Distinguish between micro and macro economics

Ho Chi Minh City’s gross regional domestic product (GRDP) in the first quarter expanded a mere 0.7 percent year on year. The Ho Chi Minh city Institute for Development Studies (HIDS) on Wednesday cited statistics from the General Statistics Office of Vietnam as showing that the metropolis’ GRDP reached some VND360 trillion (US$15.3 billion) this quarter, inching up from the nearly VND247 trillion ($10.5 billion) in the same quarter of last year. The growth rate was higher than the 0.29 percent in the first quarter of 2022. However, experts were not surprised at the modest growth, saying that it had aligned with previously released forecasts. They also noted that growth in the second quarter of the year could be even lower. According to the HIDS, the city’s agro-forestry-fishery sector improved 2.06 percent, the service sector edged up 2.07 percent, and the industry and construction sector fell 3.6 percent, according to Thoi Bao Tai Chinh Viet Nam (Vietnam Financial Times). … [Read more...] about Ho Chi Minh City reports modest economic growth in Q1

Bank Indonesia (BI) Governor Perry Warjiyo said at the seminar on payment system in the digital era that some ASEAN countries — Indonesia, Singapore, Malaysia, Thailand, and the Philippines — are currently pursuing such connectivity by committing to integrating payment systems. The commitment is being pursued through initiatives such as Quick Response (QR) Code, fast payment, Real Time Gross Settlement (RTGS), and Local Currency Transactions (LCT), he said. As part of its 2023 ASEAN chairmanship, Indonesia will extend the agreement to all ASEAN member countries so it would not just be limited to the five countries, Warjiyo said. This is intended to improve digitization and the cross-border payment system so that it would support ASEAN economic recovery, financial inclusivity, and support the global economy, he said. The seminar was held as part of the first Meeting of the ASEAN Finance Ministers and Central Bank Governors, which is taking place from March 28 to 31. Source: … [Read more...] about Regional payment connectivity needed for ASEAN’s inclusive economic recovery: seminar

With a CPI increase of 3.4% in 2022, Hanoi stays the most expensive place in Vietnam. The capital city of Hanoi had the highest living expense among Vietnam's 63 provinces and cities, according to the General Statistics Office (GSO) on March 29. Food shopping at a local store in Hanoi. Photo: The Hanoi Times Hanoi scored 100 on the Spatial Cost of Living Index 2022 (SCOLI 2022). The Hanoi Statistics Office stated in late December 2022 that the capital city's Consumer Price Index (CPI) fell 0.15% month on month but increased by 2.83% year on year. The figure raised Hanoi's CPI by 3.4% year on year in 2022, falling short of the city's 4% goal. Hanoi was also one of the eight provinces and cities where living expenses remained unchanged from the previous year. The capital city was followed by Quang Ninh Province, HCM City, Danang, the central coastal metropolis, and Ba Ria-Vung Tau Province. The four municipalities received 99.89, 96.20, 95.89, and … [Read more...] about Hanoi topped the list of the highest expense of living in Vietnam

Nguyen Tan Tuan, Chairman of Khanh Hoa People’s Committee, signed a proposal en-route to the government in March seeking approval for revised general planning of Van Phong Economic Zone (EZ) until 2040, with a vision towards 2050, encompassing 150,000 hectares. Van Phong EZ will cover most of Van Ninh district and some communes belonging to Ninh Hoa town. Khanh Hoa province aims to turn Van Phong into a multi-sector EZ holding pole position in investment attraction and serving as a driving force for economic development for its neighbourhoods and beyond. In particular, the marine economy is the foundation buoyed by an international container transshipment port, with logistics, urban services, tourism, and industry playing an important role, besides other sectors. The area is also a centre for tourism services and high-class general entertainment with unique and modern products and services. In light of the revised planning, Van Phong EZ is also oriented to become a sustainable … [Read more...] about Reshuffle boosts investment chances for Van Phong EZ

In an interview granted to the Vietnam News Agency, Anh said that the 50-year journey that the two countries have taken is marked with an important milestone when they lifted their ties to a strategic partnership on August 7, 2015, making Vietnam the only strategic partner of Malaysia among the ASEAN countries. The upgrade showed the in-depth development of the bilateral relations with strong political trust, while reflecting a new chapter in their comprehensive cooperation over all fields such as politics, diplomacy, economy, trade, culture, defense - security, science - technology and sustainable development, she said. The two sides are currently working together to implement the action plan to realize their strategic partnership in the 2021-2025 period, paving the way for the further growth of the bilateral relations in the future. Anh noted that over many years, Malaysia has been one of the leading trade and investment partner of Vietnam among the ASEAN member states. … [Read more...] about Vietnam-Malaysia ties expand across all pillars over 50 years: Diplomat

