Central market prepared meals

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

I wanted to address my staff on the first working day after the Tet holidays, but instead of writing a speech by myself, I asked ChatGPT to do it by using three keywords: "optimism," "speed" and "resilience." It finished the speech in 15 seconds. It was terrific though I had to edit it a little bit. The AI tool knew how to express my ideas logically based on the keywords I provided. The speech expressed the foundation, the connection between these keywords, and the central point. Moreover, the structure of the speech was excellent, making a reference to the current economic situation and highlighting the key points and conclusions. The writing was coherent, and the wording is suitable for business executives and consultants. ChatGPT by U.S. startup OpenAI is estimated to have reached 100 million active users in January, just two months after launch, making it the fastest-growing consumer app in history, according to a study released on February 1 by analytics firm UBS. This … [Read more...] about What to do with ChatGPT

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

Vietnamese people's cultural and human values should be central to the capital’s industrialization process. Hanoi aims to spearhead the nation's industrialization and modernization until 2030, with an eye on 2045. Hanoi has seen major transformation over the years. Photo: Pham Hung According to the municipal Party Committee, the goal of the plan is to transform the mindset and build consensus in the political system and people to achieve socioeconomic development objectives. The Party Committee emphasized the use of science-technology and innovation, specifically Industry 4.0 advancements, as a key solution for the country’s modernization in the 2021-2030 period. “This would help Vietnam to make breakthroughs in productivity and improve the economy's competitiveness,” stated the plan. For Hanoi, the plan identifies key targets for economic growth, enhancing socio-cultural values, urban development, and environmental protection. By 2030, Hanoi and other … [Read more...] about Hanoi to spearhead the nation’s industrialization efforts until 2030

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

Some food and beverage products from a cooperative in Ben Tre province attract consumers. (Photo: vnbusiness.vn) Hanoi (VNS/VNA) - After the Lunar New Year holiday, many cooperatives, especially those in the food and beverage (F&B) sector, have accelerated their production to fulfil domestic and export orders. Ly Hong Tien, Director of Hau Giang Xanh Cooperative in Hau Giang province, told vnbusiness.vn that thanks to the links her cooperative has established with distributors, it was completing many orders of processed that lat fish to serve local demand and that for exports. According to experts, though economic difficulties would continue in 2023, there remained untapped business opportunities for small firms and cooperatives in the F&B industry. Experts said that when an economy was unstable, investors intended to return to industries with high demand as the F&B sector is an essential industry. A recent report by iPOS.vn said that Vietnam had around 338,600 … [Read more...] about F&B cooperatives seize new opportunities amid economic difficulties

Many business exchange activities have been organised to effectively support local firms in exporting their products to foreign markets. — Photo courtesy of MoIT The Trade Promotion Agency under the Ministry of Industry and Trade (MoIT) will collaborate with relevant agencies in carrying out measures to help enterprises expand their shares in foreign markets, said Vu Ba Phu, head of the agency. Localities will get support relating to trade promotion activities in key markets, the official told Sai Gon Giai Phong (Liberated Saigon) newspaper. Support programmes will be devised, aiming to improve the capacity for enterprises to meet the trend of green trade, he said, adding the MoIT will also facilitate the connection between businesses and localities. Attention will be paid to enhancing the effectiveness of the National Brand Programme, thus helping enterprises’ products go deeper into global supply chains. According to the MoIT, the total import-export turnover of Viet Nam … [Read more...] about Trade ministry to support enterprises in boosting exports

"I felt as if something was spurring me to find the notebook's owner," he said. At 10:50 a.m. on January 30, Tan received a phone call from a reporter about what Ha Tinh authorities would do, following a number of news articles translated from the original interview by the North Jersey with Mathews. The 77-year-old veteran has spent decades trying to find the owner of the notebook, someone supposedly named Cao Xuan Tuat from Ky Anh District, Ha Tinh Province. Tan contacted with leaders of both the Ky Anh District and the Ky Anh Commune, as well as other authorities in the central province of Ha Tinh, to see if there’s any deceased or former soldier who goes by the name Cao Xuan Tuat. After a population data check that went all the way back to 1921, Ha Tinh police said there was no one with the name Cao Xuan Tuat. The Department of Labor, Invalids and Social Affairs meanwhile said there were 36 deceased soldiers from Ky Anh whose family name was Cao. Nine of them were named … [Read more...] about The lost notebook: How a Vietnam War memento’s owner was found

Vietnam’s seafood export turnover stood at less than $600 million last month, down 31% year-on-year, according to data from the Association of Seafood Exporters and Producers (VASEP). Pangasius values dropped a whopping 50%. In the last quarter of 2022, pangasius fish export turnovers stood at $475 million, a year-on-year decrease of 12%. However, according to VASEP, pangasius fish exports may be the seafood export industry’s best prospect for 2023, thanks to demand from Vietnam’s two largest markets: China and the U.S. Last year, China and the U.S. accounted for 30% and 23% of Vietnam’s pangasius exports, respectively. And experts say those numbers could increase significantly this year. China’s reopening early last month will help restore consumer confidence, promoting trade between the East Asian economy and Southeast Asia, according to David Liao, co-CEO of HSBC Asia-Pacific. The reopening will help facilitate the export of many Vietnamese products, including pangasius … [Read more...] about Shipments to US, China could rescue slumping pangasius fish exports

Hanoi (VNA) - The following is a brief review of the day’s events as reported by the Vietnam News Agency. - Vietnamese Ambassador to Singapore Mai Phuoc Dung has highlighted the significance of Prime Minister Pham Minh Chinh’s coming official visit to the city state, the first among many events to be held in both countries to mark the 50th anniversary of their diplomatic ties and 10 years of the strategic partnership. PM Chinh, his spouse, and a high-ranking delegation of Vietnam are paying an official visit to Singapore from February 8 to 10. Read full story - Two-way trade revenue between Vietnam and Laos in 2022 grew 24% from the previous year to reach some 1.7 billion USD, beyond expectations of their leaders at the 44th meeting of the Vietnam – Laos Inter-Governmental Committee on Bilateral Cooperation earlier last year. Read full story - Jeju Air Co., the biggest low-cost carrier of the Republic of Korea, said on February 6 that it will resume many routes to Vietnam … [Read more...] about ☕ Afternoon briefing on February 6