Some firms standardize their products globally

Practical experience has shown that the relationship between the press and companies is one of accompanying each other and co-developing. At the "Media and Enterprises - Companions for Sustainability" forum hosted by The Economic and Urban Newspaper today [June 5], experts shared their views on the relationship between enterprises and the press. Deputy Director of the Press Department of the Ministry of Information and Communications Dang Khac Loi: Press contributes to a favorable business environment Deputy Director of the Press Department under the Ministry of Information and Communications Dang Khac Loi. Photo: Thanh Tra Newspaper In the process of national development, entrepreneurs and enterprises are an important part of the great bloc of national unity and play a vital role in the country's construction and economic progress. To realize the socio-economic development goals, it is imperative to continue fostering a favorable business … [Read more...] about Strong ties between businesses and press in a difficult time: Experts

Asia’s increased borrowing in recent decades has augmented the region’s exposure to rising interest rates and heightened market volatility, said the International Monetary Fund (IMF). According to the IMF’s latest report on May 25, over 18 per cent of Vietnamese enterprises were found to have an interest coverage ratio (ICR) below one, indicating a high risk of default as of June 2022. Additionally, 18.32 per cent of companies had an ICR between 1-4, making them vulnerable to increased borrowing costs, while 63.36 per cent had an ICR of four, signalling a good debt repayment capacity. The report attributes the heightened risks to the rising cost of borrowing, as central banks tighten monetary policies and increase interest rates to combat inflation. Despite maintaining growth rates, companies face significant pressure due to higher borrowing costs, reducing their ability to repay debts. As of mid-2022, 17 per cent of Asia’s corporate debt was held by firms with interest … [Read more...] about IMF highlights rising debt risks for Asian companies

At a conference on solutions to develop and promote investment in real estate for agricultural tourism in Vietnam on May 25 in Hanoi, an action programme was discussed to create motivation for agro-tourism and rural development. Legal synchronisation can unlock agro-tourism potential Organised by the Vietnam National Administration of Tourism and the Vietnam National Real Estate Association (VNREA), it was the first time that a large-scale event discussed such issues. Nguyen Van Khoi, chairman of VNREA, said that the development of agricultural tourism is gradually becoming a trend in rural areas, especially in agricultural economy countries like Vietnam. It not only benefits the industry but also contributes to increasing the value of the land, raising opportunities for economic development, and improving the lives of local people. “In order to increase the value of the land through the development of agricultural and rural tourism, a sustainable development … [Read more...] about Legal synchronisation can unlock agro-tourism potential

The domestic garment and textile sector has been hardest hit in the on-going wave of layoffs due to the economic downturn, according to the Ministry of Labour, Invalids and Social Affairs (MoLisa) report. The Molisa report showed that in the first half of this year, a total of 510,000 people had their job affected. Among those, 280,000 stopped working or were fired, mostly in industrial parks and economic zones in Binh Duong, Dong Nai, HCM City, Bac Ninh, Hai Duong and Hanoi. Roughly 195,039 workers had their working hours cut during the first half of the year. Up to 8,644 companies had to cut their workforce due to the order shortage. The garment and textile industry were hardest hit as up to 68,782 workers stopped their job or were fired. Meanwhile, 66,600 others in this sector had their working hours reduced. It was followed by the electronic component and product sector with 45,075 people and the footwear industry with 31,653 people quitting their work or … [Read more...] about Garment and textile sector hardest hit in layoff wave

The most effective competitive advantage for Vietnam's economy is creating a favorable business investment environment free of legal barriers. Prime Minister Pham Minh Chinh has signed a decree to urge ministries and provinces/cities to boost administrative reforms and improve the investment environment to support local enterprises. Electronics production at Katolec Vietnam in Quang Minh Industrial Park, Hanoi. Photo: Pham Hung/The Hanoi Times "A conducive investment environment is a fundamental platform helping businesses operate smoothly and drive growth. This, in turn, promotes job creation and contributes to overall socio-economic development," said the decree. Vietnam has been trying to cut administrative regulations and compliance costs as part of its national digital transformation effort. As of May 2023, the country's total number of administrative procedures was 6,422, 376 fewer than the same period in 2020. This is expected to improve the … [Read more...] about PM urges greater efforts to accelerate administrative reforms

