Low interest rates

In this file photo taken on October 27, 2022 the logo and the headquarters building of the European Central Bank (ECB) are pictured ahead of a press conference on the eurozone monetary policy in Frankfurt am Main, western Germany. The ECB will hold a press conference on the eurozone monetary policy on February 2, 2023.(Daniel ROLAND / AFP) The ECB lifted its key rates half a percentage point, as widely expected, seeking to curb soaring prices of energy and food fuelled by Russia's invasion of Ukraine. Earlier the same day, the Bank of England hiked rates for a 10th time in a row, while America's Federal Reserve raised borrowing costs again Wednesday -- albeit at a slower pace. The ECB has now raised borrowing costs three percentage points since launching its unprecedented campaign of monetary tightening in July. Signs are growing the eurozone may have passed the worst of an economic shock, with inflation slowing from a peak in October and the single currency area eking out … [Read more...] about ECB hikes rates again, vows more in March

By 2025, the Ministry of Information and Communications expected Vietnam to have 80,000 digital tech firms, meeting at least 50% of digital tech and services from state agencies. Vietnam aims for the digital technology industry to lead the implementation of Industry 4.0 in the country, with revenue growth 2.5 times higher than the overall GDP expansion rate. ICT to help Vietnam realize the digitalization process. File photo The target was revealed in the Ministry of Information and Communications (MIC)’s directive for information and communication technology (ICT) development in 2023 and the 2024-2025 period. "Digital technology focused on design, creation, and manufacturing in Vietnam is the main industrial sector driving the nation's industrialization and modernization, contributing to greater digitalization capability and shaping a digital country," the MIC stated. Under the plan, the ministry expected revenue from the ICT sector would hit US$165 … [Read more...] about Digital technology to spearhead Vietnam’s drive for Industry 4.0

The Thai baht (Source: http://jakartaglobe.id) Bangkok (VNA) - The Bank of Thailand (BoT) and Japan’s Finance Ministry on March 9 signed a memorandum of understanding on cooperation to promote the use of their local currencies in order to settle bilateral trade and investment. Japan ese authorised agencies will intensify information sharing and organise periodical discussions to effectively serve transactions between the two currencies. At present, nine commercial banks participate in the cooperation by providing the direct exchange rate quotation and promoting foreign exchange transactions in yen and baht in the interbank markets as well as trade with their customers. VNA … [Read more...] about Thailand, Japan sign deal to promote local currency use

Last year, Vietnam’s export revenue of agro-fishery-forestry products set a record high of 53.22 billion USD, up 9.3% year-on-year. However, Europe accounted for only 11.3% of its market share. This is a modest number, although the agricultural sector has optimized many advantages of the E.U. - Vietnam Free Trade Agreement (EVFTA). One of the main reasons is said to be the union’s high requirements on farm imports, while Vietnam’s agricultural production has yet to meet green growth requirements. According to the World Bank’s report, agriculture is the second highest emitter, accounting for 19% of the nation’s total gas emissions in 2020. About 48% of the sector’s emissions and more than 75% of methane emissions are from rice production. Therefore, to boost farm exports to the E.U., the sector is advised to pay more attention to green growth indicators through making policies and roadmaps to reduce greenhouse gas and methane emissions in accordance with international … [Read more...] about Vietnam develops green agriculture to increase exports to E.U.

The organizer of the 18+ SpaceSpeakers Live Concert - The Kosmik held in Ho Chi Minh City in November 2022 has been fined VND110 million (US$4,690) for showing three unapproved and two erotic performances. The fine decision was issued to Fansviet Co. Ltd., which is based on Nguyen Van Dau Street in Binh Thanh District, on December 14, 2022 and was signed by the city’s deputy chairman Duong Anh Duc. Fansviet organized the 18+ SpaceSpeakers Live Concert - The Kosmik at Quan Khu 7 Stadium on Hoang Van Thu Street in Phu Nhuan District on November 12, 2022. The show, which attracted an audience of 5,000 people, included three performances that did not conform to the script previously approved by the Ho Chi Minh City Department of Culture and Sports, namely ‘Live Set’ by producer TINLE, ‘Nhac Anh’ by rappers Andree and Wxrdie, and ‘A Veil of Mist’ by 11 performers. In two other performances, performers used costumes, words, sounds, images, movements, and means of expression contrary … [Read more...] about Organizer of Ho Chi Minh City’s 18+ show fined $4,690

