Tech industry

Industrial production is forecast to increase 6.6% in 2023. (Photo: VNA) HCM City (VNA) – Vietnam is predicted to record a rise of 6.6% in industrial production in 2023, according to S&P Global Market Intelligence. S&P Global noted the Vietnamese manufacturing sector continued to face challenging business conditions in the opening month of 2023. Production and new orders continued to decline. That said, there were some signs of improvement in demand as new business fell at a softer pace, helped by a renewed expansion in new export orders. The S&P Global Vietnam Manufacturing Purchasing Managers' Index (PMI), released on February 1, posted 47.4 in January, up from 46.4 in December but still pointing to a solid monthly deterioration in the health of the manufacturing sector. January data signalled a further marked decline in manufacturing production, albeit one that was slightly softer than seen in December. Lower new orders were often behind falling output, with … [Read more...] about Vietnam’s industrial production to rise 6.6% in 2023: S&P Global

Illustrative photo (Source: VNA) Hanoi (VNS/VNA) – Vietnam’s textile, garment and footwear sectors aim to achieve a total export value of 77-80 billion USD in 2025 and 106-108 billion USD in 2030, according to the strategy for the development of Vietnam’s textile and footwear industry. Under the development strategy approved by the Government, for the long term, the garment, textile, leather and footwear sectors are still key export industries of the economy. The sectors will continue to promote investment in the production of materials and auxiliary materials, as well as supporting industries. They will encourage the production of fabrics from domestically produced yarn to reduce imports, and form a complete supply and value chain in the region. For the leather and footwear industry, Nguyen Duc Thuan, Chairman of Lefaso, said domestic enterprises need to actively adapt to the requirements of the market and brands on sustainable development standards for products. They … [Read more...] about Garment, footwear exports aim to reach 80 bln USD by 2025

Solar panels installed on the rooftops of a seafood processing plant in the Mekong Delta. (Photo: VNA) Hanoi (VNS/VNA) - Vietnam must start monitoring and issuing carbon certificates to exporters and retailers in response to the EU's recently passed carbon levy , said industry insiders and policymakers. The EU’s Carbon Border Adjustment Mechanism (CBAM) by the European Parliament (EP), according to the EP, is to "put a fair price on the carbon emitted during the production of carbon-intensive goods that are entering the EU, and to encourage cleaner industrial production in non-EU countries." The bloc requires exporters to report their commodities' carbon footprints, on which a tax may be levied should carbon emissions during the production of said commodities exceed the EU's carbon regulations. Instead of buying the EU's carbon certificate , Vietnamese businesses could take steps to reduce their own carbon footprints during production, experts said. The … [Read more...] about Vietnam must step up carbon reduction to enter EU markets

Le Trung Kien, Head of Hai Phong Economic Zone Management Board presents gifts to representatives of Nomura-Haiphong Industrial Zone Development Corporation (investor of Nomura Hai Phong Industrial Park) (Photo: VNA) Hai Phong (VNA) – Hai Phong will always accompany with and create optimal conditions for investors, vowed Nguyen Trung Kien, head of the Economic Zone Management Board of the northern port city, during a meeting with foreign-invested businesses in the city on January 31. Kien thanked the firms for choosing Hai Phong as their long-term investment destination, expressing his hope that the partnership between the two sides will continue to be strengthened, benefiting both sides. He said that 2023 is predicted to be a tough year, but local authorities will support and give best conditions for businesses to overcome common difficulties of the world economy. In following years, Hai Phong will continue to expand industrial parks and clusters, while improving … [Read more...] about Hai Phong pledges optimal conditions for investors

As many as 95 percent of workers in Vietnam’s northern region have returned to work following the 2023 Tet Lunar New Year holiday. This year, many businesses allowed their staff to stay at home on the Friday of the holiday week, so they officially resumed operations on January 30. In Hanoi, by January 27/1, 83 percent of companies that resumed operations after Tet reported around 94.67 percent of their staff had come back to work. As many as 95 percent of workers in Vietnam’s northern region have returned to work following the Tet Lunar New Year holiday According to the Trade Union of Hanoi Industrial Parks and Export Processing Zones, no strikes happened after Tet in the locality. By January 30, 99.6 percent of employees at businesses in the northern province of Bac Ninh’s industrial parks had returned to work. People who have not yet returned to work may well be seeking other jobs. All of the 175,000 workers employed in 403 companies in the northern … [Read more...] about 95% of workers in northern region return to work after Tet

