Investment capital management

In January, an estimated 27 trillion VND from the State budget was disbursed, including 4.2 trillion VND managed by the State, or 3.1% of the annual plan and up 15.7% compared to the same period last year. The remainder was managed by local authorities, equivalent to 4.2% of the annual plan and marking a rise of 1.2% over the corresponding period of 2022. The total capital investment plan for 2022 from the state budget approved by the National Assembly was over 580 trillion VND, including more than 276 trillion VND from the State and the remaining from localities. By December 31 last year, the disbursement of the investment plan from the state budget was estimated at over 435.6 trillion VND, or 75.11% of the plan assigned by the Prime Minister, lower than the 77.3% recorded in the same period of 2021, yet the absolute figure of the disbursement in 2022 was more than 79 trillion VND higher than the same period of 2021, according to the Finance Ministry. Of the figure, over 424 … [Read more...] about Hanoi, Ho Chi Minh City record highest disbursement of public investment capital in January

Regular Cabinet press conference (Photo: VNA) Hanoi (VNA) – In February and following months, Vietnam will focus its resources on three growth drivers of investment, consumption and export, said Minister-Chairman of the Government Office Tran Van Son at the regular Cabinet press conference on February 2 following its monthly teleconference with localities. Son said that at this conference, all Government members agreed that in the coming time, there are more difficulties and challenges than opportunities and advantages. Therefore, Prime Minister Pham Minh Chinh asked ministries, sectors and localities to proactively address arising problems and step up three strategic breakthroughs namely institutions, infrastructure and human resources. He requested giving priority to maintaining macro-economic stability, controlling inflation, propelling growth and ensuring major balances of the economy. "It is necessary to ensure the balanced, rational and effectively … [Read more...] about Vietnam focuses on investment, consumption, export: regular Government press conference

Chairing the Government’s monthly teleconference with localities on February 2, PM Pham Minh Chinh requested keeping a close watch on the domestic and foreign market situation. He asked for extensive monitoring of product price and inflation to enable a quick response to the current situation. He also requested timely forecasts and risk warnings while adopting a sound, flexible and effective monetary policy in close and synchronous combination with monetary, fiscal and other policies. The PM also requested that associated ministries ensure the liquidity and safety of credit organizations, gearing credit into production and trade, priority areas and growth pillars. Another important topic is stepping up cashless payment, while tackling difficulties for real estate market, prioritizing capital for transparent and effective enterprises, and enhancing social investment attraction and public-private partnership. Localities need to take initiative for the disbursement of public … [Read more...] about Macro-economic stability, inflation control continue to be priority: Prime Minister

Hanoi (VNA) - The following is a brief review of the day’s events as reported by the Vietnam News Agency. - Prime Minister Pham Minh Chinh on February 2 asked the Government, ministries, agencies and localities to boost production and trade, deal with difficulties to be faced by businesses and people this month to achieve rapid and sustainable socio-economic development. Chairing the Government’s monthly teleconference with localities, PM Chinh said since the beginning of this year, the Government has followed the Party Central Committee’s conclusions, the National Assembly and Government’s resolutions and Party General Secretary Nguyen Phu Trong’s directions on 2023 socio-economic development. Ministries, agencies and localities have also drastically performed their assigned tasks. Read full story - Ambassador Dang Hoang Giang, Permanent Representative of Vietnam, and Ambassador Dennis Francis Smith, Representative of Trinidad and Tobago to the United Nations (UN), on behalf … [Read more...] about ☕ Afternoon briefing on February 2

By 2025, the Ministry of Information and Communications expected Vietnam to have 80,000 digital tech firms, meeting at least 50% of digital tech and services from state agencies. Vietnam aims for the digital technology industry to lead the implementation of Industry 4.0 in the country, with revenue growth 2.5 times higher than the overall GDP expansion rate. ICT to help Vietnam realize the digitalization process. File photo The target was revealed in the Ministry of Information and Communications (MIC)’s directive for information and communication technology (ICT) development in 2023 and the 2024-2025 period. "Digital technology focused on design, creation, and manufacturing in Vietnam is the main industrial sector driving the nation's industrialization and modernization, contributing to greater digitalization capability and shaping a digital country," the MIC stated. Under the plan, the ministry expected revenue from the ICT sector would hit US$165 … [Read more...] about Digital technology to spearhead Vietnam’s drive for Industry 4.0

