Consumption economics the new rules of tech

Hanoi's goal for 2023 is to secure the city's socio-economic performance and further develop a cultured, modern, and civilized society. Hanoi aims to constantly improve the leadership of the Party Committee and the sense of responsibility of government officials and Party members, especially the heads of government agencies, to fulfill all the socio-economic growth tasks set for 2023. Dinh Tien Dung, Member of the Politburo and Secretary of the Hanoi Party Committee, talks to Nhan Dan (People) newspaper about the plans and actions the city expects to carry out on the occasion of the 93rd anniversary of the founding of the Hanoi Party Committee. Dinh Tien Dung, Member of the Politburo and Secretary of the Hanoi Party Committee. Photo: The Hanoi Times As head of the Hanoi Party Committee, could you share some of Hanoi's achievements in the first half of 2020-2025? Hanoi has endured many international impacts in the past two and a half … [Read more...] about Innovation-centered approach boosts Hanoi’s performance in socio-economic growth

The 15% tax on profits, which was approved by 136 countries in 2021, is considered the deepest overhaul of cross-border tax rules in decades. The purpose of the overhaul is to ensure that tech giants such as Apple and Google will not have an unfair advantage by booking their profits in low-tax countries such as Ireland. The tax applies to multinationals with total revenues of at least EUR750 million ($819 million) in two of the preceding four years. This means that a company that invests in a foreign country will have be taxed by that country by at least 15%. Vietnam, along with the United Kingdom, Japan, South Korea, and the E.U. plan to start collecting the tax next year. It is estimated that 100 multinationals will be affected by the tax, which is expected to yield an extra $220 billions in tax income globally. Nguyen Thi Thu Huyen, deputy director of publicity at Canon Vietnam, said that tax incentive is one of the key factors for the company to maintain its large-scale … [Read more...] about New global tax to diminish Vietnam’s FDI attractiveness

Vietnam is striving to lure more Japanese investments to digital transformation and green growth, as recommended in the Vietnam-Japan Joint Initiative (VJI). Illustrative image (Source: VNA) Phase VIII of the initiative, launched in 2003, concluded in March 2023, under which 497 out of the 597 items were completed. To promote its role, the Vietnamese Ministry of Planning and Investment proposed building a cooperation programme between small- and medium-sized enterprises (SMEs) of the two countries, focusing on digital transformation, support industry and personnel training. Japanese SMEs have capacity, experience and high tech, and Vietnamese firms have abundant human resources, which is reciprocal during their development cooperation. The ministry suggested the Japanese side take more specific solutions and supplement workforce to further support Vietnamese enterprises in improving their capacity and competitiveness, and participating intensively in … [Read more...] about Vietnam attracting Japanese investments to new areas

In a remarkable turn for a company that has long touted its job creation, Amazon will have eliminated 27,000 positions in recent months, or 9% of its roughly 300,000-strong corporate workforce. The latest cuts focus on Amazon's highly-profitable cloud and advertising divisions, once seen as untouchable until economic concerns led business customers to scrutinize their spending. The layoffs will affect Amazon's streaming unit Twitch as well. Dan Clancy, who was named as CEO of Twitch last week, said the platform will lay off more than 400 employees. Amazon aims to finalize whom it will terminate in the new round of job cuts by April. The company's stock fell 1.8%. The decision follows a near-endless drumbeat of layoff news in the technology sector that has seen some of the world's most valuable corporations, among them Microsoft Corp and Alphabet Inc, sever ties with staggering numbers of employees they once courted in droves. "I don't think this means much for … [Read more...] about Amazon deepens tech-sector gloom with another 9,000 layoffs

A customer shops for mobile phones at a Mobile World store. For Mobile World (MWG), Q4 profit after tax dropped sharply by 60.4% year-on-year to 619 billion VND, a multi-year low. (Photo: thegioididong.com) Hanoi (VNS/VNA) - Retail stocks have dropped significantly due to the decline in business results in the context of the global economic recession and high interest rates. Mobile World (MWG) and Digiworld (DGW) are both hovering around the long-term bottom with a drop of more than 50% from the peak. Petrosetco (PET) has been almost flat since the beginning of February while Petrosetco Distribution JSC (PSD) is finding the bottom. This duo has dropped by 60-65% of the market price compared to their peak. The Phu Nhuan Jewelry Group (PNJ) and FPT Retail (FRT) have been struggling since the end of January. These two stocks have fallen by 16% and 38% respectively from the peak. The recent plunge in retail stocks partly came from the decline in business results. … [Read more...] about Retail stocks drop amid economic downturn and high interest rates

