Asean foreign ministers meeting 2022

Hung Yen looks to become "promising land" for foreign investors (Photo: VNA) Hung Yen (VNA) – The northern province of Hung Yen has focused on creating a safe, effective and competitive investment environment to turn the locality into a “promising land” for enterprises, particularly foreign investors. Secretary of the provincial Party Committee Nguyen Huu Nghia affirmed that the province has set a goal to become an industrial hub and an attractive, safe, competent investment destination in its development strategy from now to 2023 with a vision to 2045. Hung Yen boasts a rich network of tangible and intangible cultural heritages and was once a major economic centre. Lastly, the province has an abundant, highly skilled, and hard-working workforce. Vietnam factory project in Thang Long Industrial Park II has the largest investment capital with 132 million USD. The factory specialises in producing LCD polarised films used for smartphones and cars, with a capacity of 176 … [Read more...] about Hung Yen looks to become “promising land” for foreign investors

Present at the event were Chief of the General Department of Political Affairs (GDP) of the Vietnam People’s Army General Luong Cuong, and Chief of the General Staff and Deputy Minister of National Defense Senior Lieutenant General Nguyen Tan Cuong, among others. At the meeting, delegates focused on discussing and commenting on reports on the five-year implementation of Resolution No.5-NQ/TW dated April 16, 2018 of the Politburo on Vietnam’s National Defense Strategy; Conclusion No.24-KL/TW dated April 16, 2018 of the Politburo on Vietnam's defense strategy; and proposal for resuming education courses for civilian students in several military schools. At the event, a leader of the GDP informed the participants on domestic, regional, and international situations that have had impacts on the country’s defense-military task performance, and briefed on some major contents of the eighth plenum of the 13th Party Central Committee. In his concluding speech, General Giang praised … [Read more...] about Defense Minister chairs seventh meeting of Central Military Commission

illustration photo/ Photo Le Toan The very first logistics centre from Vietnam-Singapore Industrial Parks (VSIP) is now being constructed in the south-central province of Quang Ngai, and will be completed and put into use by the end of this year. Being built according to Lotus standards of the Vietnam Green Building Council, the 6-hectare Sembcorp Logistics Park will boast three modern single-storey warehouse blocks. Singapore’s Sembcorp Development, a wholly owned subsidiary of Sembcorp Industries, and its state-owned joint venture partner in Vietnam, Becamex IDC Corporation, in August also announced the addition of four new VSIPs. According to Charles Chong, director of Sembcorp in Vietnam, the country has developed strongly in recent years and will continue to be an important manufacturing country in the Asian region. “With the positive growth momentum of production activities and investment attraction, along with the government’s infrastructure upgrade plan, the … [Read more...] about Logistics investors heat up the market

An oil rig of Petrovietnam (Photo: VietnamPlus) Hanoi (VNA) – Forty-eight years since its establishment, the Vietnam Oil and Gas Group (Petrovietnam) has become a multi-billion-dollar enterprise and made breakthrough and comprehensive development strides. Petrovietnam was set up on September 3, 1975 with the goal of helping guarantee national energy security and serving as a pillar of economic support for national development. Shortly after the date of national reunification (April 30, 1975), on September 3 the same year, the Vietnam General Department of Oil and Gas, the predecessor of Petrovietnam , was established under the Council of Government in efforts to realise late President Ho Chi Minh’s aspiration to develop an oil and gas industry of the country. Nearly half a century has passed, Petrovietnam has managed to master the most cutting-edge technologies and build a complete oil and gas industry. From 1986 to 2022, it posted more than 400 billion USD in total … [Read more...] about Petrovietnam in step with 48 years of national development

Cold storage supply remains behind requirements, illustration photo/ Source: freepik.com The country’s cold storage industry is expected to reach a value of $295 million by 2025, with an annual growth rate of 12 percentage points, according to Savills Vietnam. At the end of August, Hau Giang Cold Storage Logistic Co., Ltd. started construction on its first outsourcing cold storage project in the same province. The scheme includes six cold storages equivalent to a capacity of 88,000 tonnes. With an estimated investment of around $21.7 million, the project will use modern technology from the EU and applying digital management. It is scheduled to be ready for operations by 2027. A Savills Vietnam report released in August shows that, although it only accounts for 11.4 per cent of the total number of transactions in the industrial real estate segment, the cold storage real estate market recorded an annual growth rate of nearly 30 per cent from 2017 to 2022, far exceeding … [Read more...] about Cold storage supply remains behind requirements

