Over indebtedness in financial inclusion

Participants at the forum (Photo: VNA) Hanoi (VNA) - A forum discussing the application of international financial reporting standards (IFRS) in Vietnam took place in Hanoi on May 25. Jointly organised by the Japan International Cooperation Agency (JICA) and the Accounting and Auditing Supervisory Department (AASD) under the Ministry of Finance, the event gathered over 600 delegates from agencies, units, listed businesses, auditing companies and universities. The second event of its kind is within the framework of the technical cooperation project between AASD and JICA on “strengthening the capacity of the AASD to promote the application of financial reporting standards in Vietnam” funded by the Japanese government. The forum is expected to help agencies of the Government, private sectors and training institutions in Vietnam understand the differences between Vietnamese accounting standards (VAS) and IFRS; as well as promote the exchange of views on the roadmap … [Read more...] about Forum promotes application of int’l financial reporting standards in Vietnam

The regional framework should be in line with international laws and ASEAN Centrality. Vietnam has highlighted the role of international economic initiatives when talking about the Indo-Pacific Economic Framework (IPEF) which was launched by the US three days ago. “Vietnam has joined a number of international economic initiatives that help make the most of domestic and foreign resources, serving the country’s development,” Spokesperson Le Thi Thu Hang of the Ministry of Foreign Affairs (MoFA) said today. Hang made the statement at the press conference on May 26 when talking about Vietnam’s participation in the launch of IPEF through a speech delivered by Prime Minister Pham Minh Chinh. Chinh said the launch of IPEF will kickstart a serious discussion in exchange of ideas towards addressing critical regional and global issues together, issues that no one can address on their own like ones on a global scope – supply chains diversification and resilience, technological … [Read more...] about IPEF should treasure openness, inclusiveness and transparency: foreign ministry

At the meeting with NA deputies in HCMC  (Photo: SGGP) On the afternoon of May 26, the National Assembly discussed in groups the amended Law on Inspection and the amended Law on Medical Examination and Treatment. President Nguyen Xuan Phuc emphasized the Law on Medical Examination and Treatment, suggesting there will be clear regulations on medical examination and treatment for children. According to Mr. Phuc, the Law on Medical Examination and Treatment directly relates to people's health, so it is necessary to fix it. But the President said that the law has not mentioned enough the responsibility of the health sector in medical care for children. The President said that children are the future of the nation and the citizens of tomorrow, so they need to receive good healthcare. In this regard, the current Law on Medical Treatment is outdated and does not keep up with real life. Therefore, this time revised Law must add many provisions related to children's rights. The … [Read more...] about Children must be given priority for health examination: President

Chairman of the municipal People's Committee Nguyen Thanh Phong affirmed the interest of the city’s leaders in further strengthening of all-round cooperation between HCM City and localities in Laos. Ho Chi Minh City has supported Laos in many various projects, including upgrading Vientiane-Ho Chi Minh City friendship high school worth US$ 5 million; building financial information center, human resource training, Xieng Khouang Province’s library, former President Kaysone Phomvihane Memorial Museum, Houaphan province’s office building, the cultural center of minority ethnic group in Champasak province. Mr. Khamphanh Phommathat expressed his thanks to the HCM City’s government in enhancing the special relationship and cooperation between the two countries. By THUY VU – Translated by Kim Khanh … [Read more...] about HCM City, Laos enhance bilateral cooperation

The recipients were selected from Vietnamese government officials, non-governmental organizations (NGOs), academic institutions, and private sectors. They will gain a world-class education and advance their knowledge and skills across a range of areas, including natural resource management, entrepreneurship, gender equality, disability inclusion and vocational education management. This year, the Australian Government has provided 10 more scholarships within the framework of the Mekong-Australia Partnership – a regional initiative by Australia to support Mekong countries with common challenges. The recipients will be educated on necessary skills to help Vietnam deal with emerging regional challenges. According to Australian Ambassador to Vietnam Robyn Mudie, the 55 Australia Awards Scholarship recipients will contribute to strengthening the Australia-Vietnam partnership and addressing regional and national challenges in the future. For the Vietnamese part, Dr. Nguyen Tien Dung, … [Read more...] about 55 Australia Awards Scholarship recipients ready to study in Australia

