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Speakers at the Vietnam Innovation Forum titled “Sailing the digital sea” in HCM City on Thursday. — Photo Courtesy of NIC Investors hold an optimistic view of the country’s start-up eco-system, according to the 2023 Viet Nam Innovation and Tech Investment Report. Released by the Viet Nam National Innovation Centre (NIC) and Do Ventures at the Vietnam Innovation Forum titled “Sailing the digital sea” in HCM City on Thursday, it was the third annual report. It said: “Despite the turbulent global investment climate, Viet Nam remains a favoured destination for investors due to its sturdy economic growth and skilled young workforce.” The most common advice given to start-ups was to focus on the fundamental aspects of business, utilise capital wisely with a strategic approach and adjust to changes in the economic climate. The country's venture capital developments began to reflect global economic distress. So, despite a strong economic rebound, there was a 56 per cent decline … [Read more...] about Viet Nam remains favoured destination for global investors

At the conference (Photo: VNA) Hanoi (VNS/VNA) - Vietnam needs to develop appropriate policies to adapt to the global minimum tax and remain an attractive FDI destination , heard a seminar in Ho Chi Minh City on March 29. Dr Tran Du Lich told the seminar, titled "Global Minimum Corporate Tax - Prospects and Challenges in attracting FDI in HCM City", that the global minimum corporate tax rate of 15%, which is set to be applied next year in Vietnam , is forecast to have a significant impact on Vietnam in whose economy FDI plays a significant role. The tax applies to multi-national corporations with revenues of at least 750 million euros (870 million USD). When a company invests in a foreign country but pays corporate income tax of less than 15% in that country, it will have to pay the difference in the country where it is headquartered. As of today, 141 countries and territories have signed up to implement the tax. “It is estimated that 1,015 FDI companies in … [Read more...] about Global minimum tax should not impact investors’ benefits: Conference

Deputy Prime Minister Tran Luu Quang (R) and  Kim Myoung-kyu, Vice President of LG Display Co Ltd. (Photo: VNA) Hanoi (VNA) – Deputy Prime Minister Tran Luu Quang hosted a reception for Kim Myoung-kyu, Vice President of LG Display Co Ltd, a subsidiary of LG Group of the Republic of Korea (RoK), on March 31 in Hanoi. During the meeting, Quang suggested the RoK firm expand its investment in Hai Phong and other Vietnam ese localities and build a research & development centre in Vietnam. The Deputy Prime Minister highly appreciated the investment and business efficiency of LG Group and LG Display in particular in Vietnam, saying that those have contributed to the Southeast Asian nation’s socio-economic development, and deepening the Vietnam – RoK comprehensive strategic partnership. Quang said the Vietnamese Prime Minister has approved the adjusted master plan of Hai Phong city to 2040, with a vision towards 2050, which aims to expand the land fund for … [Read more...] about Vietnam calls for more investment from LG

Britain on Friday said it had struck a deal to join an 11-country trans-Pacific trade pact which includes Japan and Australia as it looks to deepen ties in the region and build its global trade links after leaving the European Union. Prime Minister Rishi Sunak said Britain had agreed to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), in a move his office said was the biggest trade deal since Brexit. A previous government impact assessment estimated the deal would add just 0.08% to GDP in the long term, but Britain has strategic - not just economic - motives, as it can now influence whether applicants China and Taiwan may join the group. "Joining the CPTPP trade bloc puts the UK at the centre of a dynamic and growing group of Pacific economies," Sunak said, adding the deal demonstrated "the real economic benefits of our post-Brexit freedoms." Britain has been looking to build trade ties following its departure from the EU in 2020, … [Read more...] about Britain, building post-Brexit ties, to join trans-Pacific trade pact

Cat Lai Port in HCM City. Viet Nam will focus on enhancing the competitiveness of the logistics sector. — VNA/VNS Photo Viet Nam will focus on enhancing the competitiveness of the logistics sector and removing bottlenecks in the sector in order to promote trade and investment with India, an official has said. Speaking at a meeting on Thursday in HCM City, Pham Thi Ngoc Thuy, director of the Office of the Private Economic Development Research Committee, said there was immense potential for improvement in bilateral trade between Viet Nam and India, especially in the logistics sector. Viet Nam’s heavy investment in infrastructure development has created significant opportunities for logistics enterprises, she said. In addition to logistics, other key investment sectors include hi-tech agriculture, food processing, renewable energy, the supporting industry, healthcare, education, infrastructure, and tourism, among others. Bilateral trade between the two countries has grown … [Read more...] about Viet Nam to enhance competitiveness of logistics sector

