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Chairwoman of the NA’s Committee for Social Affairs Nguyen Thuy Anh delivers a verification report on the draft revised Law on Domestic Violence Prevention and Control on May 27. (Photo: VNA) Hanoi (VNA) – The draft revised Law on Domestic Violence Prevention and Control was submitted to the National Assembly (NA) at its ongoing third session in Hanoi on May 27. Authorised by the Prime Minister, Minister of Culture, Sports and Tourism Nguyen Van Hung presented the proposal, noting that after nearly 15 years of enforcement, the law has helped improve public awareness of domestic violence prevention and control, thus protecting victims, dealing with domestic violence and legal violations, and improving gender equality in families. However, despite certain achievements, domestic violence remains a problem. Given this, the amendments aim to improve regulations so as to better protect human rights under the 2013 Constitution, enhance the efficiency and effectiveness of … [Read more...] about Draft revised law on domestic violence control submitted to parliament

Asian markets track Wall St higher, tech fuels Hong Kong rally- illustration photo source: freepik.com The positive mood put the region on course to end the week on a healthy note, and came after Federal Reserve minutes indicated the US central bank could take a breather in hiking interest rates if inflation shows signs of easing later in the year. Still, confidence on trading floors remains at a premium owing to a range of crises including soaring prices, tighter monetary policy, China's Covid-19 lockdowns and the war in Ukraine. Investors were in a buying mood Friday as Hong Kong jumped more than two percent, with market heavyweight Alibaba piling on more than 11 percent and search engine Baidu advancing 15 percent. The two firms posted better-than-expected sales growth in the January-March quarter, soothing fears about the impact of Covid and inflation on their bottom lines. Hong Kong's tech index jumped nearly three percent, with other giants also enjoying buying … [Read more...] about Asian markets track Wall St higher, tech fuels Hong Kong rally

Illustrative photo. (Source: VNA) Hanoi (VNA) – The S&P Global Ratings on May 26 raised its long-term sovereign credit rating on Vietnam to “BB ” with a “stable” outlook on the back of strong economic recovery, according to the Ministry of Finance. It is a very positive move when S&P Global Ratings upgraded Vietnam’s sovereign credit rating amidst numerous global uncertainties and challenges, the ministry said in a statement, adding that it reflects an international recognition of Vietnam’s efforts to stabilise and recover the macro-economy and reinforce the socio-political foundation. Vietnam is one of the only two Asia-Pacific nations that have had its ratings upgraded since the beginning of this year, factoring in that Vietnam’s economy remains on a solid track to recovery following the complete removal of domestic and cross-border mobility restrictions, outstanding improvement in COVID-19 vaccination rates and a flexible shift in virus control strategy. It is … [Read more...] about G&P Global Ratings raises Vietnam’s sovereign credit rating

Archaeologists have found various traces of early humans in a karst mountain cave in Quảng Khê Commune, in the northern province of Bắc Kạn. Archaeologists working at the site. Photos courtesy of the excavation team They have excavated Thẳm Un Cave and found that the cave’s foundation has been recently stirred up by cattle raised by locals. As a result, a cultural layer from an earlier time was revealed. A hole of 3sq.m was made to research the culture deposits. Archaeologists have found two cultural layers lying directly on top of one another, without any border layer. The earlier cultural layer lies lower, measures 0.6-0.65m thick and is fairly hard, formed by clay. The dark brown layer contains objects like stone tools together with animals’ teeth and snail shells. The cultural layer on top has a light grey colour and is made of crumbled soil. The layer contains fewer objects. In the hole, traces of four fireplaces have been found at … [Read more...] about Archaeologists find traces of early humans in Bắc Kạn

Vietnam’s skilled workforce, optimistic economic outlook, and competitive wage prices are among the factors drawing foreign investors’ attention to the country. An estimated 21% of Indian companies that have operations in Southeast Asia or expect to do so in the future show their plan to expand their businesses in Vietnam in the next two years. Whilst, 26% of Chinese corporates in Vietnam are looking to prioritize growth here over the next two years. Car production at Thanh Cong Hyundai Plant. Photo: Viet Dung These are some of the key findings from HSBC Navigator: SEA in Focus , which surveyed more than 1,500 companies from six of the largest economies in the world, including China, France, Germany, India, the UK, and the US – all of which have operations in Southeast Asia or have plans to do so in the future.  The survey gauges their sentiment on doing business in Southeast Asia, with a particular focus on trade, digitization, and sustainability. … [Read more...] about Companies from China and India temped to move to Vietnam

