Labour market flexibility

Prime Minister Pham Minh Chinh speaks at the meeting. (Photo: VNA) Hanoi (VNA) – Prime Minister Pham Minh Chinh outlined main tasks to improve the material and spiritual life of labourers at a meeting on coordination between the Government and the Vietnam General Confederation of Labour (VGCL) in Hanoi on February 1. The ministries of planning and investment; industry and trade; foreign affairs; and labour, invalids and social affairs should coordinate with the VGCL in boosting production and business, expanding the market, creating more jobs for labourers, and improving their skills, the Government leader said. He asked the ministries of construction, natural resources and environment and finance to work together with the confederation in handling issues relating to housing for labourers. The VGCL should coordinate with the ministries of culture, sports and tourism; health; and education and training in building cultural, educational and health care establishments … [Read more...] about PM speaks of major tasks to raise labourers’ material, spiritual life

Singapore’s inflation remains high in 2023: Economists (Photo: VNA) Singapore (VNA) – Based on latest data from Singapore ’s Ministry of Trade and Industry and Industry (MTI), many economists have forecasted that the country’s inflation will remain high in 2023, despite signs of reduction from global price pressures. In 2022, overall inflation came in at 6.1%, up from 2.3% a year ago, while core inflation, which excluded accommodation and private transport, came in 4.1% year on year, an increase of 0.9% year on year. Singapore's overall inflation is forecast at 4.5-5.5% in 2023, while core inflation is forecast at 2.5-3.5% after excluding impacts of increase in Goods and Services Tax (GST). Monetary Authority of Singapore (MAS) and the MTI have also warned about risks that could lead to high inflation rates being “persistent than expected”, especially after China reopened its market. However, both MAS and the MTI are still optimistic about the second half of … [Read more...] about Singapore’s inflation remains high in 2023: Economists

Illustrative image (Photo: asean.org) Bangkok (VNA) – The Economic Intelligence Centre of the Siam Commercial Bank forecasts the CLMV countries , namely Cambodia, Laos, Myanmar and Vietnam, will gain a stronger growth momentum in 2023, but remain below its growth potential prior to the COVID-19 outbreaks. The rebound will be uneven across countries, depending on economic fundamentals and country-specific risks, the centre said in its February 1 report. SCB EIC expects that the Cambodian economy will grow 5.5% this year, 3.0% in Laos and Myanmar, and 6.2% in Vietnam. According to the report, domestic demand and tourism will be key drivers for CLMV economic recovery in 2023. Domestic demand will gain support from improvements in the labour market, as seen in Vietnam’s Q4/22 employment soaring to its highest level since the COVID-19 outbreaks. Meanwhile, the service sector will benefit from rising tourist arrivals this year, particularly Chinese visitors who made up … [Read more...] about CLMV countries to grow stronger this year: Thai bank

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 outlined main tasks to improve the material and spiritual life of labourers at a meeting on coordination between the Government and the Vietnam General Confederation of Labour (VGCL) in Hanoi on February 1. The ministries of planning and investment; industry and trade; foreign affairs; and labour, invalids and social affairs should coordinate with the VGCL in boosting production and business, expanding the market, creating more jobs for labourers, and improving their skills, the Government leader said. Read full story - A book by General Secretary of the Communist Party of Vietnam (CPV) Nguyen Phu Trong regarding the fight against corruption and other negative phenomena will be released at a ceremony in Hanoi on February 2, according to the CPV Central Committee’s Commission for Internal Affairs. The debut is timed for the 93rd … [Read more...] about ☕ Afternoon briefing on February 1

Illustrative photo (Source: VNA) Hanoi (VNS/VNA) – Vietnam’s textile, garment and footwear sectors aim to achieve a total export value of 77-80 billion USD in 2025 and 106-108 billion USD in 2030, according to the strategy for the development of Vietnam’s textile and footwear industry. Under the development strategy approved by the Government, for the long term, the garment, textile, leather and footwear sectors are still key export industries of the economy. The sectors will continue to promote investment in the production of materials and auxiliary materials, as well as supporting industries. They will encourage the production of fabrics from domestically produced yarn to reduce imports, and form a complete supply and value chain in the region. For the leather and footwear industry, Nguyen Duc Thuan, Chairman of Lefaso, said domestic enterprises need to actively adapt to the requirements of the market and brands on sustainable development standards for products. They … [Read more...] about Garment, footwear exports aim to reach 80 bln USD by 2025