Net zero

Guided by the theme “A common agenda to advance sustainable development in Asia and the Pacific,” the annual session brought together leaders, senior government officials and about 700 representatives of 51 countries and territories which are ESCAP members, and President of the U.N. General Assembly Abdulla Shahid and U.N. Secretary-General António Guterres. In his speech, Deputy PM Dam underlined the special meaning of this year’s session which marks the 75th founding anniversary of ESCAP, and upheld the Commission’s contribution to socio-economic development of the region which have lifted hundreds of millions out of poverty and seen the development of some of the world’s large and most dynamic economies. He expressed a concern that countries, particularly developing ones, are struggling with the huge multi-faceted impacts of the COVID-19 pandemic, natural disasters and climate change. They are also encountering many difficulties in accessing resources for recovery, green growth, … [Read more...] about Deputy PM addresses 78th session of ESCAP

Vietnamese Prime Minister Phạm Minh Chính gave the speech at the launch of the Indo-Pacific Economic Framework for Prosperity on Monday. — VNS Photo HÀ NỘI — Việt Nam will join 12 countries in the region in the Indo-Pacific Economic Framework for Prosperity (IPEF) as US President Joe Biden launches the initiative on Monday during his visit to long-term ally Japan. The formal rollout of the IPEF was held in a hybrid format in Tokyo – with US President, Japanese Prime Minister Fumio Kishida, and Indian Prime Minister Narendra Modi taking part in person, and leaders from Australia, Brunei, Indonesia, Malaysia, New Zealand, Philippines, Singapore, South Korea, and Thailand joining remotely. The White House said this economic framework with an initial 13 countries represents 40 per cent of global GDP. The framework will focus on four key pillars – Connected Economy (including rules on digital economy, standards on cross-border data flows and data localisation, online privacy, … [Read more...] about Việt Nam joins Indo-Pacific Economic Framework for Prosperity

Philippine athletes after winning a gold medal in bowling at SEA Games 31 (Photo: VNA) Hanoi (VNA) – The Philippines ended their last day at SEA Games 31 hosted by in Vietnam at 4th place in the tally with a total of 52 gold, 70 silver, and 10 bronze medals. “This is a very successful campaign,” said Philippine Olympic Committee president Bambol Tolentino as quoted by the news site inquirer.net in an article. He also mentioned previous SEA Games editions in 2015 and 2017 when the Philippine team was only in 6th place. Meanwhile, Philippine Sports Commission (PSC) Chair Butch Ramirez noted the gold medals won by young athletes, such as archers Pia Elizabeth Bidaure, Gabrielle Monica Bidaure and Phoebe Amistoso, and weightlifter Vanessa Sarno, who could serve as building blocks for the country’s bid in the 2024 Paris Olympics. Athletes should be trained early so they can develop and flourish in international competitions such as the Southeast Asian Games, said … [Read more...] about SEA Games 31: Philippines placed fourth in tally

Containers at Tan Cang Cat Lai Terminal in HCM City (Photo: VNA) Hanoi (VNA) – Cargo throughput across seaports nationwide hit 241 million tonnes in the first four months of 2022, rising 2 percent year-on-year, according to the Vietnam Maritime Administration. The volume, excluding transited goods not unloaded at seaports, included 61.95 million tonnes of exports (up 2 percent), 67.49 million tonnes of imports (down 9 percent), and 110.99 million tonnes of domestic goods (up 10 percent). Container throughput also increased 2 percent to over 8.3 million TEUs during the period. The administration said 2 percent is the slowest growth in recent years though Vietnam has entered the post-pandemic new normal. Seaports in many localities have recorded a sharp decline in volume, such as Binh Thuan down 28 percent from a year earlier, Can Tho 25 percent, and Kien Giang 12 percent. Major ports also witnessed drops from 0.5 - 4 percent, including Hai Phong down 0.5 percent, … [Read more...] about Cargo throughput via seaports sees modest growth

GENEVA — The World Economic Forum’s Community of Chief Economists expects lower economic activity, higher inflation, lower real wages and greater food insecurity globally in 2022, pointing to the devastating human consequences of the fragmentation of the global economy. Reversing previous expectations for recovery, the majority of respondents to the latest survey expect only a moderate economic outlook in the United States, China, Latin America, South Asia and Pacific, East Asia, sub-Saharan Africa and the Middle East and North Africa in 2022. In Europe, the majority expect the economic outlook to be weak. The choices of both business and government are expected to lead to greater fragmentation in the global economy and unprecedented shifts in supply chains, creating a perfect storm of volatility and uncertainty. These patterns are expected to create further difficult trade-offs and choices for policy-makers, and – without greater coordination – shocking human costs. These are the … [Read more...] about Chief economists outlook warns of dire human consequences from the fragmentation of the global economy

