High tech high touch

A view of HCM City. Many banks have temporarily ceased lending to the property sector. — Photo vneconomy.vn Deputy Governor of the State Bank of Viet Nam, Dao Minh Tu, announced at the Government’s March press conference that credit growth in the first quarter of the year had been 5.04 per cent, much higher than the 2.16 per cent rise in the same period last year. He described it as a “quite positive result” that showed the economy had made a significant recovery with people’s lives and businesses returning to normal thanks to the Government’s effective measures against the COVID-19 pandemic. According to a report by the SBV’s HCM City office, credit growth in the country’s main economic hub was estimated at 3.65 per cent in the first quarter. The positive performance has encouraged many banks to set high goals for the full year. At its annual general meeting on March 16, VIB approved a growth target of 30 per cent, much higher than the cap of 14 per cent set by the central … [Read more...] about Not lending to property sector will have mixed effects: analysts

At the meeting, PM Chinh highly appreciated USAID's contributions to the recent development of Vietnam-U.S. relations through effective aid activities, contributing to the settlement of post-war consequences, hunger eradication and poverty alleviation, and promotion of sustainable and inclusive development in Vietnam. The PM welcomed USAID's plan to expand operations in Vietnam, speed up approval procedures and implement projects to increase the effectiveness of development aid. He suggested USAID continue to increase support for Vietnam in overcoming the consequences of the war, focusing on handling Agent Orange/dioxin at Bien Hoa Airport and other hotspots, supporting people with disabilities, war victims, supporting the search for remains of Vietnamese martyrs, and especially helping with DNA assessment capacity of Vietnamese scientists through the construction of a high-tech center in this field. While welcoming USAID's 70-million-USD financial support for Fulbright … [Read more...] about PM Pham Minh Chinh meets with USAID Administrator

Last year, around 140 countries and territories agreed in principle to set up a minimum corporate tax rate-illustration photo, Source:Freepik.com At a conference on May 10, the Vietnam Association of Foreign-Invested Enterprises (VAFIE) released its first annual report on foreign direct investment (FDI) in the country. One of the discussion points at the event was the topic of a global minimum corporate tax and its potential impact on Vietnam’s FDI prospects. Last year a landmark agreement was reached on a minimum global corporate tax rate of 15 per cent. However, the proposal is still in its early stages and getting the majority of nations to come to implemented it may take plenty more time. “Large corporations often choose to pour money into nations with good tax regimes and more incentives. If the global minimum tax of 15 per cent is applied, it will certainly have a big impact on businesses in Vietnam,” said Hong Sun, vice chairman of the Korea Chamber of Business in … [Read more...] about Nation urged to prepare for tax overhaul

For construction worker Yogendra Tundre, life at a building site on the outskirts of the Indian capital New Delhi is hard enough. This year, record high temperatures are making it unbearable. As India grapples with an unprecedented heatwave, the country's vast majority of poor workers, who generally work outdoors, are vulnerable to the scorching temperatures. "There is too much heat and if we won't work, what will we eat? For a few days, we work and then we sit idle for a few days because of tiredness and heat," Tundre said. Temperatures in the New Delhi area have touched 45 degrees Celsius (113 Fahrenheit) this year, often causing Tundre, and his wife Lata, who works at the same construction site, to fall sick. That in turn means they lose income. "Because of heat, sometimes I don't go to work. I take days off... many times, fall sick from dehydration and then require glucose bottles (intravenous fluids)," Lata said while standing outside their house, a temporary shanty with … [Read more...] about Poor workers bear the brunt of India’s heatwave

At the event, the Vietnamese PM congratulated Laos on the positive results in the country’s fight against COVID-19 and reopening, and highly valued the two countries’ sound cooperation in the bilateral framework as well as at regional and international forums. The Lao PM spoke highly of Vietnam’s important achievements in the recent time, especially in bringing the COVID-19 pandemic under control and promptly reopening its borders for socio-economic recovery and development, and thanked Vietnam for cooperation and support for Laos over the years. The two PMs rejoiced at the stable development of the Vietnam-Laos great friendship, special solidarity and comprehensive cooperation. Since the start of 2022, the countries have exchanged delegations at all levels, notably an official visit to Vietnam by the Lao PM in January. They have collaborated in effective implementing high-level agreements and those adopted at the 44th meeting of the Inter-Governmental Committee chaired by the … [Read more...] about Prime Minister Pham Minh Chinh meets Lao counterpart in U.S.

