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From five grams of toothpaste to 10 millilitres of cooking oil, many Nigerians struggling with soaring prices now buy their basic necessities in small quantities packed in tiny plastic bags to be consumed on the same day. Consumer brands behind this "sachetisation of the economy" see it as a creative innovation, allowing consumption for all Nigerians, the majority of whom live on less than $2 a day. But critics see the development as an economic and ecological aberration, even as Africa's largest economy struggles with the inflationary fallout from Russia's war in Ukraine. In the streets of Lagos, the vibrant economic capital of Africa's most populous country, small sachets are now part of the decor: they colour its streets, packing the wood and tin shops found on the corner of most streets. Sitting on a stool, Ibrahim Atahire has been running his small grocery store for 30 years in a busy area of Obalende, a popular district of the megalopolis. "At my place, you can buy … [Read more...] about From coffee to toothpaste, Nigerians buy small as hardships bite

The work so far has advanced by 75%, whose elevated section (Nhon – Cau Giay) has been completed by 95%. The Nhon - Hanoi Station metro line is expected to be completed by December 31, 2022, and contractors are requested to halve the construction time of the underground section, originally scheduled for 2027. Prime Minister Pham Minh Chinh and leaders of Hanoi during the visit. Source: VGP Prime Minister Pham Minh Chinh urged to accelerate the metro line construction during a site visit today [August 7]. The Nhon – Hanoi station metro project with financial backing from the French Government, the French Development Agency (AFD), and the European Investment Bank (EIB) has a total length of 12.5 kilometers, running through eight elevated and four underground stations. Prime Minister Chinh and delegations on board a train. A report from the Hanoi Project Management Board of Urban Railway noted the metro line project was launched in … [Read more...] about PM expects Nhon – Hanoi station metro line to be completed by late 2022

Banking services have also made quick progress, catching up with the development of the international market, according to the PM, who is also head of the committee. However, shortcomings still remain during the implementation of comprehensive finance, he said, adding that residents in rural and remote areas still find it hard to access financial sources. Black credit has remained public concern and agencies and organizations have yet to coordinate concertedly and effectively in the implementation of comprehensive finance, the leader pointed out. He noted that the Government issued Decision No.149/QD-TTg on the approval of a national strategy on comprehensive finance by 2025 with a vision towards 2030. The strategy sets out viewpoints, targets, tasks and solutions to accelerate the access and use of financial products and services for all people and businesses, he continued. The issuance of the strategy reflects the Party’s and the State’s consistent policy on boosting … [Read more...] about PM chairs meeting of National Steering Committee for Comprehensive Finance

Police in Ho Chi Minh City have launched an investigation into a suspected case of methanol poisoning that occurred at a local restaurant, affecting eight young people, of whom two died, officers said on Saturday. Among the eight victims, six are employees of Mr Bao Restaurant in Thu Duc City, including a woman, while the other two are outsiders, both female, local police said. These victims, aged 19 to 24, opened a party at the restaurant late on Wednesday evening, after the facility closed, N.D.B., the owner, reported on Saturday. They ate food bought from outside and drank a can of five liters of alcohol available at the restaurant during the feast which ended at 4:00 am the next morning. B. said his restaurant, which started operations on June 1, recently bought five 5-liter cans of bottled water from a supplier but one of them was later found containing alcohol. This can had been kept in the eatery’s storage until it was consumed at the party, B. said, adding that the … [Read more...] about Police probing suspected alcohol poisoning that killed two in Ho Chi Minh City

Thanh Cong Textile Garment Investment Trading JSC exported over one-third of its products to the United States in 2021. However, the company started to face challenges following the US’ blanket ban on all Xinjiang cotton. Last year, President Joe Biden signed into law the Uyghur Forced Labor Prevention Act. Vietnam’s cotton imports reach up to one million tonnes each year, Photo: Shutterstock Tran Nhu Tung, chairman of the company, said that the company has adopted regulations this year related to this act. Accordingly, buyers have to be responsible for export orders to the US which source Chinese cotton materials. Thanh Cong secures many large orders from the US. In 2022, the company sets a target to generate $179 million in revenues and $10.87 million in profit, up 120 per cent and 188 per cent respectively against last year. Tung noted that yarn exports are the main driving force for Thanh Cong. “There is a rapidly growing demand for yarn imports in the global … [Read more...] about Demand for cotton forces adjustments

