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Car sales in the world's largest auto market have slowed dramatically, gamers are buying fewer consoles, and people are unwilling to replace their existing smartphones, laptops and TVs, as prolonged Covid curbs crimp spending power and put more people out of jobs. "The current China lockdowns ... has implications to both supply and demand," said Colette Kress, chief financial officer at U.S. chipmaker Nvidia, which forecast on Thursday a $400 million hit to gaming sales from China's stringent coronavirus restrictions. "You have very large cities that are in full lockdown, focusing really on other important things for the citizens there. So it's impacting our demand. At least 14 analysts have cut their price targets on Nvidia following its latest earnings report, with the median price target now standing at $300, according to Refinitiv data. In line with China's zero-Covid approach, Beijing, with its 22 million population, has clamped down on workplace attendance. Shanghai, the … [Read more...] about Global firms warn of sluggish China demand due to lengthy Covid curbs

Women in Southeast Asia, such as the Philippines and Vietnam, have fared particularly well in making entrepreneurial progress, despite significant social-cultural and infrastructural barriers threatening to impede their growth. Lack of government SME support, poor access to entrepreneurial finances, and a severe lack of education opportunities remain the major constraints to advancing women’s entrepreneurship in Asia’s lower-middle-income economies. Encompassing 65 economies and 82.4% of the global female labor force, the fifth edition of Mastercard’s Index for Women Entrepreneurs (MIWE) examined women’s progress in the global entrepreneurship landscape over the last two years. The findings reveal that despite worldwide efforts to mitigate the pandemic’s effects, women have experienced considerable economic and social implications. As a result, the expected time to overcome the worldwide gender gap may be extended by another 36 years. Six economies from the Asia Pacific … [Read more...] about Women in Southeast Asia’s low-income economies emerge as the world’s most resilient entrepreneurs

Spokesperson for the Ministry of Foreign Affairs Lê Thị Thu Hằng at Thursday's press briefing in Hà Nội. — VNA/VNS Photo Phạm Kiên HÀ NỘI — Whether any country, including Việt Nam, will officially accede to the Indo-Pacific Economic Framework for Prosperity (IPEF) unveiled by US President Joe Biden earlier this week, depends on the outcomes of the discussions, foreign ministry spokesperson Lê Thị Thu Hằng said on Thursday. On May 23, the US White House announced the launch of the much-awaited economic initiative, with the claimed dozen of initial partners – Australia, Brunei, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Việt Nam – which together cover 40 per cent of the global GDP. Vietnamese Prime Minister Phạm Minh Chính attended the kickstarting ceremony for the discussions for the framework, Hằng noted, in response to queries on clarification of the first group of participating countries during the press … [Read more...] about Discussion outcomes will determine Việt Nam’s accession to Indo-Pacific economic initiative: foreign ministry

Kim Højlund Christensen, Danish Ambassador to Vietnam With the return of tourism and trade activities, can you see any movement from business and investment promotion delegations that are going to visit Vietnam? The Vietnamese government’s recent decision to lift entry restrictions and especially to resume the visa-exemption travel programme for countries, including Denmark, is great news and positively welcomed by the Danish business community. Many Danish companies are already planning their visits to Vietnam this month and early next month to meet with their local business partners in person. At present, there are over 130 Danish companies represented in Vietnam. Therefore, there will be a large number of business visitors and delegations from headquarters in Denmark or other locations in the region coming here in the near future to visit their production facilities or to find new investment opportunities. Besides that, we also expect to have trade delegations visit our … [Read more...] about Danish investors pinpointing rising potential of Vietnam’s green energy

A customer at a Petrolimex station in Ha Noi. As business activities recover again, the demand for petrol has increased. — VNA/VNS Photo Tran Viet Petrol producers and traders are expected to benefit from low-priced inventories as the price of petrol rises. The two leading enterprises in the industry, Petrolimex and PV Oil, recorded that the value of their inventories at the end of the first quarter was nearly double the beginning of the year. Petrol price has been adjusted up five consecutive times to reach VND31,250 per litre, a rise of 31.3 per cent compared to the beginning of the year. According to a report by the Ministry of Industry and Trade, the world petrol market has undergone many great changes in recent years. Supply to the market, especially to the European region, continues to be affected by the embargo on products from Russia, while US crude oil inventories continue to remain low. These factors have pushed up petrol prices. During the price management period … [Read more...] about Petrol companies to benefit from rising prices

