Levels will rise

A meeting session of UN General Assembly. (Photo: VNA) New York (VNA) – A global problem, climate change requires a global approach based on multilateral cooperation and institutions, particularly the respect for international law and the UN Charter, Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the United Nations (UN), has said. Vietnam’s engagement in UN resolution that urges the International Court of Justice (ICJ) to outline nations' legal obligations related to curbing climate change disasters and their impacts on vulnerable communities proves the country’s point of view, the ambassador said in a recent interview to the Vietnam News Agency right after the resolution was adopted on March 29. The resolution, co-sponsored by 132 countries, calls on the ICJ to lay out nations' obligations for protecting Earth's climate, and the legal consequences they face if they don't. The court's opinion would be non-binding. Giang described the adoption of … [Read more...] about Vietnam emphasises global multilateral approaches to solving climate change issues

NEW YORK/LONDON -- Global mergers and acquisitions (M&A) activity shrank to its lowest level in more than a decade in the first quarter of 2023, as rising interest rates, high inflation and fears of a recession soured the appetite of companies for dealmaking. M&A volumes during the first quarter slumped 48% to $575.1 billion as of March 30, compared to $1.1 trillion during the same period last year, according to data from Dealogic. A banking crisis that started in the United States this month with Silicon Valley Bank and spread to Europe with the Swiss government-orchestrated sale of Credit Suisse Group AG (CSGN.S) to UBS Group AG (UBSG.S) roiled markets and stopped many deals in their tracks, investment bankers and lawyers said. "The first quarter had extraordinary levels of volatility and uncertainty - more than expected going into the year. And that has the impact of postponing some announcements," said Anu Aiyengar, global head of M&A at JPMorgan Chase & … [Read more...] about Global dealmaking sinks to lowest level in over a decade

Illustrative image (Photo: Antara) Jakarta (VNA) – As part of the first ASEAN Finance Ministers and Central Bank Governors’ Meeting (AFMGM) 2023 in Bali on March 30, Indonesia organised a high-level seminar themed “Aligning Policies for Climate Transition” to support the message of sustainable development, one of the ASEAN priority economic deliverables (PED) this year. Speaking at the event, Governor of Bank Indonesia (BI) Perry Warjiyo said central banks play a crucial role in building a framework for green finance transformation, highlighting transparency and sustainability, as well as developing policies and mechanisms towards the goal of achieving net zero emissions to mitigate climate change . He stressed that the ASEAN countries need technical support in the green transition process, in which the role of central banks is not only to promote but also carry out green finance, especially through financing the transition. Delegates at the event discussed … [Read more...] about High-level ASEAN seminar talks aligning policies for climate transition

An ongoing rise in Vietnam's rice price is the continuation of a trend that began last year when Chinese and Indonesian importers upped their consumption of the Vietnamese staple. Statistics from the Ministry of Agriculture and Rural Development indicated that Vietnam exported an estimated 900,000 tonnes of rice worth VND11.3 trillion (US$480 million) in March, taking the total volume and value of rice exports in the first three months of the year to 1.79 million tonnes and VND22.3 trillion ($952 million), respectively. While the total value of Vietnamese rice exports surged 30 percent against the same period last year, the volume fell 19 percent. From January to March, Vietnam’s rice export price averaged VND12.5 million ($531) per tonne, up 9.2 percent year on year. During the first two months of 2023, Vietnam shipped 401,980 tonnes of rice valued at VND4.8 trillion ($204.69 million) to the Philippines, making the archipelago Vietnam’s largest rice buyer, accounting for 43 … [Read more...] about Export price of Vietnamese rice on the rise

A view of HCM City (Photo: VNA) HCM City – Ho Chi Minh City has drawn 497.5 million USD of foreign direct investment (FDI) in the first three months of this year, up 22.4 per cent year on year, according to the city’s Statistics Office. The office reported that in the first quarter of this year, the city issued new investment licences to 216 projects worth 133.2 million USD, a rise of 30 per cent over the same period last year, mostly in construction sector (53.7 million USD). Singapore remained the leading investor in the city with 47 projects with a total capital of 86.7 million USD, accounting for 65.4 per cent of the total FDI the city attracted in the period. Hong Kong (China) came second with 15 projects worth 9.5 million USD, accounting for 7.1 per cent, and Japan with 19 projects worth 9.0 million USD. At the same time, investors also injected additional 87.1 million USD into 37 underway projects. Of the total, 35.5 million USD, or 40.8 per cent, came from the … [Read more...] about HCM City sees over 22 per cent rise in FDI inflows in Q1

