Vietnamese tourism businesses

Jonathan Pincus, UNDP Senior International Economist, said Vietnam should give fresh impetus to national innovation and invest big in research and development (R&D) activities with a view to improving labor productivity in long term. He added that Vietnam’s spending on R&D activities, a measure to evaluate the ability to better labor productivity, has lagged behind that in China, Thailand and Malaysia. Besides, rational mechanisms should be put in place to lure leading Vietnamese scientists to domestic institutes and universities, he said, highlighting they will make practical contributions to the national development. Low worker productivity has hampered economic recovery post pandemic, other experts said, pointing a shortage of employees with substantial experience and skills, and a large number of micro and small businesses as major reasons. While government policies to renew the growth model and enhance innovation in science and technology have created favorable … [Read more...] about Businesses’ intrinsic strength – key to socio-economic development

The three-day conference is being held by the International Air Transport Association (IATA) with Vietnam’s national flag carrier Vietnam Airlines acting as the host. Themed “Leadership in Action: Driving Safer and More Efficient Operations,” the event has brought together more than 800 delegates from airlines worldwide and international organizations in the aviation sector. Deputy PM Quang stressed that the Vietnamese Government has regarded the aviation sector as one of the economic engines that plays an important role in promoting trade and economic ties and tourism development. For his part, Minister of Transport Nguyen Van Thang briefed the participants on achievements reaped by the Vietnamese aviation sector, saying no commercial airplane accidents have been reported over the past 25 years, and all of the domestic airlines have received operational safety certificates from the IATA. Dang Ngoc Hoa, Chairman of the Board of Directors of Vietnam Airlines, highlighted the … [Read more...] about World Safety and Operations Conference kicks off in Hanoi

The International Finance Corporation (IFC), a member of the World Bank Group, announced on Tuesday that it is investing up to VND3.5 trillion (US$150 million) in Vietnam's first-ever local currency sustainability-linked bonds (SLBs) issued by BIM Land Joint Stock Company and its subsidiary, Thanh Xuan Joint Stock Company. The first local currency SLBs in Vietnam aim to help issuers expand their businesses while creating jobs, boosting competitiveness, and supporting the country's low-carbon growth model. IFC's investment comprises two subscriptions—over VND2.3 trillion (about $100 million) to be issued by BIM Land, a tourism and property developer in Vietnam, and nearly VND1.2 trillion (about $50 million) to be issued by Thanh Xuan Joint Stock Company. Both the issuers are subsidiaries of BIM Group, a multi-sector corporation in Vietnam. The proceeds will be used to develop the Thanh Xuan valley project in northern Vinh Phuc Province, including an eco-friendly and unique … [Read more...] about IFC invests in Vietnam’s first local currency sustainability bonds

Moody’s Corporation, a global integrated risk assessment firm, on Wednesday announced the launch of Vietnam Investors Service and Credit Rating Agency JSC (VIS Rating), a partnership between Moody’s and leading Vietnamese financial institutions. The Vietnamese Ministry of Finance on Tuesday issued a credit rating agency license to VIS Rating that was initiated by the Vietnam Bond Market Association. VIS Rating will provide independent credit rating services to corporate issuers in Vietnam. Moody’s is the largest shareholder in VIS Rating with a 49-percent holding but VIS Rating operates independently from Moody’s. Other founding shareholders include ACB Securities Company, Dragon Capital Finance Limited, Nam A Bank Asset Management Company Limited, VNDIRECT Securities Corporation, and VPS Securities Joint Stock Company. Michael West, president of Moody’s Investors Service, a subsidiary of Moody's Corporation, said, “Moody’s recognizes the vital role that the local debt … [Read more...] about Moody’s launches credit rating firm in partnership with Vietnam’s leading financial institutions

The signing took place on Sept. 18 (U.S. time) at the headquarters of Synopsys in San Francisco, California, under the witness of Prime Minister Pham Minh Chinh during his working trip. The memorandum states that Synopsys will support the Department of Information Technology and Communications Industry in creating a plan to establish a semiconductor research center. Synopsys’ technology is set to be used as samples and prototypes for semiconductor production. Nguyen Thien Nghia, deputy head of the department, said that the partnership with Synopsys allows Vietnamese engineers to be trained by one of the best chip designers in the world. Robert Li, head of sales and customer success group serving Taiwan, Southeast Asia, and India, said that his company is committed to helping Vietnam expand human resources in designing and manufacturing semiconductors. The company also signed a memorandum with the National Innovation Center under the Ministry of Planning and Investment to … [Read more...] about Chip giant Synopsys to help Vietnam develop semiconductor industry

