New era debt solutions

Young people depart for military service in Hanoi. (Photo: VNA) Hanoi (VNA) - Ceremonies to see young people off for military service were held in 30 towns and districts of Hanoi on February 6. Secretary of the municipal Party Committee Dinh Tien Dung expressed his wish that the fresh recruits will become outstanding officers and soldiers, and his belief that each of them will strive in training. Vu Anh Dung from Giang Vo ward said he is proud to join the military, and promised to well perform in the military. Present at a ceremony in Dong Anh district, Chairman of the municipal People’s Committee Tran Sy Thanh affirmed that fulfilling military duty is both the responsibility and the pride of youngsters. Standing Deputy Secretary of the municipal Party Committee Nguyen Thi Tuyen also attended a ceremony in Bac Tu Liem district. At a ceremony in Hai Phong (Photo: VNA) Similar ceremonies were organised in the nine cities and provinces of the Military Region 3, … [Read more...] about New recruits sent off in ceremonies for military service

The latest move from the Fed marked eight consecutive rate hikes since March 2022, with no signs that it has reached the peak of its hike journey. Assoc. Prof. Dr. Dinh Trong Thinh, a financial expert from the Vietnam Association of Financial Advisers, predicted that a rate hike of 25 percentage points was anticipated. Thinh stated that, in general, the pressure on the USD/VND exchange rate from the Fed’s interest rate hike is not significant. Pressure on to support new economic growth, photo Le Toan Dr. Le Dang Doanh, former head of the Central Institute for Economic Management, also believes that the Fed’s interest rate rise is targeted to contain inflation in the US, since inflation has begun to fall from the previous year’s low level. The USD price will adjust as a result. “A change in the price will influence the exchange rate between it and VND, impacting import-export businesses and foreign-invested enterprises,” said Doanh. On the other hand, deposit interest … [Read more...] about Pressure on to support new economic growth

Deputy governor of the State Bank of Vietnam (SBV) Dao Minh Tu has said that bad debts are climbing for both credit organisations and the wider economy. "It is an ongoing challenge to manage bad debts and banking activities will be seriously affected over the next few years," said Tu. He said that the woes would be revealed more clearly as the ratio of on-balance-sheet bad debt continues to grow due to inflation and interest rate rises. At the end of 2022, bad debts were classified based on the groups of borrowers and economic issues like recovery and inflation curbing. Can Van Luc, a member of the National Monetary and Financial Policy Advisory Council, said that on-balance-sheet bad debt could reach 2.3-2.5 per cent and gross bad debt could hit 6 per cent in 2023, rising into 2024. As the regulations on unchanged debt groups in Circular No.14/2021/TT-NHNN expire, economic recovery could suffer. According to the SBV, at the end of 2022, the ratio of … [Read more...] about Bad debts continue to soar at commercial banks

New momentum For over one week now, more than 94% of businesses in the Southern economic hub has resumed their production with over 95% of workers being back to work after Tet holiday. Workers at Go Vap district-based Joint Stock Company 28.1 under the Corporation 28 of the General Department of Logistics, which specializes in garments making, are working with the highest capacity, focusing on orders from the U.S., Australia, and European countries. Working for the company for more than 21 years now, Nguyen Van Hong from Hai Duong province said that good income and policy offered by the company make him feel secure at work. Despite difficulties facing the garment sector due to COVID-19, his company has ensured orders uninterrupted, so workers have resumed work since the beginning of the lunar New Year. In addition, good Tet welfare policy has helped keep workers attached to the company. Senior Colonel Tran Doan Thoan, Director of Joint Stock Company 28.1 informed that the … [Read more...] about Businesses in Ho Chi Minh City speed up production to achieve set targets

Vietnamese people's cultural and human values should be central to the capital’s industrialization process. Hanoi aims to spearhead the nation's industrialization and modernization until 2030, with an eye on 2045. Hanoi has seen major transformation over the years. Photo: Pham Hung According to the municipal Party Committee, the goal of the plan is to transform the mindset and build consensus in the political system and people to achieve socioeconomic development objectives. The Party Committee emphasized the use of science-technology and innovation, specifically Industry 4.0 advancements, as a key solution for the country’s modernization in the 2021-2030 period. “This would help Vietnam to make breakthroughs in productivity and improve the economy's competitiveness,” stated the plan. For Hanoi, the plan identifies key targets for economic growth, enhancing socio-cultural values, urban development, and environmental protection. By 2030, Hanoi and other … [Read more...] about Hanoi to spearhead the nation’s industrialization efforts until 2030

