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Illustrative photo (Source: vietnamnet.vn) Hanoi – Prime Minister Pham Minh Chinh on June 1 signed a document requesting all public agencies and localities intensify their work for effective administrative reform and business climate improvement. The document said such work should be in line with the national digital transformation to boost the quality of administrative services and tackle hurdles facing investment, production, and business activities. Since 2021, ministries have cut and simplified more than 2,200 business regulations in 177 legal documents and offered over 4,400 public services on the national public service portal. As of May this year, the country had 6,422 administrative procedures in total, a drop of 376 compared to the same period in 2020. In the document, the PM ordered a thorough review to further reduce and simplify at least 20% of the total regulations and administrative procedures related to investment, production, business and people's lives; and … [Read more...] about PM requests intensifying administrative reform, business climate improvement

Taiwan's Foxconn predicts huge growth in AI server business/ illustration photo/ Source: freepik.com Foxconn -- known officially as Hon Hai Precision Industry -- is the world's biggest contract electronics manufacturer and assembles devices for many international brands, most notably Apple's iPhone products. It has also moved to diversify beyond electronics assembly, expanding into areas ranging from electric vehicles to semiconductors and servers. "In 2022 alone, Hon Hai's revenue for servers reached 1.1 trillion Taiwan dollars ($36 billion) to obtain a 40 percent global market share," Chairman Young Liu told an annual shareholders' meeting in Taipei. Liu said Foxconn ranks first in global market share for mobile phones, personal computers and servers, with the AI server market now "rising faster than everyone has expected". He attributed the jump in demand to ChatGPT, the AI programme that burst into the spotlight late last year with the ability to generate essays, … [Read more...] about Taiwan’s Foxconn predicts huge growth in AI server business

The delegation of 52 companies was the biggest ever in decades coinciding with the 10th anniversary of the comprehensive partnership. The delegation was welcomed by top leaders of Vietnam, including Prime Minister Pham Minh Chinh . Ted Osius reaffirmed the council’s commitment to supporting Vietnam’s efforts in maintaining macro-economic stability and its support for Vietnam’s digital transformation strategy and green energy transition. He said the current trends in trade ties between Vietnam and the US guarantee big growth in two-way trade and investment in next 10 years and warrant upgrading the partnership to a strategic level./. VNA … [Read more...] about Vietnam, US businesses see huge cooperation opportunities

Egroup's chairman Nguyen Ngoc Thuy has purchased Apax Holdings' bonds At a recent meeting with the National Assembly Standing Committee on the socioeconomic situation, Minister of Planning and Investment Nguyen Chi Dung said that increasing numbers of local enterprises have sold their properties to foreign businesses. The selling of assets and properties, or even entire businesses, has been common over the past year or two, with more businesses falling into difficulties and lacking capital. At the beginning of March, for example, the owner of the Dolce by Wyndham Hanoi Golden Lake Hotel in the heart of Hanoi put the hotel on the market at a starting price of $250 million. Nguyen Huu Duong, chairman of the hotel owner Hoa Binh Co., Ltd., said that the company's social housing project had not been granted construction permits, meaning a lack of cash flow and the need to sell off assets to ensure liquidity. “Many of the partners negotiating to buy our hotel are businessmen … [Read more...] about Foreign investors buying up local businesses

Vietnamese Ambassador to Italy Duong Hai Hung speaks at the forum. (Photo: VNA) Rome (VNA) – Raffaele Cattaneo, deputy minister in charge of international relations of Italy ’s Lombardia region , called Vietnam a “diamond” of Asia and an attractive destination for Lombardia enterprises while speaking at a recent business and investment forum in Milan. Lombardia’s export revenue to the Southeast Asian nation last year reached 2.5 billion USD, accounting for nearly 40% of the total trade value between the two countries, Cattaneo told the forum. He noted that Vietnam’s renewable energy development strategy will offer golden opportunities to Lombardia firms. The forum on Vietnam- Lombardia business and investment cooperation was held on May 31 by the Vietnamese Embassy in Italy in coordination with the Italian region and the Italy-Vietnam Chamber of Commerce (CCIV) as part of activities marking the 50th anniversary of diplomatic ties between the two countries, … [Read more...] about Vietnam – attractive destination for Italian firms: forum