Participants at the talks (Photo: VNA) Lang Son (VNA) – Secretary of the Party Committee of Lang Son province Nguyen Quoc Doan held talks with Liu Ning, Secretary of the Party Committee of China's Guangxi Zhuang Autonomous Region, in Lang Son city on March 30, during which they discussed measures to further expand border trade cooperation. The two sides positively evaluated the close high-level relationship between the two Parties and States, as well as between Lang Son and Guangxi, which has been increasingly strengthened and nurtured. They also discussed measures to promote the potential and strengths, and step up cross-border trade. Liu said he hopes the two countries will continue to strengthen strategic development and connection and deepen practical cooperation in various fields, thus strongly promoting the partnership and comprehensive strategic cooperation in the new era. The Chinese official said Guangxi is currently implementing measures to promote the … [Read more...] about Vietnamese, Chinese localities eye stronger border trade

Hanoi plans to create five to ten industrial clusters this year. Hanoi's authorities broke ground for the construction of the Phu Yen craft village industrial cluster in Phu Xuyen District on March 30. The groundbreaking ceremony of the Phu Yen craft village industrial cluster project. Photo: Hanoimoi Newspaper The Phu Yen artisan village industrial cluster in Gie Ha Village, Phu Yen Commune, covers 10.5ha and was funded by Chi Cuong Construction Investment Consultant Joint Stock Company for VND200.3 billion (US$8.5 million). Speaking at the groundbreaking ceremony, Nguyen Xuan Thanh, Secretary of the Phu Xuyen District Party Committee, stated that the industrial cluster's establishment aims to relocate local production facilities in the fields of leather and footwear, garment, lacquer, services for industrial clusters, and other industries away from residential areas, thereby reducing the environmental pollution. According to Nguyen Manh Quyen, Vice … [Read more...] about Hanoi begins work on Phu Yen craft village industrial cluster

Vietnam plans to expand its crude oil and petroleum product reserves to 75-80 days of net imports by 2030 and 90 days by 2050. The national petroleum and gas supply reserve infrastructure is predicted to cost VND270 trillion (US$11.4 billion) by 2030. Deputy Prime Minister Tran Hong Ha at the meeting. Source: VGP Minister of Industry and Trade Nguyen Hong Dien commented on March 30 during a meeting of the Appraisal Council for the draft National Petroleum and Gas Reserve Infrastructure Plan. The minister stated that the country's liquefied petroleum gas (LPG) storage infrastructure is limited, with only ten 10,000 m3 or larger warehouses. Furthermore, no operational liquefied natural gas (LNG) warehouses are nationwide. "The development of new gas pipelines connecting warehouses to consumers has also encountered challenges due to a lack of designated corridors within industrial parks for gas pipelines," Dien explained. In the case of petroleum, there … [Read more...] about $11 billion required for Vietnam’s oil and gas infrastructure development

The plan's implementation seeks to capitalize on Hanoi's import-export advantages and promote the city's socioeconomic development toward green growth and rapid and sustainable progress. Hanoi aims to sustain an annual export growth rate of 4.4-5% between 2023 and 2025 and 5.1-5.5% between 2023 and 2030. Electronics production at Channel Well Technology Vietnam at Quang Minh Industrial Park, Hanoi. Photo: Pham Hung/The Hanoi Times The goals were included in the action plan to achieve Hanoi's import-export strategy until 2030, which was signed off on March 30 by Vice Chairman of the municipal People's Committee Nguyen Manh Quyen. The implementation of this plan seeks to leverage Hanoi's import-export advantages and support its socioeconomic development toward green growth, rapid and sustainable progress, and a stable growth rate in import-export activities. The emphasis is on the direct export promotion of key and advantageous city goods and attracting … [Read more...] about Hanoi targets annual export growth of 5.5% until 2030

Vietnam and Australia are actively coordinating to prepare for activities commemorating 50 years of diplomatic relations, including high-level visits, cultural events, people-to-people exchange, and tourism promotion. Australia aims to expand cooperation with Vietnam in many fields, such as energy, education, defense, science, technology, innovation, gender equality, and cultural exchange. Delegates looked at children's drawings on display at the program. Photo: VNA That's the statement of Australian Ambassador to Vietnam Andrew Goledzinowski during a friendship exchange to celebrate the 50th anniversary of establishing diplomatic relations between Vietnam and Australia (February 26, 1973). The event was jointly organized by the Australian Embassy in Vietnam, the Hanoi Union of Friendship Organizations and the Vietnam-Australia Friendship Association in Hanoi on March 31. Speaking at the ceremony, the Ambassador emphasized that the bilateral relationship … [Read more...] about Vietnam, Australia eye stronger multifaced cooperation