People shop for food at a market in Aceh - westernmost province of Indonesia. (Photo: AFP/VNA) Jakarta (VNA) – The Indonesian government plans to spend 476 trillion Rp (31.8 billion USD) on social assistance protection as the country is transitioning from the COVID-19 pandemic to the endemic disease phase. Indonesia’s President Joko Widodo said that his government will not abruptly revoke the massive spending on social programmes aimed at helping the people and businesses cope with the devastating economic impact of the pandemic over the last three years. Speaking at a recent meeting of the National Committee for COVID-19 Handling and National Economic Recovery (PC-PEN), Joko Widodo said that after lifting restrictions at the end of 2022, Indonesia is in an interim phase in which it must maintain caution, especially in deciding on economic measures. In contrast to other nations that have recently experienced high inflation, according to the President, Indonesia has … [Read more...] about Indonesia to spend nearly 32 billion USD on post-pandemic social protection
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ChatGPT sets record for fastest-growing user base: analyst note
ChatGPT, the popular chatbot from OpenAI, is estimated to have reached 100 million monthly active users in January, just two months after launch, making it the fastest-growing consumer application in history, according to a UBS study on Wednesday. The report, citing data from analytics firm Similarweb, said an average of about 13 million unique visitors had used ChatGPT per day in January, more than double the levels of December. "In 20 years following the internet space, we cannot recall a faster ramp in a consumer internet app," UBS analysts wrote in the note. It took TikTok about nine months after its global launch to reach 100 million users and Instagram 2-1/2 years, according to data from Sensor Tower. ChatGPT can generate articles, essays, jokes and even poetry in response to prompts. OpenAI, a private company backed by Microsoft Corp, made it available to the public for free in late November. On Thursday, OpenAI announced a $20 monthly subscription, initially for … [Read more...] about ChatGPT sets record for fastest-growing user base: analyst note
Financing’s role in reaching net-zero emissions
Illustrative image (Photo: AFP) Hanoi (VNS/VNA) - Climate change is one of the world’s biggest threats, and reducing emissions is the priority for all countries in the world and the lodestar for investment trends. Warmer temperatures are altering weather phenomena and disrupting the balance of nature, directly affecting human activities. The devastation caused by extreme weather disasters like typhoons, floods, and heat waves is worsening in many nations. And the economic damage caused by climate change is also increasing in line with global temperatures. Major storms destroy crops, costing billions of dollars, while rebuilding after each storm and flood requires a huge amount of money. The more extreme the climate, the more it damages economies. It is a positive sign that many countries have joined the fight for net zero emissions by 2050. Many people worry that it is unrealistic given the standard pace we have already set. However, an expert in the industry believes … [Read more...] about Financing’s role in reaching net-zero emissions
Fruit exports to China increase sharply
According to Lao Cai Border Gate Customs Branch, from January 1 to 23 (the second day of the Lunar New Year), Vietnam exported more than 37,000 tonnes of fruit to China, with a turnover of more than $45 million. In 2022, China's zero-COVID policy significantly affected the sales of fruit and vegetable products in Vietnam. Throughout last year, the export of fruit and vegetables to China reached $1.5 billion, down 19.8 per cent on-year. However, at the end of 2022, the Chinese government began loosening its coronavirus restrictions, allowing Vietnam’s exports to increase. In the second half of 2022, Vietnam and China signed deals to export durian, banana, sweet potato, and bird's nests to the Chinese market. This opens up new opportunities for products to penetrate a market with more than 1.4 billion people. After one month of durian being exported to China, in October, exports reached nearly $50 million, an increase of more than 4,000 per cent compared to the same period in 2021. … [Read more...] about Fruit exports to China increase sharply
2023 – Time for edtech to thrive in Vietnam