Illustrative image (Photo: Dai bieu nhan dan newspaper) Hanoi (VNA) - The State Treasury raised 162,952 billion VND (nearly 6.94 billion USD) worth of Government bonds via auctions on the Hanoi Stock Exchange (HNX) in the first five months of 2023, up 188.4% year-on-year. The amount was equal to 48.4% of the issuance plan in the second quarter, and 40.74% of the plan set for 2023. In May alone, as many as 23,269 billion VND, or 75.06% of the total G-bonds on offer, was mobilised via 17 auctions on the HNX. Most of the total volume offered in the month was 15-year and 10-year bonds, accounting for 43.4% and 32.1%, respectively. Interest rates continued their downward trend in all terms, with a decrease of 27-35 basic points compared to the last session of April. In the last auction of May, the interest rates for 5-, 10-, 15-, 20-, and 30-year terms were 2.4%,  2.95%, 3.05%, 3.19% and 3.4%, respectively. On the secondary market, the State Treasury … [Read more...] about Nearly 6.94 billion USD raised through Gov’t bond auctions in five months

Tourists visiting a grape orchard in Ninh Hai district’s Vinh Hai commune in Ninh Thuan province.  (Photo: VNA) Ninh Thuan (VNS/VNA) - The south-central province of Ninh Thuan has introduced new grape varieties and advanced farming techniques to improve farmers’ incomes. The country’s largest grape producing province has more than 1,000ha under the fruit and an annual output of 26,000-28,000 tonnes, according to its Department of Agriculture and Rural Development. It grows mostly two table varieties, Red Cardinal and NH 01-48, and the wine grape Syrah. To add value, the province has developed models of growing high quality grape to Vietnamese and global good agricultural practices ( VietGAP and GlobalGAP), and organic standards, and used advanced farming techniques in recent years. Some 31 per cent of the grape growing area sees the use of advanced techniques such as automatic irrigation and polygreen houses, and quality standards like VietGAP and GlobalGAP, … [Read more...] about Ninh Thuan province develops grape eco-system

Vietnam experienced a notable increase in automotive imports between January and April compared to the same period last year, in spite of a subsequent drop in April, according to data from the General Department of Vietnam Customs. The country imported 54,344 completely-built-up (CBU) autos in January-April, up 47.2 percent in volume and 33.4 percent in value year on year. The imports comprised 43,856 sedans, hatchbacks, sport utility vehicles (SUVs), minivans, and multi-purpose vehicles (MPVs), marking an increase of 45.6 percent compared to the same period last year, and 7,773 units designed for goods transportation, indicating a significant upswing of 109 percent. Thailand was Vietnam’s biggest auto exporter in the four-month period, with around 27,150 units worth US$545 million, followed by Indonesia with 19,050 units valued at $260 million and China with 3,617 units costing $135 million. The importation slowed down in April when Vietnam brought in 12,323 CBU cars worth … [Read more...] about Vietnam’s auto imports surge in January-April

Sun Taxi Joint Stock Company on Thursday entered into a deal with Vietnamese carmaker VinFast to order 3,000 VF 5 Plus electric cars to offer taxi services using electric vehicles (EVs), aside from the former’s current fleet of fuel-powered units. The move is part of Sun Taxi’s strategy on green transition, business expansion, and service quality enhancement, thereby promoting the switch to green transport and supporting Vietnam’s ambitious goal of achieving net zero emissions by 2050. Sun Taxi plans to first launch electric taxi services in some central and Central Highlands provinces and cities in the country such as Quang Binh, Hue, Quang Ngai, Binh Dinh, Phu Yen, Gia Lai, and Kon Tum. By 2025, the company will offer the services using all 3,000 VinFast EVs across the country. Nguyen Duy Hung, board chairman of Sun Taxi, said EV adoption is an ongoing global trend, of which Vietnamese businesses should not stand outside. The taxi service provider, which has many … [Read more...] about Sun Taxi inks deal with VinFast for 3,000 EVs

Illustrative image (Photo: VNA) Hanoi (VNA) – The total State budget revenue in the first five months of this year reached over 663.84 trillion VND (28.27 billion USD), equivalent to 48.3% of the ordinance estimate and 96.9% compared to the figure in the same period last year, reported the General Department of Taxation on June 2. Out of 20 receipts and taxes, 12 achieved a relatively high level of collection (above 48%) while others had lower revenue, including environmental protection tax which was equivalent to 53% of the same period last year, registration fee 72.5%, land use fee 44.6%, and land and water surface lease fee 48.9%. According to the general department, 17 out of the country's 63 provinces and centrally-run cities recorded a high level of budget collection (above 48%). Several provinces and cities saw slow progress with less than 35% of the estimate, namely Lao Cai, Thai Nguyen, Quang Binh, Quang Tri, Lai Chau, Thai Binh, Ninh Binh, Tuyen Quang, … [Read more...] about State budget collection reaches over 48% of estimate in five months