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A farmer harvests sugarcanes in Tuyên Quang Province. Photo qdnd.vn HÀ NỘI — After the Vietnamese imposition of anti-dumping and anti-subsidy duties, the volume of Thai sugar imported to Việt Nam hit a four-year low in Q1 of 2022, speeding up the recovery of domestic sugar. Thailand exported 199,780 tonnes of sugar to Việt Nam in Q1 of 2021. On June 15, 2021, the Vietnamese Ministry of Industry and Trade began to apply trade remedies to the commodity, driving down the figure to just 33,682 tonnes in Q1 of 2022. The decline of Thai sugar has given a boost to domestic production. The Vietnam Sugar and Sugarcane Association (VSSA) reported that 6.4 million tonnes of sugarcane had been pressed by late April to produce 662,530 tonnes of sugar, up 5.1 per cent year-on-year. Domestic producers also saw better profits. Specifically, the leading firm in the industry, Thành Thành Công-Biên Hòa JSC, made an after-tax profit of VNĐ648 billion (US$28.3 million) between July 2021 to March … [Read more...] about Trade remedies to Thai sugar boost domestic recovery

The conference, held by the national carrier Vietnam Airlines and two travel groups – Saigon Tourists and Thien Minh Group – to boost the cooperation between enterprises of the two countries and to introduce Vietnam to U.S. friends and partners. Addressing the event, PM Chinh highlighted the development of the Vietnam - U.S. ties, benefiting both countries and contributing to peace, cooperation and development in the world. The Government leader affirmed that economic, investment, trade and science-education cooperation is an important pillar in the bilateral relationship. In the very challenging year of 2021 due to the COVID-19 pandemic, two-way trade still reached 112 billion USD, accounting for nearly one-third of the total U.S. - ASEAN trade turnover. The U.S. is Vietnam’s second largest trade partner while Vietnam is the U.S.’ 9th largest, he noted, adding that trade between the two countries has contributed to making Vietnam one of the 20 largest import-export countries … [Read more...] about PM urged U.S. businesses to invest in tourism and trade in Vietnam

Institutions have become a major impediment to the nation’s aspiration to reach high income by 2045. Vietnam needs to shift its economic growth model and improve the government’s capacity to implement economic policy reforms and public investments, realizing its aspiration of reaching high-income status by 2045, a World Bank Group report says. Overview of the report launch. The World Bank Group’s Systematic Country Diagnostic Update, themed "How Will Vietnam Blossom? Reforming Institutions for Effective Implementation,” emphasizes that Vietnam's traditional growth model faces major challenges from the Covid-19 pandemic, slowing globalization, and the country’s increasing vulnerability to external shocks, especially climate risks. After identifying a series of policy responses and reform priorities, many of which are not new, the report argues that adapting institutions will be the key to success. “Vietnam’s GDP per capita has increased fivefold over the … [Read more...] about Effective policy implementation crucial for Vietnam to reach high-income status by 2045: WB

Chairman of Dong Thap Provincial People's Committee Pham Thien Nghia visits lotus fields in Dong Thap Province. The Dong Thap Lotus Industry Association was established to support cultivation, production activities and market connection; improve sales skills; access networks of modern distribution channels; develop a pilot model of linkage chains between farmers, businesses, scientists and the state, and create and develop a sustainable domestic market towards export activities. Besides, the Dong Thap Lotus Industry Association will also connect with resources, support trade promotion and cultivation between farmers, production facilities, lotus trading, scientists, individuals and organizations to exploit values made of lotus under the motto of cooperation, connection, market mechanism, reducing costs, increasing quality and diversifying processed products. Currently, Dong Thap Province possesses around 600 hectares of lotus fields, making various lotus products such as lotus … [Read more...] about Dong Thap Lotus Industry Association established

Vietnamese Prime Minister Pham Minh Chinh attended a forum on innovation and startups with leading U.S. firms in San Francisco, California on Tuesday morning (local time) within the framework of his working visit. During the event, which was organized by the Asia Society Northern California, PM Chinh stated that Vietnam identifies science and technology, innovation, and entrepreneurship as important driving forces for development in the new era. Startup collaboration between Vietnamese and U.S. partners should focus on climate change response, digital transformation, technology transformation, and supply chain diversification, he continued. Attention should also be paid to the innovation and startup movement among young people. The premier went on to discuss with leaders of major U.S. businesses about opportunities for cooperation in innovation, science, and technology. The Vietnamese government is improving mechanisms and policies to welcome new startups, he stated, adding … [Read more...] about Vietnamese premier discusses innovation, startup cooperation with US businesses

