Remittances

Liem also revealed that Vietnamese migrant workers mainly operate in fields such as construction, manufacturing, nursing, cleaning, agriculture, and fisheries, with the majority going to markets such as the Republic of Korea, Japan, Taiwan (China), the Middle East, and Malaysia. Most notably, the number of Vietnamese labourers working abroad has steadily increased each year, especially over the last five years which has seen an annual rise of approximately 10,000 people. He went on to reveal that the department has initiated plans to send roughly 90,000 Vietnamese workers abroad in 2021, with between 120,000 and 150,000 workers a year in the future. In order to achieve this goal, it is necessary to continue building and fine-tuning the legal system regarding migrant workers, while stepping up international cooperation by stabilizing and developing traditional overseas labour markets with a major focus on jobs that ensure good working conditions, safety and high income for … [Read more...] about Remittances from Vietnamese migrant workers reach US$4 billion annually

VietinBank, Vietnam’s third largest lender by assets, reported a 40 percent increase in profit. Vietcombank reported profits of around $1 billion, the same as the previous year. Tien Phong Commercial (TPBank) and Vietnam Maritime Commercial Joint Stock Bank saw their profits increase by 11 percent and a scarcely believable 90 percent. … [Read more...] about The great banking profit paradox of Covid-hit 2020

HCM City (VNA) – Ho Chi Minh City has achieved its “dual goal” of containing the COVID-19 pandemic and reviving the economy, Nguyen Thanh Phong, Chairman of the municipal People’s Committee, told a recent meeting. Speaking at a meeting held on January 9 to discuss the city’s socio-economic development plans for 2021, Phong said the city was able to contain the virus while achieving economic growth of 1.39 percent, and all sectors managed to achieve growth. Despite the challenges caused by the pandemic, its revenues topped 371.3 trillion VND (16.1 billion USD) or 91.51 percent of the target, he said. Exports were worth more than 43 billion USD, foreign investment exceeded 4.3 billion USD and remittances were worth more than 5.5 billion USD. More than 40,000 new businesses were established with a total registered capital of more than 1.1 million VND. Some 8,300 resumed operations after suspending business due to the pandemic. The city has been able … [Read more...] about Virus containment, growth goals achieved: HCM City chief

“In the coming days, as the Kuwaiti people prepare to celebrate the 60th Independence Day and the 30th Liberation Day, while the Vietnamese people are preparing to welcome the traditional Lunar New Year festival, I wish the Government and people of the two countries a future of peace and prosperity, and may our 45-year friendship be strengthened more and more as a contribution to maintaining and promoting peace and prosperity in the region and the world at large,”  the Kuwaiti Ambassador said. … [Read more...] about VIETNAM NEWS JANUARY 12

Kwakwa also said that Vietnam needs to emphasise skill development and R&D capacity building as well as make significant changes in institutional reform. In skill development, it would be important to focus on those that increase participation in the value chain and lift the current limits of the manufacturing sector and elevate it to advanced services. In addition, the World Bank’s vice president for the region said that the country needs to pay due attention to R&D and the protection of intellectual property rights to prepare for a gradual transition to innovation activities, which represents the ultimate level of participation in the global value chain. … [Read more...] about VRDF highlights advantages of value chain development