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Vietnamese State President Nguyen Xuan Phuc met the leaders of three large Korean enterprises, namely Samsung Electrics, Hyosung, and KDB in Seoul on Tuesday as part of his ongoing state visit to South Korea. During his conversation with President Phuc, vice-chairman and CEO of Samsung Electronics Han Jong Hee stressed the important role the president's visit plays on the occasion of the two countries' 30th anniversary of diplomatic relations. He thanked the leader for helping Samsung’s revenue in Vietnam increase from US$35 billion to $65 billion when he served as the Vietnamese prime minister. Samsung is planning to raise investment capital in Vietnam to $20 billion, Han added. President Phuc congratulated the group on the success of effective investment in Vietnam and for reaching an investment capital of $18 billion in the country. Vietnamese State President Nguyen Xuan Phuc (R) shakes hands with chairman of Hyosung Group Cho Huyn Joon in Seoul, December 6, … [Read more...] about Vietnam president welcomes Samsung’s plan to raise investment capital to $20bn

Vietnamese Prime Minister said climate response requires a global approach to ensure people-centered solutions. Vietnam expects to accelerate the negotiation process with the UK and EU regarding the establishment of the Just Energy Transition Partnership (JETP), said Prime Minister Pham Minh Chinh at a meeting with Ambassador of the EU to Vietnam Giorgio Aliberti today [December 6]. Prime Minister Pham Minh Chinh and EU Ambassador to Vietnam Giorgio Aliberti in Hanoi on Dec 6. Source: VGP The world is undergoing an energy transition as climate change has emerged as a global challenge. “This requires a global approach to strengthen solidarity and multilateralism, along with a people-oriented solution that puts the people at the center, the engine and objectives for development,” Chinh said. Such a process, however, should ensure justice and fairness for each country involved, Chinh added. In the case of Vietnam, Chinh called for the EU to assist the … [Read more...] about Vietnam expects to accelerate negotiations for Just Energy Transition Partnership

Vo Tri Thanh *Vo Tri Thanh Consumption – one of the key drivers of Viet Nam's growth in 2022 – is showing signs of deceleration. The General Statistics Office (GSO)'s data showed Viet Nam's total retail sales of goods and services in November increased 17.5 per cent year-on-year to an estimated VND514.2 trillion (US$20.9 billion) after a 17.1 per cent growth a month earlier which was the slowest pace since April. The latest figure marked the 12th straight month of expansion in the retail sector as consumption continued to rise despite ongoing cost pressure. Ending November, the total retail sales of goods and services leapt 20.5 per cent year-on-year to VND5.18 quadrillion ($219 billion) while it decreased 5 per cent in the same period of 2021; if excluding the price factor, the growth rate was just 16.9 per cent (down 6.8 per cent in the same period of 2021). However, the 11-month figure this year represented a 14.9 per cent increase compared to 11 months of 2019 – the … [Read more...] about Slower consumption and prospect of growth in 2023

Digital economy, information, and telecommunication are vital to driving the bilateral economic partnership. South Korea is willing to share its technological expertise to boost its economic partnership with Vietnam in the next 30 years, Choo Kyung-ho, Deputy Prime Minister cum Minister of Economy and Finance of the Republic of Korea, said on December 6. Vietnam's President Nguyen Xuan Phuc (center) joins Vietnam-South Korea Business Forum on December 6. Photo: Vietnam News Agency Choo Kyung-ho made his statement at the Vietnam-Korea Business Forum held in South Korea with the participation of Vietnamese President Nguyen Xuan Phuc, senior officials, and more than 500 representatives of businesses of the two countries. He expressed his hope that the two nations would see further cooperation in developing green growth, a digital economy, new industries, and exchanging technology and manpower. He also urged the Vietnamese and South Korean governments to … [Read more...] about South Korea, Vietnam ready to boost tech cooperation

A road in Jakarta, Indonesia (Photo: AFP/VNA) Jakarta (VNA) – Indonesia will possibly record economic growth of 4.5 - 5.3% in 2023 and 4.7 - 5.5% in 2024, according to Governor of Bank Indonesia Perry Warjiyo. Growth drivers will include such factors as exports, consumption, and investment, which will increase, he told the central bank’s recent annual meeting. Downstreaming, infrastructure development, foreign investment, and tourism activities are also expected to boost growth. Warjiyo predicted that core inflation , which is currently still high, will decline again to the target of 3% +/- 1% in the first half of next year. He also assured that the rupiah exchange rate will be maintained and strengthened in 2023 if the global turmoil subsides. The currency will be maintained on the back of Indonesia 's good economic fundamentals, high growth, low inflation, and attractive government bond yields. The policy for stabilising the rupiah against global … [Read more...] about Indonesia forecasts growth of up to over 5% for next two years

Illustrative photo The economy is also bound to be affected as well in coming time, mainly because of lack of capital for enterprises in need, which is one of the biggest challenges that most enterprises are currently facing. Urgent need for capital Currently, all enterprises are finding it extremely difficult to access cash flow, both for running their operations as well as for  medium- and long-term investments. The situation is dire and a severe crunch in accessing cash is affecting the competitiveness in many industries, as well as the economy of the country. This lack of capital is making it difficult for private enterprises to maintain production, make purchases, and buy the raw materials necessary for production, as well as to retain their work force. This problem has become even more serious because the cash flow of businesses is now exhausted after more than two years of the Covid-19 pandemic. Due to lack of capital, steel enterprises are currently facing a big … [Read more...] about Domestic businesses in precarious situation

Students from the Viet Nam National University of Agriculture receive the AEON scholarships at a ceremony in Ha Noi on Tuesday. Since its establishment, the AEON 1% Club Foundation Scholarship has supported 8,000 students from 38 universities and colleges across Japan, China, Thailand, Viet Nam, Indonesia, Cambodia and Myanmar. — VNS Photo Linh Anh The AEON 1% Club Foundation granted 60 scholarships to Vietnamese university students at a ceremony on Tuesday. Yoshiki Mori, chairman of the AEON 1% Club Foundation, said the AEON 1% Club Foundation Scholarship was an allowance-based scholarship for university students in various Asian countries and self-financed Asian students studying in Japan. The project, designed to “Support the Dreams of Asian Students”, was started in 2006 in the hope that recipients will play an active role in the future, connecting their home countries with Japan in their respective specialist fields. In addition to year-round financial support, the project … [Read more...] about VN students receive AEON 1% Club Foundation Scholarship