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Prime Minister Pham Minh Chinh, his spouse, and a high-ranking delegation of Vietnam are paying an official visit to Singapore from February 8 to 10. Dung said the trip follows the mutual visits by the heads of the two states in 2022, reflecting the special mutual political trust and relations between the countries. Looking back upon achievements in bilateral relations, he said over the last 50 years, especially since the establishment of the strategic partnership 10 years ago, the two countries have enjoyed strong cooperation across the board, from politics, diplomacy, defense, and security to people-to-people exchange. Singapore currently ranks first among Southeast Asian investors and second among global ones in Vietnam. Among the large number of its projects in Vietnam, 11 Vietnam - Singapore industry parks (VSIPs) with total investment of over USD 11 billion nationwide are providing jobs for more than 300,000 people. During the coming trip, he noted, the two Prime … [Read more...] about Prime Minister’s visit reflects special ties between Vietnam, Singapore: ambassador

Seven international partners will support the investment in infrastructure, transport, urban development, and climate response. Nearly US$8 billion will be pumped into Vietnam's Central Coast region to support the socio-economic development of the region towards sustainability and climate adaptation. An overview of the signing and awarding ceremony. Photo: Trung Nhan/The Hanoi Times The value was announced at a signing ceremony held on February 5 between the Ministry of Planning and Investment and international partners. Accordingly, the local authorities granted investment certificates and approved investment policies and investment cooperation for domestic and international investors. Among the investment deals, seven development partners are committed to providing a total capital of more than US$1.7 billion in 45 projects. The partners included the Asian Development Bank (ADB), the French Development Agency (AFD), the International Fund for Agricultural … [Read more...] about $8 billion to be pumped into Vietnam’s Central Coast

Illustrative image (Photo: xinhua/VNA) Phnom Penh (VNA) – The Cambodia n Government has been pushing for the establishment of more bilateral free trade agreements (FTAs) with main trade partners in order to expand export markets for its products. The country's Deputy Prime Minister and Minister of Economy and Finance Aun Pornmoniroth said that the United Arab Emirates, India, Japan, Eurasian Economic Union (EAEU), Canada, and American Latin countries are in the plan for bilateral FTA negotiations. Speaking at the Ministry of Commerce’s recent annual meeting, Aun Pornmoniroth asked the ministry to continue boosting the export of goods and service to the existing markets and expanding new markets. The ministry has to conduct extensive consultations with stakeholders on the benefits from the bilateral trade agreements, he added. Currently, Cambodia has two bilateral FTAs with China and the Republic of Korea, which came into force in January and December 2022, … [Read more...] about Cambodia eyes more bilateral free trade agreements

Hanoi (VNA) - The following is a brief review of the day’s events as reported by the Vietnam News Agency. - Vietnamese Ambassador to Singapore Mai Phuoc Dung has highlighted the significance of Prime Minister Pham Minh Chinh’s coming official visit to the city state, the first among many events to be held in both countries to mark the 50th anniversary of their diplomatic ties and 10 years of the strategic partnership. PM Chinh, his spouse, and a high-ranking delegation of Vietnam are paying an official visit to Singapore from February 8 to 10. Read full story - Two-way trade revenue between Vietnam and Laos in 2022 grew 24% from the previous year to reach some 1.7 billion USD, beyond expectations of their leaders at the 44th meeting of the Vietnam – Laos Inter-Governmental Committee on Bilateral Cooperation earlier last year. Read full story - Jeju Air Co., the biggest low-cost carrier of the Republic of Korea, said on February 6 that it will resume many routes to Vietnam … [Read more...] about ☕ Afternoon briefing on February 6

The latest move from the Fed marked eight consecutive rate hikes since March 2022, with no signs that it has reached the peak of its hike journey. Assoc. Prof. Dr. Dinh Trong Thinh, a financial expert from the Vietnam Association of Financial Advisers, predicted that a rate hike of 25 percentage points was anticipated. Thinh stated that, in general, the pressure on the USD/VND exchange rate from the Fed’s interest rate hike is not significant. Pressure on to support new economic growth, photo Le Toan Dr. Le Dang Doanh, former head of the Central Institute for Economic Management, also believes that the Fed’s interest rate rise is targeted to contain inflation in the US, since inflation has begun to fall from the previous year’s low level. The USD price will adjust as a result. “A change in the price will influence the exchange rate between it and VND, impacting import-export businesses and foreign-invested enterprises,” said Doanh. On the other hand, deposit interest … [Read more...] about Pressure on to support new economic growth

Illustrative image (Photo: VNA) Hanoi (VNA) – Vietnam’s GDP growth reaches 8.02% this year, a record high in the 2011-2022 period as the economy is recovering strongly, General Director of the General Statistics Office (GSO) Nguyen Thi Huong told a press conference in Hanoi on December 29. The agro-forestry-fishery sector expanded by 3.36%, contributing 5.11% to the total added value of the whole economy. The industry-construction sector grew by 7.78%, contributing 38.24% while the service industry rose by 9.99%, making a 56.55% contribution to the economy. About the economic structure 2022, the agro-forestry-fishery sector accounted for a proportion of 11.88%, industry and construction 38.26%, services 41.33% and product taxes, exclusive of product subsidies, 8.53%. With an annual growth of 7.18%, final consumption contributed to 49.32% of the general growth. Asset accumulation rose by 5.75%, contributing 22.59%, while trade in exports, imports and services adding … [Read more...] about Vietnam’s GDP expands by 8.02% in 2022