Petrol retail prices in the country have been adjusted many times over the past few months, Photo: Le Toan In Vietnam, gasoline prices continue to increase, and after the adjustment on May 11 by the Ministry of Industry and Trade (MoIT) and the Ministry of Finance, each litre of E5 RON92 petrol increased by 6.5 US cents to $1.26 per litre while RON95 climbed by 6.7 US cents to $1.30 per litre. On May 17, the price of US WTI crude oil remained at a high level of over $114 per barrel while Brent oil maintained its upward momentum at $114.28 per barrel. Before the next adjustment, which was due on May 21, petrol prices in Vietnam were forecast to continue to increase to higher levels. The ministries first adjusted gasoline prices on January 11 due to a decrease in global supply, production output by Kazakhstan and Libya, and oil inventories of the United States. According to Decree No.95/2021/ND-CP, effective from January, there will be three adjustments each month to the … [Read more...] about Vietnam riding the wave of inflationary unpredictability

International experiences contribute to building harmonious and stable labor relations, protecting the legitimate rights and interests of employees in Vietnam's retail industry. UNI Global Union - Asia and Pacific Regional Office (UNI APRO) is committed to working closely with the Vietnam General Confederation of Labor (VGCL) to improve the quality of Trade Union activities in the country’s chain of retail stores. UNI APRO's Secretary Rajendra Acharya Kumar made his statement at a workshop held in Hanoi this week. The secretary highly valued the activities of the Vietnamese trade union in protecting the legitimate rights and interests of employees as well as their welfare amid the Covid-19 pandemic. UNI APRO's Secretary Rajendra Acharya Kumar (left) and Standing Vice President of the VGCL Tran Thanh Hai at the workshop held in Hanoi. Photo: Hai Nguyen He said UNI APRO has signed framework agreements with multinational corporations and wishes to cooperate … [Read more...] about UNI APRO, Vietnam exchange experience in trade union activities

The pandemic has pushed forward the trends of e-commerce in Vietnam 2-3 years earlier than forecast with the sector growing in size four times over last year, according to a 2021 Lazada report. “Some of the e-commerce trends we expected would happen in 2025, such as in edutech and fintech, have already happened in 2022,” noted Nguyen Huy Hoang, chief business officer at OnPoint E-commerce. “Hence, all e-commerce platform companies are investing hugely in Vietnam.” However, as shopping centres and small brick-and-mortar stores are now reopened, many investors are concerned that the boom in e-commerce was just a short-term fad and the majority of consumers could quickly shift back to offline shopping. On May 12 at the Vietnam Online Business Forum, the general consensus amongst experts was that e-commerce will continue to boost the economy after the pandemic. Specifically, in the first quarter of 2022, the industry saw more than 8 million new online consumers. A survey … [Read more...] about All to play for in e-commerce rise

Legislation review necessary to increase tempo on public disbursement activities, illustration photo/ baodautu.vn Assoc. Prof. Pham The Anh from the National Economics University said that changing the slow disbursement of public investment would be very challenging because of legal risks and responsibility. “I don’t think the slow disbursement is due to the lack of motivation by those responsible for the implementation,” said Anh. “In the past two years, the bottlenecks in public investment were related to the legal environment,” he added, citing legal problems in land clearance. “The Vietnamese government still has the ability to keep up with the disbursement speed by reviewing the legislation related to public investment decisions.” In 2022, the government expects to disburse $17.69 billion according to Decision No.2048/QD-TTg dated December 6, 2021 on assigning state budget investment for 2022. “The latest directives are aimed at disbursing public investment on schedule … [Read more...] about Legislation review necessary to increase tempo on public disbursement activities

Bắc Giang estimates lychee output at about 180,000 tonnes this year, harvesting from May 20 until July 20. — VNA/VNS Photo HÀ NỘI — Enterprises expect the export of lychees this year to increase by about 30 per cent this year. As an enterprise specialising in exporting vegetables and fruit to fastidious markets such as Japan and the EU, Ameii Vietnam Joint Stock Company (Ameii Vietnam) has strengthened control of exports and is seeking new customers. Now, the company is negotiating with customers and is expected to increase lychee exports by about 30 per cent compared to last year, said Ameii Vietnam general director Ngô Thị Thu Hồng. Notably, this year's lychee exports to fastidious markets such as Japan and the EU are expected to grow. Hồng said Ameii Vietnam was working with more than 20 Japanese partners and more than 10 EU partners to export this fruit. The company has mainly exported fresh lychees every year. However, this year, besides fresh lychees, it has used … [Read more...] about Enterprises expect strong growth in lychee exports