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In 2008, the US investment bank Bear Stearns, on the verge of collapse, had to be rescued by J.P. Morgan. This marked the beginning of the global financial crisis of 2008, which sent the global economy into a deep recession and caused significant economic damage, including massive employment losses. Patrick Lenain, senior associate at the Council on Economic Policies Today, several banks are once again in trouble. As of March 22, four large banks were in distress. Silicon Valley Bank (SVB), a $212 billion US bank specialising in tech startups, collapsed when it was unable to meet deposit withdrawal requests and had to be taken over by federal regulators. A few days later, Signature Bank, another midsized US bank with assets of $110 billion, also suffered a severe liquidity crisis and was seized by federal regulators. This was followed by First Republic Bank with assets of $205 billion, which was hit by rating downgrades and a tumbling share price and had to be … [Read more...] about Developments for Vietnam to watch in midst of bank crisis

US President Joe Biden recognized Vietnam as an important partner, committed to supporting its independence, self-reliance, and prosperity. Vietnam and the US should continue to ensure economic, scientific, and technological cooperation as the core and driving force for bilateral relations. General Secretary of the Communist Party of Vietnam Nguyen Phu Trong at the talks. Source: VNA General Secretary of the Communist Party of Vietnam Nguyen Phu Trong gave the remarks during his phone talks with US President Joe Biden on March 29 on the 10th anniversary of the Comprehensive Partnership. Trong hoped the two nations would uphold their defense-security cooperation agreements, prioritize trade promotion, and explore new cooperation areas such as logistics, digital economy, green transformation, and health. He emphasized the need for intensified collaboration in various fields, including addressing the aftermath of war, UN peacekeeping, information … [Read more...] about Economic – science cooperation key pillar in Vietnam-US relations: Party chief

This year, difficulties from within the economy will continue to affect the retail industry and demand is expected to continue to decline. How does AEON Vietnam think 2023 will shape up in general? Furusawa Yasuyuki, general director of AEON Vietnam Although there are many difficulties, I think the economic growth rate in 2023 will remain at a stable level, reaching the growth target set by the Vietnamese government. However, recently, rising raw material prices have significantly affected the lives of consumers. This will also be one of the factors affecting consumption trends in 2023. Besides that, due to the influence of inflation in Europe and the US, the number of export orders from Vietnam decreased sharply. Some businesses are forced to cut labour and reduce working hours, greatly affecting the economy and the lives of workers - as well as the consumers. I think, within in the first half of this year, there will still be many difficulties and those may take … [Read more...] about Bringing the standards and quality of Japanese retail brands to Vietnam

The CEO and Regional Head, Client Coverage, Americas, Standard Chartered, shared his view on Vietnam's significance for US businesses and why Vietnam is potential for foreign investors. Vietnam has gone from being a frontier economy in ASEAN to a flourishing, cost-effective industrial nation. Firms and investors looking for new markets to grow, source, or manufacture their products – especially in Asia – should consider Vietnam’s long-term potential and stay updated on its opportunities. Steven Cranwell, CEO and Regional Head, Client Coverage, Americas, Standard Chartered. Photo: Standard Chartered In recent years, Vietnam has benefited from the trade tensions between the US and China. With US companies adopting a ‘China plus one’ approach to their supply chains, the percentage of exports from Vietnam to the US has risen by approximately nine percent between 2018 and 2021. It is, however, important to note that Vietnam has been an alternative to China … [Read more...] about The significance of Vietnam for US businesses and why they should take notice: Standard Chartered

An unbelievable story: A telecommunication business developing high-tech defense industry When Viettel started building its airborne warning system, military units of Vietnam were capable of upgrading old-generation radars only. In the world, only eight countries with strong defense industry sectors were able to build the system from scratch then. Overcoming numerous challenges, Viettel successfully manufactured its first complete radar, which was accepted by the Ministry of National Defense and put into mass production in 2014. Subsequently, the company achieved several significant milestones, such as exporting its radar products labeled "Made by Viettel" in 2017 and producing maritime warning radars that meet the standards of advanced countries in 2018. The radar system was one of many high-tech defense products made by Viettel at the time. Over the last 13 years, the company has researched and produced numerous military and civilian technological "Made in Vietnam" products. … [Read more...] about Viettel – A high-tech defense industrial center of Vietnam

