Climate finance accelerator

Illustrative photo (Source: vietnamnet.vn) Hanoi – Prime Minister Pham Minh Chinh on June 1 signed a document requesting all public agencies and localities intensify their work for effective administrative reform and business climate improvement. The document said such work should be in line with the national digital transformation to boost the quality of administrative services and tackle hurdles facing investment, production, and business activities. Since 2021, ministries have cut and simplified more than 2,200 business regulations in 177 legal documents and offered over 4,400 public services on the national public service portal. As of May this year, the country had 6,422 administrative procedures in total, a drop of 376 compared to the same period in 2020. In the document, the PM ordered a thorough review to further reduce and simplify at least 20% of the total regulations and administrative procedures related to investment, production, business and people's lives; and … [Read more...] about PM requests intensifying administrative reform, business climate improvement

Taiwan's Foxconn predicts huge growth in AI server business/ illustration photo/ Source: freepik.com Foxconn -- known officially as Hon Hai Precision Industry -- is the world's biggest contract electronics manufacturer and assembles devices for many international brands, most notably Apple's iPhone products. It has also moved to diversify beyond electronics assembly, expanding into areas ranging from electric vehicles to semiconductors and servers. "In 2022 alone, Hon Hai's revenue for servers reached 1.1 trillion Taiwan dollars ($36 billion) to obtain a 40 percent global market share," Chairman Young Liu told an annual shareholders' meeting in Taipei. Liu said Foxconn ranks first in global market share for mobile phones, personal computers and servers, with the AI server market now "rising faster than everyone has expected". He attributed the jump in demand to ChatGPT, the AI programme that burst into the spotlight late last year with the ability to generate essays, … [Read more...] about Taiwan’s Foxconn predicts huge growth in AI server business

Vietnamese Prime Minister Pham Minh Chinh (L) meets with Australian Prime Minister Anthony Albanese on the sidelines of the 40th and 41st ASEAN Summits in Cambodia (Photo: VNA) Hanoi (VNA) – Australian Prime Minister Anthony Albanese ’s visit from June 3-4 is expected to further promote the sound relations between the two countries in all fields, including peacekeeping, education and training. This is the first official visit to Vietnam by Anthony Albanese since taking office and only two months after the state visit by Australian Governor-General, showing Australia's great attention to the Southeast Asian nation. Highlighting the Vietnam-Australia partnership in peacekeeping operations, Colonel Pham Manh Thang, Director of the Vietnam Department of Peacekeeping Operations, said that Australia was one of the first countries to sign a memorandum of understanding (MoU) with Vietnam in UN peacekeeping activities in 2015. The MoU laid a foundation for the two countries to … [Read more...] about PM Anthony Albanese’s visit hoped to lift up Vietnam-Australia partnership

Vietnam aims to increase the proportion of renewable electricity production, including hydropower, to 30-39 per cent of total commercial electricity. Consequently, when investing, it is crucial to evaluate energy storage requirements and forecast prices. According to a number of analysts, the research model by the Vietnam Initiative for Energy Transition (VIET) for forecasting energy storage demand and electricity pricing, which was announced on the afternoon of May 31, has wide applicability. The research conducted by VIET on energy storage systems yielded three significant findings. To accelerate the energy transition in a reliable and sustainable fashion, it is necessary to first increase the capacity of hydroelectric power sources and electricity storage. Secondly, to achieve the ambitious objective of the Just Energy Transition Partnership (JETP), it is advised to have at least 6GW of conserved hydroelectricity or other electricity storage systems to guarantee energy … [Read more...] about 40 per cent renewable energy target for Vietnam’s commercial power consumption

Lawmaker Ha Sy Dong, deputy chairman of Quang Tri Province, said Thursday that the large amount of cash should be used for key projects to strengthen the economy, instead of letting it stay idle. The government can also consider using it to lower interest on loans, he added. Another lawmaker, Tran Anh Tuan, said earlier that the idle cash should be used to support workers by building them housing and creating new jobs. But Minister Ho Duc Phoc said that the sum of money had already been earmarked for many key national projects and therefore cannot be used for other purposes. The reason the money is unused for now is because of delays in disbursement, he added. Tran Van Lam, a member of the National Assembly’s Finance Committee, said that although the amount of money is large, the government should not rush and thus use it ineffectively. "If we use it quickly and it results in losses, there would be a even greater pain," he said, adding that careful consideration is needed … [Read more...] about Lawmakers push government to utilize $42B in coffers

Due to a decline in orders, PouYuen Vietnam, a shoe manufacturer whose clients include Nike and Adidas, has announced it will eliminate nearly 6,000 permanent positions between late May and early June. This will be the largest series of terminations since the corporation began operations in Ho Chi Minh City in 1996. With an estimated 50,000 employees, the company is one of the commercial capital's largest employers. However, it made a similar move in February, laying off nearly 3,000 permanent employees and not renewing the contracts of another 3,000 temporary workers. Pham Hong Viet, president of the Hanoi Leather and Footwear Association, said, "The export market has experienced a grave decline in orders." The size of the drop-off in orders ranges from 50 to 70 per cent, with some domestic companies suspending production entirely, with currently no orders for export. The market has shown little sign of recovery thus far. "Even though Nike and Adidas are such well-known … [Read more...] about Job cuts continue for the leather and footwear industry

Vietnamese Ambassador to Italy Duong Hai Hung speaks at the forum. (Photo: VNA) Rome (VNA) – Raffaele Cattaneo, deputy minister in charge of international relations of Italy ’s Lombardia region , called Vietnam a “diamond” of Asia and an attractive destination for Lombardia enterprises while speaking at a recent business and investment forum in Milan. Lombardia’s export revenue to the Southeast Asian nation last year reached 2.5 billion USD, accounting for nearly 40% of the total trade value between the two countries, Cattaneo told the forum. He noted that Vietnam’s renewable energy development strategy will offer golden opportunities to Lombardia firms. The forum on Vietnam- Lombardia business and investment cooperation was held on May 31 by the Vietnamese Embassy in Italy in coordination with the Italian region and the Italy-Vietnam Chamber of Commerce (CCIV) as part of activities marking the 50th anniversary of diplomatic ties between the two countries, … [Read more...] about Vietnam – attractive destination for Italian firms: forum

Consumers at a supermarket in Ha Noi. NA deputies are calling for extended VAT cuts to further stimulate domestic consumption. — VNA/VNS Photo Tran Viet National Assembly deputies are pushing hard for extended VAT cuts applicable to all firms across the board, but the Minister of Finance Ho Duc Phocstands firm against the call. NA deputy Tran Chi Cuong from Da Nang City said the VAT cuts initiated in May would come into force from July 1 to December 31, which is too short a period of time to produce their desired effect. He called for the time frame to be extended to 2024 to give the economy more time to absorb the fiscal stimulus. He also said it would take local authorities at least one year to re-balance their budget given the size of the cuts. NA deputy Mai Thi Phuong Hoa from Nam Dinh Province shared this view. She said the VAT cuts would need more time to take root and six months would be too short a period to that end. She also urged the Government to loosen its … [Read more...] about NA deputies call for extended VAT cuts