Recovered from watergate and vietnam

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

Vietnamese Ambassador to Germany Vu Quang Minh (front row) at Schaeffler headquarters where the seminar takes place (Photo: VNA) Berlin (VNA) – The German Asia-Pacific Business Association (OAV) has held a seminar on business and investment in Vietnam, attracting the participation of many German firms. Addressing the May 25 event in Bayern state, Ambassador Vu Quang Minh introduced the countries’ cooperation and its growth potential. According to the diplomat, Vietnam and Germany have all necessary collaboration frameworks, including the EU-Vietnam Free Trade Agreement which took effect in August 2021. Meanwhile, Vietnam is among the countries with the most favourable FDI laws in the region and the world, and also one of the fastest recovering economies from the COVID-19 pandemic. The Vietnamese and German economies are perfectly complementary to each other, Minh said, calling upon German investors in Vietnam to spread their knowledge and experience on the market to the … [Read more...] about Seminar promotes German business, investment in Vietnam

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

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

S&P Global Ratings has upgraded its long-term credit rating on Vietnam to BB+ with a stable outlook on the back of its strong economic recovery and improved government institutional settings. According to the Ministry of Finance, the S&P upgrade shows the economy is on a solid recovery track following the government’s decisions to ease domestic COVID-19 restrictions and reopen its borders to the world as well as due to its impressively improved vaccination and a flexible shift in COVID-19 control policy. A marked improvement in administrative reform, especially related to external debt burden management, a strong economic outlook, a firm international position, and a robust FDI inflow are important factors that further support the rating. The ‘Stable’ outlook in the next 12-24 months S&P forecast indicates that the Vietnamese economy would continue to recover and overcome difficulties caused by the pandemic over the past two years, helping consolidate its … [Read more...] about S&P raises Vietnam’s long-term credit rating to BB+ with stable outlook

Vietnam’s Ministry of Health has recalled many dietary supplements containing banned substances following several incidents where consumers were hospitalized after using weight loss products. The food safety authority under the health ministry has recently announced the recall of the supplement products following the detection of such banned substances. Most of them are classified as products supporting weight loss, male enhancement, and bone and joint care. In March, a 37-year-old woman in Hanoi was admitted to Bach Mai Hospital after consuming a weight loss coffee product. The patient bought it as recommended by a friend, Nguyen Trung Nguyen, a senior doctor at the infirmary, stated, adding that she had used the product for four days before falling into an unconscious state and suffering convulsions. “A CT scan showed that the patient’s brain was damaged, but her condition has gradually improved thanks to timely treatment,” Dr. Nguyen continued. A sample of the coffee … [Read more...] about Vietnam recalls multiple dietary supplements over banned substances

An additional 1,275 new Covid-19 infections were confirmed on Thursday, raising the national tally to over 10.71 million, according to the Ministry of Health. According to the ministry's report, most of the new patients are locally-transmitted cases confirmed in 33 out of 63 localities in the country with some localities seeing the highest numbers including Hanoi (309), Vinh Phuc (92), Nghe An (83), Phu Tho (80), and Danang (61). As of Thursday evening, the number of Covid-19 patients in Vietnam has increased to over 10.71 million. The country now stands 12th among 227 countries and territories worldwide in the number of infections. On May 26, an additional 7,223 more patients recovered from the disease, raising the number of recoveries in the country to over 9.42 million. On Thursday evening, no deaths related to Covid-19 were announced. The total fatalities stood at 43,078. By May 25, the country had injected more than 220 million doses of Covid-19 vaccines, including over … [Read more...] about Vietnam reports additional 1,275 fresh Covid-19 cases, no death

It is estimated that a total of over 36,000 flights will be made available for summer travelers from June 1 to August 15. The three carriers will provide nearly 6.3 million seats on more than 32,400 domestic flights, up 10 percent compared to the same period of 2019 before the COVID-19 broke out. The busiest routes are those among major cities of Hanoi, Da Nang and Ho Chi Minh City with close to 160 flights per day. Hundreds of flights will be also operated to fly vacationers to popular tourist destinations across Vietnam, including Phu Quoc, Cam Ranh, Da Lat, Hue, Quy Nhon, Dong Hoi, Tuy Hoa and Con Dao. Vietnam Airlines Group plans to operate approximately 430 domestic flights daily during the summer. More than 852,000 seats will be offered on international routes, down 40 percent from 2019 because cross-border travel demand is yet to fully recover. Source: VNA … [Read more...] about Vietnam Airlines Group to offer 7.1 mln seats during summer

HÀ NỘI  Archaeologists have found various traces of early humans in a karst mountain cave in Quảng Khê Commune, in the northern province of Bắc Kạn. They have excavated Thẳm Un Cave and found that the cave’s foundation has been recently stirred up by cattle raised by locals. As a result, a cultural layer from an earlier time was revealed. A hole of 3sq.m was made to research the culture deposits. Archaeologists have found two cultural layers lying directly on top of one another, without any border layer. Archaeologists working at the site. Photos courtesy of the excavation team The earlier cultural layer lies lower, measures 0.6-0.65m thick and is fairly hard, formed by clay. The dark brown layer contains objects like stone tools together with animals’ teeth and snail shells. The cultural layer on top has a light grey colour and is made of crumbled soil. The layer contains fewer objects. In the hole, traces of four fireplaces have been found at different … [Read more...] about Archaeologists find traces of early humans in Bắc Kạn

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