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Illustrative photo Now more problems have arisen with rising gasoline and oil prices that have created bottlenecks in growth momentum along with high inflation. Need for solutions Recently the Ministry of Finance submitted a draft Resolution to the Standing Committee of the National Assembly on reducing the environmental protection tax rate for gasoline and oil. It is proposed in the Resolution to reduce environmental protection tax from VND 2,000 per liter to floor level of VND 1,000 per liter, in order to curb rising inflation. However, the Ministry of Finance still keeps the same rate for Special Consumption Tax (SCT) and Value Added Tax (VAT) for gasoline. While these two taxes are on a relative value, when the tax base is larger, then more tax is collected and forms a large component of the current gasoline selling price. Previously, many experts had suggested that authorities must consider reducing these two taxes. During one session, a member of the National … [Read more...] about Flexible adjustment needed in growth economy

Aiming to seek stronger economic, trade and investment partnership between the two countries, the event drew Vietnamese Deputy Prime Minister Le Van Thanh, Britain Secretary of State for International Trade Anne Marie Trevelyan, and MP Graham Stuart, U.K. Prime Minister's Trade Envoy to Vietnam, and a large number of Vietnamese and Britain businesses. Addressing the event, Deputy PM Thanh highlighted important progress in the Vietnam-U.K. Strategic Partnership, as well as great chances for both sides to bolster their ties from the U.K.-Vietnam Free Trade Agreement (UKVFTA). He underlined that both sides should optimize advantages from the deal by encouraging the promotion of the two-way trade and investment, and creating favorable conditions for enterprises of both sides to explore each other’s market and foster connection, thus striving for a trade value of over USD 10 billion by 2023. Thanh affirmed Vietnam's high political determination in realizing commitments made at the … [Read more...] about N.A. Chairman attends Vietnam-U.K. high-level forum on economy, trade

An overview of the forum (Photo: VNA) Hanoi (VNA) – National Assembly Chairman Vuong Dinh Hue attended the Vietnam-UK high-level forum on economy and trade in London on June 29 (local time), as part of the leader’s ongoing visit to the UK. Aiming to seek stronger economic, trade and investment partnership between the two countries, the event drew Vietnamese Deputy Prime Minister Le Van Thanh, Britain Secretary of State for International Trade Anne Marie Trevelyan, and MP Graham Stuart, UK Prime Minister's Trade Envoy to Vietnam, and a large number of Vietnamese and Britain businesses. Addressing the event, Deputy PM Thanh highlighted important progress in the Vietnam-UK Strategic Partnership , as well as great chances for both sides to bolster their ties from the UK-Vietnam Free Trade Agreement ( UKVFTA ). He underlined that both sides should optimise advantages from the deal by encouraging the promotion of the two-way trade and investment, and creating favourable … [Read more...] about NA Chairman attends Vietnam-UK high-level forum on economy, trade

Hanoi's GRDP growth in the first half of this year shows the economic recovery with the development of many key industries. Hanoi's economy has posted solid growth in the first six months of 2022, director of the municipal statistics bureau Dau Ngoc Hung said at a press conference on June 30. The city's gross domestic product (GDP) has expanded by 7.79% compared to the same period last year, in which, growth in the first and second quarters was 6.02% and 9.49%, respectively, Hung said. He stressed that GRDP growth in the first half of this year is higher than that in the six-month periods in recent years, showing a clear trend of recovery and development quarter after quarter of key industries. In addition, the services sector in the first six months of the year increased by 9.05% year-on-year (with increases of 6.4% and 11.68% in the first and second quarters, respectively) and contributed 5.91 percentage points to the growth of GDP. Director of the Hanoi … [Read more...] about Hanoi’s economy posts solid growth in first half of 2022

A view of the world’s tallest building Burj Khalifa in Dubai. — Photo courtesy of Emirates Emirates offers customers free entry to some of the UAE’s most popular attractions plus many more exciting offers this summer, while the city’s marquee event - The Dubai Summer Surprises - returns with a full calendar of entertainment, culture and family activities. Whether returning to Dubai or visiting for the first time, Emirates customers can enjoy free entry to these top-rated UAE attractions, including the world’s tallest buildings, Burj Khalifa, Dubai Fountains Boardwalk, and Louvre Abu Dhabi. These summer specials are valid for travellers who book a return trip to Dubai in any cabin class between June 27 and July 10, 2022, for travel from July 1, 2022, to September 30, 2022. The Emirates boarding pass also doubles up as a discount card for the summer until September 30 2022. Members of Emirates’ award-winning loyalty programme, Skywards, can earn Miles on everyday … [Read more...] about Emirates offers summer special promotion in Dubai

