How to attract investors to your country

The tree planting festival was among the traditional activities during the first days of the Lunar New Year. Secretary of the Hanoi Party Committee Dinh Tien Dung today [January 28] attended the 2023 New Year tree planting festival at Dinh Cong Thuong, a relic complex in Hoang Mai District. Up to now, the majority of goldsmiths in Hanoi are from Dinh Cong Thuong, one of the three villages that founded Hang Bac (silver) Street (once known for jewelry trading). Dinh Cong Thuong shrine was built in the 17 th century to honor two generals Hoang Cong (son of the 17 th Hung King) and Doan Thuong, while the Dinh Cong Thuong temple worships the three local founders of the jewelry handicraft and remains an attractive tourist destination. The Party chief and the ward's representatives plant a tree. Photos: Thanh Hai/The Hanoi Times The Hanoi Party chief Dinh Tien Dung and city's officials at the relic complex. The relics are … [Read more...] about Hanoi Party chief attends tree planting festival

Remittances contributed by migrants account for 5% of Vietnam’s gross domestic product (GDP). International migration and internal migration in Vietnam have long played a very important role in the country’s socioeconomic development and they will continue to do so. Park Mihyung, Chief of Mission of the International Organization for Migration (IOM) Vietnam, shared that view with The Hanoi Times . Park Mihyung, Chief of Mission of the International Organization for Migration (IOM) Vietnam. Photos: IOM Vietnam “If you look at the GDP, up to 5% of the country’s GDP comes from remittances contributed by international migration and that’s only recorded remittances, so it should be a lot more,” she said. For that reason, when the migration governance is done right and well, there’s a lot of positive development and contributions to Vietnam when they return and with their remittances, Park added. In addition, there’s also a recognition that … [Read more...] about Migration significant to Vietnam’s socio-economic development: IOM

South Korea was the largest petroleum supplier of Vietnam, with 3.22 million tons, up 96% year on year. Vietnam imported nearly 8.9 million tons of oil and petroleum products in 2022 worth $9 billion, nearly double that of the previous year, according to the General Department of Vietnam Customs (GDVC). Locals buying petrol products at a gas station in Hanoi. File photo In December 2022, the country imported nearly 950,000 tons of oil and petrol products worth $823 million, up 22% in quantity and 11% in value against November. Diesel made up a lion’s share of the imported volume with 4.74 million tons, accounting for 54% of the country's imported petroleum in 2022. In 2022, the country consumed 1.7 million tons of gasoline, 2.3 times more than in 2021; and 1.46 million tons of jet fuel, representing 2.2 times on-year, and 16% of imported oil. South Korea was the largest petroleum supplier of Vietnam, with 3.22 million tons, up more than 96% year on year; … [Read more...] about Vietnam spends US$9 billion on oil imports in 2022

Specifically, Hoi An in the Central province of Quang Nam occupied the second place on the list as part of the annual Travelers' Choice Best of the Best Awards, following Cuba, while the southern metropolis secured 11th place. The category reveals destinations with the greatest year-over-year growth in interest on Tripadvisor based on travelers' reviews over a 12-month period between November 1 and October 31. "Hoi An on the central Vietnamese coast is a well-preserved example of the important Southeast Asian trading port it was from the 15th-19th centuries," Tripadvisor commented. "Already a common stop for backpackers, it is becoming better known to tourists." Meanwhile, Vietnam's bustling largest metropolis of Ho Chi Minh sets the cultural and economic pace for the country, Tripadvisor said, adding the former Saigon boasts charming French colonial architecture and wide boulevards. The U.S.-based travel site advised tourists to visit the War Remnants Museum at 28 Vo Van Tan … [Read more...] about Hoi An, Ho Chi Minh City among world’s top 25 trending destinations in 2023: TripAdvisor

Commerce Minister of Thailand Jurin Laksanawisit made the statement following a meeting in Brussels with the E.U. Trade Commissioner Valdis Dombrovskis. Dombrovskis wrote on Twitter that both sides want a comprehensive, high-quality agreement, with ambitious and sustainable provisions. The E.U. is now Thailand's fifth largest trade partner, behind ASEAN, China, the U.S. and Japan. Two-way trade hit 41 billion USD last year, of which, Thailand’s exports to the E.U. totaled 22.8 billion USD, mostly computers, equipment and spare parts; gemstones and jewelries, air conditioners and components, rubber products and electronic circuit boards. Thailand currently has 14 FTAs with 18 countries, including the Regional Comprehensive Economic Partnership (RCEP) that came into effect early last year. On December 15, 2022, the two sides signed the Thailand-E.U. Partnership and Cooperation Agreement (PCA) to promote bilateral cooperation. Source: VNA … [Read more...] about Thailand, E.U. to resume FTA talks in March

