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Speakers at a conferece discuss Viet Nam's macroeconomic policies in Ha Noi. — VNA/VNS Photo A volatile global market, the COVID-19 pandemic, approaching the limit to horizontal expansion and inefficient macroeconomic policies in the past were among the major factors holding back Viet Nam's economic development, according to the Vietnam Center for Economic and Strategic Studies (VESS). In a report on the country's macroeconomics and long-term growth, Prof Pham The Anh, VESS's chief economist, said the Vietnamese economy experienced robust development during the 1991-2021 period, maintaining an annual 6.57 per cent GDP growth. By the end of last year, the country's GDP reached US$363 billion, breaking into the world's top 40 economies. The government has also managed to keep inflation in check while increasing the national foreign exchange reserve tenfold in the 2010-21 period. Viet Nam's GDP per capita reached $3,700 in 2011, a 400 per cent increase from the same figure in … [Read more...] about Macroeconomic and monetary policies key to improving economy

Dr Pham Vu Hoang, deputy general director of the ministry's Population and Family Planning department, said at a Monday meeting that the 100 millionth citizen was likely to be born around April next year. According to the General Department of Population, about a million babies are born in Vietnam every year. "A large population size brings many benefits but also many challenges for the country's socioeconomic development," Hoang said. Among the major challenges were family planning and healthcare for teenagers and young people, he added. Nearly 25 million women 15 and 49 years old are of child bearing age in Vietnam now. By 2030, this number is expected to rise to 26 million, and alongside this, the need for family planning. Even though there are a lot of problems and challenges with family planning services, particularly in areas mainly inhabited by ethnic minority communities, 67% of the people in Vietnam use modern birth control methods. The need for adolescent and youth … [Read more...] about Vietnam expects to welcome 100 millionth citizen next year

Viet Nam’s stock market is now overestimating the impact of recent tightening of credit conditions for the country’s real estate developers. — VNA/VNS Photo Concerns about the ability of Vietnamese companies to access credit have been severely weighing on the VN-Index, but the issue is mostly restricted to the property sector, Michael Kokalari, chief economist at investment fund VinaCapital, has said in a note. The demand for new housing units in Viet Nam is still strong and prices are still affordable, and so the prices of real estate stocks are likely to recover if and when the Government takes action to ease credit conditions. The market recently got the first inkling that such an easing could be in the works, which sent stock prices soaring. November 16 was a dramatic day for the Vietnamese stock market. The VN-Index plunged by more than 4 per cent soon after opening but ended the day up over 3 per cent on hopes that the credit crunch concerns, which made Viet Nam one of … [Read more...] about Credit concerns affecting Vietnamese stocks should ease soon: VinaCapital

Trade schools trained more than 245,000 students in the first 11 months of this year, exceeding the full year's target. Hanoi aims to bring the rate of trained workers to 72.2%, meeting the annual target, according to the municipal Department of Labor, Invalids and Social Affairs. A job fair is held in Hanoi. Photo: Tran Oanh/The Hanoi Times Accordingly, more than 190,000 people graduated from colleges and intermediate and elementary vocational schools. This is a good sign amid a shortage of trained workers, largely meeting the market demand. To help them find jobs, the city will hold a conference on December 11 connecting Hanoi’s vocational schools with the labor market. The event is expected to attract about 10,000 participants, including 8,000 secondary and high school students and 2,000 students from vocational schools. About 40 employers will join the job fair. In another move, in the first 11 months of 2022, trade schools … [Read more...] about Hanoi meets yearly target of trained workers

EVN said it has made efforts to cut internal costs to reduce losses in 2022. (Photo: SGGP) EVN, on the afternoon of November 28, sent a press release saying that in 2022, the world situation has seen many fluctuations, and fuel prices have climbed highly, leading to many countries facing energy difficulties worldwide. However, EVN has performed well in its assigned tasks, ensuring a stable and safe power supply for production, business, and daily life of people with high growth in power demand, contributing to the economic growth of the country. “In the first ten months of 2022, electricity demand grew by 8.6 percent over the same period in 2021. According to the General Statistics Office of Vietnam, electricity growth has contributed 0.67 percentage points to industrial growth and 0.31 percentage points to GDP growth,” EVN informed. From the beginning of 2022, due to fluctuations in global fuel prices, the costs of electricity generation and electricity purchase of EVN … [Read more...] about EVN expects to lose more than VND31 trillion due to high costs

