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Deputy Governor of the State Bank of Vietnam Pham Thanh Ha In the remaining months of 2023, monetary policy management is forecast to continue facing many challenges, as both the world and domestic economies are still experiencing complicated developments. The State Bank of Vietnam (SBV) continues to closely monitor economic and monetary developments at home and abroad in order to proactively and flexibly use monetary policy tools to control inflation and support economic growth. Deputy Governor of the State Bank of Vietnam, Pham Thanh Ha, spoke with the media about the management of monetary policy. How have external difficulties and challenges, as well as within the country, affected monetary policy management in the first five months of the year? What solutions has the central bank implemented to ease the pressure? In the first months of 2023, many countries continued to face the risk of economic recession and high inflation. The trend of monetary tightening is … [Read more...] about SBV encouragse banks to reduce lending interest rates

Fertiliser products of Petro Viet Nam Ca Mau Fertilizer JSC (DCM) being processed. DPM is among the Top 50 prestigious and effective public companies of 2023 (VIX50). — Photo DPM The Top 50 prestigious and effective public companies of 2023 (VIX50), recently announced by the Vietnam Report JSC, has witnessed a significant change compared to 2022 with cautious forecasts. This list in 2023 has seen an amazing change with the spectacular performance of the banking industry. The Vinhomes Joint Stock Company, topping the list in 2022, has been plunged to the bottom of the ranking to make room for the Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank). A series of popular enterprises such as Hoa Phat, Masan, The Gioi Di Dong had to leave the Top 10 list to make room for PetroVietnam Fertiliser and Chemicals Corporation (DPM); FPT Joint Stock Company and a series of banks such as Vietnam Technological and Commercial Joint Stock Bank (Techcombank); Military … [Read more...] about Top 50 public companies of 2023 sees major changes

According to recent statistics, foreign direct investment (FDI) disbursement in Vietnam in 2022 reached a record of $22.4 billion, an increase of 13.5 per cent on-year. Peter Ryder - CEO at Indochina Capital Vietnam’s attractive geographical location, ample supply of young and skilled labourers, and a consistent track record of high-performing economic growth have contributed to the country’s success in attracting FDI. Additionally, the Vietnamese government has implemented attractive incentives, making the country a desirable destination for foreign investors. One notable example of FDI in Vietnam’s high-tech sector is Samsung, which has invested heavily in the country. In December 2022, Samsung opened Southeast Asia’s largest research and development centre in Hanoi, with an estimated cost of $220 million. The company also announced plans to increase funding in Vietnam from $18 billion to $20 billion. Moreover, the Samsung Electro-mechanics Vietnam project … [Read more...] about Insights garnered in high-tech FDI

After weeks of brinkmanship, Democrats and Republicans came together to push through an agreement to lift the debt ceiling in rare bipartisan cooperation. Passage of US debt bill boosts equity markets, Fed now in view, illustration photo/ Source: freepik.com Hardline Republicans had warned they would shoot the deal down, saying it did not have enough spending cuts, and some Democrats were also angry at the reductions made. The bill now goes to the Senate before President Joe Biden can sign it off, allowing the government to borrow more cash to service its mammoth debts. Failure to do so before the cash run out -- said to be June 5 -- would have resulted in a default that many warned would hammer the global economy and markets. After the vote, Biden said in a statement: "Tonight, the House took a critical step forward to prevent a first-ever default and protect our country's hard-earned and historic economic recovery. "The only path forward is a bipartisan … [Read more...] about Passage of US debt bill boosts equity markets, Fed now in view

Gold ring price remained stable at VND56.7 million per tael. A tael equals 37.5 grams or 1.2 ounces. Globally gold prices held steady on Thursday, supported by a pullback in the dollar, although prices moved in a tight range as investors gauged the Federal Reserve’s interest rate outlook following a critical vote on the U.S. debt ceiling, Reuters reported. Spot gold held its ground at $1,963.99 per ounce. U.S. gold futures were flat at $1,963.90. Bullion registered a monthly fall in May. The dollar index eased from its highest in more than two months, making bullion less expensive for overseas buyers. Investors gave a muted welcome to the U.S. House of Representatives passing a bill, which would suspend the government’s borrowing limit and avert default, with market focus now turning to the Senate and the interest rate outlook. … [Read more...] about Gold price declines