Seven international partners will support the investment in infrastructure, transport, urban development, and climate response. Nearly US$8 billion will be pumped into Vietnam's Central Coast region to support the socio-economic development of the region towards sustainability and climate adaptation. An overview of the signing and awarding ceremony. Photo: Trung Nhan/The Hanoi Times The value was announced at a signing ceremony held on February 5 between the Ministry of Planning and Investment and international partners. Accordingly, the local authorities granted investment certificates and approved investment policies and investment cooperation for domestic and international investors. Among the investment deals, seven development partners are committed to providing a total capital of more than US$1.7 billion in 45 projects. The partners included the Asian Development Bank (ADB), the French Development Agency (AFD), the International Fund for Agricultural … [Read more...] about $8 billion to be pumped into Vietnam’s Central Coast

Tsai uploaded the video on Instagram, which shows her dancing to "See Tinh" with friends, in early May, and it was shared widely on social media and forums. Many of her fans downloaded the video as they love her dancing. Tsai's fanpage manager credits "See Tinh" in the caption for the video: "Jolin Tsai’s first show in the new year is a dance to Hoang Thuy Linh’s viral song on Douyin." Douyin is the Chinese version of TikTok. Tsai, 43, is the most successful singer in Taiwan. Dubbed the "Queen of C-Pop", she is considered one of the most influential artists in Chinese pop culture. She's also credited as a key figure in mainstream dance-pop music in China. The "See Tinh" fever is continuing to spread on Douyin and other video platforms in China. For its virality, the Chinese media called it a "superhit." Videos of people using and dancing to this tune have exceeded four billion views. Many people said they feel like this song is everywhere recently. The fans love "See Tinh" for … [Read more...] about Taiwanese pop star dances to Vietnamese viral hit

Despite the festive occasion, the consumption of non-essential goods in the first month of 2023 remained stagnant, with analysts believing the situation will linger throughout at least the first half this year. Despite the unfavourable environment, Mobile World Group (MWG) – the largest consumer electronics retailer in Vietnam – still aims to post positive revenue and net-profit growth in 2023, as well as two-digit growth compared to average level during the 2020-2022 period. To achieve this goal, the company envisages opening new stores on a selective basis and striving for new shops to generate profit for the patent company within three months after launching. Simultaneously, all shops in the system will focus on augmenting the sales revenue at existing outlets and controlling their operating costs to boost profits. Besides this, MWG will optimise its cash flow and slash financial expenses through improved inventory management. Specifically, the group aims to … [Read more...] about Retailers flexibly steering through turbulent times

People join the Xuan Hong (Red Spring) Festival – the biggest annual blood donation campaign of the season staring on February 6. (Photo: VNA) Hanoi (VNA) – The National Institute of Hematology and Blood Transfusion (NIHBT) and Hanoi Youth Association for Blood Donation on February 6 kicked off the Xuan Hong (Red Spring) Festival – the biggest annual blood donation campaign of the season. The one-week event themed “Donating blood in spring, multiplying happiness” expects to receive about 8,000 blood units. Donors can visit one of the seven venues in Hanoi, including the institute, Agricultural General Hospital, No26 Luong Ngoc Quyen in Hoan Kiem district, No10, Hamlet 122,  Lang Street in Dong Da district, No78 Ngueyn Truong To in Ba Dinh district and No132 Quan Nhan district in Thanh Xuan district and People's Committee headquarter of Trau Quy Town in Gia Lam district. NIHBT Director Nguyen Thanh Ha said that this year, thanks to the community's efforts, preparations for … [Read more...] about Biggest spring blood donation festival kicks off

Participants at the opening of the course (Photo: VNA) Hanoi (VNA) – The Ho Chi Minh National Academy of Politics (HCMA) and the Party Central Committee’s Organisation Commission on February 5 opened a training course to update knowledge for alternate members of the 13th Party Central Committee. Addressing the opening ceremony, permanent member of the Party Central Committee’s Secretariat Vo Van Thuong underlined the significance of the Party’s personnel training work. The 6-week course will focus on 29 topics covering such contents as those associated with the documents of the 13th National Party Congress and the 13th Party Central Committee’s meetings regarding the Party and State building, the promotion of socio-economic, cultural and human development as well as security, defence, external relations, and leadership and management science in the new situation. Permanent member of the Party Central Committee’s Secretariat Vo Van Thuong addresses the opening of the course … [Read more...] about Training course opened for Party Central Committee’s alternate members