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Headquarters of the State Bank of Viet Nam (SBV). After the Fed’s decision to raise its benchmark interest rate by only 25 basis points last week, analysts forecast the SBV may adopt a wait-and-see approach until the end of the first quarter of this year before making the next interest rate hike. — Photo sbv.gov.vn The State Bank of Viet Nam (SBV) might not increase its policy interest rate in the first quarter of 2023 after the US Federal Reserve (Fed) raised its rate by only 25 basis points last week while the Vietnamese dong has strengthened against the US dollar, analysts forecast. According to analysts from financial data provider FiinGroup, the dong has strengthened by about 5 per cent against the dollar since the beginning of December 2022 as the Fed has slowed rate hikes and China has reopened. After the Fed’s decision last week, the analysts forecast the SBV may adopt a wait-and-see approach until the end of the first quarter of this year before making the next … [Read more...] about Central bank forecast to keep policy interest rate unchanged in Q1 2023

Brent crude futures crawled up 16 cents, or 0.2%, to $80.10 a barrel at 0022 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 15 cents, also 0.2% higher, to $73.54 a barrel. Last Friday, WTI and Brent slid 3% after strong U.S. jobs data raised concerns that the Federal Reserve would keep raising interest rates, which in turn boosted the dollar. While recession fears dominated the market last week, on Sunday International Energy Agency (IEA) Executive Director Fatih Birol highlighted that China's recovery remains a key driver for oil prices. The IEA expects half of global oil demand growth this year will come from China, where Birol said jet fuel demand was surging. He said depending on how strong that recovery is, the Organization of Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, may have to reassess their decision to cut output by 2 million barrels per day through 2023. "If demand goes up very strongly, if the Chinese economy … [Read more...] about Oil prices edge higher as IEA’s Birol talks up China demand outlook

Tailoring is one of the oldest professions in Hanoi. What brought you to the profession? I am a second-generation descendant of a family with more than 70 years of working in this area. My father also opened a tailor shop specialising in serving foreigners in the 1950s, when the tailoring profession in Hanoi was still very primitive and the designs and fabrics were monotonous. Canadian Ambassador to Vietnam Shawn Steil visits Van Hung Tailor Hanoi in the 1980s did not have many tailors. Tailoring as a profession was an ideal choice for young people who do not go to college. I studied sewing technology at school, now the Hanoi Vocational School of Cookery, Tourism, and Fashion. This is also the only training institution in tailoring supported by Germany, with only around 100 graduates per year. I was honoured to be one of the 10 best candidates to win a contest organised by the Ministry of Industry and Trade in conjunction with the Berlin Fashion Institute of … [Read more...] about Lifelong love for suit tailoring

Domestic interest rates are beginning to cool somewhat, Le Toan As per the World Gold Council (WGC), in Vietnam, consumer demand for gold in Q4/2022 increased 58 per cent on-year to 13.5 tonnes, from 8.5 tonnes in Q4/2021. The rise was supported by a 48 per cent on-year increase in bar and coin demand over the same time frame from 6.1 tonnes to nine tonnes, and an 80 per cent on-year increase in jewellery demand from 2.5 tonnes to 4.5 tonnes. “Vietnam saw the greatest increase in annual gold demand among the ASEAN markets in 2022, with a 37 per cent rise compared to 2021. It also led in annual jewellery demand with a 51 per cent rise compared to 2021, taking it to a 14-year high of 18 tonnes,” said Andrew Naylor, the WGC’s CEO for Asia-Pacific (excluding China). “Several factors had an impact, including a slight decline in local gold prices in the fourth quarter, rising income levels as salary cuts were restored, and strengthening consumer confidence on the back of robust GDP … [Read more...] about Experts take stock of factors involved in market prospects