Operating for 14 years in the country, British University Vietnam (BUV) has asserted its position, quality, and outstanding reputation in the education sector by continuously improving the quality of its training, demonstrating the international standard and value of British higher education. BUV pledges investment in quality education in Vietnam BUV, located in Ecopark 14km from the centre of Hanoi, is the first and only university in Vietnam and ASEAN to have been awarded accreditation from the Higher Education Quality Assurance Agency. To earn the recognition of quality, BUV has completed the International Quality Review, a rigorous procedure which benchmarks global higher education institutions against the United Kingdom’s international quality assurance standards, with the university achieving the highest level of performance in all 10 categories and outstanding accomplishments in all academic aspects. BUV is also the first and only university in Vietnam to be … [Read more...] about BUV pledges investment in quality education in Vietnam

Norway has helped Vietnam develop the first Fisheries Law, supported surveys of aquatic resources, and capacity-building projects in the fisheries sector for nearly 40 years. Norwegian partners have intensified their support of Vietnam’s sustainable marine aquaculture through efforts that share expertise from a world-leading producer and exporter of seafood. The seminar on June 5 in the central coastal province of Khanh Hoa is the latest move in the process in which the ocean nation has supported Vietnam over the past four decades . Indeed, the event aims to create a platform for participants from the public, private sectors, and academia to discuss ways for Vietnam to develop marine aquaculture in a sustainable manner and the role of relevant stakeholders in that process. The seminar was organized by the Norwegian Embassy in Hanoi, Innovation Norway, Hanoi, in coordination with the Department of Fisheries (DFish) of the Vietnamese Ministry of Agriculture and Rural … [Read more...] about Norway strengthens support to Vietnam’s sustainable marine aquaculture

In early April, the Board of Directors at Nam Viet JSC, a seafood producer in the southern region, gave the nod to the decision on dissolving Nam Viet Real Estate Co., Ltd. This company, based in Long Xuyen city in the Mekong delta province of An Giang, was founded in March 2022 to operate in real estate. Real estate might not always prove a fertile venture At the inception, the company had $3.5 million in chartered capital, which was scaled down to around $391,300 in mid-June 2022 before terminating operation in the recent past. At the company’s 2022 general annual shareholders meeting in June, CEO Doan Toi told shareholders that the company owned land, and that they would unveil two real estate projects later in the year, and another two in 2023. Last year, Nam Viet set an ambitious pre-tax profit target of VND1 trillion ($43.4 million) compared to a mere $6.5 million pre-tax profit posted in 2021, and committed to maintaining its profit in the range of a … [Read more...] about Core business key as companies pull out of real estate

Illustrative image (Photo: laodong.vn) Hanoi (VNA) - Although the aquaculture industry have been facing many challenges, it continues to receive support from the Government, Director in charge of communications of the Vietnam Association of Seafood Exporters and Producers ( VASEP ) Le Hang told Lao dong newspaper. According to Hang, the Prime Minister has demanded the State Bank of Vietnam effectively manage credit operations to ensure the suitable provision of credit capital, and continue to reduce interest rates to support businesses, especially those in aquatic export . The bank has been required to implement supportive and preferential policies, including proposing a credit package worth 10,000 billion VND (over 425.4 million USD) to support businesses operating in forestry and aquatic production and processing industries. Credit programmes should be prioritised for the fisheries sector, towards creating favourable conditions for businesses involved in the … [Read more...] about Government support helps aquaculture industry weather difficulties

CUPERTINO, California - Apple on Monday unveiled a costly augmented-reality headset called the Vision Pro in its riskiest bet since the introduction of the iPhone more than a decade ago, barging into a market dominated by Meta. At its annual developer conference, Apple also introduced a raft of new products and features, including a 15-inch MacBook Air, a powerful chip called M2 Ultra, improvements to its iOS software and a long-awaited tweak to prevent its autocorrect from annoyingly changing a common expletive to "ducking". The Vision Pro will start at $3,499, more than three times the cost of the priciest headset in Meta's line of mixed and virtual reality devices. The headset will test a market crowded with devices that have yet to gain traction with consumers and put it in direct competition with Facebook-owner Meta after years of clashes between the companies over issues like user privacy and control of developer platforms. Apple emphasized the novelty of the headset's … [Read more...] about Apple to sell Vision Pro AR headset for triple Meta’s top-line price