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Speakers at the Vietnam Innovation Forum titled “Sailing the digital sea” in HCM City on Thursday. — Photo Courtesy of NIC Investors hold an optimistic view of the country’s start-up eco-system, according to the 2023 Viet Nam Innovation and Tech Investment Report. Released by the Viet Nam National Innovation Centre (NIC) and Do Ventures at the Vietnam Innovation Forum titled “Sailing the digital sea” in HCM City on Thursday, it was the third annual report. It said: “Despite the turbulent global investment climate, Viet Nam remains a favoured destination for investors due to its sturdy economic growth and skilled young workforce.” The most common advice given to start-ups was to focus on the fundamental aspects of business, utilise capital wisely with a strategic approach and adjust to changes in the economic climate. The country's venture capital developments began to reflect global economic distress. So, despite a strong economic rebound, there was a 56 per cent decline … [Read more...] about Viet Nam remains favoured destination for global investors

According to a report delivered at the session, the Government proposed adding the Law amending and supplementing a number of articles of the Law on People's Public Security to the fifth N.A. session’s working agenda for the legislature’s consideration and approval. Five draft laws, namely the draft Law on Citizen Identification (amended), the draft Law on Credit Institutions (amended), the draft Law on Roads, the draft Law on Road Traffic Order and Safety, and the draft Law on forces participating in security and border protection at the grassroots level, will be put on the table during this session, scheduled to take place in May. These draft laws will be submitted to the National Assembly for approval in the sixth plenary session, which will be held later this year. During this session, the legislature will also give comments on the draft Law on Defense Industry, Security and Industrial Mobilization; the draft Law amending and supplementing a number of articles of the Law on … [Read more...] about N.A. Law Committee holds 13th plenary session

Vietnamese steel industry calling for wider investment from overseas entities, photo Le Toan Posco Yamato Vina Steel JSC, a joint venture between South Korea’s Pohang Iron and Steel Company and Japan’s Yamato Holdings, is contemplating constructing a second facility in Vietnam. Lee Youngwoo, general manager of Posco Yamato Vina, wants to “establish a robust sales network” across Vietnam while enhancing scrap supply security. In 2020, Posco Yamato Vina was the first to manufacture wide H-shaped steel in Vietnam. According to Lee, the business built a representative office in Haiphong last year in order to “create additional prospects for collaboration” with clients. In the southern province of Ba Ria-Vung Tau, Posco Yamato Vina operates a steel mill with a capacity of one million metric tonnes per year and produces section steel with a capacity of 500,000 tonnes per year. Following a lack of foreign investment in steel manufacturing in recent years, many observers see Posco … [Read more...] about Vietnamese steel industry calling for wider investment from overseas entities

The policy was announced by the Deputy Minister of Industry and Trade Do Thang Hai at a workshop organised by the Ministry of Industry and Trade together with Thai Binh People’s Committee on March 30. The workshop discussed ways to promote investment and create regional business linkages, aiming to consolidate the implementation of Politburo Resolution 30-NQ/TW on the Red River Delta development. The Red River Delta comprises 11 cities and provinces, including Hanoi, Haiphong, Thai Binh, Nam Dinh, and Ninh Binh, with Hanoi and Haiphong as centrally governed cities. The delta is in a favourable geographic and political position for socioeconomic development, as it lies between the northeastern and northwestern regions, and between the northern mountainous areas and the central region. The delta is also adjacent to the Chinese market, with access to other northeast Asian countries, helping the northern provinces promote trade with the world. Speaking at the workshop, Minister of … [Read more...] about Promoting interregional linkage in the Red River Delta

An overview of the meeting. (Photo: VNA) Hanoi (VNA) – Foreign Minister Bui Thanh Son hosted a reception for Liu Ning, Secretary of the Party Committee of the Guangxi Zhuang Autonomous Region , in Hanoi on March 30, discussing a wide range of issues to boost ties between the two sides. During the session, the host proposed that the two sides promote existing bilateral cooperation mechanisms and programmes, expand friendship exchange between the people along the shared border, and effectively implement legal documents regarding land border and related agreements. The two sides shared delight at the sound development of the Vietnam-China relations over the years, especially after Party General Secretary Nguyen Phu Trong ’s visit to China last year. They agreed that the success of the visit has given a strong impetus to the growth of the traditional friendship between the two Parties and the comprehensive strategic cooperative partnership between the two countries. … [Read more...] about Foreign minister hosts China’s Guangxi leader