The Government Office last week issued Dispatch No.4648/VPCP-KTTH to the Ministry of Finance (MoF) requiring it to continue proposing a reduction of taxes and fees related to fuel and consumption, especially those that can cause an increase in input costs for production and business. Rough waters remain in fuel price pressure “This aims to help reduce costs and selling prices of products in service of exports, production, and business, contributing to controlling inflation and supporting the government’s monetary policy in the short and medium term,” the dispatch stated. The MoF has also proposed to the government a plan to halve the preferential import tax for petrol and oil from the existing 20 to 10 per cent, in order to help reduce the prices of these items in the local market. Meanwhile, the Vietnamese government has also submitted to the National Assembly a plan on reducing the special consumption tax and VAT for October. According to the General Statistics … [Read more...] about Rough waters remain in fuel price pressure

Huynh Kim Tuoc, managing director of the Saigon Innovation Hub's (SiHub) Start-up Support Centre under the HCM City Department of Science and Technology, speaks at the event. (Photo: VNA) HCM City (VNA) – Huynh Kim Tuoc, managing director of the Saigon Innovation Hub's (SiHub) Start-up Support Centre under the HCM City Department of Science and Technology, affirmed Vietnam holds tremendous potential for technology development and transfer thanks to its highly qualified experts and intellectuals with rich experiences in this field, especially young and talented human resources at universities. Tuoc said that at a recent workshop in Ho Chi Minh City on promoting the establishment of technology transfer offices (TTOs) in universities, which was co-organised by SiHub, Australia's University of Technology Sydney (UTS) and Singapore's leading incubator fund Expara. The workshop attracted a large number of domestic and foreign experts, and representatives of universities in … [Read more...] about HCM City seeks to boost technology transfer from universities

A plane of Vietnam Airlines (Source: VNA) Quang Binh (VNA) – The Vietnam Airlines Corporation is planning to raise the flight frequency between Hanoi and Dong Hoi city of central Quang Binh province to meet growing travel demand, according to the provincial People’s Committee. From August 1 to October 29, seven flights will be added to each of the Hanoi - Dong Hoi and Dong Hoi - Hanoi routes every week. That will bring the total number of the firm’s round-trip flights between the two destinations to 21 per week, including 14 flights operated by Vietnam Airlines and seven by Pacific Airlines. The People’s Committee said the corporation has been effectively operating the route linking Hanoi and Quang Binh, which has helped facilitate air travel and contributed to local tourism development. Quang Binh welcomed more than 916,000 tourist arrivals in the first seven months of 2022 and earned over 1 trillion VND in tourism revenue, respectively rising 69% and 76.7% … [Read more...] about Flights linking Hanoi, Dong Hoi to increase

The Philippines has announced that it will put the ride-sharing service provider Grab into the anti-competition watchlist after its acquisition of rival Uber’s Southeast Asia business (Photo: Channel NewsAsia) Hanoi (VNA) – The Philippines has announced that it will put the ride-sharing service provider Grab into the anti-competition watchlist after its acquisition of rival Uber’s Southeast Asia business. In a statement, the Philippine Competition Commission (PCC) said it will closely monitor the deal as the Grab-Uber acquisition is likely to have a far reaching impact on the public transport and transportation services. anti-competition watchlist while Singapore announced earlier that it is investigating the Grab-Uber deal. Grab ’s existing platform. Philippines , Thailand and Vietnam. VNA … [Read more...] about Philippines investigates Grab-Uber deal

A trader observing the market's movements on his computer. — Photo baodautu.vn After hitting a bottom of around 1,140 points in early July, the stock market had recovered for four straight sessions, with the benchmark VN-Index surpassing the threshold of 1,250 points. Notably, liquidity improved significantly last week and has now exceeded the recent 20-week average. This marked the second week of such an increase, showing that investors' interest is improving. On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index ended the week at 1,252.74 points, down 0.11 per cent. Meanwhile, the HNX-Index on the Ha Noi Stock Exchange (HNX) closed higher, up 0.73 per cent to 299.9 points. For the week, the VN-Index rose by 3.85 per cent and the HNX-Index was up 3.91 per cent. Trading value on HOSE increased by 39.2 per cent from the previous week to VND83.1 trillion (US$3.5 billion), equivalent to a gain of 47 per cent in volume to more than 3.5 billion shares. On the northern bourse, … [Read more...] about Investors’ risk appetite continues to improve this week