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Remittances contributed by migrants account for 5% of Vietnam’s gross domestic product (GDP). International migration and internal migration in Vietnam have long played a very important role in the country’s socioeconomic development and they will continue to do so. Park Mihyung, Chief of Mission of the International Organization for Migration (IOM) Vietnam, shared that view with The Hanoi Times . Park Mihyung, Chief of Mission of the International Organization for Migration (IOM) Vietnam. Photos: IOM Vietnam “If you look at the GDP, up to 5% of the country’s GDP comes from remittances contributed by international migration and that’s only recorded remittances, so it should be a lot more,” she said. For that reason, when the migration governance is done right and well, there’s a lot of positive development and contributions to Vietnam when they return and with their remittances, Park added. In addition, there’s also a recognition that … [Read more...] about Migration significant to Vietnam’s socio-economic development: IOM

South Korea was the largest petroleum supplier of Vietnam, with 3.22 million tons, up 96% year on year. Vietnam imported nearly 8.9 million tons of oil and petroleum products in 2022 worth $9 billion, nearly double that of the previous year, according to the General Department of Vietnam Customs (GDVC). Locals buying petrol products at a gas station in Hanoi. File photo In December 2022, the country imported nearly 950,000 tons of oil and petrol products worth $823 million, up 22% in quantity and 11% in value against November. Diesel made up a lion’s share of the imported volume with 4.74 million tons, accounting for 54% of the country's imported petroleum in 2022. In 2022, the country consumed 1.7 million tons of gasoline, 2.3 times more than in 2021; and 1.46 million tons of jet fuel, representing 2.2 times on-year, and 16% of imported oil. South Korea was the largest petroleum supplier of Vietnam, with 3.22 million tons, up more than 96% year on year; … [Read more...] about Vietnam spends US$9 billion on oil imports in 2022

Commerce Minister of Thailand Jurin Laksanawisit made the statement following a meeting in Brussels with the E.U. Trade Commissioner Valdis Dombrovskis. Dombrovskis wrote on Twitter that both sides want a comprehensive, high-quality agreement, with ambitious and sustainable provisions. The E.U. is now Thailand's fifth largest trade partner, behind ASEAN, China, the U.S. and Japan. Two-way trade hit 41 billion USD last year, of which, Thailand’s exports to the E.U. totaled 22.8 billion USD, mostly computers, equipment and spare parts; gemstones and jewelries, air conditioners and components, rubber products and electronic circuit boards. Thailand currently has 14 FTAs with 18 countries, including the Regional Comprehensive Economic Partnership (RCEP) that came into effect early last year. On December 15, 2022, the two sides signed the Thailand-E.U. Partnership and Cooperation Agreement (PCA) to promote bilateral cooperation. Source: VNA … [Read more...] about Thailand, E.U. to resume FTA talks in March

The Ministry of Culture, Sports and Tourism’s Van Hoa newspaper published his apology on Friday, which said it was a personal story and not meant to offend anyone. The comedian and director of the Vietnam National Drama Theater had posted "Mother’s slap" three days earlier to seemingly take a potshot at people who criticized his TV show. In the story, a woman cooks "banh chung" (glutinous square rice cake) every year for Tet, but her son, who does not know how to make it himself, always criticizes it. It read: "This year is no exception. At 8pm on Lunar New Year’s Eve, I criticized the cake after the first bite. My mouth has two sides, one to chew on ‘banh chung’ and the other to criticize the cake. "Not really because the cake is not delicious, not necessarily because it is bad, but because it is not what I imagined, it is not what I wanted. I criticize it because I have the right to criticize, because it is my mother’s responsibility to cook cakes as I want them." In the … [Read more...] about Vietnam’s famous comedian apologizes to TV audiences

Of particular note is a collection of more than 2,000 unique works from lacquer artist Nguyen Tan Phat , with each sculpture and lacquer creation having its own colour and cultural story. Phat began the collection nearly 2 years ago. There is no template, with each work a unique version with its own colour and charisma and inspired by daily life and folklore. In his talented hands, Phat breathes life into each statue by combining jackfruit wood and laterite with traditional lacquer art. These works are not only a bridge linking folklore and contemporary culture but also have high applicability. This unique cat statuette can be a display product or a flower vase, a tea table, or a lamp./. VNA … [Read more...] about Vietnamese artist marks Lunar New Year with thousands of carved cats ​

Vietnam has to deal with one major external challenge and two internal ones, Dr Pham Sy Thanh, Director of the Chinese Economic Studies Program under the Vietnam Institute for Economics and Policy Research, told the Vietnam News Agency. The external challenge is a strong decline in demand for Vietnamese exports. Many export sectors with revenue of over 1 billion USD like wood and apparel recorded their earnings in October and November 2022 falling 30 - 40% year on year and month on month. This indicates that foreign markets are no longer open or attractive enough for exports in 2023. Export contraction will have a huge impact on many social issues, especially lay-offs, job shortages, and unemployment in industrial parks, he pointed out. Among internal challenges, the first is that the handling of wrongdoings in the bond market and the banking system has caused serious disruptions and congestion of the capital flow. Meanwhile, the cost of capital is one of tough barriers to … [Read more...] about Intertwined opportunities, challenges for Vietnam’s economy in 2023