Stalled bathroom project

By 2025, the Ministry of Information and Communications expected Vietnam to have 80,000 digital tech firms, meeting at least 50% of digital tech and services from state agencies. Vietnam aims for the digital technology industry to lead the implementation of Industry 4.0 in the country, with revenue growth 2.5 times higher than the overall GDP expansion rate. ICT to help Vietnam realize the digitalization process. File photo The target was revealed in the Ministry of Information and Communications (MIC)’s directive for information and communication technology (ICT) development in 2023 and the 2024-2025 period. "Digital technology focused on design, creation, and manufacturing in Vietnam is the main industrial sector driving the nation's industrialization and modernization, contributing to greater digitalization capability and shaping a digital country," the MIC stated. Under the plan, the ministry expected revenue from the ICT sector would hit US$165 … [Read more...] about Digital technology to spearhead Vietnam’s drive for Industry 4.0

Vietnam's real estate market continues to show strong appeal to foreign investors despite global economic difficulties. The foreign direct investment (FDI) into Vietnam’s real estate market in 2022 rose by over 70% yearly to US$4.45 billion, focusing on industrial and large-scale commercial projects, according to the Ministry of Construction (MoC). Real estate projects in Hanoi. File photo The MIC’s report suggested that real estate stands second among sectors with the highest FDI attraction in 2022, which showcases “the strong appeal of the market to foreign investors amid a difficult global economic environment.” Neil MacGregor, Managing Director of Savills Vietnam, echoed this view by saying foreign investors remain attracted to Vietnam, especially in production, retail, logistics, and real estate. He expected the attention from foreign investors would help the local real estate accelerate the recovery process this year. Regarding this sentiment, HSBC … [Read more...] about FDI to Vietnam’s real estate rises by over 70% in 2022

Dao Van Chieu, from the north-central province of Thanh Hoa, said that he received a call on Monday, his first day back in the city after a visit to his hometown for Tet . "They offered me a job listening to music and liking songs on an online music site for VND10,000 (43 cents) per song," Chieu said. Despite having previously read warnings about online tricksters, he still tried out the gig as a way to investigate and possibly warn other people of the scam. "They actually paid me VND10,000," Chieu said, "then they tempted me to send in money for high commission. The online group they established had attracted nearly 4,000 members." As soon as he joined the group, his phone began receiving a relentless flow of chat notifications. Every time someone completed a task, they would send a message to the group. "Receiving hundreds of messages means hundreds of people believed in the system and had completed the tasks," Chieu said. "Among them, many might have been deceived." … [Read more...] about Hundreds fall for post-Tet online scams

The country is forecast to be the second-fastest growing economy in Asia-Pacific this year. Vietnam would continue to prioritize macroeconomic stability and containing inflation in anticipation of greater challenges from both domestic and international fronts in 2023. Prime Minister Pham Minh Chinh at the meeting. Photos: VGP Prime Minister Pham Minh Chinh gave the remarks during a monthly Government meeting today [February 2]. According to Chinh, Vietnam’s socioeconomic performance in January has been positive with strong results in all fields and sectors, especially in industries, agriculture, and tourism. The World Bank in its latest global economic outlook report forecast Vietnam’s GDP in 2023 at 6.3% year on year, down 0.2% from the previous assessment, but still the second highest in Asia-Pacific. In addition to economic development, the authorities have taken measures to ensure social welfare and provided financial support for 25 million eligible … [Read more...] about Vietnam prioritizes macroeconomic stability in 2023: PM

ChatGPT and AI is set to boom in Vietnam In the early days of 2023, ChatGPT released by OpenAI is becoming popular all over the world. ChatGPT is a chatbot providing solutions to complex problems directly like composing essays, coding, and drafting business proposals. Within a few seconds after entering keywords, ChatGPT will provide text, images, audio, and other entertainment media in excellent quality. Just a few weeks after launching, this “super AI” has reached over 10 million users and has rapid growth. This success helps OpenAI negotiate an investment agreement worth $30 billion, more than double its valuation in 2021. After investing $1 billion in ChatGPT in 2019, Microsoft is planning to invest another $10 billion in exchange for 49 per cent of OpenAI's stake. This tech giant is considering integrating ChatGPT into Word, Powerpoint, Outlook, and even the Bing search engine to compete for market share with Google Search. Eric Boyd, CVP of AI Platform at Microsoft, … [Read more...] about ChatGPT and AI booms in Vietnam

