Ambitions growth

HCM City’s economic growth is expected to climb to 5.87 per cent in the second quarter of 2023, its leader has said. A view of HCM City at night. The city is expected to face economic headwinds during the rest of this year. — VNA/VNS Photo It was only 0.7 per cent in the first quarter. Speaking at a meeting on Tuesday, Phan Văn Mãi, chairman of its People’s Committee, said its economic growth in the first half is expected to be 3.55 per cent. Public spending in the first five months is expected to be worth VNĐ10.2 trillion (US$436.4 million), up 24 per cent year-on-year, he said. The global economic decline and high inflation will continue to affect the city’s economy across the board, hindering its recovery, he said. In May, the index of industrial production (IIP) rose by an estimated 1.5 per cent month-on-month and 5.5 per cent year-on-year. It was up 1.6 per cent year-on-year in the first five months. The services sector is expected to post the … [Read more...] about HCM City eyes jump in economic growth to 5.87% in Q2

Ho Chi Minh City’s economic growth will be more positive this quarter with the gross regional domestic product (GRDP) growth estimated at 5.87 percent, well above the modest 0.7 percent last quarter, chairman of the municipal People’s Committee Phan Van Mai said during a group discussion on Tuesday at the ongoing National Assembly (NA) sitting. With this result, the city may achieve an economic growth rate of 3.55 percent in the first half of the year, chairman Mai cited statistics from the General Statistics Office as saying at a group discussion on a draft resolution on piloting breakthrough policies for Ho Chi Minh City. The city’s industry and construction sector was forecast to improve 4.77 percent this quarter and 0.8 percent in the first half of the year as a whole. The sector fell 3.6 percent last quarter. Meanwhile, the service sector was expected to surge 7.16 and 4.96 percent this quarter and the first half, respectively. “This results from great efforts of the … [Read more...] about Ho Chi Minh City’s economic growth projected at 5.87 percent in Q2

Like a rising number of her highly educated peers, Liang keeps trading down to try and find a source of income in China's worst youth job market on record. "Finding a job has been really difficult," said the 25-year-old, who lives with her parents in the northern industrial city of Taiyuan. "I told my family that I'm willing to take up manual labor and my mum straight-up cried. She felt so sorry for me." Economists expect such examples to become increasingly common in coming years, as a glut of university graduates and a shortage of factory labor due to an aging workforce deepen China's job market imbalances. Youth unemployment hit a record 20.4% in April, and a new high of 11.58 million university students are due to graduate this summer. All are competing for jobs in what remains one of the world's fastest-growing major economies, but whose manufacturing-heavy structure is increasingly out of step with the aspirations of its younger generations. The industries most … [Read more...] about Chinese graduates lower their ambitions in moribund jobs market

The Deputy PM required the committee to update green growth-related statistics and targets since the COP26, and study experiences of countries in implementing green growth strategies with a view to draw out lessons for Vietnam. He underlined the need to identify a number of pilot projects in priority fields such as legal framework, science-technology, education-training and digital transformation, which will serve as the foundation for green growth in sectors with large emissions like  agriculture or transport. He also instructed that ministries and sectors urgently build sets of tools and binding standards to classify and assess green growth, while additional investment should be ensured for the transition from the traditional growth model to green growth. Besides green growth, Deputy PM Tran Hong Ha noted the important role of the digital economy in leading green and sustainable growth. According to a report of the Ministry of Planning and Investment, the International … [Read more...] about Steering committee seeks solutions to realize green growth targets

e27, a tech and startup media platform in Asia, has announced the launch of this two-day event, taking place on June 14-15 at Singapore EXPO. With over 100 international speakers, the summit aims to connect startups, explore business opportunities, and foster new tech investments in Southeast Asia. Vietnam's DIFISOFT and Hello3Dworld are among the top 100 startups participating. Echelon's expert speakers will cover topics including Web3.0, Southeast Asia's rising stars, future sectors and investment trends, mergers and acquisitions, sustainability, and growth. Workshops, roundtable discussions, exhibitions, and networking sessions will further enrich the experience, offering abundant opportunities for startups and investors in the region. The previous Echelon Asia Summits have featured renowned figures from startups and venture capital firms such as Grab, Carro, Ninja Van, WeWork, Lazada, Shopback, and numerous others. The summit will mark the return of the TOP100 programme, … [Read more...] about Echelon Asia Summit 2023: Connecting Asia’s tech ecosystem for growth and innovation

