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President Nguyen Xuan Phuc (R) and his Greek counterpart Katerina Sakellaropoulou (Photo: VNA) President Sakellaropoulou lauded the important achievements that Vietnam has made during its struggle for independence and present process of socio-economic development. She affirmed that Greece highly valued the increasingly important role of Vietnam in the region and the world, and hoped to foster cooperation with Vietnam in all fields. The two leaders agreed that the two sides should increase meetings and exchange of delegations at all levels among ministries, sectors and localities as well as the two business communities. They assigned the two ministries of foreign affairs to review and speed up solutions to promote the bilateral partnership. President Phuc took this occasion to thank Greece for providing Covid-19 vaccines to Vietnam. Both sides showed delight that despite impacts from the Covid-19 pandemic, trade between the two countries still increased to Ú$447 million in … [Read more...] about Vietnam, Greece seek to further promote multifaceted cooperation

Illustrative photo. (Source: VNA) Hanoi (VNA) – It will be a challenge to keep Consumer Price Index ( CPI ) growth under 4 percent this year, according to an economist. Vietnam's CPI picked up 2.1 percent in the first four months of 2022 , much higher than the same period last year’s 0.89 percent but still lower than that of 2017 (4.8 percent) and 2020 (4.9 percent), commented Dr. Tran Toan Thang, head of the Department of Industrial and Business Forecast at the National Centre of Economic Forecast and Information. April CPI advanced 2.09 percent compared to December 2021 and 2.64 percent year-on-year as a result of an increase in prices of nine out of eleven commodities and services. Prices of transport services surged 16.59 percent last month, causing the overall CPI to gain 1.6 percentage points. As major economies like the EU, US, and UK are seeing inflation climbing to record highs in decades, it still looks okay for Vietnam, he said. However, he warned that … [Read more...] about Keeping CPI below 4 pct this year a challenge: Economist

Techcombank is on track to be among the top ASEAN banks Techcombank’s rise within the Vietnamese banking industry was highlighted last year when it became the first non-state-owned bank to join Vietnam’s billion-dollar profit club. “Even in the very tough environment we are seeing, our employees have maintained a high quality and reliable service for our customers and this is helping us to deliver stellar performance year after year,” said Jens Lottner, CEO of Techcombank. Last year, the bank continued to reduce costs while focusing on building deposits in its current accounts and savings accounts (CASA), which Lottner described as a “stable and cheap” source of funding. Techcombank’s CASA ratio, which reflects the percentage of the bank’s total deposits that are CASA, jumped from 46.1 per cent in 2020 to 50.5 per cent last year, well on its way to the bank’s target of 55 per cent by 2025. Techcombank’s net interest margin, a measure of the difference between the interest … [Read more...] about Techcombank on track for a seat among the top ASEAN banks

Strong impression at Seafood Expo Vietnam’s clam products recently drew international attention at the 2022 Global Seafood Expo from April 26 to 28 in Barcelona (Spain), the center of the EU’s fisheries industry. The boldly designed pavilion showcasing Vietnamese clams drew some 100 importers from Spain, Italy, France, the United States, Portugal, the UK, Turkey, the Netherlands, the United Arab Emirates, the Republic of Korea, Egypt, Israel, the Czech Republic, and Denmark. Clam products are introduced to buyers at the 2022 Global Seafood Expo On display were clam meat, steamed white/brown clams, processed products steamed clams with garlic and butter, and clams cooked with tom-yum sauce. Three of Vietnam's leading seafood companies, Go Dang Joint Stock Company (GODACO), Ben Tre Seafood Joint Stock Company (BESEACO), and Ben Tre Aquaproduct Import-Export Joint Stock Company (AQUATEX), were selected to participate in the exhibition due to their deep involvement in … [Read more...] about No need to clam up about Vietnam’s bivalve exports to EU

China's withdrawal from hosting the 2023 Asian Cup could see the showpiece shift west to the Gulf, where new infrastructure and voracious demand for major events has made the region a magnet for international tournaments. Having planned to hold the Asian Cup across 10 cities in June-July next year, China dropped the 24-team tournament due to "exceptional circumstances caused by the COVID-19 pandemic", the Asian Football Confederation (AFC) said over the weekend. The AFC said it would name a new host in due course but provided no detail and declined to provide immediate comment to Reuters . AFC member nations were in the dark on Monday about the next steps. "This is quite an unusual situation and so there’s no specific process that we are aware of on how things could go," a spokesperson for the Korean Football Association (KFA) told Reuters . "We just know that China has given up." The AFC has little time to appraise candidates and may not have a diverse set to choose … [Read more...] about China withdrawal could see 2023 Asian Cup heading west