Accelerated government spending is expected to boost demand in the remaining months of the year. ADB’s Principal Country Economist Nguyen Ba Hung shared his thoughts on Vietnam’s economic performance and its prospects for 2023 with The Hanoi Times. ADB’s Principal Country Economist Nguyen Ba Hung. What is the primary obstacle confronting Vietnam's economy for the remainder of the year? In the first half of 2023, Vietnam experienced a slowdown in GDP growth, with growth projected at only 3.7% compared to the positive momentum seen last year, when GDP grew 6.5% in the first half and 9.5% in the second half, resulting in an annual growth rate of 8% for the whole of 2022. One factor contributing to GDP growth in recent years has been public investment's sustained and steady growth. However, significant internal challenges have emerged during the Covid-19 pandemic. Vietnam's economy heavily relies on exports and foreign direct investment (FDI) … [Read more...] about Public investment as catalyst for Vietnam’s economic recovery in 2023: ADB

Lower-than-expected growth in advanced economies and China could reduce external demand for Vietnamese exports. Vietnam's economic growth for 2023 is set to hit 4.7%, primarily influenced by weak domestic and external demand . Production of aircraft components at MHI Aerospace Vietnam. Photo: Pham Hung/The Hanoi Times The World Bank released the forecast in its latest East Asia and Pacific October 2023 Economic Update. However, there's optimism for a recovery in the following years, with growth expected to reach 5.5% in 2024 and 6.0% in 2025. The main driver of this growth will be domestic demand, although at a slower pace than in previous years. In terms of inflation, the Consumer Price Index (CPI) is projected to average 3.5% this year, largely due to scheduled increases in civil servant salaries. In the following years, assuming stable energy and commodity prices, inflation is expected to decline to 3.0% in both 2024 and 2025. On the fiscal side, … [Read more...] about Vietnam’s GDP growth forecast to expand by 4.7% in 2023: WB

Illustrative image (Photo: Internet) Hanoi (VNA) - Winners of the Vietnam Digital Awards 2023 (VDA 2023) will be honoured at a ceremony slated for October 7 as part of activities in response to National Digital Transformation Day (October 10). Launched by the Vietnam Digital Communications Association (VDCA) on April 18, the awards, focusing on unlocking potential of digital data , aims to contribute to implementing the Party and State's policies on developing science, technology and innovation, promoting the national digital transformation process, building a digital Government , and developing the digital economy and society . The organiser said that it received over 350 entries from agencies, organisations and enterprises across the country. As many as 38 most outstanding entries will be awarded across five categories, including excellent digital technology products, services, and solutions; enterprises and non-business units with excellent digital … [Read more...] about Vietnam Digital Awards 2023 to honour 38 outstanding entries

Over the past time, Tien Giang has kept close control of the fleet of fishing boats. (Photo: VNA) Tien Giang (VNA) – The People’s Committee of the Mekong Delta province of Tien Giang has instructed relevant departments and agencies to deal with shortcomings in the fight against illegal, unreported, and unregulated (IUU) fishing based on recommendations by the Ministry of Agriculture and Rural Development. The locality said it will quickly investigate, verify and handle any case of brokering and facilitating illegal operations in foreign waters by local fishing vessels and fishermen. The move is in anticipation of the fourth inspection by the EC delegation over Vietnam's efforts to combat IUU fishing from October 10-18. Over the past time, Tien Giang has kept close control of the fleet of fishing boats, including the total number of vessels, their registration, operational licences, installation of the Vessel Monitoring System (VMS), and information updates on the … [Read more...] about Tien Giang working to handle shortcomings in IUU fishing

The EU official began implementing the transition period of the Carbon Border Adjustment Mechanism ( CBAM ) from October 1. As a result, iron and steel, cement, and fertiliser manufacturers in Vietnam are required to report total verified greenhouse gas (GHG) emissions embedded in goods exported to the EU. At an event on green steel production at the end of September, Nghiem Xuan Da, chairman of the Vietnam Steel Association, said that the country is taking the first steps to build a carbon-neutral roadmap for the steel industry. "Towards 2025, the steel industry aims to reduce GHG emissions by 10-30 per cent by optimising processes, energy, raw materials, and technology. In 2025-2030, the industry will use low-carbon materials and increase the amount of hydrogen gas in steel factories by 30 per cent," Da explained. Despite the ambition to reduce GHG emissions, the CBAM will pose a major challenge for Vietnamese steel exporters, according to Da. In the first six months of 2023, … [Read more...] about CBAM heralds new journey for sustainable energy use