Internal audit charter

Customers shop at a supermarket in HCM City. Standard Chartered Bank forecasts inflation may rise again to 3.2 per cent year-on-year from 3.0 per cent year-on-year in August. — Photo baotintuc.vn Standard Chartered Bank forecasts Việt Nam’s Q3 GDP growth to pick up to 5.1 per cent year-on-year (from 4.1 per cent in the second quarter). A rebound is expected in the second half of the year, after early signs of recovery in the second quarter. The bank's 2023 GDP growth forecast remains at 5.4 per cent. This information was released in its recent global research report titled “Việt Nam Macro: Q3 GDP to show ongoing recovery”. According to the international bank, September data is likely to show a slight improvement over August, supported by retail sales. The bank expects September retail sales growth to stay robust at 8.2 per cent year-on-year, exports are predicted to fall 6.2 per cent year-on-year, imports to fall 7.0 per cent, and industrial production growth to pick up to 3.2 … [Read more...] about Standard Chartered forecasts Q3 GDP to show ongoing recovery

The latter half of the year is set for a substantial rebound, riding on the back of Q2's initial recovery signs. The bank's outlook for 2023 remains steady, with a GDP growth estimate of 5.4 per cent. Standard Chartered anticipates September’s figures to marginally outpace those of August, predominantly buoyed by retail sales. The forecast details an impressive 8.2 per cent annual growth in September's retail sales, though exports might dip by 6.2 per cent. Imports are slated to shrink by 7 per cent, while industrial production growth could see a surge to 3.2 per cent. Furthermore, the trade surplus might slim down to a mere $1.3 billion. The inflation index is set to tick up to 3.2 per cent on-year from August's 3 per cent, steered primarily by the education, housing, and food sectors. Conversely, transport-led inflation appears to be subsiding. In the tourism front, Vietnam welcomed approximately 7.8 million international travellers in 2023's initial eight months, closely … [Read more...] about Vietnam’s Q3 GDP poised for growth, Standard Chartered reports

Growth in retail sales in September is expected at 8.2%. Exports will drop 6.2% and imports 7%. Industrial production growth will be up 3.2%. The inflation rate may be 3.2% this month, compared to 3% last month. Tim Leelahaphan, economist for Thailand and Vietnam at Standard Chartered Bank, said: "As the economy is recovering, we will no longer be so dependent on monetary policy." This bank maintains its 2023 GDP growth projection at 5.4%, lower than the country’s 6.5% growth target. Some domestic and international organizations predict Vietnam's growth this year to fluctuate below 6%. … [Read more...] about Economic recovery to continue in Q3: Standard Chartered

At the working session between Auditor General of the State Audit Office of Vietnam Ngo Van Tuan and President of the Italian Court of Audit Paulo Carlino in Rome, Italy on September 21 (Photo: VNA) Rome (VNA) – Auditor General of the State Audit Office of Vietnam (SAV) Ngo Van Tuan held a working session with President of the Italian Court of Audit Paulo Carlino in Rome, Italy on September 21. Tuan wished to promote cooperation between the two agencies in the future through the facilitation of delegation exchanges at all levels, the sharing of professional experience, training activities, and exchange of documents and audit standards. He hoped that SAV could learn from invaluable experience of the Italian Court of Audit , particularly in four areas of its strength, including environmental auditing, assessment of public policies, pre-audit of government policy agendas before implementation, and the application of information technology and digital transformation … [Read more...] about State Auditor General holds working session with President of Italian Court of Audit

PM Pham Minh Chinh chairs a ceremony to celebrate Vietnam's 78th National Day and the 46th anniversary of the country's accession to the United Nations in New York. (Photo: VNA) New York (VNA) - Prime Minister Pham Minh Chinh chaired a ceremony celebrating Vietnam's 78th National Day and the 46th anniversary of the country's accession to the United Nations (UN) at the UN headquarters in New York, the US, on September 22 evening. The event was attended by President of the 78th UN General Assembly Dennis Francis, representatives from UN organisations and UN member states, international friends, leaders from Vietnamese ministries and sectors, and Vietnamese officials working in the US. President of the 78th UN General Assembly Dennis Francis attends the ceremony. (Photo: VNA) In his remarks, PM Chinh highlighted that Vietnam has contributed its efforts to realise the UN’s goals since it joined the organisation 46 years ago, just like what President Ho Chi … [Read more...] about PM chairs ceremony marking Vietnam’s 78th National Day at UN’s headquarters

