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The HCM City People's Committee has just asked for the urgent relocation of residents from an apartment building at 440 Tran Hung Dao Street in District 5 due to fears of collapse. HCM City will relocate residents from an apartment building at 440 Tran Hung Dao Street in District 5 due to fears of collapse According to the committee's report, the building was built in the early 1970s and has seriously deteriorated. It needs to be pulled as it is at risk of collapse. "Local authorities have advised residents here to move out to resettlement areas but some 32 households decided to stay to wait for compensation from the government before moving," the report said. The committee asked local authorities in District 5 and the Department of Finance to properly arrange compensation and resettlement apartments for these families so that they can move out of the building. District 5 authorities previously proposed to move residents to An Phu Apartment Building … [Read more...] about HCM City to urgently move residents out of collapsing building

Illustrative photo. Speaking with Saigon Investment about the credit room, Dr. HO QUOC TUAN, University of Bristol, U.K., said that the world has seen several periods of crisis as currently present today. The general lesson that can be learnt when using credit lines is that many loans will turn into non-bank loans, so it is more difficult to control. When borrowing from banks, there are rules on capital adequacy besides many other regulations. When using the credit tool, the purpose to be achieved is not clear and it is not easy to set specific limits. JOURNALIST: - Sir, what do you think about the State Bank of Vietnam's opinion that if Vietnam removes the credit limit, then banks will race to credit markets, which will then lead to an increase in interest rates to mobilize and lend, thereby affecting the macro currency? Dr. HO QUOC TUAN: - This is not true at all. Because when the Covid-19 pandemic occurred, or even before the pandemic, central banks were not naive to think … [Read more...] about Roadmap needed to remove credit room

Shipping upgrades targeted for 2030-illustration photo, freepik.com The Vietnam Maritime Administration (VMA) has asked the Ministry of Transport (MoT) to implement procedures to approve the development of Vietnam’s international shipping fleet over the next few years. Currently, Vietnamese ships transport freight within the country’s waters only, without a strong capacity for international routes. The VMA has proposed policies to develop Vietnam’s international shipping fleet and increase its market share in the next five years, involving combined incentives related to VAT, import tax, personal income tax (PIT), and concessional loans. To reduce the financial burden for shipping owners, it is necessary to remove the application of 10 per cent VAT according to current regulations for imported freight ships until the end of 2026, the VMA suggested in a document sent to the MoT. Its figures show that VAT on imported ships was VND234 billion ($10.1 million) in 2020 and VND109 … [Read more...] about Shipping upgrades targeted for 2030

Inadequacies in salary are causing a shift of workers among foreign-invested enterprises. Taiwanese-backed Foxconn, the world’s largest iPhone contract manufacturer, is complaining about a battle to attract more affordable labour with its Chinese rivals in Vietnam. Young Liu, CEO and chairman of Foxconn, this month accused the company’s Chinese competitors of setting up campuses near its base in Vietnam to get closer to its workers. Foxconn’s campus, located in the northern province of Bac Ninh, currently employs around 60,000 workers, and the company has plans to increase that number over the next two years. Once the battle for workers becomes more serious, the company may face the risk of employee shortages. While the Foxconn CEO would not disclose the names of the competitors involved, the current crop of 31 companies – employing around 160,000 workers – that produce Apple products in Vietnam include major names such as Luxshare ICT, Pegatron Vietnam, and BYD Electronics … [Read more...] about Foreign groups battle to retain their workers

Authorities in some central and central highlands provinces are investigating human trafficking scams to Cambodia targeting local young people. A police officer meets with the parents of a teenager in Quang Ngai Province who is cheated and brought to Cambodia Police in Quang Ngai and Gia Lai provinces have recently received reports of local teenagers cheated by human trafficking rings and brought to Cambodia to work through social media scams. According to the Quang Ngai Provincial Police Department, they have received letters calling for help from eight local families whose children were cheated and brought to Cambodia. Police in Gia Lai Province also said that they had been informed of many young people being cheated by human trafficking rings in Cambodia since early June with two of them having been rescued and brought home. "The rings often lure young job-seekers through social media sites and then make arrangements for them to enter Cambodia with … [Read more...] about Police warn about Cambodian human trafficking scams

