Measures taken by the government to support small industries include class 11

State Bank of Vietnam headquarters in Hà Nội. — VNA/VNS Photo Measures have been taken by the State Bank of Vietnam to reign in the rising US dollars against the VNĐ. According to an SBV report, the exchange rate for the greenback broke the VNĐ24,000 mark on September 11 and reached its highest level at VNĐ24,076 on Monday. On the black market, the USD exchange rate on Monday was trading at around VNĐ 24,320 - 24,400, an increase of about 170 VNĐ compared to the previous week. Commercial banks reported a USD exchange rate of VNĐ24,500-24,600 earlier this month, a 3.3 per cent increase year-to-year compared to the same period last year. The VNĐ is facing significant pressure as the DXY index (a measure of the strength of the US dollar against a basket of six major currencies) has risen for the 10th consecutive week, marking the longest upward trend in recent years. Economists and experts said actions taken by the US Federal Reserve (Fed) including raising … [Read more...] about SBV rolls out measures to reign in raising US-VND exchange rate

Prime Minister Pham Minh Chinh delivers a policy speech at the Brazilian Ministry of Foreign Affairs on September 25. (Photo: VNA) Brasilia (VNA) – Prime Minister Pham Minh Chinh attended a forum and delivered a policy speech at the Brazilian Ministry of Foreign Affairs on September 25 as part of his official visit to the Southern American country. Spotlighting the similarities that Vietnam and Brazil share, which include the struggle for national independence, development model and people’s values, PM Chinh said that since the diplomatic relations were set up nearly 35 years ago, both nations have enjoyed robust ties, which have been intensified and developed into a deep, stable, effective and sustainable fashion. He went on to lay stress on the five orientations to boost bilateral collaboration as well as elevate the bilateral ties into a new high in the time ahead. Firstly, both sides should enhance relations between leaders through high-level visits and meetings … [Read more...] about PM highlights five measures to elevate Vietnam – Brazil ties

Vietnamese PM Pham Minh Chinh (R) and Brazilian President Luiz Inacio Lula da Silva meet in Brasilia on September 25. (Photo: VNA) Brasilia (VNA) – Prime Minister Pham Minh Chinh and Brazil ian President Luiz Inacio Lula da Silva held talks in Brasilia on September 25 (Brazil time) as part of the Vietnamese leader’s official visit to the South American country. Welcoming PM Chinh and the high-ranking delegation of Vietnam, the Brazilian President expressed his belief that the visit will help develop the two countries’ traditional friendship and sound cooperation to a new height, thus actively contributing to peace, stability, and development in the two regions and the world. PM Chinh voiced his delight at the growing Vietnam - Brazil relations and stressed that Vietnam attaches importance to the ties with Brazil, one of its leading partners in Latin America. The two leaders noted with satisfaction that bilateral relations have been flourishing and becoming … [Read more...] about Vietnamese PM, Brazilian President discuss measures for augmenting ties

Illustrative image (Photo: adb.org) Jakarta (VNA) - The Asian Development Bank (ADB) announced on September 25 that it has approved a 500 million USD loan to support Indonesia’s development agenda and reform priorities in creating an enabling environment for investments, easing trade barriers, and upscaling enterprises. This second of three subprograms of the Competitiveness, Industrial Modernisation, and Trade Acceleration Program (CITA) builds on the success of the first subprogram approved in October 2021. ADB Country Director for Indonesia Jiro Tominaga said that to achieve high-income status by 2045, the government anticipates that Indonesia's gross domestic product must grow by at least 6.0% annually, significantly above the pre-pandemic average of 5.3%. Indonesia is making good progress in its recovery from the COVID-19 pandemic, but ongoing structural reforms are needed to boost its growth potential by stimulating investment, job creation, improved … [Read more...] about ADB approves loan supporting Indonesia’s business reform

Following is the full text of the Joint Communiqué. His Excellency Luiz Inácio Lula da Silva, President of the Federative Republic of Brazil, was honored to receive the Prime Minister of the Socialist Republic of Vietnam Pham Minh Chinh, who led a high-ranking state delegation, on an official visit to the Federal Republic of Brazil from September 23 to 25, 2023. The two Leaders highlighted the significance and importance of this visit - the first ever official visit to Brazil by a Prime Minister of Vietnam, as well as the first visit to Brazil by a Vietnamese top leader in 16 years, as the two countries head towards the 35th anniversary of the establishment of diplomatic relations in 2024. In a spirit of mutual trust, openness and sincerity, H.E. Prime Minister Pham Minh Chinh and H.E. President Luiz Inácio Lula da Silva held discussions on important areas of Brazil - Vietnam relations. They reaffirmed that Brazil and Vietnam share common values of peace, cooperation, and the goal … [Read more...] about Joint Communiqué on PM Pham Minh Chinh’s official visit to Brazil