Illustrative image (Photo: AFP) Hanoi (VNS/VNA) - Climate change is one of the world’s biggest threats, and reducing emissions is the priority for all countries in the world and the lodestar for investment trends. Warmer temperatures are altering weather phenomena and disrupting the balance of nature, directly affecting human activities. The devastation caused by extreme weather disasters like typhoons, floods, and heat waves is worsening in many nations. And the economic damage caused by climate change is also increasing in line with global temperatures. Major storms destroy crops, costing billions of dollars, while rebuilding after each storm and flood requires a huge amount of money. The more extreme the climate, the more it damages economies. It is a positive sign that many countries have joined the fight for net zero emissions by 2050. Many people worry that it is unrealistic given the standard pace we have already set. However, an expert in the industry believes … [Read more...] about Financing’s role in reaching net-zero emissions

Singapore’s inflation remains high in 2023: Economists (Photo: VNA) Singapore (VNA) – Based on latest data from Singapore ’s Ministry of Trade and Industry and Industry (MTI), many economists have forecasted that the country’s inflation will remain high in 2023, despite signs of reduction from global price pressures. In 2022, overall inflation came in at 6.1%, up from 2.3% a year ago, while core inflation, which excluded accommodation and private transport, came in 4.1% year on year, an increase of 0.9% year on year. Singapore's overall inflation is forecast at 4.5-5.5% in 2023, while core inflation is forecast at 2.5-3.5% after excluding impacts of increase in Goods and Services Tax (GST). Monetary Authority of Singapore (MAS) and the MTI have also warned about risks that could lead to high inflation rates being “persistent than expected”, especially after China reopened its market. However, both MAS and the MTI are still optimistic about the second half of … [Read more...] about Singapore’s inflation remains high in 2023: Economists

Worker inspects mineral ore processing at a copper mine operated by Freeport Indonesia in Mimika, Papua (Photo source: ANTARA) Jakarta – Indonesian president Joko Widodo said his government will soon consider halting the export of unprocessed copper ores to encourage domestic processing of raw materials in the country’s industrialisation push, following a similar policy on nickel and bauxite Speaking at Mandiri Investment Forum 2023, the president announced a ban on all bauxite exports starting in June 2023 under the downstream industry policy, following a similar move on nickel ore exports. After nickel ore exports were banned several years ago to force the opening of processing plants in Indonesia, the value of nickel export recorded a 30-fold increase from 1 billion USD to 30-33 billion USD in 2022. The policy was sued by the European Union (EU) to the World Trade Organization (WTO) and Indonesia was announced to lose the lawsuit. By VNA … [Read more...] about Indonesia plans to ban copper exports in 2023

A trader looks at the market's movements at an exchange. Shares plummeted on Wednesday due to stronger selling pressure. — VNA/VNS Photo The market reversed and fell sharply in Wednesday's trade, with many stocks hitting the floor prices. On the Ho Chi Minh Stock Exchange (HoSE), the market benchmark VN-Index lost 35.21 points, or 3.17 per cent, to 1,075.97 points. After recovering in the previous session, the index couldn't keep the momentum to end the morning trade with a decline of 4.75 points. The market's breadth inclined to a negative zone with 271 stocks on the southern market going down, of which 45 registered the biggest intra-day loss of 7 per cent, while 79 stocks advanced. Liquidity increased strongly over the previous session. Accordingly, the trading value on HoSE jumped to nearly VND35.4 trillion (US$751.5 million), equivalent to a trading volume of over one billion shares. The index was weighed by rising selling force, with many large-cap stocks locked in … [Read more...] about Market falls sharply on strong selling force

Dong said that the conference aims to launch the Government’s action program to implement the Politburo’s Resolution 26-NQ/TW on the orientations for socio-economic development and security - defense protection of the region to 2030 with a vision to 2045, and attract investment to the region. According to the official, the conference is also designed to call for the engagement of investors, domestic and foreign business associations and partners in major investment projects and programs in the region. Deputy Minister Dong underlined that the event has a significant importance to the development of the region which has a special strategic role in economy, politics, culture, society, environment, defense, security and foreign relations of the country, especially the national strategy on the sustainable maritime economic development. An investment promotion conference will be held in parallel with the event, aiming to mobilize resources for infrastructure development in the region … [Read more...] about Maritime economy to be boosted in North-central and Central coastal region