National Assembly Chairman Vuong Dinh Hue will visit Bangladesh from September 21 (Photo: VNA) Hanoi (VNA) – Since Vietnam and Bangladesh set up their diplomatic relations on February 2, 1973, the two sides have enjoyed close ties with strong political trust, which lays a firm foundation for them to promote partnership across all fields. Over the past 50 years, the two sides have stood by stood and support each other during national construction, defence and economic development in each country. Along with maintaining regular high-level visits and meetings, the two sides have agreed to work closely to build a long-term vision for bilateral relations, increase visits at high and all levels, strengthen meetings of existing cooperation mechanisms, and consider the resumption and upgrading of the Joint Committee on economic, culture, science and technology cooperation in the time to come. They have concurred to strengthen cooperation in defence-security, economy, trade, … [Read more...] about Vietnam, Bangladesh enjoy strong ties over 50 years

The two sides shared delight at the positive progress in the relations between the two parties and countries over the years, while discussing and agreeing on measures to strengthen the friendship and cooperation between Vietnam and China in all fields, including collaboration between the Vietnam Fatherland Front (VFF) and the CPPCC. Prime Minister Pham Minh Chinh conveyed regards from Vietnamese high-ranking leaders and VFF Central Committee President Do Van Chien to Wang, underlining that Vietnam and China have enjoyed a close neighborliness, and the two parties, countries and peoples have given each other priceless support during the past struggle for national independence and current socialism building cause. Vietnam always attaches great importance to maintaining and developing the comprehensive strategic cooperative partnership with China, taking it as a consistent, strategic and long-term policy as well as the leading priority in the country’s external policy. Prime … [Read more...] about Prime Minister meets leader of Chinese People’s Political Consultative Conference

At the 2023 Australian Investment Forum in Ho Chi Minh City last week, deputy director Vu Van Chung of the Foreign Investment Department under the Ministry of Planning and Investment noted that Vietnamese businesses are now well-equipped to venture into major economies, no longer limiting their focus solely to countries of similar economic stature. One-on-one meetings with representatives from Australian states and territories were held within the Forum. Photo: Australian Embassy in Vietnam “Traditionally, we’ve collaborated with nations matching our development level, management capabilities, and potential,” Chung said. “However, in the past five years, investments from Vietnamese firms have witnessed unprecedented growth in both quality and quantity.” With its burgeoning economic development, Vietnam offers myriad collaboration and international integration opportunities. “Currently, we have approximately 850,000 enterprises, with ambitions to expand this figure … [Read more...] about Australian presence apparent in quality and quantity

Giants lead green packaging future, illustration photo/ Source: freepik.com About 450 businesses from more than 30 countries and territories will gather for the 16th edition of ProPak in Ho Chi Minh City in November to establish a panorama of equipment and new technology in future food processing and packaging. The exhibition will offer a dynamic business platform that is shaping the future of the processing and packaging industries, particularly in an industry closely impacting the environment like packaging. Food packaging currently accounts for 30-50 per cent of the total packaging industry space, according to statistics from the Ministry of Industry and Trade, leading to a strong symbiotic relationship between the two fields of food and packaging. According to German data provider Statista, the packaging sector has been growing on-year with an average rate of 15-20 per cent, in parallel with the average increase of about 10 per cent of the food and beverages market over … [Read more...] about Giants lead green packaging future

The event, part of his trip to attend the high-level week of the 78th United Nations General Assembly and bilateral activities in the U.S., was also attended by U.S. Ambassador to Vietnam Marc Knapper and President and CEO of the U.S.’s Semiconductor Industry Association (SIA) John Neuffer. The U.S. businesspeople spoke highly of the potential of the semiconductor industry in Vietnam, which boasts high-quality human resources and increasingly improved capacity of local enterprises and training establishments. They held that the two countries’ cooperation potential in this industry is substantial and highly meaningful for bilateral relations in the new period. Participants discussed investment opportunities in Vietnam and proposed cooperation measures for developing a semiconductor ecosystem in the country, with the U.S. being a strategic partner of leading importance. In the long term, they said, U.S. firms can consider the possibility of building chip factories in Vietnam. PM … [Read more...] about Prime Minister calls on U.S. semiconductor firms to invest more in Vietnam