Read more...] about Viet Nam wrestles with labour productivity issue when heading to innovation-based development

Vietnamese people's cultural and human values should be central to the capital’s industrialization process. Hanoi aims to spearhead the nation's industrialization and modernization until 2030, with an eye on 2045. Hanoi has seen major transformation over the years. Photo: Pham Hung According to the municipal Party Committee, the goal of the plan is to transform the mindset and build consensus in the political system and people to achieve socioeconomic development objectives. The Party Committee emphasized the use of science-technology and innovation, specifically Industry 4.0 advancements, as a key solution for the country’s modernization in the 2021-2030 period. “This would help Vietnam to make breakthroughs in productivity and improve the economy's competitiveness,” stated the plan. For Hanoi, the plan identifies key targets for economic growth, enhancing socio-cultural values, urban development, and environmental protection. By 2030, Hanoi and other … [Read more...] about Hanoi to spearhead the nation’s industrialization efforts until 2030

Vietnam should take the necessary steps to become a cryptocurrency hub that has a favorable cryptocurrency regulatory framework and hosts the world's leading crypto firms. Lack of regulatory framework Most Vietnamese crypto investors have a "get-rich-quick" and "gambling" mindset. Photo: Pexels While cryptocurrency exchange providers must go through a strict screening process to obtain a license in Singapore and soon in Hong Kong, exchanges such as Binance or Remitano can operate freely in Vietnam without a financial services provider license, and investors earn capital gains in crypto without having to pay any taxes. Many crypto projects, especially GameFi, Move to Earn, Metaverse and Web3, were launched in such an environment that helped boost national innovation and drive the digital economy. However, the lack of a regulatory framework has led to unprotected investors in the event of a scam, difficulty in tracking fraudulent and criminal activities … [Read more...] about Vietnam’s vibrant crypto scene needs a regulatory framework

The conference featured Prime Minister Pham Minh Chinh, and top government officials, including minister of Planning and Investment Nguyen Chi Dung and minister of Industry and Trade Nguyen Hong Dien. The 2.2GW Son My 2 CCGT power plant will be located in Binh Thuan province. The $1.8 billion plant will have a 20-year contract with the Vietnamese government. Speaking at the conference, Joseph Uddo, president of AES Vietnam said, “The investment policy for Son My 2 CCGT power plant marks a significant milestone enabling us to move ahead with the project. “We are honoured to receive the approval in this significant event today on the action plan to implement Resolution No. 26-NQ/TW of the Politburo, recognising the importance of the power plant project in ensuring energy security, promoting international investment and the socioeconomic development of Vietnam.” Son My 2 complements AES’ investment plans in gas infrastructure in the country and the … [Read more...] about AES receives Investment Policy Decision for 2.2 GW Son My 2 CCGT plant in Vietnam

Party General Secretary Nguyen Phu Trong speaks at the event (Photo: VNA) Hanoi (VNA) - The Politburo on February 6 held a meeting with former senior leaders of the Party, State and Vietnam Fatherland Front on the occasion of the 93rd anniversary of the Communist Party of Vietnam (CPV) and the Lunar New Year. Participating former leaders all expressed their belief in and pride of positive outcomes that the country has achieved in the past time. In the hope of boosting the quality and effectiveness of the Party and State leadership in 2023 and the following years, they made recommendations and proposals mostly regarding the building of the Party and political system, external affairs, socio-economic development and anti-corruption work, among other issues. Taking into account their comments, Party General Secretary Nguyen Phu Trong noted that last year’s outstanding achievements, particularly in pandemic prevention and control, economic recovery and development, … [Read more...] about Politburo meets former Party, State leaders