According to data from the Indonesia’s Ministry of Investment, the first quarter FDI, which excludes investment in the banking and oil and gas sectors, was worth 177 trillion IDR (11.96 billion USD), up 43.3% compared to the last quarter of 2022. Investment Minister Bahlil Lahadalia said that FDI in the manufacturing sector, especially the metal industry, in Q1 ranked first, which showed the government policy to give added value on natural resources has had a positive impact. Indonesia is due to ban the export of raw minerals like copper and bauxite from June as part of efforts to attract investment into its metals processing industry and boost the value of its exports. Singapore, China’s Hong Kong, and China provided the largest share of the FDI in the first quarter with investment of 4.3 billion USD, 1.5 billion USD and 1.2 billion USD, respectively, according to the ministry’s data. At a news conference, Bahlil said challenges to achieve the investment target included a … [Read more...] about Indonesia’s Q1 FDI hikes over 20%

Keijo Norvanto, Ambassador of Finland to Vietnam On behalf of the Embassy of Finland to Vietnam and the Finnish business communities in Vietnam, I would like to congratulate Vietnam Investment Review on its 32 nd anniversary. I would like to express our appreciation to the VIR editors and its dedicated and talented reporters for their continuous work, introducing the Vietnam business environment and opportunities to Finnish businesses. Moreover, VIR ’s continuous cooperation with us provides the audience with Finnish experiences and know-how in education, circular economy, and other advanced technologies. The Vietnamese government committed to net-zero by 2050 and recently joined the Just Energy Transition Partnership declaration that aims to contribute to Vietnam’s sustainable development. In that, Finland possesses globally competitive technology and expertise in many areas, which will help Vietnam achieve the country-set targets. Additionally, our proven … [Read more...] about Defining the role of the press in business

Some of the biggest telecoms groups know that going digital will help claw back disinterest in more traditional areas Bui Anh Tuan, deputy head of Viettel Telecom’s IT Solution and Digital Service Centre, and his team are preparing to introduce new digital platforms to meet growing demand in the local smart home market. “We are developing new products, platforms, and services for smart homes such as fire alarm services connecting to security units, security services, and maid services, which are expected to come to the market by end-2023, or early 2024,” he told VIR. Smart homes are one of the businesses that Viettel has developed in the past two years in an effort to offset losses from its traditional business lines. One of its products being the Home Camera, an AI smart security camera solution, which is now found in 300,000 households. Meanwhile, its TV360 app boasts around 10 million users. Tuan said that like other mobile network operators, Viettel faced drops in … [Read more...] about Businesses compelled to venture into digital space

Acecook’s lineup boasts some of the most popular noodles So as to overcome this challenge of culinary culture differences, Acecook’s approach is integration and appreciation. Bringing instant noodles, one of the dishes which represents Japanese inventions, to Vietnam, Acecook did not impose production formulas and flavours, but chose to adapt to the local culture, using unique characteristics of Vietnamese cuisine to conquer the taste of Vietnamese people. Therefore, the company took on the task of finding consumers’ favourite flavours and passing them on to the Vietnamese product research and development team. As a result, Acecook’s strategy of adapting to traditional Vietnamese flavours has helped the company conquer the market. The company has invested in modern machinery, equipment, and production lines, as well as completely transferred instant noodle production technology from the parent company to the Vietnamese unit. The combination of Japanese technology and … [Read more...] about Acecook Vietnam: 30 years of conquering tastebuds

Ericsson and RMIT University have signed an agreement to launch an AI lab at RMIT’s campus in Hanoi. How important is this to you, as well as to the development of qualified human resources in Vietnam? Denis Brunetti, president of Ericsson in Vietnam, Myanmar, Cambodia, and Laos The joint initiative, which we hope will be launched by the end of this year, is an extension of the existing 5G education collaboration between RMIT and Ericsson that helps educate Vietnamese students on 5G and emerging technologies, such as AI, machine learning, blockchain, cloud computing, AR/VR and automation. It enables RMIT’s science, technology, and engineering students to actively participate and contribute to the country’s digital economy and digital transformation journey. The partnership is also an industrial research and education initiative focusing on the application of AI to Industry 4.0 initiatives enabled by the roll-out of 5G in Vietnam. Through this initiative, Ericsson … [Read more...] about Ericsson to accelerate Vietnam’s digitalisation journey via upskilling in 5G