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Illustrative image (Photo: AFP) Hanoi (VNS/VNA) - Climate change is one of the world’s biggest threats, and reducing emissions is the priority for all countries in the world and the lodestar for investment trends. Warmer temperatures are altering weather phenomena and disrupting the balance of nature, directly affecting human activities. The devastation caused by extreme weather disasters like typhoons, floods, and heat waves is worsening in many nations. And the economic damage caused by climate change is also increasing in line with global temperatures. Major storms destroy crops, costing billions of dollars, while rebuilding after each storm and flood requires a huge amount of money. The more extreme the climate, the more it damages economies. It is a positive sign that many countries have joined the fight for net zero emissions by 2050. Many people worry that it is unrealistic given the standard pace we have already set. However, an expert in the industry believes … [Read more...] about Financing’s role in reaching net-zero emissions

Industrial production is forecast to increase 6.6% in 2023. (Photo: VNA) HCM City (VNA) – Vietnam is predicted to record a rise of 6.6% in industrial production in 2023, according to S&P Global Market Intelligence. S&P Global noted the Vietnamese manufacturing sector continued to face challenging business conditions in the opening month of 2023. Production and new orders continued to decline. That said, there were some signs of improvement in demand as new business fell at a softer pace, helped by a renewed expansion in new export orders. The S&P Global Vietnam Manufacturing Purchasing Managers' Index (PMI), released on February 1, posted 47.4 in January, up from 46.4 in December but still pointing to a solid monthly deterioration in the health of the manufacturing sector. January data signalled a further marked decline in manufacturing production, albeit one that was slightly softer than seen in December. Lower new orders were often behind falling output, with … [Read more...] about Vietnam’s industrial production to rise 6.6% in 2023: S&P Global

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

People shop for food at a market in Aceh - westernmost province of Indonesia. (Photo: AFP/VNA) Jakarta (VNA) – The Indonesian government plans to spend 476 trillion Rp (31.8 billion USD) on social assistance protection as the country is transitioning from the COVID-19 pandemic to the endemic disease phase. Indonesia’s President Joko Widodo said that his government will not abruptly revoke the massive spending on social programmes aimed at helping the people and businesses cope with the devastating economic impact of the pandemic over the last three years. Speaking at a recent meeting of the National Committee for COVID-19 Handling and National Economic Recovery (PC-PEN), Joko Widodo said that after lifting restrictions at the end of 2022, Indonesia is in an interim phase in which it must maintain caution, especially in deciding on economic measures. In contrast to other nations that have recently experienced high inflation, according to the President, Indonesia has … [Read more...] about Indonesia to spend nearly 32 billion USD on post-pandemic social protection

A Vietjet aircraft (Photo: Vietjet) HCM City (VNA) – Low-cost airline Vietjet is offering passengers lucky journeys on the red aircraft with attractive promotions on the occasion of the spring 2023. Accordingly, passengers enjoy a discount of up to 90% from February 1-3 when booking tickets and applying the code "FLYFORLOVE" at the official website www.vietjetair.com and Vietjet Air mobile app. The flight period is from February 16 to May 16, 2023 for all domestic and international routes including those to Australia, India, Kazakhstan, the Republic of Korea, Japan, Taiwan, Hong Kong, Thailand, Singapore, Malaysia, and Indonesia (Bali). In particular, passengers can enjoy free payment fees when booking and paying via Vietjet SkyClub. Moreover, from February 1 to March 15, thousands of e-vouchers worth 100,000 VND will be given to all passengers when booking tickets and successfully paying with Vietjet, after then visit https://evoucher.vietjetair.com/ to receive e-voucher … [Read more...] about Vietjet offers flight tickets up to 90% off

A trader looks at the market's movements at an exchange. Shares plummeted on Wednesday due to stronger selling pressure. — VNA/VNS Photo The market reversed and fell sharply in Wednesday's trade, with many stocks hitting the floor prices. On the Ho Chi Minh Stock Exchange (HoSE), the market benchmark VN-Index lost 35.21 points, or 3.17 per cent, to 1,075.97 points. After recovering in the previous session, the index couldn't keep the momentum to end the morning trade with a decline of 4.75 points. The market's breadth inclined to a negative zone with 271 stocks on the southern market going down, of which 45 registered the biggest intra-day loss of 7 per cent, while 79 stocks advanced. Liquidity increased strongly over the previous session. Accordingly, the trading value on HoSE jumped to nearly VND35.4 trillion (US$751.5 million), equivalent to a trading volume of over one billion shares. The index was weighed by rising selling force, with many large-cap stocks locked in … [Read more...] about Market falls sharply on strong selling force

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

The ministries of planning and investment; industry and trade; foreign affairs; and labor, invalids and social affairs should coordinate with the VGCL in boosting production and business, expanding the market, creating more jobs for laborers, 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 laborers. 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 in service of laborers, according to the Prime Minister. Specific coordination plans need to be sketched out within this month, he stressed, and mentioned tasks for ministries, agencies and localities regarding institutions for workers at industrial and processing zones, especially those on housing, incentives for fishermen, insurance … [Read more...] about Prime Minister speaks of major tasks to raise laborers’ material, spiritual life

The race of interest rate hikes among commercial banks is showing signs of cooling down as many banks have adjusted down the rate by several percentage points per year after the Lunar New Year (Tết) holiday and have set stricter conditions for customers to enjoy the high rates. A Techcombank transaction office in Hanoi. Techcombank currently lists the highest deposit interest rate at 9.2 per cent per year, against 9.5 per cent per year before Tết. — Photo Techcombank At Techcombank, the highest deposit interest rate at the bank is currently 9.2 per cent per year, against 9.5 per cent per year before Tết. To enjoy the 9.2 per cent interest rate, depositors must be a VIP customer with minimum savings of VNĐ3 billion over 12 months. For regular customers, the rate for 6-month deposits at the bank is also down to 8.5 per cent per year from more than 9 per cent before Tết. At Sacombank, the highest interest rate before Tết was 9.8 per cent per year. However, … [Read more...] about Banks lower saving interest rates right after Tết

It said in a release: "There were some signs of improvement, particularly with regard to new export orders which rose for the first time in three months. As such, total new business fell at a modest pace that was the softest in the current period of decline." The S&P Global Vietnam Manufacturing Purchasing Managers’ Index rose to 47.4 in January from 46.4 the previous month, but it still represented a solid deterioration in the health of the manufacturing sector. A PMI reading of above 50 indicates an expansion of the manufacturing sector compared to the previous month, while one below 50 represents a contraction. Operating conditions have now worsened in each of the past three months. Faster increases in input costs led manufacturers to raise their selling prices in January. Though modest, it was the steepest hike in six months. The rising cost of raw materials meant some firms reduced their purchasing activity again in January. But some signs of improvement in demand … [Read more...] about Decline in new orders slows: S&P Global