Spending 1 billion dollars in 24 hours

The absence in adjustment of power rates, tuition, and hospital fees contributed to an extremely low growth rate of GDP in 2020–2021 or an excessively high one in 2022, as well as relatively moderate inflation throughout 2020–2022. In the first two months of 2023, average core inflation climbed to 5.08 per cent, outpacing the average consumer price index (CPI) growth of 4.6 per cent. Dr. Vu Dinh Anh - Market Price Research Institute Ministry of Finance For 2023, public investment is seen as an economic boost. Investment capital generated from the state budget in February 2023 was anticipated to be almost $1.3 billion, an increase of 36.9 per cent compared to the same month last year. The expected amount of newly registered foreign direct investment up to February 20 was $1.76 billion, which was 2.8 times more than that in the same period in 2022. Slowdown in industrial development and a lack in investment capital are barriers that must be resolved to prevent a downturn … [Read more...] about Focused spending can set a solid base for positive outcome

The second annual report on foreign investment in Vietnam for 2022 released earlier in March by the Vietnam’s Association of Foreign Invested Enterprises noted that the United States has decreased corporate income tax from 25 to 21 per cent, while also reforming investment licensing procedures. In addition, the US government is applying higher taxes on imported products to increase the competitiveness of several industrial sectors, such as energy, automobiles, steel, and aluminium. Vietnam may need to come up with new tactics to retain foreign investors, photo Le Toan Besides that, the US is also promoting a “prosperous economic network” that connects allied countries to build supply chains of products such as semiconductors and 5G-related technology. In Europe, some countries such as Germany and Italy have also unveiled policies to limit investment in overseas markets, while France is encouraging its enterprises to expand their operation in high-value sectors, such as … [Read more...] about Gains feasible through large-scale FDI

Over the past 35 years of development, the Vietnam Bank for Agriculture and Rural Development, better known as Agribank, always proves its position and role as a leading commercial bank in Vietnam. It has pioneered monetary policies, contributing to stabilizing the macro-economy, curbing inflation and supporting the country’s economic growth. The bank has cemented its key role in developing the agriculture sector and rural areas and offering credit and services to serve the country’s socio-economic development. Agribank was proud to receive the Vietnam National Brand award for the third consecutive year in 2022 and was among the top 10 Vietnamese strong banking and financial brands the same year. The lender has obtained impressive achievements in digital and green transformation and made substantial contributions to community development. Despite the negative impact of the COVID-19 pandemic, Agribank, with its initiative and flexibility, has employed multiple … [Read more...] about Vietnam’s Agribank wins many local prestigious prizes

The energy transition in Vietnam is tied to the rapid growth of the economy, urbanisation, and industrialisation. We have seen the strong aspiration of the government to speed up the energy transition while meeting the requirements of economic development and the goal of becoming a high-income country by 2045. Energy transition is more seen as a potential engine for employment, and this trend will likely grow, helping to build support for renewables. John Rockhold, head of the Power and Energy Working Group under the Vietnam Business Forum Fossil energy sources are gradually being replaced by green and clean energy sources, reducing greenhouse gas emissions and combating climate change, while Vietnam is one of the first countries to renew its nationally determined contribution to the United Nations Framework Convention on Climate Change in 2020. The roadmap for the country’s transition process towards green and sustainable development will not only need to ensure … [Read more...] about Displaying readiness for the energy transition in Vietnam

The US was the largest export market to Vietnam in 2022 with Vietnamese exports to the former reaching US$100 billion. Vietnam is willing and ready to foster bilateral relations with the US, Ministry of Foreign Affairs’ deputy spokesperson Dang Thu Hang said at a press conference in Hanoi on March 23. Prime Minister meets US corporate executives on March 22 during a meeting with the US-ASEAN Business Council. Photo: VGP "The Vietnamese Government expects to foster our relations with President Joe Biden's administration," Hang replied to a reporter's question about Vietnam's readiness to upgrade the Comprehensive Partnership to a Strategic Partnership with the United States. "We hope the Vietnam-US relations will be strengthened in-depth, sustainability and efficiency for regional and international peace and cooperation," she said. Hang said that the Vietnam-US comprehensive partnership has grown stronger in the face of bilateral, regional, and … [Read more...] about Vietnam ready upgrade US ties on 10th anniversary of comprehensive partnership

