Deputy Governor of the State Bank of Vietnam Pham Thanh Ha In the remaining months of 2023, monetary policy management is forecast to continue facing many challenges, as both the world and domestic economies are still experiencing complicated developments. The State Bank of Vietnam (SBV) continues to closely monitor economic and monetary developments at home and abroad in order to proactively and flexibly use monetary policy tools to control inflation and support economic growth. Deputy Governor of the State Bank of Vietnam, Pham Thanh Ha, spoke with the media about the management of monetary policy. How have external difficulties and challenges, as well as within the country, affected monetary policy management in the first five months of the year? What solutions has the central bank implemented to ease the pressure? In the first months of 2023, many countries continued to face the risk of economic recession and high inflation. The trend of monetary tightening is … [Read more...] about SBV encouragse banks to reduce lending interest rates
Exchange rate for euro
Top 50 public companies of 2023 sees major changes
Fertiliser products of Petro Viet Nam Ca Mau Fertilizer JSC (DCM) being processed. DPM is among the Top 50 prestigious and effective public companies of 2023 (VIX50). — Photo DPM The Top 50 prestigious and effective public companies of 2023 (VIX50), recently announced by the Vietnam Report JSC, has witnessed a significant change compared to 2022 with cautious forecasts. This list in 2023 has seen an amazing change with the spectacular performance of the banking industry. The Vinhomes Joint Stock Company, topping the list in 2022, has been plunged to the bottom of the ranking to make room for the Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank). A series of popular enterprises such as Hoa Phat, Masan, The Gioi Di Dong had to leave the Top 10 list to make room for PetroVietnam Fertiliser and Chemicals Corporation (DPM); FPT Joint Stock Company and a series of banks such as Vietnam Technological and Commercial Joint Stock Bank (Techcombank); Military … [Read more...] about Top 50 public companies of 2023 sees major changes
Insights garnered in high-tech FDI
According to recent statistics, foreign direct investment (FDI) disbursement in Vietnam in 2022 reached a record of $22.4 billion, an increase of 13.5 per cent on-year. Peter Ryder - CEO at Indochina Capital Vietnam’s attractive geographical location, ample supply of young and skilled labourers, and a consistent track record of high-performing economic growth have contributed to the country’s success in attracting FDI. Additionally, the Vietnamese government has implemented attractive incentives, making the country a desirable destination for foreign investors. One notable example of FDI in Vietnam’s high-tech sector is Samsung, which has invested heavily in the country. In December 2022, Samsung opened Southeast Asia’s largest research and development centre in Hanoi, with an estimated cost of $220 million. The company also announced plans to increase funding in Vietnam from $18 billion to $20 billion. Moreover, the Samsung Electro-mechanics Vietnam project … [Read more...] about Insights garnered in high-tech FDI
Passage of US debt bill boosts equity markets, Fed now in view
After weeks of brinkmanship, Democrats and Republicans came together to push through an agreement to lift the debt ceiling in rare bipartisan cooperation. Passage of US debt bill boosts equity markets, Fed now in view, illustration photo/ Source: freepik.com Hardline Republicans had warned they would shoot the deal down, saying it did not have enough spending cuts, and some Democrats were also angry at the reductions made. The bill now goes to the Senate before President Joe Biden can sign it off, allowing the government to borrow more cash to service its mammoth debts. Failure to do so before the cash run out -- said to be June 5 -- would have resulted in a default that many warned would hammer the global economy and markets. After the vote, Biden said in a statement: "Tonight, the House took a critical step forward to prevent a first-ever default and protect our country's hard-earned and historic economic recovery. "The only path forward is a bipartisan … [Read more...] about Passage of US debt bill boosts equity markets, Fed now in view
Enhancing competition capacity of nation’s supporting industries
How do you assess the potential of the supporting industry in Vietnam? Jun-Ho Lee, deputy director of the Vietnam-Korea Technology Consulting and Solution Centre (VITASK) Vietnam’s supporting industry sector has a large room for growth because the Vietnamese electronics industry has a fairly large position as one of the top 15 largest electronics exporting countries in the world. Besides that, this sector leads in the total import and export turnover of all industries in Vietnam. A report from the Department of Industry under the Ministry of Industry and Trade (MoIT) shows that in 2022, the electronics industry had an export turnover of $114.4 billion, an increase of about 6 per cent on-year, and accounting for over 30 per cent of the total export turnover of the whole country. Among the six groups of goods with export turnover of over $10 billion in Vietnam, there are also computers, mobile phones, electronics, and components. The export market of Vietnam’s … [Read more...] about Enhancing competition capacity of nation’s supporting industries