Sustainable socio economic development

On March 27, Deputy Prime Minister Tran Hong Ha signed a decision approving the adjustment of the construction planning for Van Phong Economic Zone (EZ) in the central province of Khanh Hoa to 2040, with a vision to 2050. The multi-sectoral EZ has a total area of about 150,000 hectares, of which the water surface area covers about 79,000ha and the mainland and island part spans around 71,000ha. It plays a leading role in attracting investment and creates a driving force for economic development in neighbouring regions and across the country as a whole. Focusing on the marine economy, Van Phong EZ features an international container transshipment port, logistics services, urban areas, tourism hotspots, and a strong industrial sector. As a centre for high-class tourism and entertainment services, the zone offers unique products to build its brand and enhance its competitiveness. By 2050, Van Phong EZ will become a dynamic, intelligent, sustainable, and unique marine economic … [Read more...] about Van Phong Economic Zone propels development of Khanh Hoa province

Participants at the forum (Photo: VNA) Hanoi (VNA) – A forum discussing measures to promote cooperation between Vietnam and the Republic of Korea ( RoK ) in developing green industries and smart mobility was held in the RoK on March 28. Jointly organised by the Vietnam-Korea Businessmen and Investment Association (VKBIA), the Vietnam – Korea Alliance for Green Mobility (VKERC), the Office of the RoK National Assembly, the event saw the participation of representatives from six RoK government’s agencies, businesses, organisations, research institutes and universities which are involved in the green industry and smart mobility . Addressing the event, Dr. Tran Hai Linh, member of the Vietnam Fatherland Front (VFF) Central Committee and Chairman of VKBIA, spotlighted cooperation potential between agencies, businesses, universities, research institutes of Vietnam and the RoK in green and supporting industries, and opportunities to boost green industries in Vietnam. He … [Read more...] about Vietnam, RoK boost cooperation in developing green industries

Proud development journey In 2018, Amata Group was granted the first investment certificate to implement the Song Khoai Industrial Park project (also known as Amata City Halong). With a total area of 714 hectares (including 470ha of industrial land), the Song Khoai IP project consists of five phases with a total investment value of $155 million. It forms the core of Amata Smart City Halong, which has a scale of nearly 5,800ha and an estimated investment value of $2 billion. The project has gradually been taking shape in Quang Ninh. Up to now, phase I of the Song Khoai IP has been focused on two projects by Jinko Solar Group from Hong Kong, one of the largest and most innovative solar module manufacturers in the world. The total investment value of these two projects surpasses $865.6 million. The factory complex in Quang Ninh is the third globally, after the US and Malaysia. The project in Quang Ninh is the only integrated smart factory project using batteries and modules … [Read more...] about Song Khoai Industrial Park: A sustainable investment destination

Bank Indonesia Governor Perry Warjiyo speaks at a high-level seminar entitled ‘From ASEAN to The World’ and themed ‘Payment System in the Digital Era’ in Badung, Bali on March 28, 2023. (Photo:ANTARA) Jakarta (VNA) – The ASEAN Central Bank Deputies Meeting (ACDM) took place on March 28 in Indonesia to discuss the priority economic deliverables (PEDs) in 2023. The meeting was held as part of the first Meeting of the ASEAN Finance Ministers and Central Bank Governors (AFMGM), which is taking place from March 28 to 31, 2023. The event saw the participation of deputy governors and central banks’ representatives from nine member states, namely the Monetary Authority of Singapore, the Central Bank of Malaysia (BNM), the Bank of Thailand (BOT), the Bangko Sentral ng Pilipinas (BSP) of the Philippines, the Bank of the Lao PDR (BOL), Brunei Darussalam Central Bank (BDCB), the National Bank of Cambodia (NBC) and the State Bank of Vietnam (SBV). Speaking at the opening ceremony, … [Read more...] about Central banks in ASEAN discuss economic priorities

US President Joe Biden recognized Vietnam as an important partner, committed to supporting its independence, self-reliance, and prosperity. Vietnam and the US should continue to ensure economic, scientific, and technological cooperation as the core and driving force for bilateral relations. General Secretary of the Communist Party of Vietnam Nguyen Phu Trong at the talks. Source: VNA General Secretary of the Communist Party of Vietnam Nguyen Phu Trong gave the remarks during his phone talks with US President Joe Biden on March 29 on the 10th anniversary of the Comprehensive Partnership. Trong hoped the two nations would uphold their defense-security cooperation agreements, prioritize trade promotion, and explore new cooperation areas such as logistics, digital economy, green transformation, and health. He emphasized the need for intensified collaboration in various fields, including addressing the aftermath of war, UN peacekeeping, information … [Read more...] about Economic – science cooperation key pillar in Vietnam-US relations: Party chief

