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The latest move from the Fed marked eight consecutive rate hikes since March 2022, with no signs that it has reached the peak of its hike journey. Assoc. Prof. Dr. Dinh Trong Thinh, a financial expert from the Vietnam Association of Financial Advisers, predicted that a rate hike of 25 percentage points was anticipated. Thinh stated that, in general, the pressure on the USD/VND exchange rate from the Fed’s interest rate hike is not significant. Pressure on to support new economic growth, photo Le Toan Dr. Le Dang Doanh, former head of the Central Institute for Economic Management, also believes that the Fed’s interest rate rise is targeted to contain inflation in the US, since inflation has begun to fall from the previous year’s low level. The USD price will adjust as a result. “A change in the price will influence the exchange rate between it and VND, impacting import-export businesses and foreign-invested enterprises,” said Doanh. On the other hand, deposit interest … [Read more...] about Pressure on to support new economic growth

AH SHIN was reported to be on fire on February 4 en route from the Republic of Korea to Singapore, carrying 4,530 cars. (Photo: competent agencies) Ba Ria-Vung Tau (VNA) – The Maritime Administration of Vung Tau in the southern coastal province of Ba Ria-Vung Tau said on February 5 night that it has been actively coordinating with competent agencies in implementing measures to support a Panama-flagged car carrier which caught fire off the Vung Tau coast. AH SHIN was reported to be on fire on February 4 en route from the Republic of Korea to Singapore, carrying 4,530 cars and 21 crew members, all Russian. The ship has used up 50 tonnes of CO2 in its firefighting system, but the fire is said not to be under control yet. The vessel is adrift at a slow speed, some 25 nautical miles southeast of Vung Tau. The vessel’s owner has asked Vietnam to assist in seeking more CO2 to control the fire. The maritime administration contacted the ship’s captain on February 5 … [Read more...] about Ba Ria-Vung Tau province ready to support foreign car carrier on fire

Vietnamese people's cultural and human values should be central to the capital’s industrialization process. Hanoi aims to spearhead the nation's industrialization and modernization until 2030, with an eye on 2045. Hanoi has seen major transformation over the years. Photo: Pham Hung According to the municipal Party Committee, the goal of the plan is to transform the mindset and build consensus in the political system and people to achieve socioeconomic development objectives. The Party Committee emphasized the use of science-technology and innovation, specifically Industry 4.0 advancements, as a key solution for the country’s modernization in the 2021-2030 period. “This would help Vietnam to make breakthroughs in productivity and improve the economy's competitiveness,” stated the plan. For Hanoi, the plan identifies key targets for economic growth, enhancing socio-cultural values, urban development, and environmental protection. By 2030, Hanoi and other … [Read more...] about Hanoi to spearhead the nation’s industrialization efforts until 2030

Seven international partners will support the investment in infrastructure, transport, urban development, and climate response. Nearly US$8 billion will be pumped into Vietnam's Central Coast region to support the socio-economic development of the region towards sustainability and climate adaptation. An overview of the signing and awarding ceremony. Photo: Trung Nhan/The Hanoi Times The value was announced at a signing ceremony held on February 5 between the Ministry of Planning and Investment and international partners. Accordingly, the local authorities granted investment certificates and approved investment policies and investment cooperation for domestic and international investors. Among the investment deals, seven development partners are committed to providing a total capital of more than US$1.7 billion in 45 projects. The partners included the Asian Development Bank (ADB), the French Development Agency (AFD), the International Fund for Agricultural … [Read more...] about $8 billion to be pumped into Vietnam’s Central Coast

At the reception for Tatsuo Yasunaga, President and CEO of Mitsui & Co Ltd., the Government leader praised the company’s business performance in Vietnam, particularly in processing and distributing of local aquatic products. PM Phuc welcomed a joint project between Mitsui and Minh Phu Seafood Corporation which could push the shrimp export value of the major shrimp farming business in Vietnam to 1 billion USD. Yasunaga informed his host of the success of the joint project, which has seen over 150 million USD invested in improving Minh Phu’s processing, business management and export capacity, adding the sides plan to focus on upgrading refrigeration equipment and expanding export markets, particularly targeting Russia apart from the US. In another meeting with Han Chang-woo, chairman and CEO of Maruhan Corporation, PM Phuc said Vietnam is pressing ahead with effective equitisation of Stated-owned enterprises (SOEs), particularly in transport, infrastructure, construction, … [Read more...] about PM meets with leaders of Japanese conglomerates

