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Andrea Coppola, World Bank Lead Economist for Vietnam (Photo: VNA) Hanoi (VNA) - Andrea Coppola , World Bank Lead Economist for Vietnam speaks to Vietnam News Agency about his recommendations for the country to speed up economic recovery and development in the time to come. VNA: How does the World Bank assess Vietnam’s recent economic performance? What is the forecast for Vietnam’s economy amidst current global and domestic challenges in the second half of 2023 and beyond? Andrea Coppola: Vietnam had a very strong economic performance in 2022 driven by three factors: robust exports, strong private consumption and also low base effects given the slower economic growth registered in 2021. However, during the last part of 2022, Vietnam’s economy started to face external headwinds. Weakening global demand associated with the monetary tightening that we observed in many countries in 2022 started having an impact on Vietnamese exports. As a result, economic growth … [Read more...] about Investments – key to economic growth in Vietnam: WB expert

According to the UOB ASEAN Consumer Sentiment Study 2022, there has been a significant increase in the number of Vietnamese who are interested in finding out more about sustainable investing. Nine in 10 Vietnamese feel that financial institutions should provide better information about the benefits of sustainable investing, while 19 per cent of those surveyed are ready to consider sustainable investing if it matches their risk appetite. Recognising the gap in the market, UOB Vietnam has entered into a strategic partnership with UOBAM Vietnam to bring comprehensive sustainable investment solutions to customers. After the MoU signing ceremony at the end of November 2022, UOB Vietnam organised an event exclusively for priority customers on May 30. The event was held at the Sheraton Saigon Hotel, with more than 100 guests in attendance. Sharing the cooperation's strategic vision at the event, Paul Kim, head of the Personal Financial Services Division at UOB Vietnam, … [Read more...] about UOB Vietnam and UOBAM Vietnam launch sustainable investment solutions

According to industry sources cited by Reuters , the total value of these investments could exceed $1 billion. Xiamen Hithium Energy Storage Technology, a company expanding in Europe and the United States, has approached industry managers in Vietnam to discuss a $900 million investment to build a factory spanning over 30 hectares. According to Reuters , if the investment materialises as planned, it would become one of the largest foreign investors in the nation. A second source confirmed that the investment under consideration would be worth at least $500 million. Previously, VIR reported that Tran Duc Thang, Secretary of Hai Duong Party Committee, held a meeting and working session during the week of May 22 with the leadership of Xiamen Hithium Energy Storage Technology. During the meeting, director of investment and development at Xiamen Hithium Energy Storage Technology Will Shangguang and his delegation explored the potential advantages of Hai Duong, focusing on its … [Read more...] about Two Chinese energy storage manufacturers consider investments in Vietnam

The move boosts innovative ideas and solutions to drive positive changes in plastic reduction, reuse and recycling and to unlock new sources of sustainable financing. A new task force was launched by the Vietnam National Plastic Action Partnership (NPAP) launched to promote innovation and catalyze investment in effective solutions for reducing plastic waste and pollution in Vietnam. In collaboration with the Royal Norwegian Embassy in Hanoi and its Commercial Section - Innovation Norway, the Task Force held its first meeting to discuss new technologies for Deposit Return Systems (DRS). The NPAP Innovation and Financing Task Force -- co-chaired by the International Cooperation Department of the Ministry of Natural Science and Environment (MONRE) and the Alliance to End Plastic Waste – brings together government agencies and domestic and international enterprises and organizations to boost innovative ideas and solutions to drive positive changes in plastic reduction, reuse and … [Read more...] about New task force promotes innovation, financing for plastic waste reduction in Vietnam

The meetings took place on the sidelines of the OECD Ministerial Council Meeting 2023. Talking to British Foreign Secretary James Cleverly, Minister Son expressed his delight at the progress in the two countries’ relations in multiple spheres, and suggested both sides increase mutual visits at all levels. He called on the British Government to continue financial and technological support, and assist Vietnam with capacity building within the framework of the Just Energy Transition Partnership to help the country realize the commitments announced at the 26th U.N. Climate Change Conference (COP26). He also asked for the U.K.’s coordination with and support for Vietnam to successfully serve as co-chair of the OECD Southeast Asia Regional Program, with priority to promoting economic recovery, helping with economic reform, and aiding Southeast Asian countries to further approach OECD standards. Agreeing on Minister Son’s suggestions, Cleverly expressed the respect for Vietnam’s … [Read more...] about Vietnam looks to reinforce ties with U.K., Hong Kong, Lithuania