In 2008, the US investment bank Bear Stearns, on the verge of collapse, had to be rescued by J.P. Morgan. This marked the beginning of the global financial crisis of 2008, which sent the global economy into a deep recession and caused significant economic damage, including massive employment losses. Patrick Lenain, senior associate at the Council on Economic Policies Today, several banks are once again in trouble. As of March 22, four large banks were in distress. Silicon Valley Bank (SVB), a $212 billion US bank specialising in tech startups, collapsed when it was unable to meet deposit withdrawal requests and had to be taken over by federal regulators. A few days later, Signature Bank, another midsized US bank with assets of $110 billion, also suffered a severe liquidity crisis and was seized by federal regulators. This was followed by First Republic Bank with assets of $205 billion, which was hit by rating downgrades and a tumbling share price and had to be … [Read more...] about Developments for Vietnam to watch in midst of bank crisis

Local experts suggest it is necessary to coordinate with employers in the recruitment, organization of training, and retraining of employees to overcome the shortage of qualified workers and contribute to the recovery of production and business activities. Hanoi's authorities will come up with specific solutions to improve the quality of labor and link vocational training with labor market demand, targeting 73.2% of skilled workers by the end of 2023. Submunicipal authorities, experts, and people have shared with Hanoimoi Newspaper the labor market outlook and proposals to address problems related to recruitment and vocational training problems in the city. Local workers are learning sewing skills at the Hanoi Center for Employment Service. Photo: Hanoimoi Newspaper Director of Hanoi Department of Labor - Invalids and Social Affairs Bach Lien Huong : Focus on linking vocational training with enterprises In recent years, vocational training … [Read more...] about Solutions to boost labor quality: Experts

Hanoi city has applied innovations which help improve productivity and products’ quality as well as assist businesses in developing intellectual property assets. Science and technology activities of Hanoi have made important contributions to the city’s politics-security as well as socio-economic and cultural development. Workers at Hanwha Aero Engines factory in Hanoi, the first large-scale aircraft engine parts and components manufacturing facility in Vietnam. Photo hanoimoi.com.vn In the 2015-20 term, the department has implemented socio-economic growth programmes and plans along with the Central Party Committee’s resolution on science and technology development. It has created an open, favourable, transparent and effective legal environment for science and technology development, he said. According to director Son, since 2015, the city has completed 346 science and technology projects, more than 85 percent of which have been applied in practice, … [Read more...] about Hanoi makes impression in science and technology

Illustrative image (Source: VNA) Phnom Penh (VNA) - Metfone, the Cambodia-based affiliate of the military-run telecom group Viettel , and ISI Group of Cambodia signed a memorandum of understanding (MoU) on strategic cooperation in Phnom Penh on March 29. Under the MoU, the sides will bring into full play their advantages and strengths to support each other. Accordingly, Metfone will ensure the network in the areas where the multi-sectoral Cambodian group is investing, and cooperate with K-mall , the commercial centre chain which sees ISI investments, in the field of marketing. Metfone committed 45,000 USD/year to ISI for five years, including funding for flashlights at its Dangkor Senchey Stadium, and agreed to consider sponsoring its football club. The telecoms firm also allowed ISI subsidiaries to optimise its technical platform for marketing purposes. At the signing ceremony (Photo: VNA) Metfone General Director Cao Manh Duc said the cooperation is … [Read more...] about Viettel’s Cambodia affiliate signs strategic cooperation agreement with local group

Vietnam's economic growth continues to be affected by the challenging global economic environment. Vietnam's GDP growth is estimated to expand by 3.32% year-on-year in the first quarter of 2023, the second lowest economic expansion rate during the 2011-2023 period. Dinh Vu Port, Haiphong. Photo: Chien Cong/The Hanoi Times Director of the General Statistics Office Nguyen Thi Huong announced the figure at a press conference today [March 29]. According to Huong, Vietnam's economic performance in 1Q2023 was affected by ongoing complex and volatile changes in the global economy, including persistently high global inflation, slow recovery, and reduced consumption demand from major trading partners. "Of particular concern was the instability of some banks in the U.S. and Europe, which negatively impacted market confidence in the banking system. In addition, central banks continued to raise interest rates and tighten monetary policies, further complicating the … [Read more...] about Vietnam’s GDP growth expands by 3.32% in Q1