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Remittances contributed by migrants account for 5% of Vietnam’s gross domestic product (GDP). International migration and internal migration in Vietnam have long played a very important role in the country’s socioeconomic development and they will continue to do so. Park Mihyung, Chief of Mission of the International Organization for Migration (IOM) Vietnam, shared that view with The Hanoi Times . Park Mihyung, Chief of Mission of the International Organization for Migration (IOM) Vietnam. Photos: IOM Vietnam “If you look at the GDP, up to 5% of the country’s GDP comes from remittances contributed by international migration and that’s only recorded remittances, so it should be a lot more,” she said. For that reason, when the migration governance is done right and well, there’s a lot of positive development and contributions to Vietnam when they return and with their remittances, Park added. In addition, there’s also a recognition that … [Read more...] about Migration significant to Vietnam’s socio-economic development: IOM

According to the results of a recent salary survey conducted by Navigos, nearly 27% of respondents said salaries of middle- and senior-level employees will rise by from 5% to less than 10%, more than 23% said salaries will remain unchanged, more than 15% said salaries will increase by less than 5%, and nearly 12% said they will rise by 10% to 15%. Global Salary Survey 2023 conducted by Robert Walters in 31 countries, including Vietnam, said 88% of companies are willing to increase salaries by 15-25% this year. For employees in some sectors like the digital industry, salary hikes could be as high as 35% during the year. According to Navigos, many businesses are still in the post-pandemic recovery phase, and so have not been able to sharply increase salaries for their employees. However, over 50% of the surveyed firms said they will improve policies on salary, bonuses, allowances, and other benefits such as flexible working hours, educational opportunities, promotions, and … [Read more...] about Salaries of mid- and senior-level employees to rise by 5-25%

PM Pham Minh Chinh inspects construction of the Mai Son-National Highway 45 project (Photo: VNA) Hanoi (VNA) - Prime Minister Pham Minh Chinh on January 28 inspected the Mai Son (Ninh Binh province)-National Highway 45 project, a section of the North-South Expressway. The first phase of the 652.86km North-South Expressway has 11 component projects, three of which are invested in the form of public-private partnership (PPP) and the rest, including the Mai Son-National Highway 45 project, are funded with public investment. The Mai Son-National Highway 45 section has a total length of 63.37km and an investment of 12.11 trillion VND (561.03 million USD). Its construction started in September 2020, and is scheduled to complete on April 30, 2023. So far, 83.7% of all workload has been finished. PM Chinh took the occasion to pay New Year visits to workers in some construction sites along the route and relocated residents at the resettlement area in Dong Minh commune, … [Read more...] about PM examines Mai Son – National Highway 45 project

Of particular note is a collection of more than 2,000 unique works from lacquer artist Nguyen Tan Phat , with each sculpture and lacquer creation having its own colour and cultural story. Phat began the collection nearly 2 years ago. There is no template, with each work a unique version with its own colour and charisma and inspired by daily life and folklore. In his talented hands, Phat breathes life into each statue by combining jackfruit wood and laterite with traditional lacquer art. These works are not only a bridge linking folklore and contemporary culture but also have high applicability. This unique cat statuette can be a display product or a flower vase, a tea table, or a lamp./. VNA … [Read more...] about Vietnamese artist marks Lunar New Year with thousands of carved cats ​

Vietnam has to deal with one major external challenge and two internal ones, Dr Pham Sy Thanh, Director of the Chinese Economic Studies Program under the Vietnam Institute for Economics and Policy Research, told the Vietnam News Agency. The external challenge is a strong decline in demand for Vietnamese exports. Many export sectors with revenue of over 1 billion USD like wood and apparel recorded their earnings in October and November 2022 falling 30 - 40% year on year and month on month. This indicates that foreign markets are no longer open or attractive enough for exports in 2023. Export contraction will have a huge impact on many social issues, especially lay-offs, job shortages, and unemployment in industrial parks, he pointed out. Among internal challenges, the first is that the handling of wrongdoings in the bond market and the banking system has caused serious disruptions and congestion of the capital flow. Meanwhile, the cost of capital is one of tough barriers to … [Read more...] about Intertwined opportunities, challenges for Vietnam’s economy in 2023

Phnom Penh (VNA) - The ruling Cambodian People’s Party (CPP) opened its extraordinary national congress at its headquarters in Phnom Penh on January 28. According to CPP spokesperson Sok Eysan, on the first day, following an opening speech of CPP Honorary President Samdech Heng Samrin , participants will review the party's work in the 2018-2023 period and sketch out directions and tasks for 2023. The congress's agenda also includes CPP policies in national construction and defence in the 2023-2028 period and tasks for the general election slated for July 23. CPP President and Prime Minister of Cambodia Samdech Techo Hun Sen will address the event. Earlier, in a speech at a graduation ceremony of Western University in Phnom Penh, CPP President Hun Sen said the extraordinary congress is held to build a policy framework for the 2023-2028 period, with the participation of district officials who will give their opinions on policy directions of the party in the next five … [Read more...] about Cambodia’s ruling party opens extraordinary national congress