Vietnam green growth

Many banks in Vietnam have released their business results in 2022, which indicate their hefty profits. According to the 2022 financial report of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), it recorded a pre-tax profit of over VND37.3 trillion (US$1.59 billion), up 36 percent year on year and exceeding its 2022 target. With this result, Vietcombank has taken the lead in pre-tax profit in the entire banking system for five consecutive years. It was followed by Vietnam Technological and Commercial Joint Stock Bank (Techcombank), which earned over VND25.5 trillion (nearly $1.09 billion) last year, rising 10 percent compared with the preceding year. Last year was the ninth straight year that Techcombank had posted a profit growth rate, albeit at a modest rate. Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) was also among the banks with a high profit. Its pre-tax profit surged more than 70 percent to nearly VND23 … [Read more...] about Banks in Vietnam report handsome profits in 2022

For U.S. Ambassador to Vietnam Marc Evans Knapper, the bilateral relationship between Vietnam and the United States is already fundamentally strategic in nature. He is “extremely hopeful” about the possibility of upgrading the relationship to a strategic partnership. Elevating Vietnam – U.S. relations to a strategic partnership has been a prospect for a long time, and will certainly be one of the top priorities in the agenda for 2023 as the two countries celebrate the 10th anniversary of the existing comprehensive partnership. This will also be a milestone for Ambassador Knapper, who started his tenure at a special time. The role of the U.S. as a superpower has become even more important as global politics have witnessed ups and downs with economic difficulties, armed conflicts, and geopolitical tensions. In this context, the relationship between the U.S. and Vietnam, widely seen as a country with an important geopolitical position in the Indo-Pacific, is worth considering as a … [Read more...] about Vietnam – US relations naturally strategic: ambassador

HEINEKEN Vietnam and the National Traffic Safety Committee (NTSC) renewed their partnership in December with the initiative ‘When You Drink, Never Drive’ (WYDND) which advocates a positive shift away from unhealthy drink-driving behaviours. The scheme has been in place, in one shape or another, since 2008, and will take an alternative approach to the issue over the next two years. The partnership aims to pilot activities that reinforce road safety culture, promoting responsible drinking and clean driving habits for state agency and local enterprise employees. The NTSC and HEINEKEN Vietnam have worked together to create a set of traffic safety regulations within the WYDND framework, and the initiative will present comprehensive and practical solutions with the purpose of safeguarding Vietnamese consumers against dangerous consumption and behaviour. Tran Huu Minh, head of the NTSC Office, complimented HEINEKEN Vietnam’s efforts. “The company has proactively organised … [Read more...] about HEINEKEN Vietnam renews traffic safety partnership

Thongsavanh Phomvihane, head of the LPRP Central Committee's Commission for External Relations (Photo: VNA) Vientiane (VNA) – The Communist Party of Vietnam ( CPV ) has obtained many outstanding achievements and accompanied the Lao People's Revolutionary Party (LPRP) in the development of the two sides and their gainful partnership, affirmed Thongsavanh Phomvihane, head of the LPRP Central Committee's Commission for External Relations. In an interview with the Vietnam News Agency on the occasion of the CPV’s 93rd founding anniversary (February 3, 1930 – 2023), the official stated the establishment was a remarkable event and a turning point in Vietnam’s revolutionary history. Speaking highly of the successes that the Party and people of Vietnam have achieved over the past time, he considered such achievements an invaluable lesson and strong motivation for Laos in its cause of national protection and development. He expressed his belief in further achievements gained by … [Read more...] about Vietnam-Laos companionship bears imprint of Vietnamese Communist Party

Vietnam should focus on accelerating urbanization and the development of a network of national smart cities with links with their peers worldwide. Vietnam’s policies on developing smart cities and promoting digital transformation have played a very significant role in the country's socio-economic development, Vice Chairman of the Party Central Committee's Economic Commission Nguyen Duc Hien said at the Vietnam Sustainable Urban Development Forum 2022 held in Hanoi this week. With the theme “Sustainable urban development towards green, smart cities, adaptation to climate change, prevention, and control of natural disasters and epidemics,” the forum is one of the largest which are held annually on urban sustainable development in Vietnam. An overview of the forum. Photo: Nguyen Ngan The vice chairman noted that developing smart cities in Vietnam have only focused on the application of smart-city services, while issues related to smart urban planning and … [Read more...] about Vietnam eyes smart cities and sustainable urban development

