Strong indonesia

Indonesia Investment Authority (INA) and US International Development Finance Corporation (DFC) sign a Memorandum of Understanding to promote economic development in Indonesia. (Photo:id. us embassy.gov) Jakarta (VNA) – Indonesia Investment Authority (INA) and US International Development Finance Corporation (DFC) have taken a significant step towards promoting economic development in Indonesia by signing a Memorandum of Understanding (MoU). According to a statement released on March 16 by the US Embassy in Jakarta, the two sides will collaborate to identify investment opportunities throughout Indonesia that align with their respective investment mandates, demonstrating strong potential for strategic and developmental impact. The document highlights the deepening economic relationship between the two countries. The DFC has a proven track record of mobilising private sector investments to address development challenges. With the exposure of more than 35 billion USD, the DFC … [Read more...] about Indonesia, US sign MoU to catalyse investments

Officials at the 29th ASEAN Economic Ministers' (AEM) Retreat in Magelang, Central Java province of Indonesia (Source: VNA) Jakarta (VNA) - Kao Kim Hourn, Secretary General of the Association of Southeast Asian Nations (ASEAN), has commended Indonesia , Chair of the bloc in 2023, for raising priority economic deliverables (PEDs) that are forward-looking and expected to encourage stronger regional economic cooperation. If the PEDs are fully implemented, they can significantly help bolster ASEAN economic integration and post-pandemic recovery in the region, Hourn told a press conference of the recent 29th ASEAN Economic Ministers' (AEM) Retreat in Magelang, Central Java province. The PEDs, agreed at the AEM Retreat, were categorised into three strategic thrusts, namely Recovery and Rebuilding: Rebuilding Regional Growth through Connected Markets and New Competitiveness; Digital Economy: Accelerating Inclusive Digital Economy Transformation and Participation; and … [Read more...] about Indonesia raises priority economic deliverables for ASEAN

Director for Prevention and Control of Communicable Diseases of the Ministry of Health Imran Pambudi (center front) attending a meeting with representatives of other countries in the preparation of the ASEAN Leaders Declaration (ALD) on One Health Initiatives. (Photo: ANTARA) Jakarta (VNA) – The Association of Southeast Asian Nations (ASEAN) has committed to implementing One Health initiatives to prevent future pandemic s due to transmission from animals to humans. This commitment will be featured in the ASEAN Leaders Declaration (ALD) on One Health Initiatives, helping to building stronger regional health collaboration between member countries which is very important in pandemic prevention, preparedness and response. Under the Indonesia 's ASEAN 2023 Chairmanship, member states and partners held talks to develop the first draft of the initiative from March 15-17 in Bali. Director General of Disease Prevention and Control under Indonesian Ministry of Health … [Read more...] about ASEAN bolsters One Health Initiatives to prevent future pandemics

Outside of the State Bank of Vietnam in downtown Ha Noi. — Photo SBV The State Bank of Viet Nam must step up efforts in the management of the country's banking sector and prepare for all possible scenarios for timely and effective interventions, according to the World Bank. Carolyn Turk, WB country director in Viet Nam, said the global economy will likely enter a period of turbulence while it's struggling with slow growth, decreased demand, high inflation and central banks around the world tightening credit. Turk's comment was made in the aftermath of an event in which three US banks: Silicon Valley Bank (US' 16th largest bank), Silvergate Bank and Signature Bank, one after another, collapsed in a week. She said the ramifications of such an event will likely follow within a short time and consequences be felt across the global financial market, which commands policymakers to pay attention and plan for necessary interventions. She said there are many similarities that can be … [Read more...] about Central bank must keep a close on the financial market: WB

The headquarters of the State Bank of Vietnam in downtown Hanoi. (Photo: SBV) Hanoi (VNS/VNA) - The State Bank of Vietnam must step up efforts in the management of the country's banking sector and prepare for all possible scenarios for timely and effective interventions, according to the World Bank (WB). Carolyn Turk, WB Country Director in Vietnam, said the global economy will likely enter a period of turbulence while it's struggling with slow growth, decreased demand, high inflation and central banks around the world tightening credit. Turk's comment was made in the aftermath of an event in which three US banks: Silicon Valley Bank (the US's 16th largest bank), Silvergate Bank and Signature Bank, one after another, collapsed in a week. She said the ramifications of such an event will likely follow within a short time and consequences be felt across the global financial market, which commands policymakers to pay attention and plan for necessary interventions. She … [Read more...] about Central bank must keep a close on financial market: WB

