Public sector risk management framework pdf

Accelerated government spending is expected to boost demand in the remaining months of the year. ADB’s Principal Country Economist Nguyen Ba Hung shared his thoughts on Vietnam’s economic performance and its prospects for 2023 with The Hanoi Times. ADB’s Principal Country Economist Nguyen Ba Hung. What is the primary obstacle confronting Vietnam's economy for the remainder of the year? In the first half of 2023, Vietnam experienced a slowdown in GDP growth, with growth projected at only 3.7% compared to the positive momentum seen last year, when GDP grew 6.5% in the first half and 9.5% in the second half, resulting in an annual growth rate of 8% for the whole of 2022. One factor contributing to GDP growth in recent years has been public investment's sustained and steady growth. However, significant internal challenges have emerged during the Covid-19 pandemic. Vietnam's economy heavily relies on exports and foreign direct investment (FDI) … [Read more...] about Public investment as catalyst for Vietnam’s economic recovery in 2023: ADB

The Vietnam Prosperity Bank's staff offer clients consultation. (Photo: VNA) Hanoi (VNS/VNA) - Over the past decade, Vietnam has seen a remarkable surge in personal financial assets (PFA) that outpaces many other Asian countries. This robust economic environment has created a significant demand for specialised wealth management service s, tailored to the diverse financial aspirations of retail customers. A recent projection by McKinsey & Company has indicated that by 2027, Vietnam's PFA market will reach approximately 600 billion USD, growing annually at a rate of 11% from its 2022 baseline of around 360 billion USD. This growth encompasses a significant increase in managed wealth assets within the industry, presenting an estimated additional 65 billion USD to 75 billion USD in opportunities for institutions. These opportunities are poised for equal distribution across both affluent and high-net-worth individual (HNWI) segments, making it a tantalising … [Read more...] about Unleashing potential of Vietnam’s wealth management market

Vietnam Prosperity Bank's staff offer clients consultation. — Photo vietnamplus.vn Over the past decade, Việt Nam has seen a remarkable surge in personal financial assets (PFA) that outpaces many other Asian countries. This robust economic environment has created a significant demand for specialised wealth management services, tailored to the diverse financial aspirations of retail customers. A recent projection by McKinsey & Company has indicated that by 2027, Việt Nam's PFA market will reach approximately US$600 billion, growing annually at a rate of 11 per cent from its 2022 baseline of around $360 billion. This growth encompasses a significant increase in managed wealth assets within the industry, presenting an estimated additional $65 billion to $75 billion in opportunities for institutions. These opportunities are poised for equal distribution across both affluent and high-net-worth individual (HNWI) segments, making it a tantalising prospect for wealth management … [Read more...] about Unleashing the potential of Việt Nam’s wealth management market

The increase in electricity prices remains a hot topic as it has a major impact on households and businesses alike. Vietnam Electricity (EVN) has proposed another increase in retail electricity prices to compensate for its losses. Speaking at the state capital management in enterprises seminar last week, Nguyen Xuan Nam, vice president of EVN, said, "EVN accepts selling electricity at much lower prices than feed-in-tariffs (FiT). Although electricity prices have climbed three per cent in 2023, it only minimizes some parts of lingering difficulties since 2022. This year, retail electricity prices were not adjusted in a timely manner. As a result, EVN has incurred a loss of $1.48 billion." He added, "EVN's main task is to ensure a sufficient supply of electricity to the economy. However, the company encounters many challenges in mobilising and balancing its capital to fund its initiatives and ensuring safe operation and sufficient electricity supply in the following years. In 2023, … [Read more...] about Adjusting electricity tariff vital to the energy sector

When registering for his two children to study at a bilingual international school in Ho Chi Minh City in 2013, Minh Tung, a resident in District 7, agreed to sign two contracts with the school. Called "education agreements," each contract saw Tung invests VND1.55 billion (US$63,800) into the school and in return, his two children were allowed to study there for free. The loan is free of interest and the money must be transferred in one transaction. As stated in the contracts, after studying for at least four years, if his child wants to move to another school or graduates, he will receive money back. In 2019, when his eldest son graduated, Tung got the original investment within five months. Thanh Phung, who now lives in Canada, also signed the same type of contract in 2010 to let her three children study for free at an international school in Binh Thanh District. She lent the school $150,000 in total. Phung said the process was convenient and the school paid her back in … [Read more...] about Parents put themselves in risks by giving loans to international schools