2In 2023, revenues of Vietnam’s e-learning market are expected to reach around $3 billion with a compound annual growth rate of about 20.2 per cent during 2019-2023, according to a report by Ken Research. Photo: doanhnhansaigon.vn Hanoi – Experts are positive about the development of Vietnam’s education technology (edtech) market in 2023 if local edtech companies can overcome post-pandemic challenges. Pham Giang Linh, managing director of Galaxy Education told the Tuoi tre (Youth) newspaper that Vietnam’s edtech market was formed in 2006 and 2007 – the first development stage of the digital economy in the country, but it only attracted wide attention in the period from 2020-2021, when demand for e-learning increased sharply due to the COVID-19 pandemic. In 2022, Vietnam saw the establishment of more than 100 edtech startups which strongly attracted capital from foreign investors, he said, citing examples like Topica, ELSA, ColderSchool, Edmicro, Vuihoc, and Educa, which … [Read more...] about 2023 – Time for edtech to thrive in Vietnam
2023 – Time for Edtech to thrive in Vietnam
In 2023, revenues of Vietnam’s e-learning market are expected to reach around 3 billion USD with a compound annual growth rate of about 20.2% during 2019-2023, according to a report by Ken Research (Photo: doanhnhansaigon.vn) Hanoi (VNA) – Experts are positive about the development of Vietnam’s education technology (Edtech) market in 2023 if local Edtech companies can overcome post-pandemic challenges. Pham Giang Linh, managing director of Galaxy Education told the Tuoi tre (Youth) newspaper that Vietnam’s Edtech market was formed in 2006 and 2007 – the first development stage of the digital economy in the country, but it only attracted wide attention in the period from 2020-2021, when demand for e-learning increased sharply due to the COVID-19 pandemic. In 2022, Vietnam saw the establishment of more than 100 Edtech startups which strongly attracted capital from foreign investors, he said, citing examples like Topica, ELSA, ColderSchool, Edmicro, Vuihoc, and Educa, … [Read more...] about 2023 – Time for Edtech to thrive in Vietnam
Provinces organize activities to lure tourists over Tet holiday
It is one of the ancient citadel's Spring Festival activities, not only to welcome the new season but also the new year. It's also an activity to pay tribute to Vietnamese people’s ancestors, who expanded the country southward, with the historic marriage of Princess Huyen Tran to the then King of Champa. Phan Thanh Hai, Director of Thua Thien Hue province’s Department of Culture and Sport, said that Princess Huyen Tran, along with the then King Tran Nhan Tong were the essential driving force to the establishment of the long stretch of land of Thuan Hoa - Phu Xuan - Thua Thien Hue. She was revered by people, having fulfilled both her duties to the country and being kind to the common people. Princess Huyen Tran put her country first, and her love second. She obeyed her father King Tran Nhan Tong, and his elder brother Tran Anh Tong to wed the King of Champa, so as to establish peaceful ties with the southern neighbor back in the 14th century. The King of Champa offered the then … [Read more...] about Provinces organize activities to lure tourists over Tet holiday
Fed delivers small rate increase; Powell suggests ‘couple’ more hikes coming
In announcing its latest policy decision, the U.S. central bank scaled back to a quarter-percentage-point rate increase after a year of larger hikes and swept aside in its statement the long list of reasons, from war to the pandemic, that were driving prices higher to say simply that "inflation has eased." Yet policymakers also projected "ongoing increases" in borrowing costs would be needed, a still open-ended commitment that did not yet pinpoint when the rate hikes might stop, and pushed back against an expectation in financial markets that the Fed would pause soon and, indeed, cut rates later this year. Investors nevertheless took a dovish cue from remarks by Fed Chair Jerome Powell, who referred repeatedly during a news conference to the "disinflationary" process that now appeared to be underway. Equity markets rose as Powell spoke and investors slightly boosted bets for coming rate cuts. Meanwhile, Powell insisted that rate cuts are not in the offing, and took pains to walk … [Read more...] about Fed delivers small rate increase; Powell suggests ‘couple’ more hikes coming
Banks lower saving interest rates right after Tết
The race of interest rate hikes among commercial banks is showing signs of cooling down as many banks have adjusted down the rate by several percentage points per year after the Lunar New Year (Tết) holiday and have set stricter conditions for customers to enjoy the high rates. A Techcombank transaction office in Hanoi. Techcombank currently lists the highest deposit interest rate at 9.2 per cent per year, against 9.5 per cent per year before Tết. — Photo Techcombank At Techcombank, the highest deposit interest rate at the bank is currently 9.2 per cent per year, against 9.5 per cent per year before Tết. To enjoy the 9.2 per cent interest rate, depositors must be a VIP customer with minimum savings of VNĐ3 billion over 12 months. For regular customers, the rate for 6-month deposits at the bank is also down to 8.5 per cent per year from more than 9 per cent before Tết. At Sacombank, the highest interest rate before Tết was 9.8 per cent per year. However, … [Read more...] about Banks lower saving interest rates right after Tết