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Workers process tuna for export at a factory in Binh Dinh province. (Photo: VNA) Hanoi (VNA) – Despite a sharp fall in exports before the end of 2022 due to global inflation, tuna still brought home 1 billion USD in revenue last year, up 34% from 2021, becoming a billion-dollar commodity for the first time, data showed. Tuna products of Vietnam were shipped to 99 markets, of which the US, the EU, members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Israel, Thailand, Saudi Arabia, Russia, the Philippines, and Egypt were the largest importers, accounting for 92% of total exports, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). Germany, Spain, and Belgium were the biggest EU buyers of Vietnamese tuna . Notably, shipments to Germany and Spain shot up 161% and 117% last December, respectively. Tuna exports to Japan, a CPTPP member, grew fast in the last quarter of 2022. The value surged 131% year on … [Read more...] about Tuna becomes billion-dollar export for first time: VASEP

A single winning ticket for a Mega Millions lottery jackpot of at least $1.35 billion, the second largest jackpot in U.S. history, was sold in Maine, lottery organizers said on Saturday. "Congratulations to the Maine State Lottery, which has just won its first-ever Mega Millions jackpot," Ohio Lottery director Pat McDonald, lead director for the Mega Millions Consortium, said in a statement. "It's the fourth billion-dollar jackpot in Mega Millions history." The winning ticket, which cost $2 and matched all six numbers, was bought at Hometown Gas & Grill convenience store in Lebanon, Maine. The ticket holder, yet to be identified, has the choice of a lump-sum payment of $723.5 million or an annual payout over 30 years. Most winners go for the lump sum, which comes with a hefty tax bill, according to the Mega Millions website. The winning numbers for the jackpot were 30, 43, 45, 46 and 61, plus the power ball 14. "This is a small rural town in southern Maine," Fred … [Read more...] about Ticket for $1.35 billion Mega Millions jackpot sold in rural Maine town

NEW DELHI -- India's government on Wednesday unveiled one of its biggest jumps in capital spending in the past decade in its budget for the coming year and said the fiscal deficit would fall, as it tries to create jobs while maintaining financial discipline. Prime Minister Narendra Modi's party, which faces elections in key states this year and a national vote in 2024, has been under pressure to create jobs in the country of 1.4 billion where many have struggled to get employment despite it remaining one of the world's fastest-growing major economies. "After a subdued period of the pandemic, private investments are growing again," Finance Minister Nirmala Sitharaman said as she presented the 2023/24 budget in parliament, with total spending rising 7.5% to 45.03 trillion rupees ($549.51 billion). "The budget makes the need once again to ramp up the virtuous cycle of investment and job creation. Capital investment is being increased steeply for the third year in a row by 33% to 10 … [Read more...] about India ramps up spending, cuts deficit in $550 bln budget ahead of 2024 vote

The U.S. government likely awarded about $5.4 billion in COVID-19 aid to people with questionable Social Security numbers, a federal watchdog said in a report released on Monday. The watchdog, the Pandemic Response Accountability Committee (PRAC), said it "identified 69,323 questionable Social Security Numbers (SSNs) used to obtain $5.4 billion from the Small Business Administration's (SBA) COVID-19 Economic Injury Disaster Loan (COVID-19 EIDL) program and Paycheck Protection Program (PPP)." The loans were disbursed between April 2020 and October 2022, the watchdog said in its report, which comes ahead of a scheduled Wednesday hearing by the Republican-led House of Representatives Oversight Committee on fraud in pandemic spending. About 57,500 Paycheck Protection Program forgivable loans worth $3.6 billion were disbursed by August 2020, the report added. The United States is probing many fraud cases pegged to U.S. government assistance programs, such as the Paycheck Protection … [Read more...] about U.S. watchdog identifies $5.4 billion in potentially fraudulent COVID-19 loans

Another 33% of respondents are willing to spend VND20,000-40,000 on drinks, according to the survey of 3,940 consumers conducted by food and beverage market solutions firm iPOS. Only 14% said they would splurge more than VND70,000 for a drink, the equivalent of the price of a drink at high-end coffee shops such as Starbucks and Runam Bistro, it added. Nearly 54% of respondents said they visit coffee shops once to twice a month. According to the survey, Vietnamese people spend more money on drinks than on their main meals. They prefer to spend VND10,000-30,000 for their breakfast and VND31,000-50,000 for lunch and dinner. Vu Thanh Hung, CEO of iPOS, said that the daily main meals are usually popular dishes such as com tam (broken rice) or pho (noodle soup) at sidewalk stalls which have cheap prices while many Vietnamese have a tendency to drink coffee or milk tea at high-end establishments with prices of VND40,000-70,000 for each drink. On special occasions like … [Read more...] about Many Vietnamese spend more on drinks than main meals: report