The workload remained huge for the transport sector in the remaining months of this year as more than VNĐ45 trillion must be disbursed. — Photo baochinhphu.vn Feasibility in disbursement must be studied carefully before proposing and approving new public – investment projects, Deputy Prime Minister Trần Lưu Quang said during a meeting with the Working Group No 3 including 17 ministries and agencies on solutions to speed up disbursement of public investment in remaining months of this year. Quang said that many projects had been raised for allocation of public investment but failed to be implemented for many years. The Ministry of Planning and Investment’s report showed that under the National Assembly’s plan, the total public investment this year was at VNĐ711.68 trillion (US$29.16 billion), in which the Working Group No 3 was in charge of nearly VNĐ43 trillion. As of August 31, the group reported the disbursement rate of 44.12 per cent, higher than the country’s average of … [Read more...] about Feasibility in disbursement must be studied carefully for future public-invested projects

Given the insufficient public finance for climate ambitions, credit institutions play an increasingly important role in supporting the country's move towards a net zero economy through promoting green financing and capital markets to tap climate investment opportunities. — VNA/VNS Photo Việt Nam needs to develop a proper regulatory framework to pave the way for credit institutions to increase green financing and contribute to accelerating the transition to a low-carbon economy, attendees heard at the Việt Nam Climate Forum organised by the International Finance Corporation (IFC) in collaboration with the State Bank of Việt Nam (SBV) yesterday in Hà Nội. At COP26 in November 2021, Việt Nam announced the target to achieve net-zero emissions by 2050, phase out coal power by 2040, and reduce methane emissions by 30 per cent from 2020 levels by 2030. The Government of Việt Nam has introduced several policies, strategies, and plans to support environmentally sustainable development, … [Read more...] about VN needs to improve regulatory framework to increase green financing

A solar farm in the southern province of Ninh Thuận. — VNA/VNS Photo Ngọc Hà Several countries in the Southeast Asia region have expressed interest in purchasing Việt Nam's renewable energy, according to the Institute of Science and Environment, Seas and Islands under the Ministry of Natural Resources and Environment (MoNRE). According to Dr Dư Văn Toán from the institute, Việt Nam's total installed power capacity reached 78.4GW by 2021, making it the largest power system among ASEAN countries. The country has also been heavily investing in renewable energy in recent years. By 2030, Việt Nam's offshore wind power is projected to reach 6,000MW, with a goal of over 70,000MW by 2050. The National Power Development Plan VIII for the 2021 - 2030 period has set out a path for the strong development of offshore wind power, in conjunction with other renewable energy sources including solar power, onshore wind power, hydro, and biomass to meet domestic and export demands. "We have … [Read more...] about Legal framework required for renewable export opportunities

It’s necessary to adopt lessons learned and work closely with local governments to ensure a decrease in deaths going forward. Vietnam needs to prioritize the management of dog populations to end human deaths from dog-mediated rabies in the country which the viral disease claims between 70 and 100 lives per year. Dog vaccination in Vietnam. Photo: Quoc Khanh/VNA The call was made in response to World Rabies Day on September 28 by leading global public health organizations namely The World Health Organization (WHO) in Vietnam, the Food and Agriculture Organization of the United Nations (FAO) in Vietnam, the US Agency for International Development (USAID), and the United States Centers for Disease Control and Prevention (US CDC). The country also needs to increase resources for the vaccination of dogs and provision of post-exposure prophylaxis for those bitten by dogs. Rabies is a rare but very serious infection that affects the brain and nerves. It almost … [Read more...] about Vietnam urged to manage dog populations to end rabies-caused human deaths

Tables show the incidence of malware detected in six countries in Southeast Asia. — Source Kaspersky There was a huge jump in the number of threats targeting small and medium-sized businesses (SMB) in Việt Nam in the first half of the year, global cybersecurity and digital privacy company Kaspersky has said. According to the latest statistics from Kaspersky Security Network (KSN), until May some 1,120 SMB employees encountered malware or unwanted software disguised as business applications. Of them, 710 got distributed. The number of threats targeting SMBs it detected and blocked increased from 1,240 in H1 2022 to 25,194 in H1 this year, Kaspersky said. Malware, an umbrella term for “malicious software”, is designed by and for professional cybercriminals to cause harm to a user’s device or network. It encompasses a variety of cyberthreats such as Trojan and other viruses (ransomware is a form of malware). Malware attacks are destructive to small businesses as they can cripple … [Read more...] about Cybersecurity threats on the rise in Việt Nam’s SMB sector: reports