Domestic capital inflow

Workers at a facility of PV Gas. The company's shares fell strongly on Friday, leading the market's downside. — Photo courtesy of the company The market ticked lower on Friday but locked a monthly gain in the first month of 2023 on the back of foreign investors and strong rallies of financial and industrial stocks. The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) closed the last trading day of the week at 1,077.15 points, a fall of 0.44 points, or 0.04 per cent. The market’s breadth was neutral as the number of declining stocks on the southern bourse was equal to increasing ones. Liquidity fell over the previous session. Of which, trading value on HoSE reduced slightly to nearly VND10.8 trillion (US$460.1 million), equivalent to a trading volume of over 563.7 million shares. The index’s reversal was due to persistent selling force as some investors continued to take profits after recent rallies. The 30 biggest stocks tracker VN30-Index also went down by 7.78 points, … [Read more...] about Benchmark indices dip slightly on persistent selling force

-What do you think about local garment firms’ inability to dominate the domestic market of 100 million people here in Vietnam? - Vietnamese textile and garment enterprises are still [only beginning to] tap the domestic market. Last year, the domestic market increased by 40% against 2021. Local enterprises performed very well in the first half of last year and began to face difficulties in the third quarter. In the fourth quarter, many good Vietnamese brands like Viet Tien saw sales decrease. In late 2022, the Vinatex Fashion Center retail outlet in Hanoi made revenues of only VND500-600 million ($21,200-25,400) a day, compared with daily revenues of over VND1 billion in previous years. Over the past two years, many domestic fashion brands have reduced their number of stores and limited new openings. They have had to focus on certain locations to reduce costs, optimize operations and try to offer products that are most suitable to consumers’ incomes.In fact, domestic … [Read more...] about Garment firms should tap niche markets: Vinatex chairman

Vietnam officially set up diplomatic relations with Trinidad and Tobago on Wednesday, taking the number of countries that Hanoi has diplomatic ties with to 192. According to the Ministry of Foreign Affairs, Ambassadors Dang Hoang Giang and Dennis Francis Smith, heads of the delegations of Vietnam and Trinidad and Tobago, respectively, to the United Nations (UN), signed a joint communiqué on the diplomatic tie establishment on behalf of the two governments at the UN headquarters in New York. The two sides agreed to exchange diplomatic representatives at the ambassadorial level under the 1961 Vienna Convention on Diplomatic Relations. On the same day, the joint communiqué was sent to UN Secretary General Antonio Guterres for circulation and to UN member countries for information. With the diplomatic ties with Trinidad and Tobago, Vietnam has had official diplomatic relations with all 35 countries in the Americas and 190 out of the 193 member countries of the UN, proving the … [Read more...] about Vietnam establishes diplomatic ties with Trinidad and Tobago

The capital city expects to have high-quality agricultural products to feed ten million of its residents. Hanoi targets to set up more than 3,000 cooperatives by 2030, including 250 hi-tech agricultural cooperatives. The goal is included in an action program on innovation and development of collective economic efficiency in the new period, which was released on February 2. More specifically, Hanoi strives to establish about 100 new cooperative groups and 100 cooperatives annually by 2030, increasing the total number of cooperatives by 2025 and 2030 to nearly 2,500 and over 3,000, respectively. By 2045, the city would have about 450 to 500 new cooperative groups and seven to 10 cooperative unions. To achieve this goal, Hanoi will continue to promote the dissemination of the 2012 Law on Cooperatives and improve the capacity of cooperative resources, adopt preferential policies, and apply scientific and technological advances for the development of cooperatives. … [Read more...] about Hanoi plans to have 3,000 cooperatives by 2030

The conference on promoting production, domestic consumption and exports in 2023 was held in Ha Noi on February 3. — VNA/VNS Photo Duong Giang At a conference held by the Ministry of Industry and Trade on expanding the export market in Ha Noi on February 3, Prime Minister Pham Minh Chinh emphasised the importance of boosting external activities and fostering bilateral and multilateral cooperation. Deputy Prime Minister, Minister of Natural Resources and Environment Tran Hong Ha and Minister of Industry and Trade Nguyen Hong Dien also attended the conference. Chinh said the ministry should take advantage of the free trade agreements (FTAs) that Viet Nam has joined to help diversify export markets and maintain traditional markets, such as the US, China, the EU, Japan, South Korea and ASEAN. Viet Nam needed to expand its export market to Eastern Europe, the Middle East, South America, South Asia, and Africa and promote supply chain diversification. Negotiations that are … [Read more...] about PM emphasises importance of boosting external activities at export market conference

Speaking at the event, Secretary of the provincial Party Committee and Chairwoman of the provincial People’s Council Hoang Thi Thuy Lan said that during his visit to the province on March 2, 1963, President Ho Chi Minh asked for efforts to turn Vinh Phuc into one of the richest and most prosperous provinces in the Northern region. Over the past six decades, Vinh Phuc has developed from an agriculture-based to an industrial province – an automobile and motorbike manufacturing center of the country, and a locality leading in the cause of industrialization and modernization. In the 1997-2022 period, the province's average annual economic growth rate hit 13.27%. Last year, its per capita gross regional domestic product (GRDP) was estimated to reach USD 5,500, ranking 5th in the Red River Delta region, and 9th in the nation. Congratulating Vinh Phuc on its achievements, National Assembly Chairman Vuong Dinh Hue asked the province to make efforts to better the building and … [Read more...] about National Assembly Chairman attends ceremony marking 60 years since Uncle Ho’s visit to Vinh Phuc

National Assembly Chairman Vuong Dinh Hue speaks at the ceremony. (Photo: VNA) Vinh Phuc (VNA) – National Assembly Chairman Vuong Dinh Hue on February 3 attended a ceremony in Vinh Yen city to celebrate the 93rd founding anniversary of the Communist Party of Vietnam (February 3, 1930 - 2023) and 60 years since President Ho Chi Minh’s visit to the northern province of Vinh Phuc (March 2, 1963). Speaking at the event, Secretary of the provincial Party Committee and Chairwoman of the provincial People’s Council Hoang Thi Thuy Lan said that during his visit to the province on March 2, 1963, President Ho Chi Minh asked for efforts to turn Vinh Phuc into one of the richest and most prosperous provinces in the northern region. Over the past six decades, Vinh Phuc has developed from an agriculture-based to an industrial province – an automobile and motorbike manufacturing centre of the country, and a locality leading in the cause of industrialisation and modernisation. In … [Read more...] about NA Chairman attends ceremony marking 60 years since Uncle Ho’s visit to Vinh Phuc

Hanoi aims to take the lead in the digitalization process nationwide. The digitalization process is expected to help Hanoi realize its vision to become a smart and modern city by 2025, creating the foundation for rapid and sustainable economic development. A corner of Hanoi. Photo: Tuan Anh The view was shared in a resolution by the Hanoi Party Committee on promoting Hanoi’s smart city by 2025, with a vision to 2030. Accordingly, the city should be among the leading localities in terms of digital transformation. Building a smart city holds a strategic meaning for Hanoi’s long-term development, which requires strong efforts and a new mindset from the entire political system, it said. By 2030, the city is envisioned to become a modern and smart city integrated into the network of smart urban cities in the region and the world; build comprehensive databases for priority economic sectors; and based on this, develop creative services for the benefit of the … [Read more...] about Digitalization to help Hanoi become smart city by 2025