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The interest rate hikes by the US Federal Reserve and other central banks that began to significantly accelerate in the second half of 2022 have impacted the tech industry and investors in significant ways. These hikes are expected to continue, at least in the short term, until the central banks are satisfied that inflation is under control or lose their nerve. When that happens is anyone’s guess. Eric Johnson, counsel at Freshfields Bruckhaus Deringer LLP This rapidly changing financial environment has made it more difficult for digital economy companies, especially those that are currently not profitable, to raise money in both public and private markets. Many investors have adopted a wait-and-see approach until the situation becomes clearer, and are revisiting the assumptions behind the sky-high valuations that many tech companies previously commanded. The recent failure of Silicon Valley Bank in the US has sent a shockwave through the tech and venture capital … [Read more...] about Supporting the digital economy space

ADC Pharma in Can Tho Province. As the domestic pharmaceutical market holds a lot of potential, local producers are urged to improve their competitiveness for expansion. — VNA/VNS Photo Thanh Liem It is critical for pharmaceutical companies to improve competitiveness with a focus on research and development (R&D), production technology and digitalisation. According to experts, this will help them expand their shares in the domestic market which remains being dominated by imported drugs and extend their international reach. Viet Nam’s pharmaceutical market has significant potential. The Ministry of Health estimated the market at US$6.9 billion in 2021 while BMI Research forecast the market to reach $16.1 billion in 2026 with a compound growth rate of up to 11 per cent. According to Nguyen Dieu Ha, general secretary and office chief of the Vietnam Pharmaceutical Companies Association (VNPCA), there are 55 foreign-invested pharmaceutical companies in Viet Nam as of the end of … [Read more...] about Pharmaceutical companies urged to invest in R&D, improve competitiveness

Ca Mau Cape - a tourist attraction in Ca Mau (Photo: VNA) Ca Mau (VNA) – The People’s Committee of the southernmost province of Ca Mau is planning a wide range of activities within the framework of the “Ca Mau – Destination 2023” Programme to promote the locality’s tourism potential. Vice Chairman of the provincial People’s Committee Nguyen Minh Luan said that the programme aims to create chances for businesses to meet, connect and cooperate in developing trade and tourism. The plan aims to help Ca Mau boost socio-economic growth, develop tourism associated with trade and services, and stimulate the sale of local products, particularly local specialties and OCOP (One commune-one product) products. Accordingly, the province will organise a ceremony to mark the death anniversary of Hung Kings, the legendary founders of Vietnam (the 10th day of the third lunar month), a Ca Mau Cape Marathon, and a southern traditional cake festival, and a Ca Mau shrimp festival. A … [Read more...] about Various activities to be held in “Ca Mau – Destination 2023” Programme

Participants at the talks (Photo: VNA) Seoul (VNA) – Economic cooperation should continue to be the focus of bilateral ties between Vietnam and the Republic of Korea, National Assembly (NA) Vice Chairman Nguyen Duc Hai said at his talks with Deputy Assembly Speaker of the RoK Chung Woo-taik in Seoul on March 20. Hai, who is making an official visit to the RoK, noted that the political trust between the two countries has been continuously strengthened, and they have maintained a regular exchange of delegations at all levels. The most recent visit to Vietnam by Speaker of the National Assembly (NA) of the RoK Kim Jin-pyo in January opened practical and effective activities between the two nations in 2023, he stressed. The NA Vice Chairman said the two sides need to work closely to effectively implement the Vietnam - Korea Free Trade Agreement (VKFTA) and the Regional Comprehensive Economic Partnership (RCEP) agreement. The goal is to lift two-way trade to 100 … [Read more...] about Vietnam-RoK cooperation should continue to focus on economy: NA official

Illustrative image (Photo: VNA) Hanoi (VNA) – Vietnam ’s industrial real estate sector has great potential for developing more projects related to data centres, cold storages and logistics, according to John Campbell , Associate Director, Head of Industrial Services at Savills Vietnam - the largest and most experienced real estate services company in the Southeast Asian nation. Main opportunities in the logistics industry include last-mile logistics services and the implementation of a logistics 4.0 system, said Campbell. Moreover, investors can take advantage of the lack of cold storages in Vietnam to develop new projects, and increase supply for the market, he said, adding that the construction of built-to-suit warehouses to meet special technical requirements is also an attraction for investors. Jack Harkness, Director of Regional Industrial and Logistics Services at Savills Asia Pacific, stated that the industrial and logistics real estate sector, which … [Read more...] about Industrial, logistics property attractive to investors: Savills

After seeing orders from Europe plunge by 70% in recent weeks, shoemaker Chang Shuen in the southern province of Binh Duong quickly turned to the U.S., a market it has not paid attention to for nearly a decade. According to Doan Sy Loi, its CEO, the prices of products made for the U.S. market are always at least 15% lower than for the European market. When exporting to Europe, Chang Shuen only needs to make 5,000 pairs of shoes a day to turn a profit, but needs 6,000-6,500 pairs in the case of the U.S., he said. "During difficult times I have to do more to make a profit." However, one advantage is that orders from the U.S. are five to 10 times larger than from Europe, he said. The larger volumes attune workers, making production smooth and speedy, he added. Garment company Dony in Ho Chi Minh City recently sent executives to the Middle East to meet and negotiate with wholesalers for big brands, its director, Pham Quang Anh, said. If the price is good, importers are willing to … [Read more...] about Factories find ways to deal with decreasing exports

This has been the busiest year ever for traders like Nguyen Thi Thuy Linh in the southern province of Tien Giang. She has been scrambling to find top quality fruits grown in the Mekong Delta to sell to Chinese buyers. "In previous years we only bought limited quantities of durian, jackfruit and mango to sell domestically, but this year we have been raising prices continuously to get enough for exports." Thanh Mai, a trader in the Central Highlands, has been struggling to meet her increasing export quota. She now pays farmers double last year’s prices: VND20,000 for a kilogram of taro, and VND14,000 for yam. Export companies are also busy. Van Xuan Phat Exports and Imports ships thousands of tons of durian to China every month, while major exporter Vina T&T has secured a contract for 22,500 tons of the fruit. In Dong Nai and Binh Phuoc Provinces, companies are preparing to export 500,000-600,000 tons of durian to China. Vietnamese rice is also imported by China … [Read more...] about Agricultural exports to newly opened China surge

Hanoi (VNA) - The following is a brief review of the day’s events as reported by the Vietnam News Agency. - Economic cooperation should continue to be the focus of bilateral ties between Vietnam and the Republic of Korea, National Assembly (NA) Vice Chairman Nguyen Duc Hai said at his talks with Deputy Assembly Speaker of the RoK Chung Woo-taik in Seoul on March 20. Read full story - Chief Justice of the Supreme People’s Court Nguyen Hoa Binh and Minister of Justice Le Thanh Long cleared up questions regarding asset recovery in corruption cases, at a Q&A session in Hanoi on March 20 as part of the 21st meeting of the National Assembly (NA) Standing Committee. He admitted that the work has yet to be done strictly although 40% of the assets were recovered over the past decade. Read full story - Vietnam is striving to lure more Japanese investments to digital transformation and green growth, as recommended in the Vietnam-Japan Joint Initiative (VJI). Phase VIII of the … [Read more...] about ☕ Afternoon briefing on March 20