Kim Chi, 57, has devoted her time and love to hundreds of abandoned cats over the past 25 years. Chi gets up at 3 am every day to do the clean-up and prepare food for the cats at her home and then brings the food to feral cats at different places in the city. She usually returns home late in the evening. The woman said that her health has recently deteriorated and she often had backache, which has affected her care for the cats. But luckily, she has support and help from friends and other cat lovers. Chi said that some people only love beautiful animals, but she loves them even when they look ill and dirty. Besides feeding them, the woman has also tried to save them from traps set by hunters. … [Read more...] about HCM City woman’s love for abandoned cats

Four Vietnamese students from Le Hong Phong High School for the Gifted in the northern province of Nam Dinh won a gold medal at the World Invention Creativity Olympic (WICO) 2023, which recently concluded in the Republic of Korea (RoK). Four Vietnamese students win gold at Invention Creativity Olympic 2023 (Photo: Nam Dinh Newspaper) Their wining invention came from instructions given by Dr. Tran Thi Thanh Xuan, head of the Biology - Technology Department. WICO aims to provide a platform for students from all over the world to come together and create innovations that can be applied in reality. The annual competition is organised by the Korea University Invention Association and supported by the National Assembly of the RoK. This marks the seventh time that Vietnam has attended the WICO and achieved success. In 2019, two inventions by Vietnamese students also won gold medals at the competition. … [Read more...] about Vietnamese students win gold at Invention Creativity Olympic 2023

Young people depart for military service in Hanoi. (Photo: VNA) Hanoi (VNA) - Ceremonies to see young people off for military service were held in 30 towns and districts of Hanoi on February 6. Secretary of the municipal Party Committee Dinh Tien Dung expressed his wish that the fresh recruits will become outstanding officers and soldiers, and his belief that each of them will strive in training. Vu Anh Dung from Giang Vo ward said he is proud to join the military, and promised to well perform in the military. Present at a ceremony in Dong Anh district, Chairman of the municipal People’s Committee Tran Sy Thanh affirmed that fulfilling military duty is both the responsibility and the pride of youngsters. Standing Deputy Secretary of the municipal Party Committee Nguyen Thi Tuyen also attended a ceremony in Bac Tu Liem district. At a ceremony in Hai Phong (Photo: VNA) Similar ceremonies were organised in the nine cities and provinces of the Military Region 3, … [Read more...] about New recruits sent off in ceremonies for military service

Hanoi (VNA) - The following is a brief review of the day’s events as reported by the Vietnam News Agency. - Vietnamese Ambassador to Singapore Mai Phuoc Dung has highlighted the significance of Prime Minister Pham Minh Chinh’s coming official visit to the city state, the first among many events to be held in both countries to mark the 50th anniversary of their diplomatic ties and 10 years of the strategic partnership. PM Chinh, his spouse, and a high-ranking delegation of Vietnam are paying an official visit to Singapore from February 8 to 10. Read full story - Two-way trade revenue between Vietnam and Laos in 2022 grew 24% from the previous year to reach some 1.7 billion USD, beyond expectations of their leaders at the 44th meeting of the Vietnam – Laos Inter-Governmental Committee on Bilateral Cooperation earlier last year. Read full story - Jeju Air Co., the biggest low-cost carrier of the Republic of Korea, said on February 6 that it will resume many routes to Vietnam … [Read more...] about ☕ Afternoon briefing on February 6

At the event. (Photo:hcmcpv.org.vn) Phnom Penh (VNA) – Politburo member and Secretary of the Ho Chi Minh City Party Committee Nguyen Van Nen on December 17 held talks with Governor of Phnom Penh Khuong Sreng, during which both officials emphasised the importance of continuing to strengthen the good cooperative relationship between the two cities. HCM City in particular, will pour investment in Cambodia and the capital of Phnom Penh while committing to support them to speed up investment procedures. Cambodia n relationship. The official suggested the two localities enhance their closer coordination to support businesses in accessing market and explore investment opportunities. VNA … [Read more...] about HCM City, Phnom Penh look to strengthen relations