Vice President Vo Thi Anh Xuan (fourth, left) lays flowers at the President Ho Chi Minh Monument in ASEAN Garden in Manila (Photo: VNA) Manila (VNA) – Vice President Vo Thi Anh Xuan laid flowers at the President Ho Chi Minh Monument in ASEAN Garden in Manila on June 30, as part of her working visit to the Philippines. The monument was built in 2011 on the occasion of the 121st birthday of President Ho Chi Minh. The Vietnamese community in the Philippines , and Philippine and other foreign friends often visit the monument to express their admiration for the late Vietnamese President - a great leader, a national hero who devoted all his life to national independence and freedom and happiness of the Vietnamese people while tirelessly striving for peace and progress in the world. The same day, Vice President Xuan visited the Vietnamese Embassy in the Philippines and met representatives from the Vietnamese community in the country. Vice President Vo Thi Anh Xuan … [Read more...] about Vice President offers flowers to President Ho Chi Minh in Philippines

Vietnam has posted GDP growth of 7.72% in Q2 this year. (Photo: VNA) Hong Kong (VNA) – The Lianhe Zaobao daily in Hong Kong, China, on June 30 ran an article highlighting Vietnam’s impressive economic growth of 7.72% in the second quarter. It wrote that with export and consumption recovery, the Vietnamese economy rebounded strongly in Q2, with gross domestic product (GDP) increasing 7.72% year on year – the fastest pace in almost 11 years. This is expected to boost the GDP growth in the first half of 2022 to 6.42% from a year earlier, beyond the Government’s 5.5% expectation. The country recorded a growth rate of only 2.04% in the same period last year. Unveiling the statistics on June 29, the General Statistics Office (GSO) of Vietnam stressed that compared to other ASEAN members and countries in the world, this is a relatively high growth rate, and that the country has also maintained macro-economic stability, according to Lianhe Zaobao. The article noted … [Read more...] about Hong Kong daily spotlights Vietnam’s impressive growth

NA Chairman Vuong Dinh Hue met with Prudential’s leaders, led by chairwoman Shriti Vadera, Mark FitzPatrick, Interim Group CEO, and Phuong Tien Minh, CEO of Prudential Vietnam, during his official visit to the UK. Source: VNA/VNS Photo: Doan Tan Prudential has put its focus on building a resilient business to provide the best services to customers. Insurers like Prudential play an important role in developing innovative savings and protection products to meet Vietnam’s evolving needs while strengthening and deepening its capital markets and harnessing new technology to increase financial inclusion. Shriti Vadera, chair of Prudential said, “The world still faces significant economic headwinds, but we are optimistic about the year ahead – and I know the same is true of the Vietnamese economy, with the very robust 5-per-cent growth figures for the first quarter of 2022, given the wider conditions." Talking to Prudential chairwoman Vadera, the NA0 leader congratulated the firm on … [Read more...] about NA Chairman Vuong Dinh Hue meets with Prudential’s leaders during UK visit

On June 30, the project started to revise and select eligible and qualified businesses to receive support packages for the second intake of 2022, running from April 1 to June 30. The USAID IPSC, with a total budget of $36 million, is currently Vietnam's largest private-sector technical assistance project funded by the United States Agency for International Development (USAID). The project aims to support businesses to overcome the pandemic, improve their capacity in governance, technology, financial access, innovation, and market access, and promote a favourable business investment environment. USAID IPSC targets to support 5,000 small and growing businesses. USAID IPSC officially launched and opened registration on January 18. The applicants go through selection processes (the first in April, the second in July, and the third in November), to receive support packages. In 2022, USAID IPSC offers six different support packages for businesses based on overall project … [Read more...] about Hundreds of businesses to receive support from USAID IPSC Project

Bangkok (NNT/VNA) - Thailand is speeding up its plan to manufacture electric vehicles (EVs) for domestic use by 2023. Prime Minister Gen Prayut Chan-o-cha declared the government’s objective to accelerate EV assembly at a seminar organised by the Federation of Thai Industries (FTI) this week. The announcement comes after the Prime Minister met with Young Liu, CEO and Chairman of Foxconn Technology Group, who announced plans to start EV assembly in Thailand within a year. During the seminar, the Prime Minister emphasised the importance of developing the EV industry as a key factor in transitioning the Thai economy to the bio-, circular, and green economic model. He urged cooperation from all sides to help push the economy during this period of uncertainties and conflicts. In addition to speeding up promotions, the government will push to produce key components such as batteries, traction motors, AC/DC converters, portable EV chargers, electrical circuit breakers, … [Read more...] about Thailand to speed up EV production plans