Farmers insurance

Pig farmers are facing huge losses as hog prices have dropped to VND 50,000-52,000 (US$2.15-2.23) per kilogramme. — Photo congthuong.vn Pig farmers in southern of Viet Nam are potentially facing huge losses before Tet (Lunar New Year) as pork prices have plummeted by 15- 20 per cent in the last two months. Every year demand for pork increases sharply before the Lunar New Year as processing companies buy the meat to process for consumption during the festival. In the event, hog prices start to increase in the latter part of the 11th lunar month. But this year it did not happen, and the prices of pig on the hoof and pork have remained low. Pig prices were in fact falling since late November due to a slowdown in demand and abundant supply, according to the Ministry of Industry and Trade. Pig on the hoof hovered at VND 52,000 – 56,000 in the second half of November, VND2,000-3,000 per kilogramme lower than at the end of October. The ministry said demand could increase, … [Read more...] about Farmers face losses as hog prices continue to drop

While Industry 4.0 is becoming a hot topic in recent years, it has stood as a premise for insurance businesses in Vietnam to quickly join the digital transformation race. That race continues with a new trend – smart digital transformation, driven by great development and advances of technology. Specifically, the application of AI is no longer a distant prospect perhaps found in a sci-fi movie, but is now becoming popular in everyday life and in the insurance field. AI technology with deep learning ability, wide artificial neural network and ability to process a large amount of data, can make more accurate predictions than human ability. However, the development of AI applications among insurance businesses is still facing barriers because of the cumbersome traditional process as well as the need for a team of qualified technology experts in this field. To promote and quicken the application of AI in the insurance sector, experts said insurance companies should work … [Read more...] about AI in insurance – The inevitable trend in digital transformation

Businesses will be able to further promote their micro-insurance offerings, photo Le Toan According to the latest report from the Ministry of Finance, as of the end of 2022, there were 79 insurance businesses in the insurance market, with total assets seeing an increase of 14.51 per cent compared to 2021. An SSI Research industry report on insurance published on January 8 calculated that in the first nine months of 2022, insurance premium revenue was over $7.5 million, up 17 per cent over the same period, of which life and non-life insurance premium revenue increased 16 and 19 per cent, respectively. However, the growth rate slowed slightly at the end of the year, with total original premium revenue reaching almost $10.7 million as of December 12, 2022, up 15.1 per cent on-year. This is the slowest growth rate since 2013. Life insurance premium revenue growth was lower than expected. In the first nine months of 2022, new premium revenue increased by 6 per cent on-year, and … [Read more...] about Insurance groups take on legal switch

Customers at a Bao Viet Holdings’ office in the northern city of Hai Phong. (Photo: VNA) Hanoi (VNS/VNA) - Insurance companies will have the chance to earn higher profits in 2023 thanks to a continual interest rate hike trend. It is feasible for insurers to continually increase profits this year as the majority of their investment portfolios are bank savings and government bonds, whose interest rates are forecast to remain at high levels in the year. According to the current legal regulations, insurers have to use at least 70% of their capital to deposit at banks or buy government bonds to ensure the insurers’ capital safety. Therefore, the current high interest rates of the two channels are an advantage for insurers to increase their profits. As the interest rate hike trend is forecast to remain in 2023, financial activities of insurance companies are expected to continually record positive results this year. The US Federal Reserve (Fed) last year raised … [Read more...] about Insurance companies benefit from interest rate hike in 2023

The movement of building advanced rural areas has contributed to turning Hanoi's suburbs into rural areas worthy of living in. After striving for 100% of its rural districts and towns to meet new-style rural area criteria by 2022, Hanoi continues to build advanced rural areas and maintains its leading position in the movement. Under the National Target Programme on New-style Rural Area Building, these criteria include the development of infrastructure, the improvement of production capacity, environmental protection, and the promotion of cultural values. According to Nguyen Van Chi, deputy chief of the New-style Rural Areas Office, the city has 48 communes that meet the advanced rural development standards. Besides, many qualified localities are completing their advanced rural development dossier to submit to competent authorities for evaluation in the new year. “The people's committees of districts have assigned specific responsibilities to members in charge of … [Read more...] about Hanoi maintains its leading position in building new-style rural areas