The company currently enjoys an export turnover of $4 million per year. On the days leading up to the Lunar New Year, Lap Phuc Co.'s factory of more than 10,000 square meters in Ho Chi Minh City was still busy with the final stages of an automobile mold order for export to the United States. Factory worker Vo Nhut Han stared intently at the control panel, a satisfied look on his face as the machine operated smoothly. Operating the machine together with Han was Nguyen Van Tri, the factory's general director. "Each working day, I only spend an hour on management work, and the rest of the day is spent down on the factory floor working alongside my fellow workers," said Tri, who is now in his 60s. For him, it's as if being a worker runs in his blood. Factory worker Vo Nhut Han (L) works on a machine at Lap Phuc Company in HCMC as its general director Nguyen Van Tri observes, January 2023. Photo by VnExpress/Le Tuyet Tri is the eldest son in a family of 10 children. … [Read more...] about From zero to hero: A downsized worker who owns a million-dollar factory

During the first 10 months of 2022, the State Bank of Vietnam (SBV) was forced to sell an estimated 20% of total foreign exchange reserves to stabilize the exchange rate. Vietnam's foreign exchange reserves will recover from the current level of US$90 billion to about $102 billion by the end of 2023, equivalent to 3.3 months' worth of imports, according to securities firm VNDIRECT. Vietnam's foreign reserves may reach US$102 billion this year. Photo: Hai Linh The brokerage’s report suggested the country’s foreign reserves are set to improve this year thanks to a stable exchange rate, high trade surplus, and positive current account. In 2023, VNDIRECT forecasts Vietnam’s trade surplus may reach $13.4 billion, or an increase of $1 billion against last year, while the current account may shift from a deficit to a surplus at around 1.4% of the GDP. During the first 10 months of 2022, the State Bank of Vietnam (SBV) was forced to sell an estimated 20% of total … [Read more...] about Vietnam’s foreign reserves to return to US$100-billion mark by year-end

Boracay beach in the Philippines (Photo: AFP) Hanoi (VNA) – A member of the Philippine House of Representatives Marvin Rillo on January 15 said that the country will invest 17.7 billion pesos (322 million USD) in building and upgrading roads to tourism sites, which make the sites more accessible to visitors. He said that the country needs to develop more roads and bridges to open tourism destinations to tourists across the archipelago. Rillo added that the tourism and public works and highways departments have jointly identified projects that will be funded under the government's tourism road infrastructure programme. In December 2022, the House of Representatives approved 34 bills that identify new tourism destinations across the country, including waterfalls, national parks, and caves. The Philippines is improving connectivity and convenience to lure more tourists, including upgrading tourism infrastructure and digitalisation. Specifically, the government plans to … [Read more...] about Philippines to spend 322 million USD on improving roads to tourism sites

South Korea was the largest petroleum supplier of Vietnam, with 3.22 million tons, up 96% year on year. Vietnam imported nearly 8.9 million tons of oil and petroleum products in 2022 worth $9 billion, nearly double that of the previous year, according to the General Department of Vietnam Customs (GDVC). Locals buying petrol products at a gas station in Hanoi. File photo In December 2022, the country imported nearly 950,000 tons of oil and petrol products worth $823 million, up 22% in quantity and 11% in value against November. Diesel made up a lion’s share of the imported volume with 4.74 million tons, accounting for 54% of the country's imported petroleum in 2022. In 2022, the country consumed 1.7 million tons of gasoline, 2.3 times more than in 2021; and 1.46 million tons of jet fuel, representing 2.2 times on-year, and 16% of imported oil. South Korea was the largest petroleum supplier of Vietnam, with 3.22 million tons, up more than 96% year on year; … [Read more...] about Vietnam spends US$9 billion on oil imports in 2022

About 18,000 people in HCM City chose to travel aboard during Tet. (Photo: danviet.vn) HCM City (VNS/VNA) - Around 18,000 Vietnamese tourists chose outbound tours through travel agencies in Ho Chi Minh City during the Lunar New Year (Tet) holiday this year, spending a total of 430 billion VND (18.3 million USD), according to a report from the city's Department of Tourism. The number of tourists choosing outbound tours accounted for 55-65% of the total domestic and foreign tours. This is an unexpected growth, according to tourism businesses. Nguyen Nguyet Van Khanh, director of Vietravel 's marketing department, said that the company recorded a total of more than 47,000 tourists registered for Tet tourism, much higher than last year. This year, despite the effects of the pandemic, tourists are still excited about their plans to travel abroad because their favourite destinations have almost returned to normal and visa policies are also more convenient. … [Read more...] about 18,000 tourists spend 18.3 mln USD on outbound tours during Tet