Trade war impact to global economy

Vietnam was the 8th largest trade partner and the largest ASEAN exporter of the US in 2022. (Photo: VNA) Hanoi (VNA) – The current trends in economic and trade cooperation between Vietnam and the US guarantee big growth in two-way trade and investment in next 10 years and warrant upgrading the partnership to a strategic level, said Ted Osius , President and CEO of the US - ASEAN Business Council ( USABC ). In an interview granted to the Vietnam News Agency ahead of the 10th anniversary of the two countries’ comprehensive partnership (July 2013 - 2023), the former US Ambassador to Vietnam said trade and investment play a big role in this relationship. The US is Vietnam’s second largest trading partner and biggest export destination. In 2022, bilateral trade reached a record high of 138.9 billion USD. Vietnam was the 8th largest trade partner and the largest ASEAN exporter of the US. The US was the biggest export market of Vietnam last year. Vietnam’s annual export to … [Read more...] about Current trends guarantee big growth in Vietnam – US trade, investment: USABC leader

VCCI Vice Chairman Nguyen Quang Vinh speaks at the forum. (Photo: VNA) Hanoi (VNA) - A Child Rights and Business Forum was organised in Hanoi on May 30 by UNICEF Vietnam and the Vietnam Chamber of Commerce and Industry ( VCCI ), emphasising the need for responsible business practices that respect child rights and prevent adverse human rights impacts. “Children are both the present and the future, and business practices cannot be sustainable if they do not account for their impact on children”, said Rana Flowers, Representative of UNICEF in Vietnam. “It requires children to be a key consideration in Environmental, Social, and Governance (ESG) assessments – where impacts and risks are assessed objectively, and key practices identified that can minimise those risks and create a positive impact for children. It will improve competitiveness and sustainability, it will win the support of stakeholders, especially investors, who are socially conscious and looking at ESG risks … [Read more...] about Responsible businesses for Vietnam’s thriving next generation: forum

Business practices are not sustainable if they do not take account of their impact on children, said a UNICEF Vietnam representative at a child rights and business forum held on Tuesday in Hanoi. The forum, co-held by UNICEF Vietnam and the Vietnam Chamber of Commerce and Industry (VCCI), underlined the need for responsible business practices that respect child rights and prevent adverse human rights impacts. Speaking at the event, Rana Flowers, representative of UNICEF in Vietnam, said that children, whom she described as the present and the future, should be a key consideration in Environmental, Social, and Governance (ESG) assessments. Businesses should assess impacts and risks objectively, and identify key practices that can minimize those risks and create a positive impact on children. In doing so, businesses will be able to enhance their competitiveness and sustainability and win the support of stakeholders, especially investors, who are socially conscious and looking at … [Read more...] about Children should be key consideration in ESG assessments: UNICEF Vietnam expert

The government last week reported that under its latest calculations, the state budget revenue last year hit about VND1.815 quadrillion ($78.93 billion), which is VND201.4 trillion ($8.75 billion) or 12.5 per cent higher than a previously reported figure. “The revenue has sufficiently met all tasks on expenditures for development investment, social security, salary reform, and other necessary tasks,” the government stated. Budget estimate shortcomings require modern fix Such a revenue increase was thanks to a rise in many items, with enterprises performing relatively well despite massive difficulties. For example, the economy’s most updated export turnover last year reached $371.3 billion, higher than the $368 billion earlier reported to the National Assembly – with the exact trade surplus of more than $12.4 billion, far higher than the only $1 billion earlier reported to the legislative body. However, the National Assembly Economic Committee (NAEC) found that the … [Read more...] about Budget estimate shortcomings require modern fix

HCM City’s economic growth is expected to climb to 5.87 per cent in the second quarter of 2023, its leader has said. A view of HCM City at night. The city is expected to face economic headwinds during the rest of this year. — VNA/VNS Photo It was only 0.7 per cent in the first quarter. Speaking at a meeting on Tuesday, Phan Văn Mãi, chairman of its People’s Committee, said its economic growth in the first half is expected to be 3.55 per cent. Public spending in the first five months is expected to be worth VNĐ10.2 trillion (US$436.4 million), up 24 per cent year-on-year, he said. The global economic decline and high inflation will continue to affect the city’s economy across the board, hindering its recovery, he said. In May, the index of industrial production (IIP) rose by an estimated 1.5 per cent month-on-month and 5.5 per cent year-on-year. It was up 1.6 per cent year-on-year in the first five months. The services sector is expected to post the … [Read more...] about HCM City eyes jump in economic growth to 5.87% in Q2