Vietnam ese Deputy Minister of Foreign Affairs Le Thi Thu Hang (R) and Italian Undersecretary for Foreign Affairs and International Cooperation Maria Tripodi (Photo: VNA) Rome (VNA) – Vietnamese Deputy Minister of Foreign Affairs Le Thi Thu Hang and Italian Undersecretary for Foreign Affairs and International Cooperation Maria Tripodi co-chaired the fifth political consultation between the two ministries to discuss orientations to promote the bilateral Strategic Partnership in the coming time. The two sides expressed their delight that the consultation was held on the occasion of the 50th anniversary of the establishment of the bilateral diplomatic ties, and the 10th founding anniversary of the Strategic Partnership. They highly appreciated outstanding results in bilateral economic cooperation with the two countries becoming each other's important trading partner in the region. Two-way trade reached more than 6.2 billion USD in 2022, up 11% year-on-year, thanks to … [Read more...] about Vietnam, Italy agree on orientations to enhance Strategic Partnership

The State Bank of Vietnam sets daily reference exchange rate at 23,600 VND/USD on March 31. (Photo: VNA) Hanoi (VNA) – The State Bank of Vietnam set the daily reference exchange rate at 23,600 VND/USD on March 31, down 3 VND from the previous day. With the current trading band of +/- 5%, the ceiling rate applied to commercial banks during the day is 24,780 VND/USD and the floor rate 22,420 VND/USD. The opening hour rates at commercial banks showed a declining trend. At 8:45am, Vietcombank listed the buying rate at 23,270 VND/USD, and the selling rate at 23,640 VND/USD, both down 10 VND from the end of March 30. BIDV kept both rates unchanged at  23,330 VND/USD (buying) and 23,630 VND/USD (selling). During the week from March 27 to 31, the daily reference exchange rate was adjusted up on the first two days and down towards the end of the week. It ended the week down 2 VND./. VNA … [Read more...] about Reference exchange rate down 3 VND on March 31

Participants at the talks (Photo: VNA) Lang Son (VNA) – Secretary of the Party Committee of Lang Son province Nguyen Quoc Doan held talks with Liu Ning, Secretary of the Party Committee of China's Guangxi Zhuang Autonomous Region, in Lang Son city on March 30, during which they discussed measures to further expand border trade cooperation. The two sides positively evaluated the close high-level relationship between the two Parties and States, as well as between Lang Son and Guangxi, which has been increasingly strengthened and nurtured. They also discussed measures to promote the potential and strengths, and step up cross-border trade. Liu said he hopes the two countries will continue to strengthen strategic development and connection and deepen practical cooperation in various fields, thus strongly promoting the partnership and comprehensive strategic cooperation in the new era. The Chinese official said Guangxi is currently implementing measures to promote the … [Read more...] about Vietnamese, Chinese localities eye stronger border trade

Illustrative image (Source: VNA) Hanoi (VNA) – The General Department of Taxation under the Ministry of Finance has said it will keep a close watch on the implementation of the global minimum tax in other countries, listen to opinions of firms impacted by the tax and study guidelines of the Organisation for Economic Cooperation and Development (OECD) to propose its application in Vietnam. The application of the global minimum tax should not create adverse impacts on Vietnam’s foreign investment attraction, and should ensure the country’s tax collection right , said deputy head of the general department Dang Ngoc Minh at a press conference held by the Finance Ministry in Hanoi on March 30. The OECD ’s Pillar Two establishes a global minimum effective corporate tax rate of 15% for large multinational enterprises (MNEs), which has important implications for the use of tax incentives around the world. Deputy head of the General Department of Taxation Dang … [Read more...] about Global minimum tax application under consideration

Deputy Prime Minister Tran Luu Quang (R) and  Kim Myoung-kyu, Vice President of LG Display Co Ltd. (Photo: VNA) Hanoi (VNA) – Deputy Prime Minister Tran Luu Quang hosted a reception for Kim Myoung-kyu, Vice President of LG Display Co Ltd, a subsidiary of LG Group of the Republic of Korea (RoK), on March 31 in Hanoi. During the meeting, Quang suggested the RoK firm expand its investment in Hai Phong and other Vietnam ese localities and build a research & development centre in Vietnam. The Deputy Prime Minister highly appreciated the investment and business efficiency of LG Group and LG Display in particular in Vietnam, saying that those have contributed to the Southeast Asian nation’s socio-economic development, and deepening the Vietnam – RoK comprehensive strategic partnership. Quang said the Vietnamese Prime Minister has approved the adjusted master plan of Hai Phong city to 2040, with a vision towards 2050, which aims to expand the land fund for … [Read more...] about Vietnam calls for more investment from LG