An increasing number of domestic and foreign financial institutions are adopting environmental, social, and governance (ESG) standards for their investment activities as well as channeling capital sources into sustainable business activities. They also join forces to promote sustainable development in Vietnam. Accordingly, Standard Chartered Bank Vietnam, Prudential Vietnam, and Home Credit Vietnam have shaken hands towards the development of a sustainable future. This marks a pioneering partnership between three large corporations in the banking, insurance, and consumer finance industries. Three companies recently participated in the U.K. Festival themed "U.K.-Vietnam: Building for the Future" in Hanoi and HCMC in September, commemorating 50 years of Vietnam-U.K. diplomatic relations. The U.K. Festival is going to take place in Da Nang on October 16. The representatives from Standard Chartered Bank Vietnam, Prudential Vietnam, and Home Credit Vietnam gather at the U.K. … [Read more...] about ESG in financial sector driving economic development

GDP in the July-September quarter is expected to have grown 5.33% from a year earlier, faster than an expansion of 4.05% in the second quarter. Services grew 6.32%, while industry and construction rose only 1.65%, lowest in the 2011-2023 period. Manufacturing went up 1.98%, also lowest in the period. Vietnam recorded a trade surplus of $21.68 billion, tripling year-on-year. Exports, exports fell 8.2% to $259.67 billion, while imports were down 13.8% to $237.99 billion. Standard Chartered in a note last week said an economic recovery remained tentative and manufacturing could stay lacklustre for some time, while an improvement in foreign investment prospects was unclear. "With the economic recovery starting to gain momentum, there should be less need for monetary policy support," Reuters quoted its economist Tim Leelahaphan as saying. The International Monetary Fund on Wednesday forecast Vietnam's growth this year at 4.7%, while the Asian Development Bank this month … [Read more...] about Vietnam’s GDP expands 4.24% in 9 months

An aircraft of Vietjet (Photo: Vietjet) HCM City (VNA) - Continuously expanding its flight network to Australia , Vietjet has opened new routes connecting Ho Chi Minh City to Perth and Adelaide, becomes the first airline to have flights connecting Vietnam with the five largest cities in Australia. The flights connecting HCM City with Perth and Adelaide will officially serving passengers from November 21, 2023 with five return flights per week. The flights from Ho Chi Minh City will take off at 6:35 (local time), land in Perth at 14:20 (local time) and continue flying to Adelaide, land there at 21:10 (local time) on Mondays, Tuesdays, Wednesdays, Thursdays and Sundays. In the opposite direction, the flights will depart from Adelaide at 7:25 (local time), land in Perth at 8:55 (local time) and depart from Perth at 9:55 (local time), and land in HCM City at 15:40 (local time) on Mondays, Tuesdays, Wednesdays, Thursdays, and Fridays. Perth is the fourth largest city in … [Read more...] about Fly to Adelaide, Perth now with Vietjet’s tickets from only 0 VND

According to the Ministry of Industry and Trade, 72 countries recognize Vietnam as a market economy, including Canada, Australia, Japan, and South Korea. The UK did so recently with an official letter to the effect. Speaking to VnExpress , a Trade Remedies Authority Department official said since its first anti-dumping investigation case against Vietnam in 2002 the U.S. had been considering the country a non-market economy. In a meeting with the U.S. Secretary of Commerce Gina Raimondo in Washington last Tuesday, Prime Minister Pham Minh Chinh proposed the U.S. to soon recognize Vietnam’s market economy status . The need for recognition of Vietnam's market economy status was also in the joint statement between General Secretary Nguyen Phu Trong and President Joe Biden on upgrading the two countries' relations to a Comprehensive Strategic Partnership. The EU also sees Vietnam as a non-market economy. In 2015, while free-trade agreement negotiations were underway, the EU … [Read more...] about Significance of Vietnam being a market economy

The three-day conference is being held by the International Air Transport Association (IATA) with Vietnam’s national flag carrier Vietnam Airlines acting as the host. Themed “Leadership in Action: Driving Safer and More Efficient Operations,” the event has brought together more than 800 delegates from airlines worldwide and international organizations in the aviation sector. Deputy PM Quang stressed that the Vietnamese Government has regarded the aviation sector as one of the economic engines that plays an important role in promoting trade and economic ties and tourism development. For his part, Minister of Transport Nguyen Van Thang briefed the participants on achievements reaped by the Vietnamese aviation sector, saying no commercial airplane accidents have been reported over the past 25 years, and all of the domestic airlines have received operational safety certificates from the IATA. Dang Ngoc Hoa, Chairman of the Board of Directors of Vietnam Airlines, highlighted the … [Read more...] about World Safety and Operations Conference kicks off in Hanoi