The Emirates Group has released its 2021-22 Annual Report, which shows a strong recovery across its businesses.— Photo courtesy of Emirates The Emirates Group has released its 2021-22 Annual Report, which shows a strong recovery across its businesses. dnata returned to profitability, and significant revenue improvements were reported across Emirates and dnata as the group rebuilt its air transport and travel-related operations, which were previously cut back or curtailed by the pandemic. For the financial year ended 31 March 2022, the Emirates Group posted a loss of AED 3.8 billion (US$ 1.0 billion) compared with an AED 22.1 billion (US$ 6.0 billion) loss for last year. The group’s revenue was AED 66.2 billion (US$ 18.1 billion), an increase of 86 per cent over last year’s results. The group’s cash balance was AED 25.8 billion (US$ 7.0 billion), up 30 per cent from last year, mainly due to strong demand across its core business divisions and markets, triggered by the easing … [Read more...] about Emirates Group reports strong recovery in 2021-22

The Viet Nam Blockchain Summit 2022 will take place on July 21-22. — Photo ndh.vn The Viet Nam Blockchain Summit 2022 will take place at the National Conference Centre of Viet Nam in Ha Noi on July 21-22. The event will bring together more than 2,500 delegates from management units, enterprises, investment funds, domestic and international organisations and individuals. The summit is an annual event on a national and international scale. Being organised for the first time by VINASA and Viet Nam Blockchain Association, the programme is oriented to become a prestigious annual destination, in the chain of events of the blockchain world. This year’s event is organised to accompany the Government, agencies, ministries, sectors and businesses in orienting, developing, and promoting the application of blockchain technology in Viet Nam, and at the same time making an impression on the country’s blockchain development, creating a destination for investors, developers in the region and … [Read more...] about Viet Nam Blockchain Summit 2022 to take place in July

The event was attended by Defense Minister General Phan Van Giang, Chief Justice of the Supreme People's Court of Vietnam Nguyen Hoa Binh, Deputy Chief of the General Department of Political Affairs (GDP) Lieutenant General Trinh Van Quyet, and delegates from agencies of the Ministry of National Defense and the GDP. At the handover ceremony, Chief Justice of the Supreme People's Court of Vietnam Nguyen Hoa Binh, on behalf of his families, handed over a pair of brass candlesticks related to the revolutionary career of his brother, Hero of the People’s Armed Forces martyr Nguyen Kim Vang. On January 26, 1972, Nguyen Kim Vang was ambushed by the enemy while carrying out a mission with his comrades and died near a revolutionary base in Lien Tri village, Binh Kien commune, Tuy Hoa town (present Tuy Hoa city), Phu Yen province. In the house where Nguyen Kim Vang died, people found a pair of brass candlesticks and presented them to his families. On the occasion of the 132nd birthday of … [Read more...] about Vietnam Museum of Military History receives artifacts

Tung Ho Steel Vietnam Corp. Ltd. has lowered its steel bar and coil prices by around 3 percent, or VND500,000 ($21.6) a ton. Thai Nguyen Iron and Steel Company sold its steel products at VND18.75-19.07 million a ton, down 2-3 percent. On average, Vietnam steel prices are hovering at around VND18.5-18.7 million a ton, down 3 percent a ton from April but VND1.5-1.7 million higher than the middle of last year. Insiders attributed the drop to lower input costs, with iron ore prices at China’s Tianjin Port falling 11.5 percent to $139 million a ton. Vietnam’s steel industry has satisfied domestic demand, producing 11.4 million tons of finished steel products on consumption of 10.6 million tons in the first four months this year, according to data from Vietnam Steel Association. But prices are still heavily dependent on global material prices as local supply only meets 30 percent of production demand, it added. Costs of public investment projects will surge 20-30 percent this … [Read more...] about Vietnam steel price drops in May

Việt Nam’s commitments to the net-zero emission target have seen the country shifting from fossil fuels to electricity. — VNA/VNS Photo Công Thử HÀ NỘI — For a developing society and economy like Việt Nam’s, energy is the engine behind growth, especially in post-pandemic recovery. While it is important to save energy, what matters is smart consumption – correct, sufficient, and intelligent use of energy. The statement was made by Nguyễn Anh Tuấn, senior expert on energy from the Việt Nam Energy magazine at a seminar on Wednesday. Focusing on the economical use of energy, the event gathered experts in the field to discuss energy transition, renewable energy, and the solutions to ensure electricity supply during the summer months in Việt Nam. Elaborating on Tuấn’s point of view, director of the Centre for Energy and Green Growth Research (CEGR) Hà Đăng Sơn said: “Saving and using energy efficiently is the only way to go to achieve COP26 commitments and energy transformation. … [Read more...] about Việt Nam has huge potential for saving energy: experts