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Mr. Mai speaks at the meeting (Photo: SGGP) On the afternoon of May 17, the Ho Chi Minh City National Assembly Delegation supervised the implementation of Resolution 54/2017 of the National Assembly on piloting specific mechanisms and policies for the city’s development and social economy in the first four months of the year and the benefits and solutions in the last months of 2022. Speaking at the meeting, Vice Chairman of Ho Chi Minh City People's Committee Vo Van Hoan emphasized that the city’s socio-economic situation in the first four months of 2022 has many bright spots. Importantly, the Covid-19 epidemic has been under control as from April 8 to now, the southern largest city has not recorded any deaths. The city's economy continued to rebound and recover strongly. In the first four months, the total state budget revenue reached more than VND186,000 billion, reaching more than 43 percent of the estimate. Regarding the implementation of the Resolution 54 , the … [Read more...] about HCMC petitions for specific mechanisms and policies to develop sustainably

Three parties signed a strategic cooperation agreement On May 13, C.P. Vietnam announced at its head office in Bien Hoa that it has kick-started its digital transformation journey with SAP SuccessFactors solutions. The move will help the company enhance its HR capabilities and leverage real-time analytics for better business decisions and capabilities. C.P. Vietnam expects not only to reduce costs and drive greater operational efficiency but also to deliver an enhanced employee experience consistent with its mobile-first, cloud-first philosophy that attracts and retains talent, fosters employee engagement, and drives improved business outcomes. The company is a foreign direct investment enterprise that operates in the closed agro and food industry. Established in 1993, it has steadily grown to become Vietnam’s leading food conglomerate, covering both livestock and aquaculture businesses. The company’s food products not only meet the needs of the domestic market but are also … [Read more...] about C.P. Vietnam’s digital transformation with
 SAP SuccessFactors

A view of HCM City. Many banks have temporarily ceased lending to the property sector. — Photo vneconomy.vn Deputy Governor of the State Bank of Viet Nam, Dao Minh Tu, announced at the Government’s March press conference that credit growth in the first quarter of the year had been 5.04 per cent, much higher than the 2.16 per cent rise in the same period last year. He described it as a “quite positive result” that showed the economy had made a significant recovery with people’s lives and businesses returning to normal thanks to the Government’s effective measures against the COVID-19 pandemic. According to a report by the SBV’s HCM City office, credit growth in the country’s main economic hub was estimated at 3.65 per cent in the first quarter. The positive performance has encouraged many banks to set high goals for the full year. At its annual general meeting on March 16, VIB approved a growth target of 30 per cent, much higher than the cap of 14 per cent set by the central … [Read more...] about Not lending to property sector will have mixed effects: analysts

Vietnam continues to benefit from its broad re-opening strategy, which saw a huge crowd flocking to tourist hotspots in the country and household spending rebound. Vietnam’s economic recovery is gaining momentum despite heightened global uncertainty related to the protracted war in Ukraine, higher commodity prices, and tightening global financial conditions, according to the World Bank. Cargo handling at Dinh Vu port, Haiphong. Photo: Cong Hung In its latest report, the World Bank pointed out the robust growth of industrial production by 9.4% in April, comparable to pre-pandemic rates. Manufactures of apparel, footwear, electronics, electrical equipment, and metal products were the most dynamic sub-sectors, registering double-digit growth rates, it added. However, machinery manufacturing slowed from 26.6% year-on-year in March to only 5.1% in April. This deceleration was related to supply chain disruptions caused by lockdowns in China, which led to a … [Read more...] about Vietnam’s economic recovery gaining momentum

Techcombank is on track to be among the top ASEAN banks Techcombank’s rise within the Vietnamese banking industry was highlighted last year when it became the first non-state-owned bank to join Vietnam’s billion-dollar profit club. “Even in the very tough environment we are seeing, our employees have maintained a high quality and reliable service for our customers and this is helping us to deliver stellar performance year after year,” said Jens Lottner, CEO of Techcombank. Last year, the bank continued to reduce costs while focusing on building deposits in its current accounts and savings accounts (CASA), which Lottner described as a “stable and cheap” source of funding. Techcombank’s CASA ratio, which reflects the percentage of the bank’s total deposits that are CASA, jumped from 46.1 per cent in 2020 to 50.5 per cent last year, well on its way to the bank’s target of 55 per cent by 2025. Techcombank’s net interest margin, a measure of the difference between the interest … [Read more...] about Techcombank on track for a seat among the top ASEAN banks

Workers during a shift at an animal feed factory in northern Ninh Binh Province. — VNA/VNS Photo Thong Nhat While Viet Nam's economic recovery was gaining momentum, the Government must pay more attention to "inflation and heightened risks of weaker global demand and supply disruptions to economic prospects", said a World Bank report on the South East Asian economy for May. Major disruptions to look out for include the uncertainty due to the ongoing Russia-Ukraine conflict and supply issues caused by lockdowns in China. The report said if higher inflation persists in the medium term, the economy should be allowed to adjust to higher prices with the authorities incentivising investments to increase productivity and aggregate supply. To mitigate risks to export performance, diversifying trade partners would be a prudent strategic consideration. During the month of April, the country's industrial production index grew by 9.4 per cent, comparable to the pre-pandemic level. … [Read more...] about WB warns of heightened risks looming

Nguyễn Đình Thuận harvesting plums. — VNA/VNS Photo Quang Quyết SƠN LA — Plums are widely grown on the Mộc Châu plateau in the northern mountainous province of Sơn La. In recent years, plum trees have become a key crop in local economic development, helping people eliminate hunger, reduce poverty, and even get rich. Nguyễn Đình Thuận from Mộc Châu Township has become successful through planting the fruit. After graduating from the Informatics Faculty of the HCM City’s National University in 2008, Thuận returned to his hometown in Mộc Châu and opened a small shop providing information technology services and electronic devices for schools and offices in communes and towns in the district. However, after a few years of running the shop, Thuận decided to switch to investing in agricultural production because he realised that his family had the advantage of hilly land with a high potential for economic development. In 2013, he started to grow plums. Many people asked him if he … [Read more...] about Mộc Châu man gets rich growing plums

The stock market plummeted last week causing headaches to investors. (Photo: SGGP) Stock market wobbles Many investors have expected to hunt good stocks in May because many stocks have plummeted to attractive price ranges from the decline that lasted for the last four weeks. Not only speculative stocks but mid-cap and large-cap ones were also sold off. Neither new investors nor professional investors dare to see their accounts being eroded day by day. Many investors sold to cut losses, and the total accounts lost by 30-50 percent within two weeks. Not only individual investors but large investment funds also recorded heavy losses in the first four months of the year. Specifically, one of the oldest and largest ETFs in Vietnam, Vaneck Vectors Vietnam ETF (VNM ETF), with a portfolio of US$546 million, saw a decrease in portfolio performance of 23.92 percent from the beginning of 2022. Vietnam Equity Fund (VEF) also recorded a negative portfolio performance of nearly 10 percent in … [Read more...] about Vietnam’s stock market has potential in long term