New momentum For over one week now, more than 94% of businesses in the Southern economic hub has resumed their production with over 95% of workers being back to work after Tet holiday. Workers at Go Vap district-based Joint Stock Company 28.1 under the Corporation 28 of the General Department of Logistics, which specializes in garments making, are working with the highest capacity, focusing on orders from the U.S., Australia, and European countries. Working for the company for more than 21 years now, Nguyen Van Hong from Hai Duong province said that good income and policy offered by the company make him feel secure at work. Despite difficulties facing the garment sector due to COVID-19, his company has ensured orders uninterrupted, so workers have resumed work since the beginning of the lunar New Year. In addition, good Tet welfare policy has helped keep workers attached to the company. Senior Colonel Tran Doan Thoan, Director of Joint Stock Company 28.1 informed that the … [Read more...] about Businesses in Ho Chi Minh City speed up production to achieve set targets
In calculating the unemployment rate discouraged workers who are not actively seeking employment are
Majority back to work after Tet in southern industrial hubs
A garment factory in Binh Duong province (Photo: VNA) HCM City (VNA) – The majority of workers of businesses and factories in Ho Chi Minh City , Binh Duong and Dong Nai provinces, three major industrial hubs in the south, have returned to work after a long Lunar New Year (Tet) holiday, local authorities said. The HCM City Department of Labour, Invalids and Social Affairs noted about 95% of employees in local agencies, factories, and businesses had been back to work as of January 30. Among the over 1,300 companies surveyed by the department, more than 42% of those allowing their workers to return to their hometowns for Tet from January 18 - 19 (the 27th and 28th days of the last lunar month) have resumed operations. Director of the department Le Van Thinh said despite many difficulties leading to lay-offs in late 2022, the situation has improved as many businesses and factories have received new orders. A number of companies have launched various incentives and … [Read more...] about Majority back to work after Tet in southern industrial hubs
Hanoi to spearhead the nation’s industrialization efforts until 2030
Vietnamese people's cultural and human values should be central to the capital’s industrialization process. Hanoi aims to spearhead the nation's industrialization and modernization until 2030, with an eye on 2045. Hanoi has seen major transformation over the years. Photo: Pham Hung According to the municipal Party Committee, the goal of the plan is to transform the mindset and build consensus in the political system and people to achieve socioeconomic development objectives. The Party Committee emphasized the use of science-technology and innovation, specifically Industry 4.0 advancements, as a key solution for the country’s modernization in the 2021-2030 period. “This would help Vietnam to make breakthroughs in productivity and improve the economy's competitiveness,” stated the plan. For Hanoi, the plan identifies key targets for economic growth, enhancing socio-cultural values, urban development, and environmental protection. By 2030, Hanoi and other … [Read more...] about Hanoi to spearhead the nation’s industrialization efforts until 2030
Viet Nam wrestles with labour productivity issue when heading to innovation-based development
Vo Tri Thanh *Vo Tri Thanh Viet Nam achieved and exceeded 14 out of 15 targets assigned by the National Assembly for 2022 with many impressive numbers including GDP growth, export turnover and the number of newly-established and re-opened businesses. Only labour productivity was under expectations. Viet Nam’s labour productivity was expected to increase by between 4.7 per cent and 5.2 per cent on average in 2022, higher than the average growth rate of 4.7 per cent in 2021 but behind the target of 5.6 per cent set for the whole of 2022. On January 10 this year, the Government issued Resolution No 06/NQ-CP on the development of a modern, efficient, sustainable and integrated labour market serving quick socio-economic recovery, setting the average labour productivity target for 2023 at more than 6.5 per cent. Labour productivity is an important economic indicator that is closely linked to economic growth, competitiveness and living standards within an economy. According to … [Read more...] about Viet Nam wrestles with labour productivity issue when heading to innovation-based development
Average electricity retail price bracket increases
Workers of Vietnam Electricity check the transmission system. The bracket of average electricity retail prices has been increased to 1,826.22 VND per kWh for the floor price and 2,444.09 for the ceiling price. (Photo: VNA) Hanoi (VNS/VNA) - The bracket of average electricity retail prices has been increased to 1,826.22 VND (0.078 USD) per kWh for the floor price and 2,444.09 VND (0.1 USD) for the ceiling price, according to the Prime Minister’s Decision No 02/2023/QĐ-TTg dated on February 3. Compared to the previous bracket, which has been applied since 2017, the floor price increased by 220 VND and the ceiling price by 538 VND per kWh. The adjustment of the bracket would not immediately impact prices. The bracket and the inspection results of the electricity production and business costs in 2022 would be the base for the Ministry of Industry and Trade to decide on the average electricity retail price for this year. The Ministry of Industry and Trade recently urged … [Read more...] about Average electricity retail price bracket increases
Bustling M&A deals in banking industry at year beginning
Illustrative image (Source: VNA) Hanoi (VNA) – Right from the beginning of 2023, many banks have announced their plans for merge and acquisition (M&A) deals and capital increase. Last week, the Board of Directors of the Vietnam National Petroleum Group (Petrolimex) approved a plan to divest capital from PG Bank, which means the bank will have a chance to seek a new strategic shareholder to increase its capital after 12 years. Earlier in January, the Sumitomo Mitsui Banking Corporation (SMBC) was likely to complete capital divestment from Eximbank. Meanwhile, VPBank is working to sell 15% of its stake to a foreign partner. Once the deal finishes, it will be one of the banks with largest equity in the system. In a directive issued earlier this year, the State Bank of Vietnam (SBV) no longer banned banks from paying cash dividends. Accordingly, this year, many banks are preparing to pay cash dividends such as VPBank, TPBank, VIB and ACB. In its Directive 01/CT-NHNN, the … [Read more...] about Bustling M&A deals in banking industry at year beginning