Economic growth under presidents

Prime Minister Pham Minh Chinh's visit to Singapore aims to affirm both nations’ desire to take their economic connectivity to new heights in the context of a series of new-generation free trade agreements (FTAs) coming into effect and being implemented. Prime Minister Pham Minh Chinh (L) and his Singaporean counterpart Lee Hsien Loong PM Chinh, his spouse, and a high-ranking delegation of Vietnam will pay an official visit to Singapore from February 8 to 10 at the invitation Singaporean PM Lee Hsien Loong. The visit takes place amid the dynamic and strong development of the Vietnam - Singapore strategic partnership across multiple fields. This year will see the two countries celebrate the 50th anniversary of their diplomatic relations and the 10th anniversary of their strategic partnership. In 2022, the exchange of delegations and high-level meetings between the two countries was maintained both regularly and effectively. This saw a trip to Singapore by … [Read more...] about PM’s Singapore visit to take economic co-operation to new heights

The article wrote that since he was young, witnessing Vietnam being oppressed, poor and hungry, Nguyen Tat Thanh (President Ho Chi Minh) nurtured an aspiration to find a way to save his country and bring independence to the Vietnamese people. After a 30-year journey abroad searching for national salvation with revolutionary activities in 28 countries globally, he always held a strong belief and aspiration for national independence. In 1941, he returned to the country and directly led the Vietnamese revolution. From 1941 to 1945, he led the Vietnamese people through myriad difficulties to the great victory of the August Revolution in 1945. After the Democratic Republic of Vietnam was established, President Ho Chi Minh wished to make the country wealthy, bring freedom, well-being and happiness to the people, it stressed. In his Testament, President Ho Chi Minh expressed his final wish that “the entire Vietnamese Party and people stay united and build a peaceful, unified, … [Read more...] about Lao newspaper praises growth of Communist Party of Vietnam

HDBank has achieved 105 per cent of the 2022 targets approved by shareholders. The bank hopes to maintain its high growth momentum with an average rate of more than 25 per cent in the next five years. — Photo courtesy of the bank The Ho Chi Minh City Development Joint Stock Commercial Bank has announced its results for 2022, which show it exceeded all its targets and achieved high growth. Its profit before tax was VND10.27 trillion (US$435.8 million), up 27.2 per cent from 2021 and 105 per cent of the target approved by sharehoders. Its net fee income grew dramatically, while its prudential and profitability ratios were among the best in the industry. The total operating income topped VND5.87 trillion ($249.1 million) for the fourth quarter and VND21.97 trillion ($933 million) for the entire year, a year-on-year increase of 26.8 per cent and 31.1 per cent. The net interest income grew by 29.7 per cent and the net fee income by 53.4 per cent. Operating expenses and credit … [Read more...] about HDBank profits top $436m in 2022, 105 per cent of target

ASEAN countries like Vietnam are not spared from the impact of climate change. Rapid economic development also means increasing demand for energy and power to meet the pace of growth, which leads to an increase in CO2 emissions. The journey to a cleaner future Takeshi Masuyama, Managing director, regional head of Vietnam, MUFG Bank, Ltd. The Vietnamese government has announced in various international forums its commitment to address environmental issues, and has firmed up its national net-zero target. In addition, the announcement of the Vietnam Just Energy Transition Partnership (JETP) in last December is another milestone and will further rally the private and public sectors towards accelerating the country’s green transition. MUFG is part of the working group convened by the Glasgow Financial Alliance for Net Zero (GFANZ) supporting the JETP initiative for Vietnam. The sustainability mission Since announcing our Carbon Neutrality Declaration in 2021, MUFG … [Read more...] about Committed to empowering a brighter future

Entering 2023, Microsoft and Google announced global lay-offs of 10,000 and 12,000 employees, respectively. IBM laid off nearly 4,000 members, while Spotify cut about 6 per cent of staff. Since November last year, Meta, Amazon, and HP have also adjusted thousands of positions. Tech lay-off wave continues to bite at Vietnam’s heels, Illustration photo/ Source: freepik.com In Southeast Asia, Shopee parent company Sea Group, Crypto.com, e-commerce platform JD.ID, and GoTo – a merger between ride-hailer Gojek and e-commerce platform Tokopedia – are among the companies that experienced a drastic staff cut in the past year. GoTo in November 2022 cut 1,300 jobs, equivalent to 12 per cent of the number of employees, while Sea Group let go of 7,000 employees in the past six months. Both companies cited a common cause being challenging macroeconomic conditions. Industry insiders in Vietnam are generally wary of the effect this laid-off wave might have on the domestic market. … [Read more...] about Tech lay-off wave continues to bite at Vietnam’s heels

After Meta, Amazon, Twitter, and Tesla, Xiaomi has become the next name to join the list of leading tech companies forced to cut staff. In a December 20 announcement, a Xiaomi representative confirmed that about 10 per cent of the total workforce will be affected by the reduction policy implemented by the company to “optimise full-time and organisational rationalisation”. Tech group lay-off wave reaches Vietnam, illustration photo/ source freepik.com Xiaomi had over 35,300 employees as of the end of September, according to its third-quarter earnings report. It is expected that about 5,000 Xiaomi employees will ultimately be affected in the near future, mainly those working in the smartphone and internet service business units. The decision by the fifth-largest smartphone vendor in the Chinese market comes after seeing a 9.7 per cent drop in Q3 results on-year. Xiaomi is not the only tech company in Asia to start laying off staff. A week earlier, online commerce … [Read more...] about Tech group lay-off wave reaches Vietnam

The following is the full text of the interview. Reporter: This year marks the 50th anniversary of diplomatic relations and 10th anniversary of strategic partnership between Singapore and Vietnam. How do you evaluate the Singapore-Vietnam relations in the past half century, especially in the last decade? What should the two countries do to further our bilateral cooperation and to advance the development of each country? Vivian Balakrishnan: The ties between Singapore and Vietnam have grown from strength to strength since we established diplomatic relations 50 years ago. We are longstanding friends and close partners that enjoy wide-ranging cooperation in many areas, both bilaterally and at multilateral fora. I am heartened that the bilateral relationship has continued to expand and evolve to tackle new challenges over the past decade. Our linkages are particularly strong in trade and investment. The 12 Vietnam-Singapore Industrial Parks (VSIPs) across Northern, Central, … [Read more...] about Prime Minister Pham Minh Chinh’s visit to enhance Singapore-Vietnam relations: Singaporean Foreign Minister

The writing, titled “Vietnamese PM to visit S’pore as both countries eye green and digital economy deals,” cited Singapore’s Ministry of Foreign Affairs (MFA) as saying that the visit takes place as both countries celebrate 50 years of diplomatic relations in 2023. It also marks the 10th anniversary of a strategic partnership agreement signed in 2013, which had upgraded ties and opened new areas of cooperation. This is PM Pham Minh Chinh’s first official visit to Singapore since he took office in 2021. Both PMs will witness the signing of bilateral agreements that will further strengthen the multifaceted cooperation between Singapore and Vietnam, particularly in the digital and green economies, said the MFA. The trip comes on the back of high-level meetings between the two sides in 2022, such as the visits to Vietnam by President Halimah Yacob in October and Deputy PM Heng Swee Keat in September. The article noted Singapore and Vietnam have strong economic ties, with bilateral … [Read more...] about Singaporean daily spotlights Prime Minister Pham Minh Chinh’s official visit