VHT-produced core product ecosystem The system was the last step to complete a core product ecosystem that VHT designed and produced. This was also the last piece among an entire product ecosystem researched and manufactured by Viettel that has been integrated into Vietnam's telecommunications network. The IMS production marked the successful realization of Viettel's Made-in-Vietnam strategy in core telecommunications to ensure information security. Viettel has been, for decades, taking steps to replace imported components with its products. The telecoms corporation, one of the largest in Vietnam, has succeeded in integrating 100% "Made by Viettel" components in its networks, which serves 80 million customers in Vietnam with systems such as the online charging system (OCS), the policy and charging rules function (PCRF), the short message service center (SMSC) and the color ring back tone (CRBT). In order to guarantee network security and optimal network utilization by vendors, … [Read more...] about Viettel succeeds in performing “Made-in-Vietnam” telecommunications network strategy

Vietnam has benefited from the trade tensions between the United States and China. With US companies adopting a China-plus-one approach to their supply chains, the percentage of exports from Vietnam to the US has risen by approximately nine per cent between 2018 and 2021. Steven Cranwell, CEO and Regional Head, Client Coverage, Americas It is, however, important to note that Vietnam was an alternative to China for general manufacturing in Asia long before the pandemic, and its long-term prospects remain bright. Despite the uncertainty of global economic conditions, many remain confident in Vietnam’s outlook. The country’s business-friendly atmosphere, its strategic location as a gateway to other fast-growing markets, the plentiful supply of skilled labour, and the competitive costs and incentives are compelling propositions for companies looking to expand their manufacturing in the region. While Vietnam has yet to host an Apple plant, the country is already home to … [Read more...] about The significance of Vietnam for US businesses and why they should take notice

The expos are expected to attract 230 companies, 50% higher than that of last year’s shows, said Nguyen Ba Vinh, Director of Minh Vi Exhibition and Advertisement Services Co., Ltd., the expos’ organizer. They are from 20 countries and territories, and India continues to be the country of honor at the expos, with many Indian companies taking part, he said. Speaking at a press briefing on March 28 to introduce the four expos, Luu Hoang Ngoc, Deputy General Director of Vietnam Chemicals Agency under the Ministry of Industry and Trade, said paint, paper, rubber and plastic industries played an important role in supporting the development of many other industries. Rapid development of a rich and diverse range of products in recent years also raised concerns about their harmful effects on the environment and human health. This required authorities, organizations and businesses to join hands to find solutions for this issue, he said. "Green economy, circular economy and sustainable … [Read more...] about Ho Chi Minh City to host international paper, coatings, rubber, and plastic expos

During the talk, the two sides expressed their delight at the fruitful development of the relations between the two parties and the countries over the past time, especially after the official visit to China by Party General Secretary Nguyen Phu Trong. Both foreign ministers shared the view that the success of Party chief Nguyen Phu Trong’s visit gave a push for the traditional friendship between the two parties and the comprehensive strategic cooperative partnership between the two countries. According to FM Son, Vietnam treasures and gives top priority to the friendly neighborliness and comprehensive strategic cooperative partnership with China. He also emphasized that the two foreign ministries play an important role in urging agencies and sectors to realize the common perceptions of leaders of the two parties and countries. For his part, Chinese State Councilor and Foreign Minister Qin Gang affirmed that China defines relations with Vietnam as an important priority in China’s … [Read more...] about China considers Vietnam a significant partner in various fields

Trong said the two countries should make economic, scientific and technological cooperation the focus of and driving force for their relationship. He also hoped they would continue with defense-security cooperation, promote trade and work together in new fields such as logistics, the digital economy, green transformation, and healthcare, according to a statement released by the Central Committee for Foreign Affairs. The two sides should step up cooperation in overcoming the consequences of their past war, U.N. peacekeeping activities, information exchange, and crime prevention, he said. The U.S. should create favorable conditions to increase the number of Vietnamese studying in its schools, and the building of Fulbright University Vietnam into a high-quality training center in the region is a welcome step, he said. He hoped the U.S. would continue to support Vietnam's efforts to cope with climate change, one of its major development undertakings. Vietnam welcomed the U.S.’s … [Read more...] about Party chief Trong has phone conversation with US President Biden