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It said the overnight electronic interbank rate would also be kept at the current level of 6.0%. The bank also said it will from Monday lower its refinance rate by 50 basis points to 5.5%, its latest move to support economic growth that bucks a trend among regional peers. The State Bank of Vietnam (SBV) said in a statement it would keep the discount rate unchanged at 3.5%. Earlier this month, the SBV cut several policy rates to increase liquidity and help spur growth, in what was a surprise move amid global financial turmoil. The announcement came just hours after a senior central bank official said the U.S. Federal Reserve's move to ease its rate hikes meant Vietnam would consider further cutting rates in future to spur growth. Vietnam's economic growth slowed to 3.32% in the first quarter, against a 5.92% expansion in the fourth quarter of 2022. The SBV pledged on Friday to keep monetary policy flexible for the rest of the year to support economic stability amid … [Read more...] about Central bank to cut deposit interest rate ceiling from Monday

According to experts, Malaysia in particular will be a bright spot, contributing to reviving the world economy in the context of a gloomy economy. (Photo: theedgemarkets.com) Kuala Lumpur (VNA) – The Bank Negara Malaysia on March 29 forecast that the country’s economy is projected to grow between 4-5% in 2023, amidst challenges rising from slowing global growth. The central bank said further improvement in labour market conditions, continued implementation of multi-year investment projects and higher tourism activities are expected to support private consumption and investment growth . BNM Governor Tan Sri Nor Shamsiah Yunus affirmed that the Malaysian economy will continue to grow and not fall into recession and the country's financial system will remain a source of strength for the economy in supporting the financial needs. According to experts, in 2023, the global economic environment still faces many challenges due to slow growth and tight monetary … [Read more...] about Malaysia’s central bank optimistic on national economic growth

The policy was announced by the Deputy Minister of Industry and Trade Do Thang Hai at a workshop organised by the Ministry of Industry and Trade together with Thai Binh People’s Committee on March 30. The workshop discussed ways to promote investment and create regional business linkages, aiming to consolidate the implementation of Politburo Resolution 30-NQ/TW on the Red River Delta development. The Red River Delta comprises 11 cities and provinces, including Hanoi, Haiphong, Thai Binh, Nam Dinh, and Ninh Binh, with Hanoi and Haiphong as centrally governed cities. The delta is in a favourable geographic and political position for socioeconomic development, as it lies between the northeastern and northwestern regions, and between the northern mountainous areas and the central region. The delta is also adjacent to the Chinese market, with access to other northeast Asian countries, helping the northern provinces promote trade with the world. Speaking at the workshop, Minister of … [Read more...] about Promoting interregional linkage in the Red River Delta

Phuong Mai Peninsula in Quy Nhon city, Binh Dinh province, is believed to boast potential for tourism development. (Photo: thanhnien.vn) Binh Dinh (VNA) – The Tourism Association of Binh Dinh province signed a cooperation agreement with its counterparts of eight localities in the coastal northern and north central regions on March 29 in efforts to establish Binh Dinh as a leading destination in Vietnam and the region. Under this agreement, the tourism associations of Hai Phong city and the provinces of Thai Binh, Nam Dinh, Thanh Hoa, Hai Duong, Quang Ninh, Ninh Binh, and Quang Binh will give advice and assist Binh Dinh to build and implement tourism promotion plans. In particular, travel companies in the eight localities will help develop images of Binh Dinh as an attractive destination, support local tourism units to take part in fairs and exhibitions, and popularise tourism via travel correspondents’ clubs and promotion events. The agreement signing ceremony between the … [Read more...] about Binh Dinh partners with eight localities in tourism development

Visa extension proposal is expected to help boost tourism. (Photo: VNA) Hanoi (VNA) – The Government has agreed to propose to the National Assembly some new policies relating to the immigration, transit and residence of foreigners in Vietnam, including one on a visa extension to 90 days. 15-day stay too short Do Van Thuc, Deputy Director of Dat Viet Tour Company, said his trans-national tours are favoured by many international tourists, adding that such tours offer six days in the north and another six days in the central region. Therefore, those with visa-free stay of only 15 days will not have enough time to travel the southern region, he said. According to the official, many international tourists initially plan to spend only two weeks in Vietnam. However, the country’s charm has persuaded them to stay longer, and seek ways to extend their visa. Many others spend up to two days on flights to the Southeast Asian nation. Meanwhile, many tourist destinations … [Read more...] about Visa extension proposal to help boost tourism: Insiders

