National business research institute

Prime Minister Pham Minh Chinh presents gifts to teachers and students of SOS Hermann Gmeiner School. (Photo: VNA) Hanoi (VNA) – Prime Minister Pham Minh Chinh on May 30 visited educational institutions for disadvantaged children in Hanoi on the occasion of International Children’s Day (June 1) and Action Month for Children. At the SOS Hermann Gmeiner School, established in 1994 with its construction funded by the SOS Children’s Village, Chinh presented gifts to the school and its outstanding students. The school was named after Austrian philanthropist Hermann Gmeiner – the founder of the SOS Children’s Village, which is home to underprivileged children. It provides primary and secondary education for children in the SOS Children’s Village Vietnam, those belonging to poor households and other vulnerable children. The government leader also made a field trip to a centre for integration education development under the National College for Education, which admits more … [Read more...] about Prime Minister visits educational institutions for disadvantaged children

HCM City seeks ways to attract more remittances. (Photo: VNA) HCM City (VNA) – The southern largest economic hub of Ho Chi Minh City is striving to achieve an annual growth rate of at least 10% in the inflow of remittances during the 2023-2025 period and maintains this rate in 2025-2030. The information was heard at a seminar held in the city on May 29 by the State Committee for Overseas Vietnamese Affairs of HCM City, in coordination with the State Bank of Vietnam (SBV) Branch in HCM City to seek comments and solutions of overseas Vietnamese intellectuals to effectively attract and optimise remittance resources in the city. Remittances to Ho Chi Minh City have always maintained a relatively high growth rate and play a crucial role in the city’s socio-economic development. (Photo: VNA) According to Nguyen Duc Lenh, Deputy Director of the SBV Branch in HCM City, remittances to the city have always maintained a relatively high growth rate and play a crucial role in … [Read more...] about HCM City seeks ways to attract more remittances

Tourists visit The Huc bridge, Ngoc Son temple in Hanoi (Photo: VNA) Hanoi (VNA) – Experts are calling for a favourable visa policy to attract foreign tourists, saying that it should be a priority. foreign arrivals reached 3.7 million in the first four months of this year, hence, the tourism sector must race to meet the goal. Ministry of Culture , Sports and Tourism, together with several foreign diplomatic missions in Vietnam, the European Chamber of Commerce, the American Chamber of Commerce in Vietnam, the Vietnam Business Forum, the Tourism Advisory Board and the Private Economic Development Research Board (Board IV) also made proposals for a more favourable visa policy to improve the competitiveness of Vietnam’s tourism industry. At a book street in Ho Chi Minh City (Photo: VNA) VNA … [Read more...] about Favourable visa policy urged to draw tourists

Latest figures from the central bank show that in late February the on-balance sheet non-performing ratio of the banking system stood at 2.91 per cent, an increase compared to 2.46 per cent in late 2016, 1.49 per cent in late 2021 and most recently, 2 per cent in late 2022. However, according to a State Bank of Vietnam (SBV) assessment, several sorts of debts have the potential to be turned into bad debts in the future, such as investment into corporate bonds for debt restructuring, hard-to-collect receivables, among others. “If such debts were considered, the non-performing loans (NPLs) ratio of the system might reach 5 per cent of total outstanding balances,” said SBV Governor Nguyen Thi Hong. One positive point is that credit institutions have been taking practical measures to ensure operational safety through boosting their loan loss reserve (LLR) funds for their bad debts . Accordingly, credit institutions have maintained a fairly high LLR ratio approximating … [Read more...] about How bad debts influence lending rates

Deputy Prime Minister Tran Hong Ha (R) receives visiting Lao Minister of Technology and Communications Boviengkham Vongdara. (Photo: VNA) Hanoi (VNA) – Deputy Prime Minister Tran Hong Ha received visiting Lao Minister of Technology and Communications Boviengkham Vongdara in Hanoi on May 29. Welcoming agreements signed between the Vietnam Academy of Science and Technology (VAST) and the Lao Ministry of Technology and Communications, Ha expressed his wish that the two sides will actively promote cooperation and technology transfer so that Vietnam and Laos can jointly implement digital and green transformation as soon as possible. With its potential for renewables such as hydroelectricity, wind power and solar power, Laos can become a centre of clean energy, he stated, adding that this is one of the factors that determine the level of attraction for investors in the future. Regarding digital transformation, the Deputy PM appreciated the results that the information and … [Read more...] about Vietnam, Laos promote technological cooperation, technology transfer