At the 2019 Muslim Fashion Festival (Photo: xinhuanet.com) Jakarta (VNA) – Indonesia , the second largest Muslim fashion producers in the world after the United Arab Emirates, is targeting to emerge as the world’s leading Muslim fashion mecca by 2020. Indonesian Industry Minister Airlangga Hartarto said at the opening of the 2019 Muslim Fashion Festival that the market for Muslim wear is big, both outside and inside the country, and it needs to be dominated by the Indonesian Muslim fashion industry. He said that the increasing number of Muslims in the world has become one of the main triggers that have driven the growth of the Muslim fashion industry. Last year, the total population of Muslims reached 24 percent of the total global population. The sale of Muslim clothing in Indonesia is at 20 billion USD with a growth rate of 18.2 percent per year. Meanwhile, the State of Global Islamic Economy Report 2018/2019 shows that the fashion consumption among Muslims … [Read more...] about Indonesia targets to become world’s Muslim fashion centre by 2020

High pedestal to reach for 2023’s growth ambitions Vietnam’s economic growth is projected to ease to 6.3 per cent in 2023 from a robust 8.02 per cent last year, as services growth moderates and higher prices and interest rates weigh on households and investors, according to the World Bank’s latest Taking Stock report released last week. Growth is expected to pick up to 6.5 per cent in 2024 as the economies of Vietnam’s main export markets gain strength, the report said. The outlook for Vietnam reflects heightened uncertainty in the global economy. Downside risks include weaker-than-expected growth in Vietnam’s major export markets, which include the United States, China, and the Eurozone, tightening financial conditions, higher domestic inflation, weaknesses in the balance sheets of corporate, banking and household sectors, and financial sector vulnerabilities. The Vietnamese government has set a target that GDP will increase 5.6 per cent in Q1, 6.7 per cent in Q2, 6.5 per … [Read more...] about High pedestal to reach for 2023’s growth ambitions

The 15% tax on profits, which was approved by 136 countries in 2021, is considered the deepest overhaul of cross-border tax rules in decades. The purpose of the overhaul is to ensure that tech giants such as Apple and Google will not have an unfair advantage by booking their profits in low-tax countries such as Ireland. The tax applies to multinationals with total revenues of at least EUR750 million ($819 million) in two of the preceding four years. This means that a company that invests in a foreign country will have be taxed by that country by at least 15%. Vietnam, along with the United Kingdom, Japan, South Korea, and the E.U. plan to start collecting the tax next year. It is estimated that 100 multinationals will be affected by the tax, which is expected to yield an extra $220 billions in tax income globally. Nguyen Thi Thu Huyen, deputy director of publicity at Canon Vietnam, said that tax incentive is one of the key factors for the company to maintain its large-scale … [Read more...] about New global tax to diminish Vietnam’s FDI attractiveness

Hanoi, (VNA) - The following is a brief review of the day’s events as reported by the Vietnam News Agency. – Deputy Prime Minister Tran Hong Ha had bilateral meetings with many foreign leaders on the sidelines of the UN 2023 Water Conference, which is taking place in New York from March 22-24. In a meeting with King of the Netherlands Willem-Alexander Claus George Ferdinand, Ha hailed the King's initiatives and efforts in organising and co-hosting the conference, following the first of its kind in 1977. Read full text – The Ministry of Natural Resources and Environment (MoNRE), in collaboration with the People’s Committee of Hoa Binh province, held a national-level ceremony in a hybrid format on March 23 in response to the World Water Day (March 22), the World Meteorological Day (March 23), and the Earth Hour 2023. Speaking at the event, MoNRE Deputy Minister Vo Tuan Nhan said that climate change is considered a serious challenge for humanity in the 21st century with negative … [Read more...] about ☕ Afternoon briefing on March 23