In the first quarter the industrial property occupancy rate in the south declined by 8 percentage points year-on-year, according to real estate consultancy Cushman & Wakefield. The rates declined by 11 and 9 percentage points for ready-built factories and warehouses, it added. Another consultancy, JLL, said there are signs that the southern industrial property market is going into a short-term low demand period since exports are down. The Vietnam Association of Realtors (VARS) said the market is suffering due to delays in clearing lands for many projects. The lack of accommodation for workers at industrial zones is also a weak spot, it added. With dwindling global economic prospects, foreign investors are keeping away. In the first five months of 2023 foreign direct investment pledge in Vietnam was 7% lower at $10.86 billion. VARS said it is vital that investors are aware of the government’s policies to be able to invest optimally. Industrial land development … [Read more...] about Industrial property market slumps on economic woes

Thomson Medical Group Ltd., a Singapore-based healthcare company, is engaged in advanced negotiations to acquire a majority stake in FV Hospital in Ho Chi Minh City, which is backed by a French entity, Bloomberg reported on Thursday. According to the sources cited in the report, the group has emerged as the frontrunner in the competitive bidding process, surpassing other contenders. Additionally, the company is currently collaborating with a financial advisor to facilitate the potential acquisition. In a bouse filing on the Singapore Exchange (SGX) on Thursday evening seen by Bloomberg , the board of Thomson Medical said that the company is “currently in preliminary confidential discussions to explore a potential transaction.” “The discussions are ongoing and no definitive terms have been agreed upon between the parties,” Bloomberg quoted the filing. “Further, there is no certainty or assurance that any transaction will arise from these discussions. “The company will … [Read more...] about Singapore’s Thomson Medical Group in talk for stake in Vietnam’s FV Hospital: Bloomberg

A tourist at Tien Cave in Lao Cai Province - Photo 52hz.vn Tien Cave is one of the beautiful landscapes in the country and attracts many tourists to Lao Cai Province. The cave has a wild beauty with many beautiful and studding stalactites. With a white sandy beach and crystal clear water, the scenic cave is an ideal resting place among the mountains on summer days. The path leading to the cave in Coc Ly Commune, Bac Ha District is a small flow of the Chay River, originating from stream branches in the northwest of Hà Giang Province. On a boat trip on the stream leading to Tien Cave - Photo traveloka.com The Chay River coming here seems to be constricted to form a deep river, bringing a gentle look, weaving between the two steep cliffs. The two sides are primeval forests, covering the whole landscape with a cool, fresh climate. To reach this place, we went through Bao Nhai Commune and then took a boat upstream on the Chay River for nearly an hour. During the … [Read more...] about Discovering Tien Cave in Lao Cai

Sacombank began a project to implement Basel III and strengthen risk management capacity with EY Vietnam Consulting JSC offering consultancy. — Photo courtesy of the bank Sacombank has begun a project to implement Basel III and strengthen risk management capacity with EY Vietnam Consulting Joint Stock Company offering consultancy. The project is meant to build an organisational structure for risk management in line with international rules and the bank’s strategies, improve capital and asset quality to ensure stable and sustainable business operations and meet the increasingly stringent requirements for the banking industry, optimise the process of identifying, measuring, monitoring, controlling, and overcoming risks, and develop skilled human resources and a modern information technology system. Pham Van Phong, the lender's vice chairman, said: “Sacombank is well aware of the importance of applying Basel III rules and improving its risk management system. “This is one of the … [Read more...] about Sacombank starts adoption of Basel III norms

A Korean student joins an exchange with Vietnamese school students in a Korean business-funded Corporate Society Responsibility programme in central Viet Nam. — Photo courtesy of Doosan Vina Although accounting for a 10 per cent share of total South Korean investment capital in Viet Nam, the Korean business community has been positively promoting Corporate Social Responsibility (CSR) programmes to contribute to socio-economic development in central Viet Nam over the past decades. The Consul General of South Korea in Da Nang, Kang Boo Sung, spoke at the CSR Forum among South Korean businesses operating in the central region, emphasising the satisfaction among 250 enterprises working in the region over the past years. More new Korean investors are turning their attention to this destination. "South Korea is seen as the largest investor in Viet Nam with an accumulated US$81 billion since the two countries established diplomatic ties in 1992, and an amount of $4.88 billion in newly … [Read more...] about South Korean investors share social support in central Viet Nam