Chairing the government’s monthly teleconference with localities, PM Pham Minh Chinh said since the beginning of this year, the government has followed the Party Central Committee’s conclusions, the National Assembly and government’s resolutions and Party General Secretary Nguyen Phu Trong’s directions on 2023 socio-economic development. Ministries, agencies and localities have also drastically performed their assigned tasks. In January, macro-economic situation was basically stable. The consumer price index rose by 0.52% month-on-month and 4.89% year-on-year. As of January 17, credit growth hit 0.65% compared to the end of last year, meeting public demand before and during the lunar New Year (Tet). The State budget collection reached 11.3% of the estimate for the year, while newly-registered FDI tripled the figure in the corresponding period last year to 1.2 billion USD. The trade surplus was estimated at 3.6 billion USD. National defense - security was guaranteed while external … [Read more...] about Prime Minister chairs monthly teleconference with localities

Riccardo Puliti, IFC’s new regional vice president for Asia and the Pacific. — Photo courtesy of IFC Riccardo Puliti, who was on Wednesday appointed IFC’s new regional Vice President for Asia and the Pacific, will focus on addressing multiple crises amid global economic slowdown. An Italian national, Puliti will oversee IFC’s regional efforts in spurring private sector growth and identifying impactful collaborations for a green, resilient, and inclusive recovery in response to multiple crises and a deteriorating global economic outlook. Economies in the Asia and Pacific region continue to suffer from COVID-19 disruptions. At the same time, Russia’s war in Ukraine, tightening global financial conditions, weaker global growth, and more frequent disruptive weather events linked to climate change threaten to dampen the region’s growth trajectory, according to the World Bank’s latest Global Economic Prospects report. In taking on the role of IFC’s Vice President for Asia and the … [Read more...] about IFC appoints new regional Asia-Pacific VP

A construction site of Phat Dat Real Estate Development Joint Stock Company (PDR). PDR reported net revenue of VND14.6 billion (US$622,600) in the last 3 months of 2022. — VNA/VNS Photo A volatile real estate market caused revenues and profits of realty businesses to decrease sharply in the fourth quarter of 2022. Phat Dat Real Estate Development Joint Stock Company (PDR) reported net revenue of VND14.6 billion (US$622,600) in the last three months of 2022, a sharp decrease compared to the VND1.29 trillion recorded in the fourth quarter of 2021. The company suffered an after-tax loss of VND229.4 billion in Q4 of 2022, while in the same period in 2021, it reported a net profit of VND751.4 billion. This was considered Phat Dat's "failure" quarter as the company reported a loss for the first time since it announced business results. Dat Xanh Group Joint Stock Company (DXG) reported a loss of VND460 billion in the last quarter of 2022. During the period, the company's net revenue … [Read more...] about Volatile real estate market puts pressure on business results

Vietnam's real estate market continues to show strong appeal to foreign investors despite global economic difficulties. The foreign direct investment (FDI) into Vietnam’s real estate market in 2022 rose by over 70% yearly to US$4.45 billion, focusing on industrial and large-scale commercial projects, according to the Ministry of Construction (MoC). Real estate projects in Hanoi. File photo The MIC’s report suggested that real estate stands second among sectors with the highest FDI attraction in 2022, which showcases “the strong appeal of the market to foreign investors amid a difficult global economic environment.” Neil MacGregor, Managing Director of Savills Vietnam, echoed this view by saying foreign investors remain attracted to Vietnam, especially in production, retail, logistics, and real estate. He expected the attention from foreign investors would help the local real estate accelerate the recovery process this year. Regarding this sentiment, HSBC … [Read more...] about FDI to Vietnam’s real estate rises by over 70% in 2022

ChatGPT and AI is set to boom in Vietnam In the early days of 2023, ChatGPT released by OpenAI is becoming popular all over the world. ChatGPT is a chatbot providing solutions to complex problems directly like composing essays, coding, and drafting business proposals. Within a few seconds after entering keywords, ChatGPT will provide text, images, audio, and other entertainment media in excellent quality. Just a few weeks after launching, this “super AI” has reached over 10 million users and has rapid growth. This success helps OpenAI negotiate an investment agreement worth $30 billion, more than double its valuation in 2021. After investing $1 billion in ChatGPT in 2019, Microsoft is planning to invest another $10 billion in exchange for 49 per cent of OpenAI's stake. This tech giant is considering integrating ChatGPT into Word, Powerpoint, Outlook, and even the Bing search engine to compete for market share with Google Search. Eric Boyd, CVP of AI Platform at Microsoft, … [Read more...] about ChatGPT and AI booms in Vietnam