Vietnam’s long-awaited Power Development Plan VIII (PDP8), confirmed in mid-May, is a milestone in the country’s journey towards energy transition. The main objective of the legislation is to achieve energy security for Vietnam, progressing on its climate change commitments towards the middle of this century, and more specifically to export 5,000-10,000MW of power by 2030. Towards these goals, the PDP8 proposes a new energy mix with a substantial reliance on renewables and the development of smart transmission grids to support the renewables industry, including connecting the power grids with neighbouring countries. “We appreciate the government for the approval of the PDP8, as it provides a clear path to the completion of the grid interconnection, which is critical for us and Electricity of Vietnam (EVN) to complete agreement on the tariff and schedule of the power purchase agreement (PPA). We target completion of the PPA in Q4 of 2023 in order to break ground in 2024,” said Ian … [Read more...] about Power overhaul plan picks up steam

According to Vo Quang Lam, deputy general director of Electricity of Vietnam (EVN), the state utility will increase its imports of electricity from China and Laos to supplement domestic power supply. EVN is attempting to ensure electricity supply for the rest of this quarter, which is the most challenging time of year in terms of ensuring supply. “The increase in electricity capacity imported from Laos can be accomplished this year. EVN is currently awaiting Laos’ completion of the line to connect Vietnam’s imports of electricity to the line system running through the Tuong Duong district of Nghe An province,” Lam said. Neighbourly efforts in tow to aid electricity prospects, illustration photo/ Le Toan EVN is currently in negotiations with Yunnan International Co., Ltd. to raise output and purchasing capacity on current 220kV lines and to purchase additional electricity through 110kV lines. Vietnam imports electricity from China via the provinces of Ha Giang and Lao … [Read more...] about Neighbourly efforts in tow to aid electricity prospects

The plant, which is the largest solar power facility in the Central region of Vietnam, began construction on May 29, 2020, with a capacity of 330 MW and a total investment exceeding VND6.5 trillion ($277 million). On December 31, 2020, the Phu My Solar Power Plant started its commercial operation with an initial grid connection of 216 MW. The plant enjoyed a favourable power purchase price of 7.09 US cents/kWh over a 20-year period. After a two-year wait, the remaining 114 MW of the plant received official recognition for commercial operation on May 30 this year, making it the first successful renewable energy transitional project to achieve COD recognition. Bamboo Capital's completion of Phase 1 and Phase 3 of the power plant showcases its comprehensive approach and adherence to legal requirements. This accomplishment reinforces investor confidence and demonstrates the company's commitment to sustainable energy. With the entire 330 MW capacity of the Phu My Plant contributing to … [Read more...] about Phu My Solar Plant receives earliest COD

Raffles Family Office, an award-winning multifamily office with a full suite of wealth management services for ultra-high-net-worth individuals headquartered in Hong Kong and Singapore, is intensifying its commitment to private equity (PE) transactions within Southeast Asia, leveraging this approach as a means of bolstering its portfolio diversification. This strategic move is partly driven by ongoing geopolitical tensions and regulatory risks emanating from China, further compounded by concerns surrounding rising interest rates, inflation, and the spectre of recession. According to Dealstreetasia , Raffles Family Office has allocated between 10-15 per cent of its considerable assets under management specifically for investments in the PE realm, as revealed by Jo Huang, the firm's head of Private Equity. Huang emphasised the value of geographical and sectoral flexibility as a risk mitigation measure for the company's investment undertakings, expressing a desire to expand its … [Read more...] about Raffles Family Office bolsters private equity focus in Southeast Asia

Meanwhile, in late July or early August, VPBank is set to receive over $140 million from its arrangement to sell a 15 per cent stake to Japanese partner SMBC. The bank received a deposit equal to $156 million from the Japanes bank in mid-April. Many other lenders are currently mulling over plans to sell a stake in their businesses to foreign investors, with deals values at billions of US dollars. The most eminent among those involve Vietcombank and BIDV. Vietcombank is mulling over a private placement of over 307 million shares between 2023-2024 to a foreign financier. Assuming that the purchase price is set at around $4 a share, as was the ticker price at the close of business last week, the state lender would acquire approximately $1.2 billion from any deal. Besides selling stakes in the banks themselves, many local commercial lenders are being proactive in seeking foreign funding. Similarly, BIDV is seeking to sell a 9 per cent stake equal to over 455 million … [Read more...] about Local banks seek foreign funding