ChatGPT and AI is set to boom in Vietnam In the early days of 2023, ChatGPT released by OpenAI is becoming popular all over the world. ChatGPT is a chatbot providing solutions to complex problems directly like composing essays, coding, and drafting business proposals. Within a few seconds after entering keywords, ChatGPT will provide text, images, audio, and other entertainment media in excellent quality. Just a few weeks after launching, this “super AI” has reached over 10 million users and has rapid growth. This success helps OpenAI negotiate an investment agreement worth $30 billion, more than double its valuation in 2021. After investing $1 billion in ChatGPT in 2019, Microsoft is planning to invest another $10 billion in exchange for 49 per cent of OpenAI's stake. This tech giant is considering integrating ChatGPT into Word, Powerpoint, Outlook, and even the Bing search engine to compete for market share with Google Search. Eric Boyd, CVP of AI Platform at Microsoft, … [Read more...] about ChatGPT and AI booms in Vietnam

Rikkeisoft's leaders announced the establishment of RKTech in the US and appointed Bui Hoang Tung as their Senior Executive Vice President of Rikkeisoft Corp. and CEO of RKTech Corp. — Photo courtesy of the firm Rikkeisoft on Tuesday officially announced the establishment of its subsidiary company - RKTech in the US, acting as a bridge coping with timezone and communication challenges between US businesses and Viet Nam-based production teams. Located in Plano, Texas - a technology hub in the US, RKTech could help US companies easily access Southeast Asian IT services as an alternative to ones from other outsourcing countries such as India and Argentina. RKTech will develop and deliver high-value IT services to the US market. This is also an opportunity for the corporation to access global cooperation, helping them achieve their goal of becoming a billion-dollar company in the next five years. RKTech also appointed Bui Hoang Tung as their Senior Executive Vice President of … [Read more...] about Rikkeisoft enters the US market to realise the “Go Global” strategy

Pineapple processing at Dong Giao Foodstuff Export JSC in the northern province of Ninh Binh. Agriculture plays a pivotal role in the economies of Viet Nam and the Netherlands and is deeply imprinted in the culture and people of the two countries. — VNA/VNS Photo Thuy Dung Due to their similar geographical features and advantages, the Viet Nam and the Netherlands have increased their sustainable development partnership in agriculture, water management, and climate change adaptation, said Ambassador of the Netherlands to Viet Nam Kees van Baar. Agriculture plays a pivotal role in the economies of Viet Nam and the Netherlands and is deeply imprinted in the culture and people of the two countries, the diplomat told Dau tu (Vietnam Investment Review). Close co-operation between the two sides has resulted in new visions and the blooming of business cooperation, with a growing number of the Netherlands' companies doing business and investing in Viet Nam. The Netherlands is the … [Read more...] about Viet Nam, Netherlands eye further cooperation in sustainable development

Malaysia’s external trade activities are expected to expand steadily beyond 2023. (Photo: businesstoday.com.my) Kuala Lumpur (VNA) – Malaysia’s external trade activities are expected to expand steadily beyond 2023 amid the impact of new trade agreements, apart from elevated commodity prices and lower interest rates, according to a research released on February 2 by Malaysian Industrial Development Finance Berhad ( MIDF ). The research house said the Regional Comprehensive Economic Partnership ( RCEP ) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) were also expected to lift the external trade performances in 2024. As of 2022, RCEP members contributed 58.1% of Malaysia’s total trade while CPTPP members accounted for 27.5%, it noted. Under those two free trade agreements (FTAs), Malaysian products are able to penetrate into wider markets while imported goods become cheaper. Hence, Malaysia ’s exports and imports growth rates … [Read more...] about RCEP, CPTPP to boost Malaysia’s external trade beyond 2023

Vincom Pham Ngoc Thach in Ha Noi. Vincom Retail (VRE) and Vincom (VIC) rose 3 per cent and 1.1 per cent, respectively, yesterday. — VNS Photo Mai Huong The VN-Index edged up slightly on Thursday despite two-thirds of shares dipping in the red, driven by the growth of heavyweight shares. On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index inched up 0.15 per cent to close the day at 1,077.59 points. The northern bourse’s index decreased more than 3 per cent on Wednesday. Two-thirds of shares on the HoSE lost value, mainly small- and mid-cap shares. From the perspective of industry groups, most of the groups underperformed, except for retail (up 4.2 per cent on average) and banking (0.6 per cent). Data on vietstock.vn showed 18 out of 25 stock groups recorded losses, led by seafood processing companies (down 2.3 per cent on average), agriculture, logistics, machinery, construction and household appliances with each decreasing more than 1 per cent. Blue chips were mixed. … [Read more...] about Heavyweight shares help stop market from a fall