Central youth regionals

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

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

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

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

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 (Source: VNA) Jakarta (VNA) – The Asian Development Bank (ADB) and ASEAN Catalytic Green Finance Facility jointly held the Southeast Asia Development Symposium themed “ Imagining a net-zero ASEAN ” in Indonesia’s Bali on March 30. In his opening remarks, ADB President Masatsugu Asakawa pointed out that climate change remains the most urgent issue facing Southeast Asia, and suggested countries in the region cooperate with each other to put forth innovative solutions in order to accelerate the regional transition to carbon neutrality, and ensure strong, sustainable, inclusive economic growth. He also spoke of the bank’s goals of elevating its ambition 100 billion USD in cumulative climate finance by 2030, and rolling out “game-changing” platforms to scale up the climate finance . Indonesian Finance Minister Sri Mulyani Indrawati said ASEAN - which relies heavily on fossil fuels for economic and industrial development - should address the need for … [Read more...] about ASEAN looks towards net zero emissions