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In his speech, Pham Minh Chinh said that such challenges related to population aging, non-traditional security like climate change, epidemics, food, water resources, energy, transnational crime, and cybercrime are developing fiercely, causing serious consequences, while the global economy is facing many headwinds. According to the PM, the world is facing two choices: passively accepting challenges and risks at a very high price, or proactively adapting to, taking advantage of opportunities, solving challenges, and taking peace, stability and development cooperation as goals, the U.N. Charter and international law as the foundation, and dialogue and collaboration as tools. In particular, Vietnam chooses the second choice and hopes its partners also choose it, Pham Minh Chinh stated. Accordingly, Vietnam chooses the basic foundations to develop the country, with the goal of becoming a developing country with modern industry and high average income by 2030, and a developed, … [Read more...] about Prime Minister delivers policy speech at Georgetown University

The deals were signed in Washington D.C. on Tuesday in the presence of Prime Minister Pham Minh Chinh, U.S. Ambassador to Vietnam Marc Knapper, and President and CEO of the Semiconductor Industry Association John Neuffer. The Ministry of Planning and Investment’s National Innovation Center signed a memorandum with Cadence Design Systems on the design and production of semiconductors. The center also signed a memorandum with Arizona State University to develop human resources for the semiconductor industry. The Ministry of Education and Training signed a memorandum with Intel to develop human resources for hi-tech sectors. Investment minister Nguyen Chi Dung said that the signings will help boost cooperation between U.S. companies in the semiconductor industry and Vietnamese partners. The U.S. is a leading country in the sector, and Vietnam is a land of potential with an ideal geographical location, and a stable political system, he added. The country aims to train 50,000 … [Read more...] about Vietnam signs semiconductor memorandums with US companies

Nghiem Xuan Da, chairman of the Vietnam Steel Association (VSA), said, "The CBAM is the latest challenge for Vietnam's steel industry amidst an already tough business climate as it tries to increase exports to Europe under the EU-Vietnam Free Trade Agreement (EVFTA)." The CBAM is the EU's landmark attempt to put a fair price on carbon emissions produced from carbon-intensive goods entering the EU. It aims to encourage cleaner industrial production in non-EU countries. According to the VSA, Vietnamese steel exports to the EU have been on a positive trajectory thanks to the implementation of the EVFTA in August 2020, along with the recent shortfall in steel supply to the EU. Steel exports in the first six months of 2023 reached 1.36 million tonnes, with export turnover reaching about $1 billion, an increase of 1.5 times compared to the same period in 2022. In response to the new policy, Posco Yamato Vina Steel (Py Vina), under South Korea's Posco Group, is researching a new … [Read more...] about CBAM may hinder EVFTA advantages for steel industry

Vietnam’s gross domestic product (GDP) is hoped to grow 6.46% in the third scenario when the global economy will see positive changes, and Vietnam will take drastic actions in reform and management (Photo: VietnamPlus) Hanoi (VNA) – The Central Institute for Economic Management ( CIEM ) put forwards three scenarios for Vietnam’s economic growth in 2023 at a seminar in Hanoi on July 10 to announce a report on the domestic economy in the first half of this year, and prospects for the second half. Specifically, Vietnam’s gross domestic product (GDP) is expected to grow 5.34% this year under the first scenario. The first scenario assumes the global economic development matches assessments of international organisations and Vietnam, under which the country’s export turnover is projected to drop by 5.64%, and its consumer price index (CPI) will rise 3.43%, with a trade surplus of 9.1 billion USD. Under the second as, given monetary and fiscal easing in Vietnam , the GDP … [Read more...] about CIEM forecasts three economic growth scenarios for Vietnam in 2023

Illustrative Image. — Photo courtesy of Panasonic Vietnam GL Cables Co., Ltd. and Panasonic Vietnam Co., Ltd. signed a strategic cooperation agreement to develop smart lighting products at a September 20 ceremony in Châu Đức Industrial Park in the southern province of Bà Rịa-Vũng Tàu. Speaking at the signing ceremony,  Hồ Thanh Tùng, Chairman of the Board of Directors of GL Cables said strategic cooperation between the two companies aims to promote market development, and diversify products to meet the demand of consumers. GL Cables specialises in producing high-tech cable products such as control cables, signal cables, fireproof cables, audio cables and cables for robot systems, Tùng said, noting that the firm is set to produce cables for the electric vehicles and automobile industries in order to diversify the company's products. Representing Panasonic Vietnam, Ryu Yasuda said that with the goal of improving the quality of life of consumers, Panasonic always considers … [Read more...] about GL Cables, Panasonic cooperate to develop smart lighting products