A panel of experts advising Kishida this month recommended broad tax measures to pay for the hike and cautioned against raising debt that could expose U.S. ally Japan to international market changes. Kishida's administration has pledged to "substantially" increase defense spending to counter what Tokyo sees as a growing security threat posed by China. "Given the present security situation, we need to strengthen defense spending urgently in five years," Defense Minister Yasukazu Hamada told reporters after a meeting with the premier and Finance Minister Shunichi Suzuki. "... He told us to make every effort in securing necessary (funding) quickly and firmly," he said. To meet the size of Japan's mid-term defense plan, to be drawn up by the year-end, the government will decide on securing funding from both revenue and spending reforms. "As a responsible nation, we must make the utmost efforts in spending reform, but at the same time steady funding sources are indispensable in … [Read more...] about Japan PM wants defense spending to double to 2% of GDP to counter China

The resolution, signed and promulgated by Party General Secretary Nguyen Phu Trong during the 6th Plenum of the 13th Central Committee, seeks fresh impetus for the industrialization and modernization process. It notes that Vietnam did not reach its goal of becoming an industrialized country by 2020. Economic growth also did not meet set targets, with the rate tending to decrease gradually on a 10-year cycle. The country was in danger of falling behind and into the middle-income trap; the internal strength of the economy was weak; and labor productivity low and slow to improve. A reason for this situation is the lack of a clear plan for developing foundational and spearheading industries. In this context, the Party Central Committee wants Vietnam to move quickly away from processing and assembly towards research, design and production. Vietnam also needs to develop a number of service industries that exploits its advantages and deploys high technology in promoting the knowledge … [Read more...] about Vietnam resets modernization push with new economic restructuring targets

After an accident in 2007 that caused him to lose 91 percent of his ability to work, Le Huy Tich did not quit on himself, but worked to develop an electronic wheelchair that helps people in the same situation. About 2,000 electronic wheelchairs called Etic Tribike, developed and manufactured by Tich, are in use in more than 20 provinces in Vietnam. This electronic vehicle helps many paralyzed people move and work to make their lives comfortable and convenient. Inspired by a chicken Despite being confined to a wheelchair for a dozen years, Tich runs the Etic Tribike mechanic workshop as a director at Hoa Binh Provincial Disabled Limited Company in Tan Thinh Ward, Hoa Binh City. Before the unfortunate accident in 2007 that left him paralyzed due to a spinal cord injury, Tich worked for seven years at a company in Hoa Binh, a northern mountainous province located only about 76 kilometers from Hanoi to the northwest. Due to the accident, Tich had to abandon his plan to get … [Read more...] about Man with paralyzed limbs creates ‘legs’ for the disabled in Vietnam

HDBank and HD SAISON have a loan package of VND120 billion with preferential interest rates for individual and corporate customers. — Photo courtesy of HDBank To support households and companies due to a slump in foreign trade, HDBank is offering loans at attractive interest rates from 0.5 to 3.5 per cent per year from now to December 31. Accordingly, HDBank reduced lending rates to 3.5 per cent per year for individual customers and to 2.5 per cent for corporate customers in different industry groups. HDBank and HD SAISON have a loan package of VND120 billion with these preferential interest rates in an effort to follow the call of the Government and the State Bank of Viet Nam to eliminate illegal loansharking. For corporate customers, HDBank reduces interest rates for customers in the following fields: import and export, in export processing zones and industrial parks, agriculture, transportation, small and medium-sized businesses, processing industry, manufacturing, … [Read more...] about HDBank offers loan programmes for businesses

Vietjet aircraft (Photo courtesy of Vietjet) HCM City (VNA) – Vietjet has won twin awards from the notable magazine World Business Outlook, namely the “ Most Valued Airline of the Year in Asia 2022 ” and “Best Cabin Crew Service in Asia 2022”. Vietjet, FPT, Vietcombank and Viettel are the only Vietnamese enterprises named in this year’s awards among others international brands. The airline has been also honoured as the “Best Low-cost Airline in Vietnam” at the annual World Airline Awards 2022 by Skytrax, the world’s leading international air transport rating organisation. Vietjet Vice President Nguyen Thanh Son said: “These awards are the acknowledgement of our continuous perseverance to maintain trustful flight operation and highest customer satisfaction rate through pioneering solutions and services.” With 150 million passengers transported across Vietnam and throughout the world, Vietjet has taken the lead to bring flying opportunities to everyone, continuously … [Read more...] about Vietjet wins tripple crown for best customer values and excellent inflight services