G7 finance ministers meeting 2017

The two-way trade between ASEAN and Japan reached US$204 billion in 2020. ASEAN and Japan need to coordinate to stabilize supply chains disrupted by Covid-19, Vietnam’s Prime Minister Pham Minh Chinh made the statement at the 24th ASEAN-Japan Summit held via videoconference on Oct 27. Vietnam’s Prime Minister Pham Minh Chinh at the event. Photo: VNA To do that, ASEAN member states, including Vietnam will facilitate Japan’s businesses operating in the region, Chinh said at the Brunei-host event gathering ASEAN’s leaders. He suggested that Japan continue to assist ASEAN in narrowing the development gaps among areas, including the Mekong sub-region through the Mekong-Japan Cooperation Framework. In addition, Chinh requested Japan to assist ASEAN countries and Vietnam in developing infrastructure, green growth and digital transformation and supporting businesses in post-pandemic recovery. Chinh highlighted the significance of promoting cooperation, …

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A petrol station adjusts gasoline prices on October 26. (Photo: SGGP) Reducing taxes and fees to lower petrol prices Assoc. Prof.-Dr. Ngo Tri Long, former Deputy Director of the Institute for Price and Market Research under the Ministry of Finance, said that the sharp increase in gasoline prices would have great impacts on the costs of direct production and consumption industries, such as transportation, offshore fishing, and agriculture. At the same time, it would affect the price level, leading to the risk of inflation. In the current context, there are two ways to lower or stabilize gasoline prices. Amid the context that the Fuel Price Stabilization Fund is relatively exhausted because it has continuously spent for many months, reducing tax is the sole feasible solution. According to Assoc. Prof.-Dr. Dinh Trong Thinh of the Academy of Finance, in the current structure of petrol price, taxes and fees account for more than 40 percent. Petrol has to carry four types of taxes, …

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HCM City remittances up 22% to $5.1b Foreign remittances to HCM City in the first nine months of the year were worth US$5.1 billion, a 22 per cent increase year-on-year. Nguyen Hoang Minh, deputy director of the State Bank of Viet Nam’s HCM City branch, said the growth rate is impressive considering the impact of COVID-19 on the global economy. Overseas Vietnamese have faced difficulties travelling abroad or back to Viet Nam for the past two years due to the pandemic, and so “they might be having more savings than before,” he suggested. Most of the remittances was money sent back by overseas Vietnamese to their families to help them get through the pandemic or to invest in business activities, he said. The main sources remained the US, Australia, Canada, and Europe, he said. Total remittances this year could increase by 12 per cent from last year’s $6.1 billion, he said. Last year remittances topped $17.2 billion, making Viet Nam the third largest receiver in the East …

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Vice President Võ Thị Ánh Xuân and caretaker Prime Minister of Bulgaria Stefan Yanev during their meeting on Tuesday in Sofia. — VNA/VNS Photo Phương Hoa SOFIA — Vietnamese Vice President Võ Thị Ánh Xuân held talks with Bulgaria's caretaker Prime Minister Stefan Yanev and Minister of Foreign Affairs Svetlan Stoev in Sofia on Tuesday (local time) as part of her official visit. During the meetings, Vice President Xuân affirmed that Vietnamese leaders and people always cherish the valuable assistance that the Bulgarian Government and people have given Việt Nam over the past 70 years, and she wished to further deepen the traditional and multifaceted relations between the two countries. The Vietnamese VP highly appreciated the maintenance of good political and diplomatic relations between Việt Nam and Bulgaria, with frequent exchange of high-level delegations as well as close and effective cooperation at international and regional forums. Xuân underlined that the two governments …

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The n inth ASEAN -US Summit was held on October 26 via videoconference. (Photo: VNA) Hanoi(VNA) – US President Joe Biden attended the ninth ASEAN-US Summit on October 26 via videoconference, becoming the first US top leader to join a meeting with the ASEAN leaders in the recent four years after his predecessor, Donald Trump, participated in an ASEAN-US Summit in Manila in 2017. Addressing the summit, Biden affirmed that the US is committed to the central role of the 10-nation ASEAN in the region, adding that the relationship between the US and ASEAN is vital for the future of one billion of people. “Our partnership is essential in maintaining a free and open Indo-Pacific, which has been the foundation of our shared security and prosperity for many decades,” he stated. At the summit, Biden also announced an over 100 million USD initiative to beef up the US relationship with Southeast Asian nations. The amount will be spent on health care, climate, economic …

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Representatives from the Ministry of Labour, Invalids and Social Affairs attend the dialogue. (Photo: VNA) Hanoi (VNA) – The Ministry of Labour , Invalids and Social Affairs (MoLISA), in collaboration with the Swiss State Secretariat of Economic Affairs (SECO), organised a dialogue on labour and experience sharing to promote job security between Vietnam and Switzerland on October 26. At the dialogue, MoLISA Deputy Minister Le Van Thanh said that diplomatic relations between Vietnam and Switzerland have made significant progress in all fields over the past 50 years. Cooperation in labour, employment and social security has also received special attention since the two ministries established cooperative ties in 2011. MoLISA wants to continue promoting bilateral collaboration in employment through existing effective cooperation mechanisms, and looking for more cooperation opportunities in the future, Thanh added. Ambassador Valérie Berset Bircher at SECO said …

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