Labour cooperation

Prime Minister Pham Minh Chinh attends the Vietnam-Japan business forum in Hiroshima on May 21. Hiroshima (VNA) - Prime Minister Pham Minh Chinh thanked Japanese businesses for their sharing, accompanying and determination to run a long-term investment in Vietnam, especially in the context of the current difficulties and challenges, while attending a Vietnam-Japan business forum held in Hiroshima on May 21. Chinh, who is in Japan to attend the expanded Summit of the Group of Seven ( G7 ) and for a working visit, said that the Vietnam-Japan relationship is at its best ever 50 years after they set up their diplomatic ties. At present, Japan is the largest ODA donor, the second largest labour cooperation partner, the third biggest investor and tourism partner, and the fourth biggest trade partner of Vietnam. Vietnam always listens to understand and solve practical issues appropriately and effectively, including those of enterprises, while continuing to give priority to … [Read more...] about PM thanks Japanese enterprises for accompanying Vietnam

Do Thanh Trung - Deputy Minister of Planning and Investment Over the years, foreign-invested enterprises (FIEs) have made great contributions to Vietnam’s socioeconomic development, to the formation of a number of industries, promoting economic restructuring, import and export, creating jobs, transferring technologies, contributing to the state budget, and supporting domestic enterprises to develop together. FIEs have also made important contributions to Vietnam’s international integration process, expanding relations with other countries, as well as enhancing Vietnam’s position in the world. They are motivated and contributing to Vietnam’s perfecting the socialist-oriented market economy institution, promoting economic reform and restructuring, renovating the growth model, and improving labour productivity, quality, efficiency, and competitiveness. Especially, in recent years, there are more multinationals and large foreign-invested enterprises funding large-scale projects … [Read more...] about Building on cooperation towards common prosperity

Coordinating Minister for Economic Affairs Airlangga Hartarto invites a number of ASEAN ministers to align views on crucial matters ahead of the ministerial-level meeting of Indo-Pacific Economic Framework in Detroit, US, on May 27. (Photo: ANTARA) Jakarta (VNA) - Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto and several ASEAN top-ranked officials discussed the role of third parties related to manpower issues within the Indo-Pacific Economic Framework (IPEF) cooperation. The minister said in a statement on May 28 that the meeting was held ahead of the ministerial-level meeting of IPEF in Detroit, the US, on May 27 (local time). The discussion was attended by leaders of seven ASEAN countries delegations, namely Brunei, the Philippines, Indonesia, Malaysia, Singapore, Thailand, and Vietnam. During the discussion, the participants highlighted the roles of labor unions and civil society in a number of issues related to manpower in ASEAN … [Read more...] about ASEAN ministers discuss worker-related issues within IPEF cooperation

At the signing ceremony of a MoU serving Hai Phong 's growing labour demand (Photo: VNA) Hai Phong (VNA) – A mere 11% of the nearly 200,000 workers at industrial and economic zones across Hai Phong have high professional and technical qualifications, hence the northern port city’s enormous demand for a high-quality workforce between now and 2025. According to the Hai Phong Economic Zone Authority (HEZA), the local zones have so far lured 475 foreign-funded projects worth 23.5 billion USD. Le Trung Kien, head of HEZA, said from now to 2025, the city needs to attract approximately 10 billion USD worth of foreign direct investment (FDI). Every 1 billion USD requires about 10,000 workers, including 3,000 – 4,000 high-skilled ones, he clarified. According to Kien, the northern industrial hub is calling for investment to the establishment of up to two research and innovation centres. The local workforce is set to focus on its three economic pillars of high-tech industry, … [Read more...] about Hai Phong in need of high quality workforce

An overview of the 10th Nevsky International Ecological Congress . (Photo: VNA) Moscow (VNA) – A National Assembly (NA) delegation led by NA Vice Chairman Nguyen Khac Dinh attended the 10th Nevsky International Ecological Congress in St. Petersburg in Russia, at the invitation of the First Deputy Speaker of the Federation Council of Federal Assembly of Russia (upper house) Andrey Yatskin. At a meeting on May 25 with Yatskin, who is also head of the Russian Federation Council’s group for cooperation with the NA of Vietnam, Dinh affirmed that Vietnam always treasures the traditional friendship and comprehensive strategic partnership with Russia, and remembers the priceless support that the former Soviet Union and now Russia has given to Vietnam. Dinh, who is also Chairman of the Vietnam - Russia Friendship Parliamentarians’ Group, pointed to a number of problems in the economic-trade partnership between the two countries, and asked Russia to support the upgrade and adjust … [Read more...] about NA delegation attends Nevsky International Ecological Congress in St. Petersburg

