Central coast

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

Construction of a USD1.49 trillion (USD63.41 million) coastal road section in the southern central province of Binh Dinh began on Friday morning. The 4.3-kilometre section is part of the DT 639 coast road project. The six-lane road will link Nhon Phu and Nhon Binh wards in Quy Nhon City. Work starts on 639 coast road project (Photo by baotintuc.vn ) Three concrete bridges and eight drainage systems will be built on the road which is scheduled to be put into operation in early 2025. Binh Dinh will have a total of 115 kilometres of coastal road to connect the neighbouring provinces of Quang Ngai and Phu Yen provinces according to government plans. Many of Binh Dinh’s coastal roads are narrow and prone to flooding during the rainy season. Highway 639’s three sections of around 50 kilometres have already been completed. Another 14-kilometre long which runs from Phu Cat to Tuy Phuoc districts is still under construction. Once fully completed, the DT 639 road … [Read more...] about Work starts on coastal road in Binh Dinh

A member of the University of the Philippines Marine Science Institute helps in the clean up of oil sludge on the coast of the town of Pola, Oriental Mindoro. (Photo:Greenpeace Philippines) Hanoi (VNA) – The massive oil leak from a tanker that sank off the Philippines' Oriental Mindoro province a month ago has affected at least 63 tourism sites and 1,000 workers in the field, the country's Department of Tourism (DOT) reported. Tourism Secretary Christina Garcia Frasco said that affected tourism spots include those for community-based tourism. She directed the regional tourism offices to craft a recovery action plan to guide the affected tourism stakeholders, adding that the government will provide affected tourism workers with social protection. She said the department will equip the affected frontline workers with “capacity building and skills training programs to prepare and provide them with alternative sources of livelihood” after the oil spill. The MT Princess Empress … [Read more...] about Philippines supports workers affected by oil spill

The Hai Thach 1 oil rig under the Bien Dong 1 project (Photo: VNA) Hanoi (VNA) – Head of the Party Central Committee’s Economic Commission Tran Tuan Anh held a working session with the Vietnam National Petroleum Group (Petrolimex) in Hanoi on March 31. Anh, who is also head of the Steering Committee for the building of a project on reviewing the implementation of the Politburo’s Resolution on the strategic orientations for the development of the Vietnamese petroleum industry by 2025, with a vision to 2035, asked delegates to discuss Petrolimex’s production and trade situation since the issuance of the Resolution, focusing on shortcomings, difficulties, their causes and suggestions regarding policies, mechanisms, legal regulations, particularly petrol price and market management, investment procedures, business development, national petroleum reserve as well as the construction, management, and operation of warehouse-port system. The meeting between head of the … [Read more...] about New strategic orientations for Petrolimex suggested

The forum was co-held by the Central Committee of the Vietnam Women’s Union and the United Nations Entity for Gender Equality and Empowerment of Women (U.N. Women). It contributed to encouraging women to master fields of science, technology, engineering and mathematics (STEM) and ensuring a safe cyber environment for women and girls. The forum offered an opportunity for relevant agencies and organizations to show their strong commitment to act for cybersecurity, promote gender equality and women and girls’ engagement in STEM, and help them acquire knowledge and skills to protect themselves against non-traditional and invisible security challenges. At the event, the Vietnam Women’s Union affirmed that the unit would exert all-out efforts to conduct practical programs and activities, contributing to the country’s sustainable development with the spirit of “no woman is left behind in the digital age.” Translated by Quynh Oanh … [Read more...] about Women’s participation in science and technology promoted

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

Illustrative image (Photo: Antara) Jakarta (VNA) – As part of the first ASEAN Finance Ministers and Central Bank Governors’ Meeting (AFMGM) 2023 in Bali on March 30, Indonesia organised a high-level seminar themed “Aligning Policies for Climate Transition” to support the message of sustainable development, one of the ASEAN priority economic deliverables (PED) this year. Speaking at the event, Governor of Bank Indonesia (BI) Perry Warjiyo said central banks play a crucial role in building a framework for green finance transformation, highlighting transparency and sustainability, as well as developing policies and mechanisms towards the goal of achieving net zero emissions to mitigate climate change . He stressed that the ASEAN countries need technical support in the green transition process, in which the role of central banks is not only to promote but also carry out green finance, especially through financing the transition. Delegates at the event discussed … [Read more...] about High-level ASEAN seminar talks aligning policies for climate transition

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

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