Stakeholders have much to say about the current state of the tourism industry, and what must be done Prime Minister Pham Minh Chinh chaired a tourism recovery conference on March 15 and talked to management agencies and tourism businesses about removing obstacles for the industry to thrive once again. Despite being one of the first Southeast Asian countries to fully reopen to international tourism after the pandemic, Vietnam’s tourism industry still trails other countries in the region. The PM raised a series of questions about tourism promotion, competitive advantages, products, and visa policies – all factors that are considered to be subjective causes for Vietnam’s tourism to fail its foreign tourism targets thus far. “Tourism cannot develop alone, and tourism cannot develop if culture and the entertainment industry do not develop,” PM Chinh said. He directed the tourism industry to build green and sustainable tourism products, finance tourism activities, and develop … [Read more...] about Tourism breakthrough within reach

A wood processing plant in Binh Duong. The wood processing industry is making efforts to regain growth momentum. (Photo: VNA) Hanoi (VNS/VNA) - Faced with a slump in export orders, woodworking firms have been striving to stay afloat in various ways. Do Thi Kim Loan, General Director of Sao Nam Trading and Production Co., Ltd, which makes wooden flooring, said the company’s export orders are down 35-40% year-on-year this year as orders from the US market, its major export market, drop sharply. “With exports to the US plunging, we seek to export to Canada and accept outsourcing orders from Australian customers. “Australian wood flooring importers ship materials to my company, we carry out the final processing stages, pack and re-export them. “This is an adaptation to partially offset the decline in our major market.” Binh Duong-based furniture company Bao Hung has also seen a sharp drop in orders from the US, its key market, this year. Phung Quoc Cuong, its marketing … [Read more...] about Wood industry strives to regain growth momentum

The Japanese Government on March 20 announced the invitation of Vietnamese leaders to attend the expanded G7 Summit, set to take place in Hiroshima from May 20 to May 21, said deputy spokesperson of the Vietnamese Ministry of Foreign Affairs, on March 23 during the Ministry’s regular press conference held in Hanoi. (Image source: Japan Center for International Exchange) Regarding the analysis of foreign media that Japan wants to invite Vietnam and Indonesia to the G7, Hang said this shows that Japan attaches importance to relations with ASEAN and desires to upgrade the relationship to a comprehensive partnership, Hang affirmed. Vietnam highly appreciates the strong and substantive progress in the ASEAN-Japan relationship, which has actively contributed to the common goal of peace, security, stability and prosperity. The country welcomes and stands ready to work with ASEAN member states and Japan with a view to taking bilateral ties to new heights, towards … [Read more...] about Japan invites Vietnam to attend G7 Summit

Movements of raw sugar futures in the last five years. Source: tradingeconomics.com Businesses in the sugar industry will rebound, buoyed by higher sugar prices and anti-dumping measures on some sugar cane products originating from Thailand. In February, raw sugar futures hovered at the 6-year high of roughly US 22 cents a pound set on February 27. Specifically, February's average raw sugar price was US 20.23 cents a pound, compared to US 18.87 cents per pound in January and US 18.93 cents in December 2022. According to the Food and Agriculture Organisation of the United Nations, the average sugar price was US 18.5 cents per pound during the first ten months of 2022. The Rome-based agency forecast that by 2029, the average sugar price will reach US 21.3 cents but the fact is that the price exceeded the figure in January. In the international market, raw sugar futures tracked by tradingecnomics.com were traded at US 21.14 cents per pound on Thursday, continuing the rally … [Read more...] about Sugar industry to recover this year

Visas, service quality, and technology were all part of discussions on a better-performing tourism sector Photo: Cuong Minh May’s National Assembly session is likely to help push ahead a revamp of the country’s rules on entry and exit for foreign visitors, after the Ministry of Public Security crafts amendments to the current law. The development will be an important basis for the issuance of new regulations related to the visa policy, removing difficulties for the tourism industry, and creating conditions to attract more international visitors this year, according to most observers. Dang Tuan Viet, deputy director of the Ministry of Public Secrutity’s (MoPS) Vietnam Immigration Department, said that the proposal emphasised two major areas related to unilateral visa exemption and electronic visa policy. The MoPS also proposes to expand the number of countries that can issue e-visas from 80 countries to the maximum. The MoPS will also ask to increase the temporary stay … [Read more...] about Visa upgrade at heart of fresh approach to tourism