Do Van Su, deputy director general of the Foreign Investment Agency under the Ministry of Planning and Investment Last week, Do Van Su, deputy director general of the Foreign Investment Agency under the Ministry of Planning and Investment, said the quality and quantity of foreign-headed projects have improved in recent years. “Although the number of large-scale projects has decreased due to the impact of many factors, the quantity of projects overall sees an average increase of 16-19 per cent per year. The average capital of projects is $16 million,” he said. Statistics published by Su’s agency showed that in the first four months of 2023, Vietnam attracted 750 newly registered projects, 386 added-capital projects, and 1,044 paid-in capital, signifying increases of 65.2, 19.5, and 1.8 per cent on-year, respectively. The results are deemed positive in the context that global foreign investment capital inflow is forecasted to dip this year. In addition, these positive … [Read more...] about Quality and quantity advances sought

Since last October, Pham Manh Hung has been struggling to feed his five-member family. Hung has been forced into a reduction of working hours, while his wife last worked for an apparel company in Hanoi almost a year ago. For most of 2022, all 1,500 workers at Hung’s company in Hanoi’s Quang Minh Industrial Park (IP), producing furniture products exported to Europe and Japan, operated at full speed with many export orders coming from foreign partners. Prolonged economic difficulties will inevitably mean that some people will be squeezed out of work, photo Le Toan “However, over the past seven months, the company has landed only several orders. So its leadership has been seeking more markets for its products in order to create employment and retain workers,” Hung said. “They don’t want to let go of workers and instead reduce the working hours by two hours a day.” Meanwhile, his wife, Nguyen Thi Mo, had been working for a Japanese firm in the capital’s Thang Long IP … [Read more...] about Nation braced for dim job prospects

Starting in 2024, when the South Korean government will impose the global minimum corporate income tax (GMT), Samsung estimates that it will be required to pay an additional $400 million in taxes to South Korea. Taking into account the tax incentive period in Vietnam, the total tax difference this group must pay is estimated to be $6.5 billion, according to data released by Samsung Vietnam last month. Clock ticks to shape response to global corporate tax policy, photo Thuy Linh Companies like Samsung are believed to be anxious that the enactment of GMT next year will exacerbate the company’s obstacles, as profits are declining and competition for semiconductor technology is intensifying. According to the Ministry of Finance, Vietnam has approximately 335 projects with registered capital exceeding $100 million, with a focus on the high-tech industry, including Samsung, Intel, LG, Bosch, Sharp, Panasonic, Foxconn, and Pegatron. The total registered investment for these … [Read more...] about Clock ticks to shape response to global corporate tax policy

The two sides sign a document approving bilateral commitments at the meeting. — Photo courtesy of New Zealand Embassy in Ha Noi There is great potential for Viet Nam and New Zealand to further strengthen cooperation in terms of trade, industry and investment, said Deputy Minister of Industry and Trade Phan Thi Thang at the 8th meeting of the Viet Nam-New Zealand Joint Trade and Economic Commission (JTEC) held in Ha Noi on Tuesday. Co-chaired by Thang and Deputy Secretary for Foreign Affairs and Trade of New Zealand Vangelis Vitalis, the meeting focused on reviewing bilateral cooperation in trade, investment, agriculture, education and training, tourism, aviation, and labour. The two sides applauded the efforts and close cooperation between ministries and sectors of both sides in implementing agreements on economic and trade cooperation signed by the two countries' leaders. Trade between Viet Nam and New Zealand has grown strongly since the two countries established the … [Read more...] about Large room for Viet Nam, New Zealand to boost trade, investment ties: official

At the seminar, VBSP delegates shared their experiences of helping customers, especially the poor, in remote and rural areas to access banking services on their mobile phones. With support and cooperation from DFAT, TAF, Mastercard and other technology partners, VBSP’s Mobile Banking project has successfully developed a digital financial platform suitable for its target customers. The deployment of mobile-based financial services kicked-off with the launch of an SMS Messaging service from VBSP , followed by the trial implementation of a Policy Credit Management app, and most recently the launch of the VBSP SmartBanking app. At the seminar, Tran Ngoc Hien, head of a Savings and Credit group in Phong Dien district in the Mekong Delta city of Can Tho, recalled that in the past, she had to visit several dozen households each day until late in the evening to collect money and as a result, errors were inevitable. “The Policy Credit Management app is so efficient. Now the … [Read more...] about VBSP driving digital finance to aid the disadvantaged