Many American semiconductor firms have highly valued the huge potential for the semiconductor industry in Vietnam, expressing their hope of opening chip production facilities in the country. The leaders of these companies were speaking during a meeting with Vietnamese Prime Minister Pham Minh Chinh on Wednesday morning (Vietnam time). Prime Minister Chinh and a high-ranking delegation of Vietnam on Tuesday morning (local time) landed in Washington, D.C., the second leg of their business trip to the United States. During the meeting, the prime minister called on U.S. semiconductor enterprises to continue their cooperation with Vietnamese partners and beef up their investment in infrastructure, technology transfer, semiconductor design and production, and human resource training. PM Chinh affirmed that the Vietnamese government and ministries are building a fair and healthy business climate for all enterprises, including those from the U.S.. Vietnamese Prime … [Read more...] about US firms see Vietnam’s great potential for semiconductor industry

Vietnam has maintained a consistent upward trajectory since 2015, reflecting the government's efforts to restructure the economy toward full market-oriented development and international integration. Vietnam has climbed four places to secure the 106th position out of 165 countries and territories in the Economic Freedom of the World index, according to the Canada-based Fraser Institute. Manufacturing of mechanical products at Tam Hop Company in Soc Son District, Hanoi. Photo: Viet Linh/The Hanoi Times The Economic Freedom of the World index evaluates the extent to which policies and institutions support economic freedom. It is published annually by the Fraser Institute in collaboration with the Economic Freedom Network, a coalition of independent research and educational institutions covering nearly 100 countries and territories. Singapore currently leads the world in economic freedom, followed by Hong Kong (China), Switzerland, New Zealand, the US, and … [Read more...] about Vietnam moves up 4 places in Economic Freedom of World index

Panasonic Ecology Systems Co., Ltd. and Panasonic Life Solutions Vietnam Co. Ltd. have completed a new factory in Binh Duong province, southern Vietnam, and they will shortly start the production as of October 13. This is the first Panasonic factory that will manufacture indoor air quality (IAQ) products in Vietnam, aiming to improve air quality and increase local consumer’s quality of life. The factory will provide ceiling and ventilating fans for both the domestic and overseas markets, including Asia, the Middle East, and Africa, ahead in the next fiscal year ending in March 2023. As a main production hub for indoor air quality related devices in Southeast Asia, the Binh Duong factory will increase Panasonic’s production volume of these devices in the region to approximately 1.5 times in 2026 compared to 2021. A research and development (R&D) department is due to be established in 2024 in order to turn the factory into a site that integrates development, production, … [Read more...] about Panasonic set to launch indoor air quality products in Vietnam

Benefit consultants from Mercer, Aon and Willis Towers Watson see employer healthcare costs jumping 5.4% to 8.5% in 2024 due to medical inflation, soaring demand for costly weight-loss drugs and wider availability of high-priced gene therapies. A survey conducted by Mercer, a unit of Marsh McLennan, found over two thirds of employers either do not plan to shift any cost increase to their staff or will pass on less than the expected rise in 2024. "They don't want to add more financial stress on employees who are also coping with inflation, especially in this time where they're really relying on their health benefits as a way to keep employees working for them," said Beth Umland, Mercer's director of health & benefits research. U.S. consumer prices accelerated 3.7% in the 12 months through August, down from a peak of 9.1% in June last year. However, medical cost increases usually lag general inflation as contracts between insurers and hospitals for the prices of procedures are … [Read more...] about US employers to see biggest healthcare cost jump in a decade in 2024

The initiative was introduced earlier this year as a joint endeavor by P&G Vietnam, Central Retail Vietnam, and Gaia as a part of corporate efforts to address deforestation and forest preservation in Vietnam and to contribute to supporting the government’s international commitments on sustainability. Through the contribution from consumers when purchasing products of P&G brands at GO!, Big C, and Tops Market, 6,000 native trees of precious species in Xuan Lien and Ca Mau Nature Reserves were planted in just two weeks of the campaign. P&G Vietnam carries forward the Forests For Good initiative with a reforestation volunteering day at Dong Nai Nature Reserve. Photo courtesy of P&G Vietnam Through the diversity of participants, the event showcased a remarkable spirit of togetherness and a powerful message that positive change knows no boundaries. P&G Vietnam’s two brand ambassadors for Head & Shoulders and Pantene, singer Isaac and actress Kha … [Read more...] about P&G brings reforestation event to Dong Nai