Presidents 010 socio economic agenda

Võ Trí Thành * Võ Trí Thành The General Statistics Office on Friday unveiled a comprehensive report on Việt Nam's socio-economic development for the third quarter and the first nine months of this year. The report demonstrates a less daunting economic landscape, albeit one that remains exceedingly challenging if the nation is to achieve the economic growth targets set by the National Assembly. As of the third quarter of 2023, Việt Nam's economy has traversed two-thirds of the year, yet the Gross Domestic Product (GDP) has only expanded by a modest 4.24 per cent in comparison to the same period last year. This growth rate, though higher than the rates recorded in the corresponding nine months of 2020 (2.19 per cent) and 2021 (1.57 per cent) during the 2011-23 period, falls short of the ambitious 6 per cent growth target set by the National Assembly for the whole year, let alone the more ambitious target set by the Government at 6.5 per cent. The economic recovery following the … [Read more...] about Việt Nam’s economic landscape at crossroads: Q3 reports highlight challenges in achieving targets

Employees working under labour contracts are directly affected by increase of minimum regional wage. (Photo: VNA) Hanoi (VNS/VNA) - The Ministry of Labour, Invalids and Social Affairs (MOLISA) has proposed delaying a salary negotiation meeting until the fourth quarter of 2023 because there is not enough scientific and practical basis to propose a time to adjust the regional minimum wage . Accordingly, MOLISA has sent an official dispatch to the Government Office to delay the submission of the decree stipulating the minimum wage for employees working under labour contracts. The ministry was assigned to develop the decree and submit it to the Government in October 2023. MOLISA said that the economy in the second quarter and the first months of the third quarter this year has shown signs of improvement. However, the global and regional socio-economic and security situation continues to have complex and unpredictable fluctuations affecting Vietnam’s economy. … [Read more...] about Labour ministry proposes delay of 2024 regional minimum wage increase

An oil rig of Petrovietnam (Photo: VietnamPlus) Hanoi (VNA) – Forty-eight years since its establishment, the Vietnam Oil and Gas Group (Petrovietnam) has become a multi-billion-dollar enterprise and made breakthrough and comprehensive development strides. Petrovietnam was set up on September 3, 1975 with the goal of helping guarantee national energy security and serving as a pillar of economic support for national development. Shortly after the date of national reunification (April 30, 1975), on September 3 the same year, the Vietnam General Department of Oil and Gas, the predecessor of Petrovietnam , was established under the Council of Government in efforts to realise late President Ho Chi Minh’s aspiration to develop an oil and gas industry of the country. Nearly half a century has passed, Petrovietnam has managed to master the most cutting-edge technologies and build a complete oil and gas industry. From 1986 to 2022, it posted more than 400 billion USD in total … [Read more...] about Petrovietnam in step with 48 years of national development

The opening plenum of the eighth session of the 13th-tenure Party Central Committee in Hanoi on October 2. (Photo: VNA) Hanoi (VNA) – Party General Secretary Nguyen Phu Trong put forth requests for members of the 13th-tenure Party Central Committee while opening the committee’s eighth session in Hanoi on October 2 morning. In his speech, the Party chief stressed that this time’s session, lasting until October 8, will consider and make decisions about many big, complex, and sensitive issues highly important to the fulfillment of the 13th Party Central Committee’s political tasks from now until the end of the tenure. Socio-economic and state budget issues for 2023 - 2024 will be discussed amid the continuation of fast, complicated, unpredictable and unprecedented developments in the world, along with the appearance of more difficulties and challenges, which have negatively and seriously affected the performance of socio-economic tasks and targets. He asked the Party … [Read more...] about Major issues to be debated at eighth session of Party Central Committee

The Vietnam Craft Village Festival 2023 will take place from November 9 to 12 in Hanoi to promote craft village products and tourism. Ninety award-winning products from the Hanoi Handicraft Design Contest 2023 will be showcased at the Vietnam Craft Village Festival 2023 , held on November 9 at the Imperial Citadel of Thang Long in Hanoi. Hanoi honors award-wining products from the contest at a ceremony. Photo: VGP The city's People's Committee awarded 90 winning products, including 6 first prizes, 18 second prizes, 24 third prizes, and 42 consolation prizes in six categories of handicrafts. With the theme of "Elevating Creativity - Spreading the Essence of Hanoi's Handicrafts", the contest attracted 146 organizations, individuals, and artisans who submitted 355 entries in the categories of ceramics, lacquer, bamboo, rattan, pearl inlay, stone, wood, art horn, silk embroidery, and other handicrafts. The city's handicrafts continue to uphold important … [Read more...] about Vietnam Craft Village Festival 2023 celebrates Hanoi award-winning products