Delegates at the 38th ASEAN-Japan Forum opens in Tokyo on March 28 (Photo: asean.org) Jakarta (VNA) - Senior officials of ASEAN and Japan attending the 38th ASEAN-Japan Forum in Tokyo on March 28 reaffirmed their commitments to further advance the partnership and strengthen cooperation, as both sides are marking the 50th Anniversary of Dialogue Relations this year. In support of the ASEAN Comprehensive Recovery Framework, the two sides agreed to continue strengthening cooperation to facilitate the regional economic recovery in the areas of trade and investment, digital economy, sustainable development, connectivity, disaster management, climate change, food and energy security, global health, and people-to-people exchanges. ASEAN welcomed Japan’s support for the ASEAN Outlook on the Indo-Pacific (AOIP), noting the similarities with Japan ’s Free and Open Indo-Pacific Strategy, and Japan’s willingness to enhance cooperation by launching projects in the key areas of AOIP. … [Read more...] about ASEAN, Japan reaffirm commitment to take partnership to new heights

The two leaders expressed their delight at the talks, that offer them an opportunity to exchange views on the occasion of the 10th anniversary of the Vietnam-US comprehensive partnership. They spoke highly of the positive and comprehensive development of the bilateral relationship over the past time, and agreed to promote, develop and deepen it, for interests of both nations, as well as peace, cooperation and development. General Secretary Trong affirmed that, Vietnam consistently pursues its foreign policy of independence, self-reliance, peace, friendship, cooperation, diversification and multilateralization of relations, active and proactive global integration. Vietnam is ready to cooperate with international partners to reinforce friendship and dialogue, strengthen peace, promote development, uphold international law and cope with common challenges, he stressed. In order to develop the relationship between the two countries in the coming time, General Secretary Trong … [Read more...] about Party chief holds high-level phone talks with US President

Praween Wirotpan, General Director of SCG Vietnam (mid, first row) at the event. — Photo courtesy of SCG Vietnam Thai conglomerate SCG has been recognised as a Top 50 exceptional foreign invested enterprises in Viet Nam and honoured as a pioneer in environmental-social-governance (ESG) practices. These titles were granted by the Ministry of Foreign Affairs, the Da Nang People's Committee and Vietnam Economic Times at the 2023 Golden Dragon Awards. This recognition reflects SCG's commitment to ESG practices and contribution to Viet Nam's sustainable development journey towards green growth, the company said in a statement. “During the last three decades of our operation in Viet Nam, SCG has always been striving to contribute to the local economy and society. This recognition is an encouragement for us to keep on our passion for better, and to play an active role in the sustainable development of Viet Nam," Praween Wirotpan, General Director of SCG Vietnam, said. "As such, it … [Read more...] about SCG named among the Top 50 outstanding foreign invested enterprises in VN

Mark Billington, Managing Director, International, ICAEW (left) and Warrick Cleine, Chairman & CEO of KPMG in Vietnam and Cambodia (right), signed an extension of cooperation on developing high-quality human resources in Việt Nam. — Photo courtesy of the company The Institute of Chartered Accountants in England and Wales (ICAEW) and KPMG in Viet Nam will continue to cooperate in developing high-quality human resources in Viet Nam, according to a recent renewal of their existing Memorandum of Understanding (MoU). The new MoU on developing high-quality human resources aims to meet the new requirements of the domestic financial market, which is opening up to extensive international integration. Under the framework of the three-year cooperation agreement, the two sides will continue to work together in creating favourable conditions in terms of finance and time for young talents who study ICAEW ACA programmes, in order to develop their careers in the fields of finance, … [Read more...] about ICAEW, KPMG continue to develop high-quality financial human resources in VN

Representatives of the Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) and the Japan Bank for International Co-operation (JBIC) at the signing ceremony. — Photo courtesy of Vietcombank The Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) and the Japan Bank for International Co-operation (JBIC) signed a contract to finance a capital of US$300 million to support renewable energy projects in Ha Noi on Wednesday. After successfully implementing a $200 million credit package signed in June 2019, that JBIC and major Japanese banks continue to provide a second loan worth $300 million to Vietcombank further affirms the bank's prestige to international financial institutions; at the same time, affirming the close co-operation relationship between JBIC and Vietcombank in contributing to sustainable economic development, promoting regional integration and environmental protection in Viet Nam. Speaking at the ceremony, Nguyen Thanh Tung, … [Read more...] about Vietcombank and JBIC sign $300 million credit contract to finance renewable energy projects