Rauner finalizes 15 billion medicaid overhaul

At last week’s tourism recovery conference in Hanoi, Prime Minister Pham Minh Chinh stated that Vietnam will waive visas for more countries and extend the duration of stay for international tourists to accelerate the recovery of tourism. Better conditions will also be created for airlines to open direct routes to Vietnam. More flexible visa policy finally on cards after multiple gripes, Photo source: freepik.com The prime minister stressed that after Vietnam reopened its tourism market, it failed to attract foreign visitors as expected in 2022. There has been a lack of attractive tourism products and quality remains limited, he said. According to Pham Hai Quynh, director of the Asian Tourism Development Institute, easing visa requirements is a starting point for attracting more tourists to the country. It also encourages travellers to stay longer and explore more. “With improvements in visa openness, Vietnam is likely to woo more tourists and investors to Vietnam. … [Read more...] about More flexible visa policy finally on cards after multiple gripes

Clients waiting outside a branch of the Silicon Valley Bank in Santa Clara, California on March 13. (Photo: XINHUA/VNA) HCM City (VNS/VNA) - The Silicon Valley Bank (SVB) collapse by itself will end up being neutral for Vietnam’s stock market and economy, Michael Kokalari, chief economist at investment fund VinaCapital , has said in a report. “Furthermore, we see no substantial risk that the dynamics which negatively impacted SVB and certain other regional US banks could significantly impact the profitability and/or solvency of banks in Vietnam.” It was widely reported that latent losses on SVB’s securities portfolio coupled with a drop in deposits at the bank were the main factors that led to its rapid insolvency, it said. Vietnamese banks also held Government bonds on their balance sheets, and the prices of 10-year Vietnam Government bonds (VGBs) had dropped by around 15% since mid-2021 and yields surged. However, VGB holdings only accounted for around 6% of listed … [Read more...] about Silicon Valley Bank collapse not to impact VN: VinaCapital

The Silicon Valley Bank (SVB) collapse by itself will end up being neutral for Vietnam’s stock market and economy, Michael Kokalari, chief economist at investment fund VinaCapital, has said in a report. Clients waiting outside a branch of the Silicon Valley Bank in Santa Clara, California. — AFP/VNA Photo “Furthermore, we see no substantial risk that the dynamics which negatively impacted SVB and certain other regional US banks could significantly impact the profitability and/or solvency of banks in Vietnam.” It was widely reported that latent losses on SVB’s securities portfolio coupled with a drop in deposits at the bank were the main factors that led to its rapid insolvency, it said. Vietnamese banks also held Government bonds on their balance sheets, and the prices of 10-year Vietnam Government bonds (VGBs) had dropped by around 15 per cent since mid-2021 and yields surged. However, VGB holdings only accounted for around 6 per cent of listed banks’ … [Read more...] about Silicon Valley Bank collapse not to impact Vietnam: VinaCapital

The 15% tax on profits, which was approved by 136 countries in 2021, is considered the deepest overhaul of cross-border tax rules in decades. The purpose of the overhaul is to ensure that tech giants such as Apple and Google will not have an unfair advantage by booking their profits in low-tax countries such as Ireland. The tax applies to multinationals with total revenues of at least EUR750 million ($819 million) in two of the preceding four years. This means that a company that invests in a foreign country will have be taxed by that country by at least 15%. Vietnam, along with the United Kingdom, Japan, South Korea, and the E.U. plan to start collecting the tax next year. It is estimated that 100 multinationals will be affected by the tax, which is expected to yield an extra $220 billions in tax income globally. Nguyen Thi Thu Huyen, deputy director of publicity at Canon Vietnam, said that tax incentive is one of the key factors for the company to maintain its large-scale … [Read more...] about New global tax to diminish Vietnam’s FDI attractiveness