People wait to withdraw money from an ATM outside a branch of Myawaddy Bank in Yangon on February 23. (Photo: AFP/VNA) Hanoi (VNA) - The Central Bank of Myanmar (CBM) has banned the use of foreign currency for local payments to stabilise the foreign exchange rate in the country, reported Xinhua news agency. The CBM asked government agencies to pay with only Myanmar kyat, saying the use of foreign currencies for domestic payments could lead to higher demand for dollars and cause exchange rate instability. The move came after it found out that some government agencies and organisations were using foreign currencies for local payments . They were using and accepting foreign currencies in some of their activities including renting lands, capital investments for insurance business and income from joint ventures, said Win Thaw, CBM deputy governor. The notification has already been sent to all ministries, region and state governments and municipal committees of … [Read more...] about Myanmar prohibits foreign currency in local payments

Bilateral trade recovery According to the Ministry of Industry and Trade, after two years of COVID-19, trade between Vietnam and the UK recovered in 2021, reaching nearly US$6.6 billion. This included more than US$5.7 billion worth of Vietnam’s exports to the UK, an increase of 16.4 percent compared with 2020. Vietnamese goods at a UK supermarket Products with high export growth included fruit and vegetables (up 67 percent); coffee (up 17 percent); pepper (up 49 percent); carpets and products made of bamboo, rattan and sedge (up 56 percent); iron and steel materials (up 1,269 percent); steel products (up 100 percent) and toys and sports equipment (up 19 percent). The value of Vietnam’s imports from the UK reached nearly US$850 million, an increase of 23.6 percent compared with 2020. In the first four months of 2022, Vietnam’s exports to the UK reached an estimated US$4.8 billion with key products including seafood, coffee, pepper, cashew nuts, plastic products, … [Read more...] about Vietnam-UK agreement creates leverage for bilateral trade

Processing tra fish for export at a Sao Mai Group factory in the southern province of An Giang. Tra fish exports are projected to surge by 97 per cent year-on-year in the first five months of 2022, reaching US$1.1 billion. VNA/VNS Photo Vũ Sinh HÀ NỘI — Demand for Việt Nam’s tra fish (pangasius) is up in major markets, driving the export of the catfish overseas, reports the Việt Nam Association of Seafood Exporters and Producers (VASEP). Tra fish exports are projected to surge by a whopping 97 per cent year-on-year in the first five months of 2022, reaching US$1.1 billion. Besides exporting to traditional markets such as the US and Europe, seafood exporters have expanded markets to take advantage of the new demand. Specifically, Việt Nam has targetted new fish markets in Mexico, Egypt and Thailand. VASEP expert Tạ Hà said that the Mexican market has the largest export value in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) … [Read more...] about Huge haul in new markets for Việt Nam’s tra fish exports

An affordable social housing zone in Định Hòa Ward, Thủ Dầu Một City, in the southern province of Bình Dương. VNA/VNS Photo Chí Tưởng BÌNH DƯƠNG — Nguyễn Thị Huệ Lan wants to buy an affordable social house, but she has been unable to access the market. Lan is from the southern province of Bình Phước but has lived and worked for many years in Thủ Dầu Một City, Bình Dương Province. After saving for a long time, Lan is looking to buy a social house this month as her long-time residence. But she has found that many of them already have owners and new projects are not yet ready. Hữu Phước, from Bến Tre Province though now in Bình Dương Province, said that he has recently moved into a new 30-sq.m social house, which he bought for VNĐ200 million (US$8,500). In order to buy the house, Phước had to sign up a year ago. Workers cannot buy houses without waiting as the demand for social houses was very high. All social houses are sold right after being built. Phước said … [Read more...] about Workers in need of affordable social housing

Increased fuel prices are wreaking havoc across the transportation industry in Vietnam as costs of once wallet-friendly alternatives, such as e-bikes, ride-hailing services, and budget airlines all steadily rise as a result. To combat the problem, the government is considering proposals to cut taxes on gasoline and oil, according to the National Assembly (NA). Ripple effect Nguyen Tri, sales manager for electric bike brand PG, explained that the increased price of e-bikes and e-scooters is due to the rising costs associated with transporting the bikes to sales outlets and distributors. According to Tri, PG had resisted raising rates at the beginning of the year despite spare part shortages and rising transport costs, but once fuel in Vietnam surpassed VND30,000 (US$1.28) per liter and transport operators hiked fees by 10 percent in March, the firm was left with no choice. “The increased prices of input materials, such as aluminum, steel, and electric wires have forced the … [Read more...] about E-bike buyers face serious sticker shock amid rising gasoline prices