Lauren early reaching new heights

National Assembly deputies were divided into teams to discuss socio-economic achievements and challenges during their third working day in Hà Nội on Wednesday. VNA/VNS Photos Phạm Kiên HÀ NỘI — National Assembly Chairman Vương Đình Huệ yesterday day expressed his concern that this year’s growth target will be hard to reach. He was speaking during the third working day of the third session of the 15th-tenure National Assembly (NA) in Hà Nội. NA deputies reviewed the socio-economic development results in 2021, and discussed plans for further development and budget allocation this year. Discussing the economic growth targets that the 13th Party Congress set for the next five years, NA chair Huệ expressed his worries that the country must try much harder to achieve the gross domestic product (GDP) growth target of 8-8.5 per cent this year. The congress set a GDP growth target of 6.5-7 per cent each year from 2021 to … [Read more...] about Reaching growth target a challenge for this year: NA chair

Positive prospects Total consolidated revenue of the Vietnam National Textile and Garment Group (Vinatex) in the first quarter of 2022 reached nearly VND4.9 trillion, a year-on-year increase of 45 percent. Its pretax profit reached VND376.7 billion, up 74 percent compared with the first quarter of 2021, and equivalent to 39.6 percent of the annual projection. Many textile and garment companies have received orders to maintain exports until the end of the third quarter of 2022 Vinatex attributed these results to the fact that most yarn companies of the group received orders in 2021 to maintain exports in 2022 and to the forecast about cotton price increases resulting in a large volume of low-priced cotton in stock. In early 2022, member companies of Vinatex achieved satisfactory business results and many received orders for the first three quarters of the year. The yarn sector so far has fulfilled 63 percent of its annual business plan. Garment companies have … [Read more...] about Q1 reports of Vietnamese enterprises reflect economic recovery

Illustrative photo (Source: VNA) Hanoi (VNA) - The Bank for Investment and Development of Vietnam (BIDV) and the Asian Development Bank (ADB) on May 25 co-organised a workshop to announce a report on Vietnam’s financial market in 2021 and its 2022 outlook. BIDV Senior Executive Vice President Tran Phuong said it is a result of research by a team of ADB and BIDV experts. This is the first time a Vietnamese financial institution has collaborated with ADB to make a comprehensive assessment report on the Vietnamese financial market, covering the fields of banking, securities, and insurance, he noted. Looking back at 2021, the report states that the world economy recovered quite quickly along with a rapid increase in inflation due to the majority of countries reopening socio-economic activities. The global financial market continued its fast recovery given the new normal condition and strengthened confidence. In that context, Vietnam's economy recovered quite … [Read more...] about BIDV, ADB release report on Vietnam’s financial market

Prime Minister Pham Minh Chinh (R) receives US Secretary of Commerce Gina Raimondo in Washington DC. on May 11 (Photo: VNA) This visit has been successful in paving the way for new development opportunities and stronger trade relations between the two countries. According to statistics from the General Department of Customs, the bilateral trade turnover between Vietnam and the US in 1995 was at US$450 million, and by 2021 it had increased to $111.6 billion, 248 times higher. In 2021, Vietnam exported $96.3 billion worth of goods to the US, up by 24.9 percent compared to 2020, accounting for 28.6 percent of the total export turnover of the country. As a result, Vietnam had a trade surplus of $81 billion, and the US continues to be Vietnam's number one trade surplus market, up by 27.9 percent compared to $63.4 billion in 2020. This has contributed to creating a new peak in exports and imports and prolonging the trade surplus for six consecutive years from 2016 until 2021. Vietnam … [Read more...] about Vietnam-US to have stronger trade relations

The conference took place on Wednesday — Photo viettimes.vn The Vietnamese economy recovered more slowly than the world economy last year, but the reverse is likely to be true this year. BIDV Chief Economist Can Van Luc made the forecast at the conference “Vietnam financial market 2021 and outlook 2022” yesterday. Luc had three possible scenarios for the Vietnamese economy in 2022. In the best-case scenario, the economy is expected to rebound strongly with an annual growth rate of 6-6.5 per cent. The figure is adjusted down to 5.5-6 per cent in the base-case scenario, and to 4.5-5 per cent if things do not turn out well. Meanwhile, inflation is believed to rise steadily due to global inflationary pressures. “I’m quite sure that Vietnamese inflation will rise to around 3.8-4.2 per cent this year. It’s inevitable amid rapid-rising global inflation,” he added. Additionally, Luc was optimistic that the securities market is likely to become more sound and stable after several … [Read more...] about Vietnamese economy to do well in 2022: experts