To obtain economic efficiencies and benefits of the digital economy, foreign digital services providers should not be required to establish an entity or obtain a licence in Vietnam. A light-touch, simplified notification regime should be used instead. Seck Yee Chung - Steering committee member, VBF Digital Economy Working Group Free flow of data is critical for both global and domestic digital businesses as part of the global digital economy. Thus, restrictions in any form on cross border data flows should be removed. Many existing and draft laws, and regulations on registration and licensing, increase the administrative burdens and costs for businesses. In the ICT sector, for example, various decrees mandate that there is an annual certification of related products imported into Vietnam, which entails annual re-certification and all associated procedures such as quality inspection, customs clearance and reporting, which are all paper based. We suggest that where … [Read more...] about Tech competitiveness can only be achieved with reform

Solar panels at Tetra Pak's packaging material factory in Bình Dương Province. — Photo courtesy of the company Tetra Pak has completed the installation of solar panels for its packaging material factory in Binh Duong Province after six months of construction. Covering close to 5,900 sqm2, the solar panels can generate approximately 1.9 thousand MWh of renewable energy each year, helping to reduce over 700 tonnes of CO2 emissions. This effort represents Tetra Pak's pledge to reduce greenhouse gas emissions across its business operations. “Tetra Pak is committed to reducing greenhouse gas emissions across the company’s operations to net zero by 2030. The installation of solar panels on the factory roof is part of our journey to realizing this goal,” said Eliseo Barcas, Managing Director of Tetra Pak Vietnam. “This further affirms Tetra Pak’s commitment in sustainable development and in supporting food and beverage manufacturers in increasing their sustainability by using our … [Read more...] about Tetra Pak Binh Duong’s new solar panels cut down 700 tonnes of CO2 emissions yearly

Workers of a garment company in HCM City. The sustainability requirements pose challenges for Viet Nam’s fashion industry but there are opportunities from the transition to more sustainable and circular models. — VNA/VNS Photo Hong Dat Greening the garment and textile production is no longer an option for the multi-billion-dollar industry but a must in the context of increasing requirements for sustainability around the world, experts said. Many garment-importing countries were taking action for sustainable and circular textiles. The European Commission was calling for an end to fast fashion by 2030 with the Strategy for Sustainable and Circular Textile which set eco-design rules, starting with textiles. Accordingly, by 2030 textiles placed in the EU, the world’s largest market for garment products, should be long–lived and recyclable. “There is no other way for the garment and textile industry of Viet Nam if it does not want to be excluded from the global game,” Le Tien … [Read more...] about Sustainability requirements pose new challenges to garment, textile industry

The office provides a multi-function venue with meeting rooms, working desks, and an auditorium to accommodate various events including seminars, conferences, team meetings, and other activities for the convenience of members and visitors alike. Several Nordic companies have expressed an interest in entering the Vietnamese market, creating a demand for a physical platform that can assist business operations and networking The initiative speaks to the key role of Nordcham Vietnam in facilitating the Nordic business community. The past few years have witnessed impressive growth for Nordcham Vietnam, with an increase in small- and medium-sized enterprise membership of more than 60 per cent. Many more Nordic companies have also expressed an interest in entering the Vietnamese market, creating a demand for a physical platform that can assist business operations and networking, which is precisely what Nordic Hub aims to fulfill. The Sentry is located right in the heart of … [Read more...] about Nordic Hub aims to strengthen economic and cultural ties

Nguyen Manh Hung, Minister of Information and Communications, said that 2023 is a year for practical implementation of national strategies. These include separate plans on cybersecurity and safety; digital data; digital infrastructure; the digital tech industry; and digital government, economy, and society. VIR to host the 2 nd Digital Transformation forum on March 21 ”This is the time to create practical results and values. The ministry (MIC) must stand out to ensure the quality of the data connection, and ensure the quality of inter-ministerial and inter-local public services,” he said. “Currently, a number of public services when connected with IT systems of other ministries or localities have degraded quality or cannot perform.” The MIC will amend a number of laws and decrees to make new regulations more feasible to better development and management, while using advanced technologies to solve traditional problems in Vietnam while creating great value, Minister … [Read more...] about Strengthening ties to enable a greener digital transition