Boviengkham Vongdara, member of the Central Committee of the Lao People's Revolutionary Party, Minister of Science and Technology of Laos, and President of the Laos-Vietnam Friendship Association (Photo: VNA) Vientiane (VNA) – Since its foundation in 1930, the Communist Party of Vietnam (CPV) has led its country through great achievements, stated a Lao official. In an interview granted to the Vietnam News Agency’s correspondents in Vientiane, Boviengkham Vongdara , member of the Central Committee of the Lao People's Revolutionary Party (LPRP), Minister of Science and Technology of Laos, and President of the Laos-Vietnam Friendship Association (LVFA), highlighted Vietnam's major achievements under the CPV leadership through different periods, including the declaration of independence in 1945, the victories against the French colonialists and the American imperialists between 1945 and 1975. He also spoke highly of the reunification of the country in 1975, and the … [Read more...] about Lao official highlights Vietnam’s successes under CPV leadership

Ko, now 39, launched himself into a career in the renewables industry about 15 years ago, working on green projects in a dozen countries before returning home to the capital Kuala Lumpur. There he teamed up with two school-friends in 2012 to co-found Plus Xnergy, a company that helps homes, businesses and buildings to develop their own solar power systems or source clean energy supplies from elsewhere. The entrepreneur - who has worked with the likes of furniture retailer IKEA, logistics giant DHL and entertainment conglomerate Sony and has developed six solar farms across Malaysia - said awareness about renewable energy among his country folk is the highest he has known. Nonetheless, Ko and other energy experts warned that Malaysia is trailing its Southeast Asian neighbors on clean energy expansion, as a lack of financial incentives and investment, coupled with red-tape, hold back the big projects needed for the country to meet its ambitious climate goals. "Malaysia is … [Read more...] about Malaysia faces ‘inconvenient truth’ on clean energy goals

UK Minister of International Trade Greg Hands visited Vietnam on Wednesday to explore trade cooperation opportunities between the two countries. His visit came amidst the UK’s pursuit of full membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2023. Vietnam is the first stop on the minister’s three-day trip to three Southeast Asian countries, all of which are founding members of the partnership. During an exclusive interview with Tuoi Tre News , Hands emphasized what the UK can offer the CPTPP, as well as discussed the UK’s strong strategic partnership with Vietnam. In a speech at Lancaster House on January 23, UK Trade Secretary Kemi Badenoch outlined five priorities for trade. What are your priorities as the Minister of State for Trade Policy? My personal priorities are, first, to get the UK into the CPTPP. Vietnam will play a crucial role in that progress. My second priority is to do a free trade agreement with India this … [Read more...] about UK joining CPTPP a fundamental change to the bloc: minister

-What do you think about local garment firms’ inability to dominate the domestic market of 100 million people here in Vietnam? - Vietnamese textile and garment enterprises are still [only beginning to] tap the domestic market. Last year, the domestic market increased by 40% against 2021. Local enterprises performed very well in the first half of last year and began to face difficulties in the third quarter. In the fourth quarter, many good Vietnamese brands like Viet Tien saw sales decrease. In late 2022, the Vinatex Fashion Center retail outlet in Hanoi made revenues of only VND500-600 million ($21,200-25,400) a day, compared with daily revenues of over VND1 billion in previous years. Over the past two years, many domestic fashion brands have reduced their number of stores and limited new openings. They have had to focus on certain locations to reduce costs, optimize operations and try to offer products that are most suitable to consumers’ incomes.In fact, domestic … [Read more...] about Garment firms should tap niche markets: Vinatex chairman

"The price of electricity in Vietnam cannot be the same as that of developed countries. If the price is too high, people, businesses and the economy will not be able to bear it," Chinh told a forum Friday. "The Ministry of Industry and Trade must regulate prices without sudden changes to keep inflation under control and ensure that manufacturing growth speeds up." The national utility Vietnam Electricity (EVN) has asked to increase retail prices after posting losses of VND31 trillion ($1.3 billion) last year. The Ministry of Industry and Trade is reviewing the proposal. Vietnam’s retail electricity price currently stands at VND1,864.44 ($0.08) per kilowatt-hour. The price has been unchanged since March 2019. Vietnam’s price is 50% lower than that of the Philippines, where electricity is more expensive than anywhere else in Southeast Asia. Vietnamese prices are also lower than those in Indonesia and Thailand, according to energy data platform GlobalPetroPrices. On the other … [Read more...] about Don’t make electricity too expensive, PM says