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Seven international partners will support the investment in infrastructure, transport, urban development, and climate response. Nearly US$8 billion will be pumped into Vietnam's Central Coast region to support the socio-economic development of the region towards sustainability and climate adaptation. An overview of the signing and awarding ceremony. Photo: Trung Nhan/The Hanoi Times The value was announced at a signing ceremony held on February 5 between the Ministry of Planning and Investment and international partners. Accordingly, the local authorities granted investment certificates and approved investment policies and investment cooperation for domestic and international investors. Among the investment deals, seven development partners are committed to providing a total capital of more than US$1.7 billion in 45 projects. The partners included the Asian Development Bank (ADB), the French Development Agency (AFD), the International Fund for Agricultural … [Read more...] about $8 billion to be pumped into Vietnam’s Central Coast

Tokyo (VNA) – The Bank of Laos (BOL) on February 7 started piloting its digital currency following its memorandum of understanding (MoU) signed with Japanese blockchain developer Soramitsu one day earlier. Soramitsu helped Cambodia launch its digital currency, called Bakong, in October 2020. The BOL will use a modified version of this system to generate digital currency , which will be distributed to consumers via commercial banks, Nikkei Asia reported, adding that consumers will test using the currency to pay for purchases at stores. Laos sees digital currency as a way to make financial services more accessible. Around 70% of the Lao population has no bank account. A digital currency is expected to let people pay at the store or transfer money by scanning a QR code on their smartphones, regardless of whether they have a bank account. It could reduce the cost of remittances from workers overseas. According to Nikkei Asia , Vietnam and the Philippines are conducting … [Read more...] about Laos partners with Japanese firm to pilot digital currency

The local stock market will not go smoothly in 2023 as risks still persist and hamper its prospects. View-only may be a suitable term to describe the local stock market in the eyes of Vietnamese investors at the moment. An investor watches Vietnamese stocks being traded at Bao Viet Securities JSC. Photo: The Hanoi Times The local stock market tumbled on its latest trading day on February 7, losing 2.15% to close at 1,065.84 points. Vietnam's benchmark VN-Index has swung forth and back in the range of 1,000-1,100 points since early December 2022. Notably, the benchmark posted a seven-day rally from January 11 to January 17, 2023, right before the Tet (Lunar New Year). After the week-long break, the VN-Index reached its two-month high of 1,117 points on January 27. Since then, the index has fallen a total of 4.6%. Market trading liquidity has remained average. Trading volume has stayed in the range of 400 million-700 million shares … [Read more...] about Investors cautious in stock market in Year of the Cat

The latest move from the Fed marked eight consecutive rate hikes since March 2022, with no signs that it has reached the peak of its hike journey. Assoc. Prof. Dr. Dinh Trong Thinh, a financial expert from the Vietnam Association of Financial Advisers, predicted that a rate hike of 25 percentage points was anticipated. Thinh stated that, in general, the pressure on the USD/VND exchange rate from the Fed’s interest rate hike is not significant. Pressure on to support new economic growth, photo Le Toan Dr. Le Dang Doanh, former head of the Central Institute for Economic Management, also believes that the Fed’s interest rate rise is targeted to contain inflation in the US, since inflation has begun to fall from the previous year’s low level. The USD price will adjust as a result. “A change in the price will influence the exchange rate between it and VND, impacting import-export businesses and foreign-invested enterprises,” said Doanh. On the other hand, deposit interest … [Read more...] about Pressure on to support new economic growth

On February 2 banks borrowed VND225.7 trillion ($9.6 billion) from each other overnight at the rate of 6.26% per year, up 1.7% points from the end of last year. Other terms such as two weeks, one week, six months and nine months have seen rates increased from before the Lunar New Year holidays, which lasted from January 20-26. Interbank rates are rising even though the State Bank of Vietnam had pumped liquidity in five trading sessions after Tet holiday with a total supply of nearly VND70.8 trillion. Analysts have said that interbank rate will unlikely fall soon as globally central banks will likely continue to raise their rates. Deposit rates are forecast to peak in the middle of this year before cooling down. … [Read more...] about Interbank rate climbs up to 13%

Asian markets squeezed out gains Tuesday, giving investors some relief from a recent sell-off fuelled by worries that US interest rates will go higher than feared following last week's blockbuster jobs report. January's rally has come to a halt this month as investors contemplate an extended period of high borrowing costs aimed at bringing down inflation from multi-decade highs. While there are signs that price rises are slowing, and the Federal Reserve acknowledged progress in its battle last week, the employment data Friday was seen as a body blow for many. The reading, which showed more than half a million new posts created in January, led to speculation the Fed could have to unveil even more rate hikes this year, while any chance of a cut before 2024 all but evaporated. Focus is now on a planned speech later in the day by central bank boss Jerome Powell, with observers looking for any change from his less hawkish comments after last week's policy decision. "Powell remains … [Read more...] about Asian markets rebound from Fed sell-off but traders still uneasy

Vo Tri Thanh *Vo Tri Thanh Viet Nam achieved and exceeded 14 out of 15 targets assigned by the National Assembly for 2022 with many impressive numbers including GDP growth, export turnover and the number of newly-established and re-opened businesses. Only labour productivity was under expectations. Viet Nam’s labour productivity was expected to increase by between 4.7 per cent and 5.2 per cent on average in 2022, higher than the average growth rate of 4.7 per cent in 2021 but behind the target of 5.6 per cent set for the whole of 2022. On January 10 this year, the Government issued Resolution No 06/NQ-CP on the development of a modern, efficient, sustainable and integrated labour market serving quick socio-economic recovery, setting the average labour productivity target for 2023 at more than 6.5 per cent. Labour productivity is an important economic indicator that is closely linked to economic growth, competitiveness and living standards within an economy. According to … [Read more...] about Viet Nam wrestles with labour productivity issue when heading to innovation-based development