Global private equity firm Warburg Pincus has set up a joint venture with major Vietnamese real estate and infrastructure firm Becamex IDC Corp. (Becamex) to create the largest logistics and industrial real estate developer in the country, according to a statement. The JV will be called BW Industrial Joint Stock Company (BWID) and will focus on developing institutional-grade logistics and industrial properties across Vietnam. Both firms have committed US$200 million to the platform. Warburg Pincus joins Vietnamese logistics and property market. Nguyen Van Hung, Chairman of Becamex, believed that the co-operation with Warburg Pincus, a best-in-class private equity firm with deep experience in Asia, is a great opportunity, according to the company's statement. "With the transformative shift of the manufacturing base from markets like China to Vietnam as well as with the rapid rise of domestic consumption, the logistics and industrial real estate market in … [Read more...] about Warburg Pincus joins Vietnamese logistics and property market

Many Vietnamese singers and bands are choosing the more difficult and expensive option of releasing their music on vinyl records, generating grater public interest in this audio channel that is making a strong comeback. Photo courtesy of Quang Dũng HCM CITY — Việt Nam has not been an exception to the recent comeback of vinyl records, a late-1880s invention known for its rich, high-quality sound. Many music producers and artists in the country have released vinyl records to preserve and promote this sophisticated channel among a new generation of music enthusiasts. Nguyễn Ngọc Thiện, director of the Audio Space Production-Release Company, said the vinyl market was more profitable now than five to seven years ago. This is reflected in a series of vinyl products released recently. The increase in vinyl record sales marks a turning point for the music channel loved for many years by collectors in particular and music lovers in general. Honoured artist Tố Nga sprange a surprise … [Read more...] about Việt Nam music lovers welcome vinyl record turnaround

President Katerina Sakellaropoulou and a high-ranking delegation of Greece arrived in Hanoi on May 15 afternoon. (Photo: VNA) Hanoi (VNA) - Greek President Katerina Sakellaropoulou and a high-ranking delegation of Greece arrived in Hanoi on May 15 afternoon, beginning their four-day official visit to Vietnam at the invitation of President Nguyen Xuan Phuc. Present at the welcome ceremony for the Greek President and her entourage at Noi Bai International Airport were Head of the Presidential Office Le Khanh Hai, Vietnamese Ambassador to Greece Le Hong Truong, Deputy Minister of Foreign Affairs Pham Quang Hieu, and other representatives from the Vietnamese Ministry of Foreihn Affairs and the Greek Embassy in Hanoi. During her stay in Vietnam, President Sakellaropoulou is scheduled to pay tribute to late President Ho Chi Minh at his mausoleum and fallen soldiers at Heroic Martyrs’ Monument in Hanoi. She will hold talks with President Nguyen Xuan Phuc , pay a courtesy … [Read more...] about Greek President arrives in Hanoi for official visit to Vietnam

Defence Ministers Phan Van Giang (L) and Samdech Pichay Sena Tea Banh salute Border Marker No. 69 on the Vietnam - Cambodia borderline on May 15. (Photo: VNA) Binh Phuoc (VNA) – Vietnam and Cambodia held the first border defence exchange in the border areas of Loc Ninh district of the former’s Binh Phuoc province and Snuol district of the latter’s Kratie province on May 15. Co-chairing the event, Vietnamese Minister of National Defence Gen. Phan Van Giang and Cambodian Deputy Prime Minister and Minister of National Defence Samdech Pichay Sena Tea Banh saluted Border Marker No. 69, planted friendship trees, witnessed a joint patrol, cut the ribbon to open a military - civilian medical centre in Loc Ninh, and visited two primary schools in the districts. At the following talks, Giang said this was the first border defence friendship exchange between the two countries at the ministerial level. It became even more meaningful as 2022 is the two countries’ Friendship Year … [Read more...] about Vietnam, Cambodia hold first border defence exchange

Warburg Pincus is relishing its opportunities in Vietnam as the economy grows and capital markets develop, said Jeffrey Perlman, Southeast Asia chief of the private equity firm to Reuters. "It's a market that we think there's a lot of opportunity in," quoted Perlman in an interview with Reuters on March 22. "Four, five years ago, even in Vietnam there wasn't an understanding of what was private equity and what it will do to businesses." Warburg Pincus is relishing its opportunities in Vietnam. Vietnam's emergence as a large manufacturing destination next to China helped the Southeast Asian nation's economy grow at 6.8% last year, the strongest since 2010, Reuters reported.The growth is rapidly building up a huge middle class that is boosting consumer spending in a country of about 100 million. Its stock index VNI has risen 20% this year, the best performance in Southeast Asia, after surging by 50% last year. Perlman said the growth in Vietnam's capital … [Read more...] about Warburg Pincus: “Vietnam a big draw for global investor”