He first goes out for a five-kilometer jog, returns home to work for an hour or two and then has some spare time before resuming work in the afternoon. Though his days are productive, for the 30-year-old software engineer in HCMC, working remotely for U.S.-based software company Acumatica gives him much greater flexibility than a traditional office job. As more and more global companies look to developing economies for skilled English-proficient workers at relatively lower salaries, in Vietnam, many young people like Dang are embracing the opportunity to acquire a whole new working experience. "The only difficulty is the different time zones," Dang, who has been working for Acumatica for four years as a regional product engineer, says. Every day, after meeting online with the North American team at 5 a.m, Dang also meets his colleagues in Singapore, Malaysia and the Philippines at 7 a.m. and in India and Sri Lanka at 5 p.m. Huynh Minh Dang during a business trip to … [Read more...] about Working remotely for foreign employers opens up dynamic lifestyle

Vietnam continues to benefit from its broad re-opening strategy, which saw a huge crowd flocking to tourist hotspots in the country and household spending rebound. Vietnam’s economic recovery is gaining momentum despite heightened global uncertainty related to the protracted war in Ukraine, higher commodity prices, and tightening global financial conditions, according to the World Bank. Cargo handling at Dinh Vu port, Haiphong. Photo: Cong Hung In its latest report, the World Bank pointed out the robust growth of industrial production by 9.4% in April, comparable to pre-pandemic rates. Manufactures of apparel, footwear, electronics, electrical equipment, and metal products were the most dynamic sub-sectors, registering double-digit growth rates, it added. However, machinery manufacturing slowed from 26.6% year-on-year in March to only 5.1% in April. This deceleration was related to supply chain disruptions caused by lockdowns in China, which led to a … [Read more...] about Vietnam’s economic recovery gaining momentum

During the 2016-2020 period, the two-way trade saw stable expansion and reached the target of over 1 billion USD, but then suffered from the impact of the COVID-19 pandemic and natural disasters. The Asia-Pacific Market Department at the Vietnamese Ministry of Industry and Trade (MoIT) said that the bilateral trade exceeded 1 billion USD in 2020, down 11.5 percent year-on-year, of which Vietnam’s exports were worth 571.7 million USD, down 18.5 percent. However, the bilateral trade bounced back since early 2021, surging 33.3 percent to 1.37 billion USD for the year, with Vietnam’s export revenue reaching 594.7 million USD, a rise of 4 percent from 2020, and its import hitting 778.2 million USD, up 69.8 percent. The results are attributable to the political resolve by Vietnamese and Lao leaders and the drastic management of competent agencies to remove obstacles facing businesses of the two countries and create optimal conditions for them to quickly adapt to the new situation. In … [Read more...] about Vietnam – Laos trade ties growing sustainably

Steel production at Việt-Đức Steel JSC's factory in Vĩnh Phúc Province. Việt Nam mainly ships iron and steel to Laos. — VNA/VNS Photo Nguyễn Trọng Lịch HÀ NỘI — Since the establishment of bilateral diplomatic ties in 1962, Việt Nam and Laos have promoted cooperation across numerous spheres, with their trade exchange posting substantial growth, benefiting both countries. During the 2016-20 period, the two-way trade saw stable expansion and reached the target of over US$1 billion, but then suffered from the impact of the COVID-19 pandemic and natural disasters. The Asia-Pacific Market Department at the Vietnamese Ministry of Industry and Trade (MoIT) said that the bilateral trade exceeded $1 billion in 2020, down 11.5 per cent year-on-year, of which Việt Nam’s exports were worth $571.7 million, down 18.5 per cent. However, the bilateral trade bounced back since early 2021, surging 33.3 per cent to $1.37 billion for the year, with Việt Nam’s export revenue reaching $594.7 … [Read more...] about Việt Nam-Laos trade ties growing sustainably

Steel production at Viet-Duc Steel JSC's factory in Vinh Phuc Province. Viet Nam mainly ships iron and steel to Laos. — VNA/VNS Photo Nguyen Trong Lich Since the establishment of bilateral diplomatic ties in 1962, Viet Nam and Laos have promoted cooperation across numerous spheres, with their trade exchange posting substantial growth, benefiting both countries. During the 2016-20 period, the two-way trade saw stable expansion and reached the target of over US$1 billion, but then suffered from the impact of the COVID-19 pandemic and natural disasters. The Asia-Pacific Market Department at the Vietnamese Ministry of Industry and Trade (MoIT) said that the bilateral trade exceeded $1 billion in 2020, down 11.5 per cent year-on-year, of which Viet Nam’s exports were worth $571.7 million, down 18.5 per cent. However, the bilateral trade bounced back since early 2021, surging 33.3 per cent to $1.37 billion for the year, with Viet Nam’s export revenue reaching $594.7 million, a rise … [Read more...] about Viet Nam-Laos trade ties growing sustainably