"It's not just the coffee," said the American magazine, "but the hundreds of handwritten notes that adorn most every surface." Located at 64 Luong Van Can Street right next to Hoan Kiem (Sword) Lake in the heart of Hanoi, the entire coffee shop is covered with colorful post-it notes written by its customers. The notes are mainly inspirational quotes or comments about the lessons of life left by visitors from around the world. The three-story café attracts passers-by with its red signboard, views of Hoan Kiem Lake and nearby pedestrian zone. "Make sure to try a cup of egg coffee, which is more delicious than it sounds," Newsweek recommended. In addition to signature egg coffee, the café serves fresh juice, smoothies, snacks and sweet cakes with prices ranging from VND30,000-50,000 ($1.28-$2.13). The list also included Coffee 101 in Colombia, Majestic Café in Portugal, Café Sofa in the Czech Republic, Blacklist Coffee Roasters in Australia and The Roastery by Nozy Coffee in … [Read more...] about Hanoi coffee shop among world’s quirkiest: US weekly magazine

According to the results of a recent salary survey conducted by Navigos, nearly 27% of respondents said salaries of middle- and senior-level employees will rise by from 5% to less than 10%, more than 23% said salaries will remain unchanged, more than 15% said salaries will increase by less than 5%, and nearly 12% said they will rise by 10% to 15%. Global Salary Survey 2023 conducted by Robert Walters in 31 countries, including Vietnam, said 88% of companies are willing to increase salaries by 15-25% this year. For employees in some sectors like the digital industry, salary hikes could be as high as 35% during the year. According to Navigos, many businesses are still in the post-pandemic recovery phase, and so have not been able to sharply increase salaries for their employees. However, over 50% of the surveyed firms said they will improve policies on salary, bonuses, allowances, and other benefits such as flexible working hours, educational opportunities, promotions, and … [Read more...] about Salaries of mid- and senior-level employees to rise by 5-25%

Vietnam has to deal with one major external challenge and two internal ones, Dr Pham Sy Thanh, Director of the Chinese Economic Studies Program under the Vietnam Institute for Economics and Policy Research, told the Vietnam News Agency. The external challenge is a strong decline in demand for Vietnamese exports. Many export sectors with revenue of over 1 billion USD like wood and apparel recorded their earnings in October and November 2022 falling 30 - 40% year on year and month on month. This indicates that foreign markets are no longer open or attractive enough for exports in 2023. Export contraction will have a huge impact on many social issues, especially lay-offs, job shortages, and unemployment in industrial parks, he pointed out. Among internal challenges, the first is that the handling of wrongdoings in the bond market and the banking system has caused serious disruptions and congestion of the capital flow. Meanwhile, the cost of capital is one of tough barriers to … [Read more...] about Intertwined opportunities, challenges for Vietnam’s economy in 2023

Addressing the first meeting of the Intergovernmental Negotiations on Security Council reform at the 77th U.N. General Assembly on January 26, Tra also emphasised improving the working method of the UNSC and limiting the use of veto power. She highlighted the importance of dialogues and discussions on the council reshuffle within the IGN framework, suggesting that this process be carried out in a transparent manner, with the participation of all members, and on the basis of respecting the interests of countries. The challenges facing the world are also a driving force for change, the Vietnamese representative said, proposing countries push for a comprehensive and profound reform of the council so that this body can fulfill its important responsibility of maintaining international peace and security. At this session, U.N. members all emphasised the need to reshuffle the UNSC to ensure the representation nature, democracy, transparency and efficiency; and reflect the reality of the … [Read more...] about Vietnam supports expansion of U.N. Security Council

The diplomat said that the signing of the E.U.-ASEAN comprehensive air transport agreement, the first ever region-to-region aviation agreement in 2022, will provide quite a boost to air connectivity between the 37 countries involved. The E.U. wants to invest more in the region, he said, adding that leaders of the union have announced 10 billion EUR (10.88 billion USD) in investment in Southeast Asia in the next couple of years through the “Global Gateway” sustainable investments in the region at a hope to address some of ASEAN's big connectivity needs and build on some of the successes in that respect of our previous cooperation. He noted that the E.U. has already signed free trade agreements (FTA) with Singapore and Vietnam. The union will open negotiations for FTAs with other ASEAN countries, while resuming FTA negotiations with Indonesia, Malaysia, the Philippines and Thailand. Driesmans said that the E.U.’s second priority is to develop a joint green and sustainable agenda … [Read more...] about E.U. to focus on deepening economic ties with ASEAN: diplomat