New period

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

The suggestion has been sent to the Ministry of Planning and Investment for consideration, before being presented to the central government. The proposal was made as the southern metropolis of 10 million people is currently suffering from a severe shortage of parking space. There are only around 300 ha of parking space, far short of the city’s goal of 1,200 ha, according to official data. HCMC is requesting the National Assembly allow investing in structures with the usage of no more than 10 years on empty land. These projects may include high-rise parking complexes and structures for culture and sport activities. Such investments would help utilize funds from multiple sources, and also help with meeting the demand for parking spaces and reducing the costs incurred due to traffic congestion, HCMC authorities said. As planned, downtown HCMC areas, spanning 930 ha, would have four underground parking lots. However, none of these projects have been deployed due to multiple issues. … [Read more...] about HCMC proposes building parking lots on empty land

The Government’s active stance to address macro challenges would fuel the stock market development in 2023. The benchmark Vn-Index is forecast to expand by 15% at the end of 2023 to hit 1,160 following a turbulent year for the stock market, according to SSI Securities Corporation (SSI). Investor at a securities company in Hanoi. Photo: Pham Hung The Vn-Index from its peak of 1,530 in early 2022 plummeted to a low of 874 in mid-November, a downturn which experts attributed to major events, such as the Russia-Ukraine conflict, arrests of business executives for market manipulation, and the Government’s tightening credit into high-risk fields. As of late 2022, however, the market’s price-to-earnings (P/E) ratio was considered quite attractive with an estimated 9.2x, 35% lower than the average rate of 14.16x during the 2009-2022 period. SSI’s latest report also pointed out another positive factor in the expectation of a more stable value of the Vietnamese Dong … [Read more...] about Vn-Index set for steady growth in 2023

Hanoi aims to maintain macroeconomic stability and control inflation while promoting new growth drivers and enhancing its economic resilience. Hanoi has set a target of 7% year-on-year gross regional domestic product (GRDP) growth by 2023 as part of its action plan for socio-economic development this year. Production at Sunhouse Group in Ngoc Liep Industrial Park, Quoc Oai District. Photo: Thanh Hai This plan includes 22 objectives, such as a GRDP per capita of VND150 million (US$6,400), export growth of 6%, an inflation rate below 4.5%, and a 30% reduction in poverty. The global situation is expected to remain challenging in 2023, and Hanoi aims to maintain macroeconomic stability and control inflation while promoting new growth drivers and enhancing its economic resilience. The plan also emphasized the development of cultural and education fields, disease control, and improving people’s material and spiritual well-being, as well as promoting digital … [Read more...] about Hanoi eyes 7% GRDP growth in 2023

Young people follow the path of the older generations to contribute to the glorious history and heroic traditions of the Vietnamese People's Army and the Vietnamese Public Security forces. Thirty metropolitan and suburban districts in Hanoi today [February 6] held ceremonies to see off 3,500 young people who were called up for military duty. All newly-conscripted soldiers were required to go through a medical checkup. Major General Bui Trong Quynh, deputy commander of the Hanoi Capital High Command, said all the young men joining the army this year meet the health and educational requirements. Military service is compulsory for Vietnamese between the ages of 18 and 25 (expanded to 27 for those who apply for a deferment to pursue higher studies). Chairman of the Hanoi People’s Committee Tran Sy Thanh attends the farewell ceremony for young soldiers in Dong Anh District. Attending a ceremony in Dong Anh District, Chairman of the Hanoi People's Committee … [Read more...] about Hanoi youths take great pride for military service

Present at the event were Mr. Nguyen Trong Nghia, Head of the Party Central Committee’s Commission for Information and Education; composer Do Hong Quan, Chairman of the Vietnam Union of Literature and Arts Associations (VULAA); and poet Nguyen Quang Thieu, Chairman of the Vietnam Writers' Association. Speaking at the event, Mr. Nguyen Trong Nghia underlined that a number of poets have stood side by side with the whole people in firmly protecting the national sovereignty over sea and islands, natural disaster response, and COVID-19 pandemic prevention and control. He affirmed that many poets have tried their best to discover different aspects of daily life and social issues to bring their best and meaningful works to local readers. He hoped that Vietnamese poets’ works would reach out beyond the national boundary to match with world literature. Each literary work should be an “ambassador” in the field of Vietnamese literature and arts in the current period; and should be a voice … [Read more...] about 2023 Vietnam Poetry Day opened in Hanoi

According to chairman of the Vietnam Real Estate Brokers Association Nguyen Van Dinh, Vietnam’s real estate market is not repeating the crisis cycle which occurred in 2012. Varying factors to determine the fate of real estate, photo baodautu.vn “Currently, urban development is high and infrastructure investment is taking place strongly, along with the rocketing increase demand for housing. So the demand for investment in real estate is rather high. These are the factors that create a great motivation for the market’s ability to recover,” Dinh told VIR. Banking and finance expert Can Van Luc added that the market will be revived by the end of the year. “When banks have new credit room, real estate will see more transactions from homebuyers. Real demand is expected to be a bright spot during the year,” Luc said at a forum on forecasting the real estate market organised by the Vietnam Real Estate Association in Hanoi on January 3. Do Thu Hang, senior director of … [Read more...] about Varying factors to determine the fate of real estate

Customers at a Vietbank transaction office in HCM City. — Photo courtesy of the bank The Viet Nam Thuong Tin Commercial Joint Stock Bank has announced a VND7 billion (nearly US$297,000) promotion targeted at retail customers who have savings deposits, open payment accounts or buy insurance between February 2 and May 1 to mark its 16th founding anniversary. Those making savings deposits of VND25 million ($1,059) or more and meet certain other conditions will instantly get gifts including air fryers, electric grills, porcelain dish sets, bags, water bottles, and e-vouchers worth VND100,000 to VND1 million. Customers also have the chance to participate in a lucky spin on the Vietbank Digital app with thousands of cash prizes ranging from VND20,000 to VND2,222,222. They will then receive codes to participate in a lucky draw at the end of the programme that carries one special prize of a Honda City 1.5RS car, nine first prizes of Honda SH Mode scooters, 25 second prizes of 0.5 … [Read more...] about Vietbank unveils big anniversary promotion

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

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. People join the Xuan Hong (Red Spring) Festival – the biggest annual blood donation campaign of the season staring on February 6. (Photo: VNA) 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, … [Read more...] about Biggest spring blood donation festival kicks off