An art performance at the ceremony (Photo: VNA) HCM City (VNA) – The People’s Committee of Ho Chi Minh City organised a ceremony on March 23 to celebrate the 50th anniversary of the diplomatic ties between Vietnam and Italy (March 23, 1973-2023). In his remarks, Chairman of the People’s Committee Phan Van Mai highlighted the increasingly close ties between the two countries, saying over the past 50 years, the bilateral relationship has grown actively across spheres, both bilaterally and multilaterally. The good traditional friendship has also been consolidated and enhanced, the official added. Notably, during the COVID-19 pandemic, Vietnam presented Italy with more than 300,000 masks, while Italy donated 2.8 million doses of vaccines to the Southeast Asian nation. This vividly demonstrates the intensive and effective strategic partnership and friendship between the two countries, he said. HCM City, for its part, has actively worked to promote cooperation with … [Read more...] about 50th anniversary of Vietnam-Italy diplomatic ties celebrated in HCM City

Illustrative Image (Photo: VNA) Jakarta (VNA) –  The ASEAN 3 Finance and Central Bank Deputies Meeting (AFCDM 3) took place in Indonesia from March 29-30 to discuss the regional macroeconomic situation and the progress of implementing financial cooperation initiatives. Representatives of the Ministry of Finance and the State Bank of Vietnam attended the event. Under the co-chair of Indonesia and Japan, deputy ministers of finance and deputy governors of ASEAN 3 central banks discussed the regional macro economic situation and the pace of the implementation of the financial cooperation initiatives. Regarding regional macroeconomics, the ASEAN 3 Macroeconomic Research Office (AMRO) assessed that economic growth in the ASEAN 3 region in 2022 recorded a recovery after the COVID-19 period, mainly from increased domestic demand. Regional growth is estimated at 3.2%, of which China, Japan and the Republic of Korea (RoK) achieved 2.6% and ASEAN member states at 5.6%. In 2023, the … [Read more...] about ASEAN+3 intensifies finance collaboration

Inspectors examine a container at Cai Lan port in Quang Ninh province. More ports need to be built to promote inter-regional ties. (Photo: VNA) Thai Binh (VNA) - The Red River Delta is a region of geopolitical, economic, cultural, and social importance to Vietnam , according to Minister of Planning and Investment Nguyen Chi Dung. The minister made the remarks at a seminar "Promoting investment, trade, and services to strengthen inter-regional ties" held on March 30 in Thai Binh province. He said in more than 15 years, the region saw a remarkable economic advancement with an average annual growth rate of 8.93%, far higher than the country's level. In 2022, its GDP hit 2.89 quadrillion VND (123 billion USD), contributing to nearly one-third of the national GDP. Its income per capita was 1.3 times as high as the national average, at 123.4 million VND per annum. Despite the impressive economic growth, the region still faces some major obstacles. First, its transition … [Read more...] about Red River Delta – national economic powerhouse: Official

An ongoing rise in Vietnam's rice price is the continuation of a trend that began last year when Chinese and Indonesian importers upped their consumption of the Vietnamese staple. Statistics from the Ministry of Agriculture and Rural Development indicated that Vietnam exported an estimated 900,000 tonnes of rice worth VND11.3 trillion (US$480 million) in March, taking the total volume and value of rice exports in the first three months of the year to 1.79 million tonnes and VND22.3 trillion ($952 million), respectively. While the total value of Vietnamese rice exports surged 30 percent against the same period last year, the volume fell 19 percent. From January to March, Vietnam’s rice export price averaged VND12.5 million ($531) per tonne, up 9.2 percent year on year. During the first two months of 2023, Vietnam shipped 401,980 tonnes of rice valued at VND4.8 trillion ($204.69 million) to the Philippines, making the archipelago Vietnam’s largest rice buyer, accounting for 43 … [Read more...] about Export price of Vietnamese rice on the rise

Tourists from Laos are welcomed at the Da Nang International Airport after Laos Airlines resumed Vientiane-Da Nang direct flights. — VNS Photo Cong Thanh The central city welcomed 150 tourists from Vientiane, Laos on the first direct flight after a two-year hiatus caused by the COVID-19 pandemic. The arrival signifies a promising growth in tourism, investment and trade between Laos, northeast of Thailand and central Viet Nam. The airline began its schedule with two flights per week on Thursday and Sunday before increasing to daily flights in the future. The group of Lao tourists will visit destinations in Da Nang and the UNESCO-recognised world heritage sites in Hoi An, My Son Sanctuary and Thua Thien-Hue Province. It’s the third city that Laos Airlines has resumed its post-pandemic flights to after HCM City and Ha Noi. Laos Airlines said it would help connect and attract more visitors from Korea and China to Viet Nam through the Vientinane-Da Nang air route. Da Nang … [Read more...] about Laos Airlines connects post-pandemic flight with Da Nang