Kang GewWon, General Director of Shinhan Bank Vietnam (left) and Lee Euichul, General Director of Shinhan Life (right), signed an insurance business partnership on May 24. — Photo Shinhan Bank Vietnam Shinhan Life Insurance Vietnam Limited Liability Company (Shinhan Life Vietnam) and Shinhan Bank Vietnam Limited (Shinhan Bank) officially signed a strategic cooperation agreement on implementing the bancassurance business model on May 24. The agreement marks a new chapter full of expectations for two financial organisations with mutual plans to bring living improvement solutions to a million Vietnamese people. Under the framework of the new agreement, Shinhan Bank Vietnam will consult and introduce life insurance products of Shinhan Life to the bank's customers nationwide. The first product developed through this distribution channel is Shinhan – Credit, a protection product for borrowers. “In recent years, customers' demand for insurance products at the bank has expanded … [Read more...] about Shinhan Life Vietnam, Shinhan Bank Vietnam sign partnership

The Viet Nam -Asia DX Summit 2022 opened in Ha Noi on Wednesday. — Photo vietnamplus.vn The Viet Nam-Asia Digital Transformation (DX) Summit 2022 opened in Ha Noi yesterday, where experts are examining ways to further utilise the advantages of digitalisation for the economy and society. The digital economy is making many important contributions to the global economy, said Nguyen Van Khoa, Viet Nam Software and IT Services Association (Vinasa) chairman. Facing the trend towards digitalisation, many countries have taken the opportunity to develop the digital economy and have issued their own development strategies, he added. The summit is organised by Vinasa under the direction and patronage of the Ministry of Information and Communications. Data from Google and Temasek shows that the Vietnamese internet economy achieved US$21 billion last year and contributed more than 5 per cent of the country's GDP. Studies show that the growth rate of the Vietnamese digital economy is … [Read more...] about Viet Nam-Asia DX Summit 2022 opens in Ha Noi

The UN General Assembly held a high-level meeting on peace-building and sustaining peace on April 24-25 in New York, with the participation of 128 UN members and international organizations. Speaking at a discussion session, the Head of the Vietnamese Mission to the UN, Ambassador Nguyen Phuong Nga, said that, in the context of current unpredictable and complex challenges, the UN should seek comprehensive approaches, promote close coordination, place people at the center of the process of making and implementing policies, take specific measures to prevent and handle conflict on the basis of the UN Charter and international law while avoiding the use of force or threat to use force, and fully respecting sovereignty and territorial integrity of each country. The Vietnamese Ambassador reconfirmed Vietnam’s commitment to contribute positively to regional and international peace and security, as well as the country’s consistent policy to peacefully settle disputes, including the ones in … [Read more...] about Vietnam committed to contributing to international peace and security

The Việt Nam -Asia DX Summit 2022 opened in Hà Nội on Wednesday. — Photo vietnamplus.vn HÀ NỘI — The Việt Nam-Asia Digital Transformation (DX) Summit 2022 opened in Hà Nội yesterday, where experts are examining ways to further utilise the advantages of digitalisation for the economy and society. The digital economy is making many important contributions to the global economy, said Nguyễn Văn Khoa, Việt Nam Software and IT Services Association (Vinasa) chairman. Facing the trend towards digitalisation, many countries have taken the opportunity to develop the digital economy and have issued their own development strategies, he added. The summit is organised by Vinasa under the direction and patronage of the Ministry of Information and Communications. Data from Google and Temasek shows that the Vietnamese internet economy achieved US$21 billion last year and contributed more than 5 per cent of the country's GDP. Studies show that the growth … [Read more...] about Việt Nam-Asia DX Summit 2022 opens in Hà Nội