Vietnam's foreign partners, such as AmCham and EuroCham, expect to further penetrate the domestic clean energy industry. Vietnam’s renewable energy sector remains attractive to international businesses, officials said on March 19 as they urged the Government to finalize the regulatory system soon. A wind power farm in the southern central province of Binh Thuan. Photo: The Hanoi Times According to Gregory Testerman, Chairman of the Board of Governors of the American Chamber of Commerce in Vietnam, US companies are looking for solutions in renewable development, especially gas-fired power, and offshore wind projects. Gregory said that Vietnam needs to prioritize sustainable energy sources at reasonable prices, adding that the nation will need technical and financial assistance to transition energy. AmCham Vietnam hopes to reach an agreement with the Vietnamese Government on power trade to cut carbon emissions and bring the economy into a state of … [Read more...] about International partners keen on Vietnam’s renewable energy sector

Working groups of the Vietnam Business Forum touched on a variety of topics and recommendations for greater progress Photo: Dung Minh During Sunday’s Vietnam Business Forum (VBF) in Hanoi, everything from the foreign labour situation and digital tax to combating climate change was discussed by the various participants, which included heads of influential international organisations. Arguably the most vital near-term issue according to those involved is power shortages being felt in some areas of the country. The Japan Chamber of Commerce and Industry (JCCI) said that northern industrial zones are being particularly affected, and it wants to see the nation’s Power Development Plan VIII to officially come on board as soon as possible. “In recent years, Japanese corporations have expanded their footprint in Vietnam to capture the great demand for renewable energy. But it is challenging for domestic businesses and financial institutions to independently execute large-scale power … [Read more...] about Business community leads call to action for authorities

Hanoi's goal for 2023 is to secure the city's socio-economic performance and further develop a cultured, modern, and civilized society. Hanoi aims to constantly improve the leadership of the Party Committee and the sense of responsibility of government officials and Party members, especially the heads of government agencies, to fulfill all the socio-economic growth tasks set for 2023. Dinh Tien Dung, Member of the Politburo and Secretary of the Hanoi Party Committee, talks to Nhan Dan (People) newspaper about the plans and actions the city expects to carry out on the occasion of the 93rd anniversary of the founding of the Hanoi Party Committee. Dinh Tien Dung, Member of the Politburo and Secretary of the Hanoi Party Committee. Photo: The Hanoi Times As head of the Hanoi Party Committee, could you share some of Hanoi's achievements in the first half of 2020-2025? Hanoi has endured many international impacts in the past two and a half … [Read more...] about Innovation-centered approach boosts Hanoi’s performance in socio-economic growth

A wood processing plant in Binh Duong. The wood processing industry is making efforts to regain growth momentum. (Photo: VNA) Hanoi (VNS/VNA) - Faced with a slump in export orders, woodworking firms have been striving to stay afloat in various ways. Do Thi Kim Loan, General Director of Sao Nam Trading and Production Co., Ltd, which makes wooden flooring, said the company’s export orders are down 35-40% year-on-year this year as orders from the US market, its major export market, drop sharply. “With exports to the US plunging, we seek to export to Canada and accept outsourcing orders from Australian customers. “Australian wood flooring importers ship materials to my company, we carry out the final processing stages, pack and re-export them. “This is an adaptation to partially offset the decline in our major market.” Binh Duong-based furniture company Bao Hung has also seen a sharp drop in orders from the US, its key market, this year. Phung Quoc Cuong, its marketing … [Read more...] about Wood industry strives to regain growth momentum

The following is the full text of the interview. Reporter: How do you evaluate the relations between Vietnam and Italy since the establishment of the bilateral diplomatic ties 50 years ago, especially since the upgrading of the relationship to a strategic partnership in January 2013? Ambassador Antonio Alessandro: I would use the words of the President of the Italian Republic Sergio Mattarella, who has just released a warm message of congratulations on the 50th anniversary of Italy - Vietnam diplomatic relations. President Mattarella congratulated the two countries for their relationship, “strongly rooted in history” and at the same time “directed with confidence towards the future.” These words express very well the idea that the 50th anniversary is not only a great achievement, considering the long journey that both countries have made since the seventies, but also a platform to let our friendship grow further and face together the great global challenges, like climate … [Read more...] about Italy – Vietnam relationship “strongly rooted in history”: Ambassador