The program, issued under Government Decree 42 in 2017, was set to be extended until the end of 2023. The program, since its implementation five years ago, has contributed to the restructuring of numerous financial institutions and the collection of bad debt during the 2016-2020 period, according to Nguyen Thi Hong, Governor of the State Bank of Vietnam (SBV). By the end of 2021, the program had helped handle over 380 trillion VND in bad debt, or 47.9 percent of the country's entire bad debt since August 15, 2017. On average, some 5.67 trillion VND in bad debt was processed each month during the period, significantly higher than the 3.25 trillion VND per month prior to the implementation of the program. The program had helped recover 148 trillion VND or 38.94 percent of all bad debt among financial institutions, a marked improvement over the yearly average of 22.8 percent during the 2012-2017 period. A recent SBV report said the bad debt ratio among financial institutions was … [Read more...] about Gov’t asks for extension to bad debt program

Real estate bonds shackled by rules - illustration photo At last week’s conference on corporate bonds held by the Vietnam Chamber of Commerce and Industry, experts discussed ways to develop an efficient and sustainable corporate bond market. One of the common recommendations regarded appropriate approaches to credit ratings. According to Can Van Luc, BIDV’s chief economist, there should be clear regulations on credit ratings to help investors easily determine business quality and the risk level of the issued bonds. “It is necessary to identify where a credit rating is mandatory and where a credit rating is encouraged. High-risk businesses should go through compulsory credit rating before bond issuance,” Luc said. “On the other hand, for businesses that have been audited and internationally rated with a long-standing history, a credit rating might not be necessary.” In recent years, the State Bank of Vietnam (SBV) has steadily redirected loan flows towards industry, services … [Read more...] about Real estate bonds shackled by rules

Petrol retail prices in the country have been adjusted many times over the past few months, Photo: Le Toan In Vietnam, gasoline prices continue to increase, and after the adjustment on May 11 by the Ministry of Industry and Trade (MoIT) and the Ministry of Finance, each litre of E5 RON92 petrol increased by 6.5 US cents to $1.26 per litre while RON95 climbed by 6.7 US cents to $1.30 per litre. On May 17, the price of US WTI crude oil remained at a high level of over $114 per barrel while Brent oil maintained its upward momentum at $114.28 per barrel. Before the next adjustment, which was due on May 21, petrol prices in Vietnam were forecast to continue to increase to higher levels. The ministries first adjusted gasoline prices on January 11 due to a decrease in global supply, production output by Kazakhstan and Libya, and oil inventories of the United States. According to Decree No.95/2021/ND-CP, effective from January, there will be three adjustments each month to the … [Read more...] about Vietnam riding the wave of inflationary unpredictability

Kim Højlund Christensen, Danish Ambassador to Vietnam With the return of tourism and trade activities, can you see any movement from business and investment promotion delegations that are going to visit Vietnam? The Vietnamese government’s recent decision to lift entry restrictions and especially to resume the visa-exemption travel programme for countries, including Denmark, is great news and positively welcomed by the Danish business community. Many Danish companies are already planning their visits to Vietnam this month and early next month to meet with their local business partners in person. At present, there are over 130 Danish companies represented in Vietnam. Therefore, there will be a large number of business visitors and delegations from headquarters in Denmark or other locations in the region coming here in the near future to visit their production facilities or to find new investment opportunities. Besides that, we also expect to have trade delegations visit our … [Read more...] about Danish investors pinpointing rising potential of Vietnam’s green energy

Spokesperson for the Ministry of Foreign Affairs Lê Thị Thu Hằng at Thursday's press briefing in Hà Nội. — VNA/VNS Photo Phạm Kiên HÀ NỘI — Whether any country, including Việt Nam, will officially accede to the Indo-Pacific Economic Framework for Prosperity (IPEF) unveiled by US President Joe Biden earlier this week, depends on the outcomes of the discussions, foreign ministry spokesperson Lê Thị Thu Hằng said on Thursday. On May 23, the US White House announced the launch of the much-awaited economic initiative, with the claimed dozen of initial partners – Australia, Brunei, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Việt Nam – which together cover 40 per cent of the global GDP. Vietnamese Prime Minister Phạm Minh Chính attended the kickstarting ceremony for the discussions for the framework, Hằng noted, in response to queries on clarification of the first group of participating countries during the press … [Read more...] about Discussion outcomes will determine Việt Nam’s accession to Indo-Pacific economic initiative: foreign ministry