How do you assess the potential of the supporting industry in Vietnam? Jun-Ho Lee, deputy director of the Vietnam-Korea Technology Consulting and Solution Centre (VITASK) Vietnam’s supporting industry sector has a large room for growth because the Vietnamese electronics industry has a fairly large position as one of the top 15 largest electronics exporting countries in the world. Besides that, this sector leads in the total import and export turnover of all industries in Vietnam. A report from the Department of Industry under the Ministry of Industry and Trade (MoIT) shows that in 2022, the electronics industry had an export turnover of $114.4 billion, an increase of about 6 per cent on-year, and accounting for over 30 per cent of the total export turnover of the whole country. Among the six groups of goods with export turnover of over $10 billion in Vietnam, there are also computers, mobile phones, electronics, and components. The export market of Vietnam’s … [Read more...] about Enhancing competition capacity of nation’s supporting industries

Some representatives from Vietnam have garnered an overwhelming response from a remarkable total of over 436 registered projects at the regional event which shows a resurgence of architectural excellence in India, Thailand, Indonesia, and Vietnam. Mai Chau Culture Resort, Grand Tourane Nha Trang Hotel, and Ambassador Cruise Restaurants are several brands among the finalists of the Asia Architecture Design Awards 2023 (AADA). AADA categories include Best Resort Architecture Design, Best Hotel Architecture Design, Best Resort Interior Design, Best Lighting Design, and Best Furniture Accessories, among others. Tre Dining in HCM City is listed as one of the Best F&B Architecture designs. Photo: Tre Dining Those from Vietnam made an impressive display on the shortlist, demonstrating their architectural prowess. From May 30 to June 25, the jury will begin their work with 20 influential experts from various fields, including architecture, design, and real … [Read more...] about Vietnamese brands listed in Asia Architecture Design Awards’ Top 100 Outstanding Projects

Keep up to date with the latest developments in Vietnam. Hanoi has a new chip development centre Delegates attend the opening ceremony of new chip development center. Photo: Infineon Technologies German semiconductor solutions provider Infineon Technologies announced on May 31 the establishment of a new chip development center in Vietnam's capital city of Hanoi. The center will focus on testing and customizing digital and analog signal circuits to support applications such as autonomous driving, battery monitoring, and balancing. The new office is expected to employ around 25 technical experts by the end of this year and will report to Infineon Technologies Vietnam, a subsidiary of Infineon Technologies Asia-Pacific. The center is expected to play a key role in Infineon's growth plans for its design and support services business. First ICHAM CUP Golf Tournament runs until August 7 The first ICHAM CUP golf tournament, organized by the … [Read more...] about Vietnam News Highlights for June 1, 2023

Business practices are not sustainable if they do not take account of their impact on children, said a UNICEF Vietnam representative at a child rights and business forum held on Tuesday in Hanoi. The forum, co-held by UNICEF Vietnam and the Vietnam Chamber of Commerce and Industry (VCCI), underlined the need for responsible business practices that respect child rights and prevent adverse human rights impacts. Speaking at the event, Rana Flowers, representative of UNICEF in Vietnam, said that children, whom she described as the present and the future, should be a key consideration in Environmental, Social, and Governance (ESG) assessments. Businesses should assess impacts and risks objectively, and identify key practices that can minimize those risks and create a positive impact on children. In doing so, businesses will be able to enhance their competitiveness and sustainability and win the support of stakeholders, especially investors, who are socially conscious and looking at … [Read more...] about Children should be key consideration in ESG assessments: UNICEF Vietnam expert

The summit is one of the large-scale official multilateral foreign affairs activities that Prime Minister Pham Minh Chinh attends in 2023. The participation of Prime Minister Pham Minh Chinh and the Vietnamese delegation in the 42nd ASEAN Summit not only demonstrates the country's support for Indonesia in its role as ASEAN Chair 2023, but also actively actualizes foreign policies and guidelines on "continuing to promote and enhance the effectiveness of foreign affairs and international integration" set by the 13th National Party Congress. The 42nd ASEAN Summit is the first official meeting since Indonesia undertook the role as ASEAN Chair 2023. It takes place in the context that the regional and international situations are developing complicatedly with many potential risks. Strategic competition among major countries tends to increase. Although the world economy has shown signs of recovery after the COVID-19 pandemic, the overall growth rate is still low and precarious. Over the … [Read more...] about Vietnam’s participation in 42nd ASEAN Summit to contribute to association’s success