Self sustaining businesses

Greener trade and investment is crucial to tackling climate change in Asia and the Pacific and will require governments in the region to work together more closely, according to a new report by the Asian Development Bank (ADB). While trade and investment have fueled remarkable economic growth in Asia in recent decades, it has also led to large increases in carbon dioxide emissions in the region—which is more vulnerable to the effects of climate change than any other. Reversing this trend will require measures such as promoting trade in environmental goods and services, nurturing green businesses, developing carbon pricing mechanisms, and strengthening regional cooperation through trade and investment agreements, according to the Asian Economic Integration Report (AEIR) 2023, released by ADB today. “Asia and the Pacific’s remarkable growth has lifted millions of people out of poverty, but this has come at an environmental cost,” said ADB Chief Economist Albert Park. “The region now … [Read more...] about Sustainable trade and investment key to Asia and Pacific’s green future

A tomato farm in Don Duong district, Lam Dong province, joining the platform of Koina (Photo courtesy of Koina) HCM City (VNA) – VinaCapital Ventures, a technology-focused venture capital fund of the Ho Chi Minh City-based VinaCaptial Group , has announced an investment of 1 million USD into Koina, an agritech startup founded in Vietnam. The investment from VinaCapital Ventures is part of Koina’s seed fundraising round. Koina, established in 2021, aims to build a large and efficient agricultural ecosystem in Vietnam by connecting farmers with financial organisations, suppliers, and retailers. Its “Farmer Platform” is intended to help farmers access loans, publicise prices, and give guidance on good agricultural practices. Thi Nguyen, co-founder and Chairman of Koina, said the funding from VinaCapital Ventures will help his firm expand sales channels and increase investment in technology to control quality and boost the value of agricultural products of Vietnam. … [Read more...] about VinaCapital Ventures pours 1 million USD into agritech startup

Vo Tri Thanh *Vo Tri Thanh Viet Nam achieved and exceeded 14 out of 15 targets assigned by the National Assembly for 2022 with many impressive numbers including GDP growth, export turnover and the number of newly-established and re-opened businesses. Only labour productivity was under expectations. Viet Nam’s labour productivity was expected to increase by between 4.7 per cent and 5.2 per cent on average in 2022, higher than the average growth rate of 4.7 per cent in 2021 but behind the target of 5.6 per cent set for the whole of 2022. On January 10 this year, the Government issued Resolution No 06/NQ-CP on the development of a modern, efficient, sustainable and integrated labour market serving quick socio-economic recovery, setting the average labour productivity target for 2023 at more than 6.5 per cent. Labour productivity is an important economic indicator that is closely linked to economic growth, competitiveness and living standards within an economy. According to … [Read more...] about Viet Nam wrestles with labour productivity issue when heading to innovation-based development

Vietnamese people's cultural and human values should be central to the capital’s industrialization process. Hanoi aims to spearhead the nation's industrialization and modernization until 2030, with an eye on 2045. Hanoi has seen major transformation over the years. Photo: Pham Hung According to the municipal Party Committee, the goal of the plan is to transform the mindset and build consensus in the political system and people to achieve socioeconomic development objectives. The Party Committee emphasized the use of science-technology and innovation, specifically Industry 4.0 advancements, as a key solution for the country’s modernization in the 2021-2030 period. “This would help Vietnam to make breakthroughs in productivity and improve the economy's competitiveness,” stated the plan. For Hanoi, the plan identifies key targets for economic growth, enhancing socio-cultural values, urban development, and environmental protection. By 2030, Hanoi and other … [Read more...] about Hanoi to spearhead the nation’s industrialization efforts until 2030

Vietnam should take the necessary steps to become a cryptocurrency hub that has a favorable cryptocurrency regulatory framework and hosts the world's leading crypto firms. Lack of regulatory framework Most Vietnamese crypto investors have a "get-rich-quick" and "gambling" mindset. Photo: Pexels While cryptocurrency exchange providers must go through a strict screening process to obtain a license in Singapore and soon in Hong Kong, exchanges such as Binance or Remitano can operate freely in Vietnam without a financial services provider license, and investors earn capital gains in crypto without having to pay any taxes. Many crypto projects, especially GameFi, Move to Earn, Metaverse and Web3, were launched in such an environment that helped boost national innovation and drive the digital economy. However, the lack of a regulatory framework has led to unprotected investors in the event of a scam, difficulty in tracking fraudulent and criminal activities … [Read more...] about Vietnam’s vibrant crypto scene needs a regulatory framework

At the reception for Tatsuo Yasunaga, President and CEO of Mitsui & Co Ltd., the Government leader praised the company’s business performance in Vietnam, particularly in processing and distributing of local aquatic products. PM Phuc welcomed a joint project between Mitsui and Minh Phu Seafood Corporation which could push the shrimp export value of the major shrimp farming business in Vietnam to 1 billion USD. Yasunaga informed his host of the success of the joint project, which has seen over 150 million USD invested in improving Minh Phu’s processing, business management and export capacity, adding the sides plan to focus on upgrading refrigeration equipment and expanding export markets, particularly targeting Russia apart from the US. In another meeting with Han Chang-woo, chairman and CEO of Maruhan Corporation, PM Phuc said Vietnam is pressing ahead with effective equitisation of Stated-owned enterprises (SOEs), particularly in transport, infrastructure, construction, … [Read more...] about PM meets with leaders of Japanese conglomerates

The prime minister's comments were made as he chaired a conference at the Ministry of Industry and Trade to promote production and consumption and expand export markets on February 3. In the first month of 2023, the impact of external factors caused a reduction in orders and led to a decrease in industrial production. Specifically, the index of industrial production in January 2023 decreased by 14.6 per cent compared to the previous month and 8 per cent over the same period last year. Export turnover in January stood at $25.08 billion, a decrease of 13.6 per cent over December and 21.3 per cent on-year. The prime minister said that faced with the decrease in the aggregate demand for goods, it is necessary to promote diversification and strengthen the nation's position in the supply chain. "Industries and businesses need to produce and export products based on global demand. The industry and trade sector needs to focus on three strategic breakthroughs (institutions, … [Read more...] about Promotion of exports to be based on global demand