Authorities in the northern city of Haiphong today, February 2, started construction of the Lai Xuan Bridge crossing the Da Bach River that connects the city's Thuy Nguyen District with Dong Trieu Town in Quang Ninh Province. Construction of the Lai Xuan Bridge crossing the Da Bach River starts in Haiphong City on February 2 The 840-metre-long, 12-metre-wide bridge project will be carried out at the same time as the expansion of Provincial Road 352 to 12 metres in width and 14 kilometres in length. The two projects are estimated to cost over VND 1.32 trillion. The investment will be taken from the local government budgets with over VND1.32 trillion from Haiphong and over VND12 billion from Quang Ninh. A sketch of the bridge project The projects are expected to be completed by December 2024. Lai Xuan Bridge will replace the Lai Xuan ferry service, connecting national highways 18 and 10 in Haiphong and Quang Ninh. Meanwhile, … [Read more...] about Construction work starts on Haiphong – Quang Ninh bridge

Chairing the Government’s monthly teleconference with localities on February 2, PM Pham Minh Chinh requested keeping a close watch on the domestic and foreign market situation. He asked for extensive monitoring of product price and inflation to enable a quick response to the current situation. He also requested timely forecasts and risk warnings while adopting a sound, flexible and effective monetary policy in close and synchronous combination with monetary, fiscal and other policies. The PM also requested that associated ministries ensure the liquidity and safety of credit organizations, gearing credit into production and trade, priority areas and growth pillars. Another important topic is stepping up cashless payment, while tackling difficulties for real estate market, prioritizing capital for transparent and effective enterprises, and enhancing social investment attraction and public-private partnership. Localities need to take initiative for the disbursement of public … [Read more...] about Macro-economic stability, inflation control continue to be priority: Prime Minister

Hanoi (VNA) – The US and the Philippines on February 2 announced their agreement to give US forces access to four additional bases in the Southeast Asian country. In a joint statement, US and Philippine defence officials clearly stated that the two sides have agreed to expand their current bilateral defence agreement to four more bases in strategic areas of the Philippines. Under the agreement, Washington will be granted access to the four bases following the Enhanced Defense Cooperation Agreement (EDCA) which became effective in 2014, allowing the US to rotate troops and to build and deploy facilities at Philippine bases. Meanwhile, the Philippine Department of National Defence said that the US has spent more than 82 million USD on infrastructure projects at five underway facilities in the Philippines. The statement was released during US Secretary of Defence Lloyd Austin’s visit to the Philippines./. VNA … [Read more...] about US, Philippines expand bilateral defence agreement

A petrol station in HCM City. The Ministry of Industry and Trade has proposed that fuel prices be adjusted weekly on Thursday. — VNA/VNS Photo Prime Minister Pham Minh Chinh asked the Ministry of Industry and Trade (MoIT) to take measures to ensure the supply of all key commodities, especially fuel, and to stabilise the country's distribution channels for the economy after the Tet (Lunar New Year) holiday. Vietnam Electricity (EVN) was told to speed up the construction and implementation of major power projects, including renewable energy, to ensure enough power for the country's crucial industries. In addition, priority should be given to connecting isolated and remote communes to the national power and telecommunication networks. MoIT, the ministry in charge of Viet Nam's power sector, was told to quickly finish and submit the country's Power Planning VIII to the central government for review. The PM said the country's top priority in the short term is to focus on boosting … [Read more...] about MoIT propose adjusting fuel prices every Thursday

A construction site of Phat Dat Real Estate Development Joint Stock Company (PDR). PDR reported net revenue of VND14.6 billion (US$622,600) in the last 3 months of 2022. — VNA/VNS Photo A volatile real estate market caused revenues and profits of realty businesses to decrease sharply in the fourth quarter of 2022. Phat Dat Real Estate Development Joint Stock Company (PDR) reported net revenue of VND14.6 billion (US$622,600) in the last three months of 2022, a sharp decrease compared to the VND1.29 trillion recorded in the fourth quarter of 2021. The company suffered an after-tax loss of VND229.4 billion in Q4 of 2022, while in the same period in 2021, it reported a net profit of VND751.4 billion. This was considered Phat Dat's "failure" quarter as the company reported a loss for the first time since it announced business results. Dat Xanh Group Joint Stock Company (DXG) reported a loss of VND460 billion in the last quarter of 2022. During the period, the company's net revenue … [Read more...] about Volatile real estate market puts pressure on business results