The groundbreaking ceremony for Viet Nam's first and largest green hydrogen factory in the Mekong Delta province of Tra Vinh. — VNA/VNS Photo TGS Tra Vinh Green Hydrogen Company, a member of The Green Solutions Group, on Thursday started construction of Viet Nam's first and largest green hydrogen factory in the Mekong Delta province of Tra Vinh’s Duyen Hai District, with the total investment of VND8 trillion (US$341 million). Covering an area of 21ha, the project is expected to become operational after two years, initially producing 24,000 tonnes of green hydrogen and 195,000 tonnes of oxygen a year. It would provide direct jobs for 300-500 local residents. Tra Vinh Province's People’s Committee Chairman Le Van Han said the locality always accompanies investors during the implementation, creating all favourable conditions for the project to be completed on schedule and put into operation soon. The investment in a green hydrogen factory project in the area helps the province … [Read more...] about Work starts on Viet Nam’s first green hydrogen plant

Almaz conference centre in Vinhomes Riverside, Ha Noi. Vinhomes (VHM) topped the list of stocks pulling the VN-Index most on Friday. — VNS Photo Mai Huong The VN-Index closed at a one-month high in the first quarter’s last trading session, supported by strong buys of both domestic and foreign traders. On the Ho Chi Minh Stock Exchange, the VN-Index ended up 0.49 per cent at 1,064.64 points, extending its rally streak to nine consecutive sessions. Meanwhile, the HNX-Index on the Ha Noi Stock Exchange increased for a second day, up 0.75 per cent to close at 207.5 points. It inched up 0.2 per cent on Thursday. Liquidity in the afternoon session grew by 57 per cent compared to the morning, totaling 723.5 million shares worth VND13 trillion (US$552 million), the highest in more than a month. According to analysts, a long gaining streak showed investors’ expectations near the closing time of the net asset value of funds, pushing up many stocks. On average, this week saw the best … [Read more...] about VN-Index inks March’s last session in blue with ninth straight gaining session

Inspectors examine a container at Cai Lan port in Quang Ninh province. More ports need to be built to promote inter-regional ties. (Photo: VNA) Thai Binh (VNA) - The Red River Delta is a region of geopolitical, economic, cultural, and social importance to Vietnam , according to Minister of Planning and Investment Nguyen Chi Dung. The minister made the remarks at a seminar "Promoting investment, trade, and services to strengthen inter-regional ties" held on March 30 in Thai Binh province. He said in more than 15 years, the region saw a remarkable economic advancement with an average annual growth rate of 8.93%, far higher than the country's level. In 2022, its GDP hit 2.89 quadrillion VND (123 billion USD), contributing to nearly one-third of the national GDP. Its income per capita was 1.3 times as high as the national average, at 123.4 million VND per annum. Despite the impressive economic growth, the region still faces some major obstacles. First, its transition … [Read more...] about Red River Delta – national economic powerhouse: Official

Nguyen Minh Thoai, CEO of DIGI-TEXX Nguyen Minh Thoai, CEO of DIGI-TEXX, last weekend shared his insight at Finovate : Product Day 2 - a Jobhoppin’s event themed “Digitalisation and Automation strategy for operations in financial services” in Ho Chi Minh City. “Finovate: Product Day 2” event shredded lights on how organisations of all industries navigated through uncertainties amidst this period of of hyper-turbulence and change. Businesses that highlight and successfully optimise automation process at the centre of their transformations will have a competitive advantage through complexity. While there's little doubt that automation can yield significant benefits for all kinds of sectors, such as financial services, healthcare services, e-commerce, and real estate, to name a few. Robotic Process Automation (RPA) could relieve humans from repetitive hazardous and unpleasant tasks. “Organisations across the globe are increasingly relying on RPA to carry out routine, … [Read more...] about DIGI-TEXX sets the standards in digital and business process outsourcing services