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In long term, transforming the higher education system will be key to boosting Vietnam’s productivity and helping achieve its goal of becoming a high-income country by 2045. Vietnam’s GDP growth is forecast to surge from an estimated 2.6% in 2021 to 7.5% in 2022, with backing from resilient manufacturing and a robust rebound in services. Overview of the event. Photo: Nguyen Tung Country Director for the World Bank in Vietnam Carolyn Turk revealed the figures at the launch of its bi-annual economic outlook for Vietnam titled “Taking Stock: Educate to Grow” today [August 8]. According to Turk, the global economy has been experiencing a series of very large and negative shocks, including ongoing Covid-19-related disruptions and supply shocks associated with the Russia-Ukraine conflict. In this context, Vietnam’s economy has shown “relative resilience and staged a strong rebound after last year’s Covid-19 induced slowdown,” Turk said. Vietnam’s economic … [Read more...] about Vietnam’s GDP growth set to expand by 7.5% in 2022: World Bank

At the press conference to release the report. (Photo: WB Vietnam) According to the latest economic update by World Bank (WB) for Vietnam, the country’s economy expanded 5.2 percent in Q4 of 2021, and respectively 5.1 percent and 7.7 percent in Q1 and Q2 of 2022. Inflation is projected to average 3.8 percent over the year. Carolyn Turk, WB Country Director for Vietnam, said that the bi-annual report “lays out a set of policy recommendations that could help mitigate the impact of these risks and make the economy more resilient going forward.” Titled “Taking Stock: Educate to Grow”, this edition underlines transforming the higher education system as the key to boosting the country’s productivity and achieving its development goals, in the context where the country re-emerges from the pandemic and into a challenging global environment. The report’s co-author Dorsati Madani said that while Vietnam’s economic recovery had been relatively stable, not all sectors witnessed the same … [Read more...] about Vietnam’s economic growth forecast at 7.5 percent in 2022: World Bank

Minister of Foreign Affairs Bui Thanh Son (Photo: VNA) Hanoi (VNA) - Minister of Foreign Affairs Bui Thanh Son wrote an article entitled ’55 years of ASEAN: One Vision, One Identity, One Community’ on the 55th anniversary of the Association of Southeast Asian Nations (ASEAN) (August 8, 1967-2022). Following is the full text of the article: “On August 8, 1967, the Association of Southeast Asian Nations (ASEAN) was established, initiating the process of extensive integration for the sake of peace, stability, and development in Southeast Asia and the region. From a group of Southeast Asian nations divided by wars, after 55 years of growth, ASEAN is today one of the most important, reputable, and successful regional organisations in the world, a ‘common home’ for 650 million people in 10 Southeast Asian countries with diverse culture, the fifth largest economic community in the world, and an important and reliable partner of many countries in the world, and an organisation that … [Read more...] about 55 years of ASEAN: One Vision, One Identity, One Community

The transaction worth about VND87 billion ($3.78 million) was done on August 2 by NutiFood Binh Duong Nutrition Food JSC. After the transaction, NutiFood increased its ownership ratio in Quang Ngai Sugar to 19 million shares, equaling a 5.33 per cent stake. NutiFood is the fourth-largest shareholder in Quang Ngai Sugar, following Thanh Phat Trading Co., Ltd, general director Vo Thanh Dang, and investment fund VinaCapital. This ownership ratio is still quite low, however, since the end of last year, there have been many speculations on the stock market that NutiFood is trying to increase its influence in Quang Ngai Sugar . Quang Ngai Sugar could be an ideal piece for NutiFood to increase market share in the food and beverage sector. Notably, at the end of last year, Phuoc An Coffee JSC – a member of NutiFood deputed an expert of RongViet Securities Corporation to hold 29.35 million shares, equaling an 8.2 per cent stake in Quang Ngai Sugar. Meanwhile, … [Read more...] about NutiFood becomes major shareholder in Vinasoy’s owner

It has also become the fifth largest economic community in the world, a reliable and important partner of countries, and played a central role in dialogues, important cooperation and connectivity in the region. In an article in celebration of ASEAN’s 55th birth anniversary (August 8, 1967 - 2022), Vietnamese Foreign Minister Bui Thanh Son recalled that the birth of ASEAN on August 8, 1967 was the start of the process of an intensive connectivity for peace, stability, and development in Southeast Asia and the region. Building an ASEAN Community with common vision and identities The grouping gathered countries divided by war. Its inception reflected the common aspirations of many countries in the region for peace, stability, friendship, and win-win cooperation. According to FM Son, Vietnam’s admission to ASEAN in 1995 paved the way for the building of an ASEAN common house connecting 10 Southeast Asian countries. In 1997, ASEAN, for the first time, approved the ASEAN Vision … [Read more...] about 55 years of ASEAN – One vision, One identity, One community

A Petrolimex petrol station (Photo: VNA) Hanoi (VNA) – The Vietnam National Petroleum Group (Petrolimex) is adopting a range of solutions in order to complete production and business targets of the third quarter and the entire year of 2022 in the context of unforeseeable fluctuations in petrol prices. One of the solutions is to modernise inventory management while engaging in negotiations with major petrol distributors to ensure supply to meet social demand for petrol. At the same time, the group has taken steps to cut costs in all production and business activities through several projects on centralized fleet management, asset management and customer relationship management. Petrolimex has also worked to increase non-cash payment in retail sales and researched the possibility of building truck stops to provide better services for customers. Under its own plan on digital transformation, the immediate focus is to automate the network of petrol warehouse and retail outlets, … [Read more...] about Petrolimex applies solutions to cope with big fluctuations in petrol prices

Digitalization is seen as a major instrument for Vietnam to promote an independent and self-reliant economy. Businesses and people should be the main beneficiaries and the driving force for the national digital transformation, so the Government encourages them to take an active part in this process. Prime Minister Pham Minh Chinh at the meeting. Source: VGP Prime Minister Pham Minh Chinh stressed the goal during a meeting of the National Committee on Digitalization today [August 8]. According to Chinh, efforts from Government agencies and localities have been translated into strong progress in Vietnam’s digitalization and contributed to the socio-economic recovery. The prime minister, however, pointed to the incompleted legal environment as the reason hampering the digitalization process, while a lack of investment in digital infrastructure, including the mobile and fixed broadband internet speeds behind the world average, means it has failed to create … [Read more...] about People and businesses urged to take part in the digitalization: PM

Hanoi (VNA) - The following is a brief review of the day’s events as reported by the Vietnam News Agency on August 8. - Prime Minister Pham Minh Chinh on August 8 described digital transformation as an important tool for the building of an independent and self-reliant economy and the extensive and effective integration into the world. He made the remark while chairing the third meeting of the National Committee on Digital Transformation in Hanoi. Read full story - Issues in the areas of public security and culture, sports and tourism will be the focus of the upcoming question-and-answer session of the 15th National Assembly (NA)’s 14th session on August 10, according to a freshly-released plan of the NA Standing Committee. Read full story - A delegation of the Royal Cambodian Armed Forces (RCAF) led by Lt. Gen. Hun Manet, Deputy Commander-in-Chief of the RCAF and Commander of the Royal Cambodian Army, is making an official visit to Vietnam. Following an official welcome … [Read more...] about ☕ Afternoon briefing on August 8