The annual Wealth Report by Knight Frank said there were 1,059 "ultra-rich" people in Vietnam in 2022, up from 538 in 2017, an 82% increase. An ultra-rich person is defined by Knight Frank as someone with a net worth of at least $30 million, minus loans. By 2027, the number of ultra-rich people in Vietnam is projected to hit 1,300, a 22% increase from 2022, and a 122% increase over the span of a decade, according to the company’s report. Vietnam’s number of high-net-worth individuals, defined as those with assets worth at least $1 million, has also increased by 70% over the last five years, from 40,971 people in 2017 to 70,000 in 2022. The report projected there would be over 112,200 high-net-worth individuals in Vietnam by 2027, a 173% increase over a decade. The report said the rapidly rising number of wealthy individuals in Vietnam aligns with general trends in Asia, where similar patterns have been seen in countries like Singapore, Malaysia and Indonesia. In the … [Read more...] about Vietnam’s ‘ultra-rich’ population doubles over five years

Secretary of the Party Central Committee and President of the VFF Central Committee Do Van Chien (6th from right) receives the Cambodian delegation. (Source: VNA) Hanoi (VNA) – A delegation of the Vietnam Fatherland Front (VFF) Central Committee held talks with representatives from the National Council of the Solidarity Front for the Development of Cambodian Motherland in Hanoi on May 29. At the talks, Vice President and Secretary General of the VFF Central Committee Nguyen Thi Thu Ha affirmed the fruitful relations between the two sides, with the signing of cooperation documents. The two sides briefed each other on operations of their front organisations, and compared notes on cooperation orientations and contents in the time ahead. Nhem Valy, Permanent Vice Chairman and Secretary General of the National Council of the Solidarity for the Development of Cambodian Motherland, held that the talks will help the two front organisations better understand each other, thus helping … [Read more...] about Vietnamese, Cambodian front organisations forge cooperation

Printer production at Canon Vietnam (Photo: hanoimoi.com.vn) Hanoi (VNA) – Amid the slowing down of the global investment flows, experts held that improving both quality and number of foreign investment projects is a heavy task for Vietnam, requiring great efforts from the Vietnamese Government to fulfil the “dual targets”. According to the Foreign Investment Agency under the Ministry of Planning and Investment (MPI), as of May 20, Vietnam had drawn 10.86 billion USD of foreign direct investment (FDI), down 7.3% year on year, including 5.26 billion USD of newly-registered capital, up 27.8%. Do Nhat Hoang, Director of the agency said that the increase in the amount of newly-registered capital in five months was higher than the 11% recorded in the first four months of this year. Meanwhile, the number of new projects in the five-month period also surged 66.4% year on year to 962 projects, showing foreign investors’ strong confidence in the investment environment of Vietnam … [Read more...] about Improving FDI quality, quantity crucial for Vietnam: Insiders

A delegation from Vietnam’s T&T Group, led by chairman of the board Do Quang Hien, embarked on a visit to the headquarters of DB Group, a prominent economic powerhouse in South Korea, on May 25. Under this comprehensive accord, T&T Group and DB Group will support each other's endeavours with the shared goal of becoming leaders in Vietnam's thriving insurance sector. Additionally, the two groups have committed to jointly exploring and executing ventures across multiple other industries. Speaking at the signing ceremony, Do Vinh Quang, vice chairman of the Board of Directors and Deputy CEO of T&T Group, highlighted the shared vision of both companies to excel in Vietnam's insurance sector. Recognising the potential in other areas such as finance, asset management, IT, and real estate, Quang emphasised the importance of leveraging these strengths to achieve sustainable growth for both conglomerates. He expressed confidence, stating, “This strategic collaboration will … [Read more...] about T&T Group and DB Group form strategic partnership to fuel investment opportunities

Apple's resilient iPhone sales and Samsung's dominance amidst declining market According to Counterpoint Research, the smartphone market has been impacted by the recent economic difficulties. The report indicates that amidst challenging business conditions, retailers have had to revise their expansion plans and reassess their business strategies. Retail stores have reduced operating hours and lowered salaries due to the reduction in customers since the Lunar New Year. Initially, original equipment manufacturers misjudged the demand, resulting in high inventory levels. Subsequently, realising the actual situation, they rushed to offer discounts to clear the excess stock. All phone manufacturers, except for Apple, experienced a decline in sales in Q1. Glen Cardoza, a senior analyst at Counterpoint Research stated, "The recovery of smartphone demand in Vietnam is expected to be slow in the second quarter of 2023 and will require time while the economy continues to face numerous … [Read more...] about Apple’s resilient iPhone sales and Samsung’s dominance amidst declining market