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Tam Dao District in the northern province of Vinh Phuc has faced serious flooding following torrential heavy rains that brought a record amount of rainfall in 60 years. Military officers join in rescue work during the floods in Tam Dao on May 24 A report from the Tam Dao District People's Committee said that the area saw intense rain from May 22-24, which has caused several dams to break, inundating many houses in Hop Chau Town and the communes of Ho Son, Dai Dinh, and Minh Quang. "More than 20 kilometres of roads in the area were deeply submerged or blocked by landslides," the report said. "Over 170 hectares of fruit trees, vegetables, and rice have been damaged. The total losses are estimated at about VND3 billion. In an inspection of some flooded sites in Hop Chau Town on May 25, the chairman of Tam Dao District People's Committee Dinh Van Muoi asked local authorities to take urgent measures to curb the flooding and ensure … [Read more...] about Tam Dao heavily flooded after 60-year record rainfall

Extremely heavy rains have been recorded over the past four days in Vietnam's northern and north-central provinces, with total rainfall amounting to over 800 millimeters in Vinh Phuc, signaling possible unusual natural disasters this year, the National Center for Hydro-meteorological Forecasting has warned. From the early morning of May 21 to May 24, Tam Dao District of Vinh Phuc Province recorded a total rainfall of 808 millimeters, the highest ever compared to the same period of May in the last several years, the center said on Wednesday. This record precipitation was followed by Quan Chu Town in Thai Nguyen Province with 692 millimeters, Kien Thiet Commune in Tuyen Quang Province with 612 millimeters, Xuan Khanh Commune in Thanh Hoa Province with 594 millimeters, Tam Duong District in Vinh Phuc Province with 496 millimeters, Dong Lai Commune in Hoa Binh Province with 442 millimeters, and Phuc Tho District in Hanoi with 396 millimeters. In other localities, the common … [Read more...] about In northern Vietnam, record rain signals possible unusual natural disasters: weather forecast

Football Goalkeeper Nguyễn Văn Toản (second, right) celebrates with teammates after Việt Nam won the men's football gold medal of the 31st SEA Games. VNA/VNS Photo Thanh Hà Nguyễn Văn Toản unpacked his items, changed his clothes and quickly picked up his shoes to join his teammates in the hotel lobby. Toản and the rest of the U23 team are in Dubai to train ahead of the Asian U23 Championship, which begins in Uzbekistan next month. They are seeking their first continental title after winning the Southeast Asian Games, where Toản kept a clean sheet throughout the entire tournament. “I am really happy to win this valuable gold medal on home ground,” Toản said. “It is my second SEA Games gold. “Not only me but also all teammates have had good preparation for this Games. We focused totally and competed well in all matches. This success was due to the strong effort of the coaching board and players, plus a little luck. “Thank you, thank you the supporters who came along … [Read more...] about Record-holder Toản looks ahead to continental challenge

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

A customer at a Petrolimex station in Ha Noi. As business activities recover again, the demand for petrol has increased. — VNA/VNS Photo Tran Viet Petrol producers and traders are expected to benefit from low-priced inventories as the price of petrol rises. The two leading enterprises in the industry, Petrolimex and PV Oil, recorded that the value of their inventories at the end of the first quarter was nearly double the beginning of the year. Petrol price has been adjusted up five consecutive times to reach VND31,250 per litre, a rise of 31.3 per cent compared to the beginning of the year. According to a report by the Ministry of Industry and Trade, the world petrol market has undergone many great changes in recent years. Supply to the market, especially to the European region, continues to be affected by the embargo on products from Russia, while US crude oil inventories continue to remain low. These factors have pushed up petrol prices. During the price management period … [Read more...] about Petrol companies to benefit from rising prices

Many retailers in phone and electronics segments focus on developing online channels to survive during the coronavirus pandemic period. To survive adverse effects of the coronavirus pandemic, many Vietnamese tech retailers have quickly boosted their sales on online platforms as their physical stores nationwide have to close until April 15 to comply with the prime ministerial directive stipulating measures to combat the pandemic. Photo: MWG Significant demand on tech products Mobile World Investment JSC (MWG), the largest tech retailer in Vietnam, saw a surge in demand in online shopping since the beginning of April as more than 10% of its 2,000 phone and electronics stores, mainly in Hanoi, have to close. Dang Thanh Phong, PR manager of MWG, told Hanoitimes that its revenue from online sales accounted for 13% of the total phone and electronics revenue in March, higher than that of the previous months. Due to the closure of its stores, sales in … [Read more...] about Vietnamese tech retailers manage to survive Covid-19 pandemic

Illustrative image. (Photo: SGGP) According to Mr. Nguyen Ngoc Dung, Chairman of Vietnam E-commerce Association (Vecom), in 2021, despite being heavily affected by the Covid-19 pandemic, Vietnam's e-commerce still maintained a good growth momentum with an increase of about 20 percent and a scale of $16 billion. Keeping the growth momentum, Vietnam is now one of the countries with the largest e-commerce market size in the region, besides Indonesia, Thailand, and Malaysia. Vietnam's internet economy in 2021 grew by 31 percent compared to 2020 and reached a scale of $21 billion. Of which, the online retail sector enlarged by 53 percent and touched a scale of $13 billion. There are two waves that have contributed to the steady development of e-commerce in Vietnam in 2020 and 2021 and will be the driving force for the next period. The first wave took place during the early stages of the Covid-19 pandemic in 2020, and the second one from June to September 2021, during the fourth … [Read more...] about Opportunities for e-commerce in Vietnam to boom

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

Vietnam expecting to spend even more on imports - illustration photo Southeast Asia is facing rising inflation, a problem that is exacerbated by the failure of energy and food prices to fall. Last month, the Monetary Authority of Singapore (MAS) tightened monetary policy for the third time since October to deal with inflation that is expected to heat up. According to analysts, the MAS has redefined the midpoint of the popular exchange rate policy band and slightly increased the slope of currency appreciation to help the Singapore dollar strengthen against the currencies of other countries. However, the MAS did not change the width of its policy band – a move the institution usually would take when markets are volatile. As a result, the Singapore dollar rose about 0.5 per cent to $1.35 after the MAS’ move. The agency considered the possibility that core inflation would pick up sharply in the coming months, before being revised later this year, due to the sharp increase in … [Read more...] about Vietnam expecting to spend even more on imports

Global food prices are expected to keep on rising this year due to the Ukraine conflict and other factors, Photo: Thanh Tung China’s National Bureau of Statistics (NBS) said on May 11 that the consumer price index (CPI), the main measure of inflation and retail sales, increased by 2.1 per cent on-year in 2021 due to the impact of the recession and skyrocketing energy costs and food prices. Data released by the General Administration of Customs of China on April 13 recorded a decrease in China’s imports for the first time since August 2020. In March, China’s imports fell 0.1 per cent on-year. Assoc. Prof. Dr. Vu Sy Cuong from the Academy of Finance warned last week, “Along with the conflict in Ukraine, China’s economic difficulties could exacerbate inflationary pressures in Vietnam.” China’s slowing growth is clearly felt by many manufacturing and export industries of Vietnam. Pham Van Viet, president of garment firm VitaJean Co., Ltd., said, “Restrictions on raw materials … [Read more...] about Global effects mar control of inflation