HCMC strives for over 90 percent of population to get third Covid vaccine booster shot The city People's Committee has just sent an urgent document to departments, agencies, and socio-political organizations in Ho Chi Minh City and the people's committee of Thu Duc City and districts on promoting the Covid-19 vaccine rollout. Accordingly, the municipal People's Committee requested to continue implementing a communication campaign to mobilize people to inject the Covid-19 vaccine according to the Government document No. 2017/UBND-VX dated June 17, 2022, until the end of June 30. Local administrations in districts should drastically implement solutions to mobilize all people to get the Covid-19 vaccine. The city People's Committee assigned the Board of Management of the HCMC Export Processing Zone and Industrial Park Authority (HEPZA), the Board of Management of Saigon Hi-Tech Park, Quang Trung Software Park Development Company, companies, and enterprises to continue increasing … [Read more...] about HCMC strives for over 90% of population to get third Covid vaccine booster shots

Providing a fresh perspective on how the transition could be executed effectively, the US Embassy shared its experiences in developing policy regarding transformation and potential support. The US is willing to share its technology, capital, and policy/technical expertise to help Vietnam in energy transition, Sean M. Lawlor, an energy officer at Econ-ESTH Section from the US Embassy in Vietnam said at a conference held in Hanoi this week. The conference themed “Strategies & Partnerships to accelerate Vietnam’s energy transition” was jointly organized by Cong Thuong Newspaper and GE Vietnam, one of the first American companies opening representative office in Hanoi in 1993, even before the US embargo was lifted. “The US initiated the energy switch more than a decade ago and has reported a drop in the use of coal by half, a jump of natural gas to 38% in the country’s energy mix, and clean energy solutions as favored by the government," Sean M. Lawlor said. He added that … [Read more...] about US willing to share technology to help Vietnam in energy transition

Role of press highlighted in promoting development Nguyen Thu Lan, a consultant from a Hanoi-based US-invested investment consultancy firm, two weeks ago completed a digital transformation report for the firm’s three potential American clients, who are exploring Vietnam’s investment climate. Lan had to seek information from many sources for the report, including local newspapers. She also found detailed information on Vietnam’s macroeconomic situation and digital transformation in VIR, which features a new hallmark scheme from the government on supporting industrial enterprises in smart production development. Lan said, “I am very happy as I had been seeking such information for months. More importantly, such information was cited from an original source,” she said. Under the draft scheme, expected to be enacted by the government soon, just over one-third of Vietnamese businesses will implement digital transformation effectively by 2025, and the rate will increase to 85 per … [Read more...] about Role of press highlighted in promoting development

The working session between the delegation of the Home Affairs Ministry with HCMC People’s Committee (Photo: SGGP) Finally, he suggested that the Home Affairs Ministry not reduce 10 percent of the staff in state-owned organizations, including those in the educational, medical fields, but increase the annual proportion of autonomous state-owned organizations to be independent of state budget. Director of the HCMC Home Affairs Department Huynh Thanh Nhan informed that at present, the total number of civil servants and public servants in the city according to the Resolution of HCMC People’s Council is 14,470 and 99,985 employees respectively, compared to the allocated quantity by the Central Government of 10,869 and 95,923 workers. The city has asked the Central Government to recognize these numbers for many years, but there is no approval yet. As to difficulties in applying the urban government model, Director of the HCMC Finance Department Pham Thi Hong Ha shared that many … [Read more...] about HCMC determinedly addressing issues in urban government establishment

Illustrative image Asso. Prof. Dr. DANG NGOC DUC, former Director of the Institute of Banking and Finance at the National Economics University shared his thoughts on this issue with Saigon Investment recently. JOURNALIST: - Sir, many commercial banks are running out of credit room while needing to increase credit balance to support the economic recovery. Many experts believe that controlling credit growth by granting an annual credit limit to commercial banks is an administrative measure that is no longer appropriate. What is your opinion on this issue? Asso. Prof. Dr. DANG NGOC DUC: - The credit limit has been used by the State Bank of Vietnam as a tool to control credit growth since 2011. The Governor of the State Bank of Vietnam said that this is a very effective measure to keep the credit market stable and has prevented interest rate to increase the scale of deposits and loans. The use of credit limit tools for commercial banks is based on three basic objectives. First, … [Read more...] about Current credit room no longer suitable