Benchmark indices opened the week on a negative note, as many large-cap stocks were weighed on by selling force. On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index fell 10.82 points, or 0.87 per cent, to 1,229.89 points. The market's breadth was negative as nearly 260 stocks declined, while 153 stocks increased. Liquidity was also lower than the previous session, of which over VND6.24 trillion (US$269.4 million) worth of shares, equal to more than 259.8 million shares, was traded on the southern bourse. Meanwhile, foreign investors net sold a value of more than VND100 billion on HoSE. The market benchmark extended the last session's losses on a strong profit-taking force, which caused many stocks in the VN30 basket to face a sell-off, of which 24 stocks slid, while only six increased. The VN30-Index, tracking the 30 biggest stocks on HoSE, dropped 15.22 points, or 1.19 per cent, to 1,267.29 points. Real estate and banking sectors continued to lead the trend, with … [Read more...] about VN-Index slumps as large-cap stocks face selloffs

World opening eyes to exciting Vietnamese offerings in F&B. Source: thaifex-anuga.com In order to contribute to the cooperation and trade exchange of businesses in Vietnam and Thailand, THAIFEX-Anuga Asia, the region’s largest food and beverage (F&B) trade fair, is taking place on May 24-28. This year’s fair at the IMPACT complex in Bangkok will include 1,200 exhibitors, 2,500 high-profile buyers, 11 food segments, and approximately 40,000 visitors across the industry. “Participating in the exhibition, we believe that the brands and quality of Vietnamese F&B products will be welcomed in this market. Moreover, Thailand could become a stronger link for Vietnamese goods to enter other markets in which major Thai retailers are reaching out,” said the representative of one Vietnamese business joining the exhibition. Thailand is one of the most familiar and promising markets for exporting F&B products. At last month’s meeting between the industry and trade … [Read more...] about World opening eyes to exciting Vietnamese offerings in F&B

Inside a factory of PetroVietnam Ca Mau Fertiliser JSC (DCM). DCM's net revenue reached VND4.07 trillion in Q1, 2 times higher than the same period last year. — VNA/VNS Photo Huynh Anh The fertiliser industry's gross profit margin may decrease after peaking in the first quarter of 2022, but the fertiliser sector still sees positive prospects in the near future, thanks to export growth. According to KIS Vietnam Securities Joint Stock Company (KIS), the revenue of the fertiliser industry in the first quarter of 2022 reached VND30.93 trillion (US$1.3 billion), up 71.2 per cent over the same period last year, while profit after tax reached VND6.8 trillion, 7.9 times higher than the previous year. Leaders in the growth of profit after tax in the first quarter of 2022 are Petrovietnam Fertiliser & Chemicals Corporation (DPM) and PetroVietnam Ca Mau Fertiliser JSC (DCM). Petrovietnam Fertiliser & Chemicals Corporation (DPM) reported a profit after tax of VND2.12 trillion, up … [Read more...] about Fertiliser industry’s gross profit margin may decrease after peaking in Q1

Local farmers process raw rattan furniture and craft businesses nationwide. Some bankable projects have been developing in Quảng Nam Province in creating sustainable development and value chain for rattan. Photo courtesy of Lục Đông company Công Thành Since starting a rattan and bamboo processing business in 2008, Trần Trung Hiếu has built a sustainable value chain for providing environment-friendly materials for crafts production by growing 152ha of rattan forest in the disadvantaged Nam Giang and Tây Giang districts in the central Quảng Nam Province in 2019-20. Hiếu, who is deputy director of Lục Đông company which specialises in processing rattan for furniture and crafts enterprises nationwide, said he had been cooperating with local ethnic groups in the two districts in building a sustainable chain of rattan that improved income for local people and protected biodiversity from exploitation. In 2019, Hiếu, with the technical assistance of WWF-Việt Nam, developed a … [Read more...] about Bankable projects offer sustainable development for local people

Workers at a Garment 10 factory. — Photo baosoctrang.org.vn Although the demand for Vietnamese textiles is forecast to rise steadily in the short term, firms are concerned that tight material supply will impede their export plans. According to the Vietnam Textile and Apparel Association, export prospects for the industry are getting better as major importers have reopened their economies and various free trade agreements have begun to take effect. Under a likely scenario, Viet Nam's textile export is expected to reach up to US$43.5 billion in 2022. However, Garment 10 Corp. is concerned that the Chinese Zero-COVID policy and the Russian military operation in Ukraine will disrupt supply chains, hindering its ability to fulfil new orders. "The Russian military operations in Ukraine have driven up our input costs. The Chinese Zero-COVID policy will cause material shortages in the short-term, fueling the situation," said Than Duc Viet, director of Garment 10. The director said … [Read more...] about Tight material supply impedes textile exports