Growth mind set

Free trade agreements (FTAs) spurred Vietnam’s bilateral and multilateral trade, with 2022 revenues projected to hit a record 750 billion USD, according to experts. A port in Vietnam (Photo: VNA) Vietnam’s signatory FTAs, especially recent agreements will promote trade breakthroughs and generate major trade surplus for 2022 and build momentum for 2022-23 in the process. Despite Vietnam’s challenges, exports recovered well in the first four months of 2022 to hit 122.4 billion USD, a year-on-year surge of 16.4 percent. The increase was attributed to business resilience and flexibility taking advantage of FTA parameters, notably the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), European Union-Vietnam Free Trade Agreement (EVFTA) and the Regional Cooperation Economic Partnership (RCEP) which took effect at the start of 2022. Nguyen Chanh Phuong, Vice Chairman of the Handicraft and Wood Industry Association of Ho Chi … [Read more...] about Trade revenue set to eclipse 700 billion USD this year

The showroom, which will replace its old location in Truong Chinh street, will be the most advanced showroom and the first MAR 2020 facility in Ho Chi Minh City. John White, CEO at Vietnam Star Automobile, said that OfficeHaus renders the perfect space and location to cater to the auto company in the Vietnamese market. Vietnam Star Automobile is a division of LSH Auto International − the largest Mercedes-Benz retail dealer group in the world. “We have a couple of criteria in choosing the best location. Aside from being accessible, OfficeHaus sits next door to Vietnam’s largest Aeon Mall, bringing a demographic that is consistent with the Mercedes brand. The property also meets the quality standards of our brand,” said White. OfficeHaus, one of the most highly anticipated additions to Vietnam’s premium commercial real estate, will open its doors in quarter 4 this year. It will deliver a holistic working experience as part of a world-class 82-hectare integrated residential, … [Read more...] about Mercedes-Benz Vietnam set to open new showroom in OfficeHaus

S&P forecast Vietnam’s GDP will grow 6.9% in 2022 before settling closer to its long-term trend of growing 6.5%-7% from 2023 onward. S&P Global Ratings on May 26 raised its long-term foreign and local currency sovereign credit ratings on Vietnam to 'BB+' from 'BB'. S&P expects Vietnam's economy to continue its upward trend. Source: S&P The rating agency also affirmed the country’s short-term rating at ‘B’ with a stable outlook. “The stable outlook reflects our expectations that over the next 12-24 months, Vietnam's economy will continue to recover from the challenges posed by the pandemic over the past two years. This will support the external position and rein in fiscal deficits,” it noted. S&P added it could raise the ratings if Vietnam's institutional settings improve considerably, in ways that augment policy predictability and transparency. Such favorable changes in the policy environment could bolster investor confidence in the … [Read more...] about Vietnam’s long-term credit rating upgraded to “BB+”: S&P

Anil Wadhwani is a global financial services leader with more than 30 years of experience – predominantly in Asia – combining a strategic vision and execution in some of the world’s biggest companies. He has a wealth of experience as a customer-centric leader with a strong track record of creating and driving a culture of success. Wadhwani also has significant and proven digital experience, having driven the modernisation of tech platforms across 13 markets in Asia in his previous role. Prudential Plc. has named Anil Wadhwani as the new Group CEO Prior to that, he spent 25 years with Citi Group in Asia-Pacific, Europe, the Middle East, Africa, and the US in a number of financial services roles. Wadhwani was born in 1968, educated in Mumbai, and has worked in Mumbai, Singapore, London, New York, and most recently for nearly five years in Hong Kong. He will take up the new role in February, subject to regulatory approval, and will be based in Hong Kong – where he currently … [Read more...] about Prudential Plc. names Anil Wadhwani as new Group CEO

At the meeting, Secretary of the City Party Committee of Ho Chi Minh City Nguyen Van Nen expressed his pleasure to visit and work in Savannakhet province, the hometown of President Kaysone Phomvihane, a land rich in revolutionary traditions and the attachment of the Vietnam - Laos fighting alliance. Secretary of Ho Chi Minh City Party Committee Nguyen Van Nen (L) shakes hands with Secretary of Provincial Party Committee, Governor of Savannakhet Province Santiphap Phomvihane (Photo: SGGP) Mr. Nen informed about the socio-economic situation of Ho Chi Minh City in recent years. After the Covid-19 pandemic, the southern metropolis’ socio-economic situation gradually recovered and developed. Currently, Ho Chi Minh City is continuing to focus on building and perfecting institutions, mechanisms, and policies in order to maximize all resources to restructure the economy, renew the growth model as well as strengthen urban area management capacity, promote digital transformation, reform … [Read more...] about HCMC, Savannakhet Province sign Memorandum of Understanding in 2022-2025

The Economic Committee of the National Assembly (NA) has recently proposed developing nuclear power over the next decades to ensure national energy security and meet the ‘net zero’ goal Vietnam set at the 26th UN Conference on Climate Change (COP26). Vietnam is likely to develop nuclear power in the coming decades to ensure national energy security and meet COP26 commitments. (Illustrative photo by AFP). Nuclear power proposal Vietnam put the Ninh Thuan 1 & 2 nuclear power plant projects on hold under a NA resolution in 2016 for safety reasons and in order to mobilise resources for other key projects. In a report overseeing the implementation of the resolution, the Economic Committee of the National Assembly suggested that Vietnam consider developing nuclear power over the coming decades, and the Ninh Thuan projects should be reactivated at an appropriate time. It reasoned that nuclear power is a low-carbon source of electricity that will make an … [Read more...] about Vietnam likely to consider nuclear power development

The challenges have been increasing as support for the US dollar has been declining with the rise of China as a stronger economic power. This article focuses on globalization in a new context and takes a closer look at the reshaping of the global financial system. World currency Globalization has basically reshaped the activities of economic powerhouses, such as the European Union and the United States of America. As a result, the financial systems of developed economies have changed with the current global financial flow. Emerging and developing economies are increasingly contributing to changes in global economic growth. This clearly indicates that these growing economies have a larger share now in global economic trade activities. International trade expansion has been accompanied by an increase in foreign assets. It indicates that the interest of major economies has grown in promoting of global trade in order to increase the money supply (Fig 1). Therefore, an increase in … [Read more...] about Global challenges to dominant world currency

Love is in the air at sporting tournament Disabled fans show support for Games Passion and pride: see you next Games Finswimmers set new heights at Games Coaches play mind games ahead of football final Nguyễn Linh Na holds the flag high after claiming gold in the SEA Games. — VNA/VNS Photo Quốc Khánh Thanh Nga After 17 years of waiting, Nguyễn Linh Na has helped Vietnamese athletics claim their first SEA Games gold medal in the heptathlon. Attending the region's biggest sports event for the first time, Na caused an upset when she won the gold medal in the women's heptathlon with 5,415 points, breaking Vietnamese Nguyễn Thị Thu Cúc’s 17-year national record of 5,350 points in the process. This was also the first time since 2005 that Vietnamese athletics won gold in this category in the regional Games. Na's achievement is even more special as just two years ago, she intended to retire because of a necrosis injury. "I think playing one sport is … [Read more...] about Na overcomes all challenges to win heptathlon gold