Northwest Vietnam is benefiting from a project worth US$24 million to mainly develop community-based economic models. Australia’s Ambassador to Vietnam Andrew Goledzinowski has led a delegation to visit projects in Lao Cai, Yen Bai and Phu Tho that are benefitting from Australian support. Ambassador Andrew meets with Mr Dang Xuan Phong, Party Secretary of Lao Cai province. Photo: Embassy of Australia in Hanoi The visit on January 11-13 shows that Australia remains committed to supporting socio-economic development in Northwest Vietnam. In the meeting with leaders in Lao Cai and Yen Bai, the discussions confirmed that the northwest region remains a focus in the broader Australia-Vietnam bilateral partnership. Australian support is growing from an initial focus on clean water and agriculture to now include transport infrastructure, women’s economic empowerment, tourism development and private sector development to better the lives of men and women, … [Read more...] about Australia continues supporting development in Northwest Vietnam

In an interview granted to the Vietnam News Agency on the occasion of the lunar New Year (Tet) festival, Chouaibi stressed that the similarities shared by the two countries will help promote their cooperation and coordination in the future. The two countries share geo-political similarities, he continued, explaining that Morocco is seen as a gateway to Africa and Europe, while Vietnam is a gateway to Southeast Asia. Both are newly-emerging, dynamic economies with stable growth, and have been stepping up the policies of diversifying trade partners and human resources, the ambassador added. As the biggest investor in West Africa and the second largest in Africa, Morocco has a substantial presence in the continent in important spheres such as insurance, banking, energy and telecommunications. Despite impacts of the COVID-19 pandemic, Vietnam is also among very few countries with the fastest growth in Asia and the world at large, he said, noting the Southeast Asian country's 8% … [Read more...] about Moroccan Ambassador highlights bright prospects for Vietnam – Morocco trade ties

For 2023, the sector targets GDP growth of 3 per cent and agro-forestry-fishery exports $54 billion. — VNA/VNS Photo Agriculture is an important pillar in building Viet Nam's independent and self-reliant economy associated with extensive and effective international integration, according to Prime Minister Pham Minh Chinh. The Government leader made the remarks while addressing the agricultural sector's conference on reviewing tasks in 2022 and setting goals for 2023, held by the Ministry of Agriculture and Rural Development (MARD) in Ha Noi on January 13. The PM said that in 2022, the agriculture and rural development sector has changed its mindset from "agricultural production" to developing an "agricultural economy". This is an important factor to contribute to growth and the comprehensive and sustainable development of agriculture. Production has been linked to the market with increased added value. The agricultural sector has nearly 9,000 products recognised as … [Read more...] about Agriculture an important pillar of the economy: PM

The Government leader made the remark while addressing a hybrid conference of the Ministry of Agriculture and Rural Development on January 13. Minister Le Minh Hoan reported that the sector has shown strong determination, made great efforts, carried out flexible and creative solutions, and reformed its mindset to overcome difficulties and challenges to achieve targets. In 2022, the sector’s total value grew by 3.36%, the highest in many years. In particular, agriculture expanded by 2.88%, fisheries 4.43%, and forestry 6.13%. The forest coverage stood at over 42% while the rate of new-style rural areas more than 73%. Agro-forestry-fishery exports reached 53.22 billion USD, up 9.3% from a year earlier. That resulted in a trade surplus of over 8.5 billion USD, accounting for more than 75% of Vietnam’s total trade surplus. For 2023, the sector targets a GDP growth rate of 3%, agro-forestry-fishery exports 54 billion USD, the rate of new-style rural areas 78%, and forest coverage … [Read more...] about Agriculture establishes itself as important pillar of economy: Prime Minister

Bonsai rental services have become more popular this Tet Lunar New Year in HCM City. An apricot tree for sale Duong Minh Dung, owner of an apricot garden in Cu Chi District said that he has over 100 apricot trees, including several old ones valued at hundreds of million dong. "Our customers can buy or rent the trees for Tet decorations," Dung said. "We're having more rental bookings this year as customers said that they couldn't afford to buy the trees. They will only have to pay VND10 million for a tree which costs VND100 million." The farmer said that he prefers to rent the trees as he wants to keep those beautiful trees that he has spent lots of time and effort taking care of. On Mai Chi Tho Street in Thu Duc District some gardeners are also busy trimming the bonsai trees before renting them out to customers during Tet. Garden owner Quynh Hoa said that over 80 percent of the trees would be rented this year while only 20 percent left is for sale. … [Read more...] about Bonsai rental services more popular this Tet