Petrol prices were forecast to continue to increase towards the end of the year due to moves to tighten the supply by major world producers. — VNA/VNS Photo Trần Việt The Ministry of Industry and Trade believes that the appropriate use of the stabilisation fund would be important to restrain increases in petroleum prices and reduce the impacts of these increases on the country’s socio-economic development. From the beginning of this year, petrol prices have been raised 16 times with a total increase of VNĐ3,500 per litre. The latest increase was on September 21, which brought the petrol price to nearly VNĐ26,000 per litre. Petrol prices are forecast to continue to increase towards the end of the year due to moves by major world producers to tighten supply. According to the Mercantile Exchange of Việt Nam (MXV), Russia, the world's third-largest oil producer with a market share of 13 per cent globally, after the US' 16 per cent and Saudi Arabia's 13.5 per cent, has put a … [Read more...] about Appropriate use of stabilisation fund important to restrain petroleum prices increases

Party General Secretary Nguyen Phu Trong speaks at the plenum. (Photo: VNA) Hanoi (VNA) – The eighth plenum of the 13th Party Central Committee opened in Hanoi on October 2 under the chair of General Secretary Nguyen Phu Trong. Participants at the plenum held a minute of silence for Party Central Committee member and Deputy Prime Minister Le Van Thanh and victims who died in natural disasters and fires. During the plenum, the committee will discuss the national socio-economic and state budget situation in 2023 and plans for 2024; the State budget and financial plan for three years 2024 - 2026 and a roadmap for implementing the new salary regime. resolution on national protection strategy in the new situation which was adopted by the eighth plenum of the 11th Party Central Committee; and personnel planning for the Party Central Committee in the 14th tenure, and other important issues. The plenum will last until October 8./. VNA … [Read more...] about Eighth plenum of 13th Party Central Committee opens

Lower-than-expected growth in advanced economies and China could reduce external demand for Vietnamese exports. Vietnam's economic growth for 2023 is set to hit 4.7%, primarily influenced by weak domestic and external demand . Production of aircraft components at MHI Aerospace Vietnam. Photo: Pham Hung/The Hanoi Times The World Bank released the forecast in its latest East Asia and Pacific October 2023 Economic Update. However, there's optimism for a recovery in the following years, with growth expected to reach 5.5% in 2024 and 6.0% in 2025. The main driver of this growth will be domestic demand, although at a slower pace than in previous years. In terms of inflation, the Consumer Price Index (CPI) is projected to average 3.5% this year, largely due to scheduled increases in civil servant salaries. In the following years, assuming stable energy and commodity prices, inflation is expected to decline to 3.0% in both 2024 and 2025. On the fiscal side, … [Read more...] about Vietnam’s GDP growth forecast to expand by 4.7% in 2023: WB

This project is part of Generali Vietnam 's community initiatives to bring a better life for Vietnamese children. The budget for the project comes from the company’s annual fundraising initiative. The offering raised funds for the building of a kitchen and other auxiliary facilities for 81 disadvantaged children in Dien Bien. Over VND250 million ($10,264) from the donation has been transferred to the NFVC to build a fully equipped new kitchen, including utensils, a covered dining area, and a new water tank, for children in the remote village of Xa Dung B. It is home to 81 children from the Thai and Hmong ethnic groups, and the teachers there dream of being able to offer nutritious meals for the children, with a new tank to store clean water. Thanks to the partnership between Generali Vietnam and the NFVC, the Bep am cho em programme is being implemented with the hope of contributing to bringing more delicious, cleaner, and better quality meals to the children there. … [Read more...] about Generali Vietnam brings Bep am cho em campaign to children in Dien Bien

SZ newspaper runs a story about Minister-President of the Lower Saxony state Stephan Weil's visit to Vietnam (Photo: VNA) Berlin (VNA) – Lower Saxony (Niedersachsen), the second biggest state of Germany, is keen on promoting cooperation with Vietnam, especially in economy, and wants to receive more Vietnamese workers, Minister-President of the state Stephan Weil has been quoted by SZ, Germany's largest broadsheet newspaper, as saying. Lower Saxony is interested in further beef up economic collaboration with Vietnamese partners. German firms who want to diversify their market, he held, highly valuing the role of Vietnam in the context that the EU-Vietnam Free Trade Agreement (EVFTA) has took effect in several years. VNA … [Read more...] about Germany’s Lower Saxony state interested in expanding partnership with Vietnam