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Asia’s increased borrowing in recent decades has augmented the region’s exposure to rising interest rates and heightened market volatility, said the International Monetary Fund (IMF). According to the IMF’s latest report on May 25, over 18 per cent of Vietnamese enterprises were found to have an interest coverage ratio (ICR) below one, indicating a high risk of default as of June 2022. Additionally, 18.32 per cent of companies had an ICR between 1-4, making them vulnerable to increased borrowing costs, while 63.36 per cent had an ICR of four, signalling a good debt repayment capacity. The report attributes the heightened risks to the rising cost of borrowing, as central banks tighten monetary policies and increase interest rates to combat inflation. Despite maintaining growth rates, companies face significant pressure due to higher borrowing costs, reducing their ability to repay debts. As of mid-2022, 17 per cent of Asia’s corporate debt was held by firms with interest … [Read more...] about IMF highlights rising debt risks for Asian companies

At the Na tional Assembly's session on June 2. (Photo: VNA) Hanoi (VNA) – Three bills will be tabled for discussion at the National Assembly on June 5, during the on-going fifth session . In the morning, the draft revised law on credit organisations and the draft revised housing law will be presented to the NA, along with reports assessing the bills. NA deputies will then discuss in group the draft revised housing law, which has 13 more articles compared to the 2014 law. The new bill drops 7 articles of the current law, adding 34 articles while keeping 47 articles unchanged and amending 104 articles. In the afternoon, the deputies will discuss in group the draft revised law on water resources and the draft revised law on credit organisations ./. VNA … [Read more...] about National Assembly to discuss three bills on June 5

Vietnamese Minister of Foreign Affairs Bui Thanh Son . (Photo: VNA) Paris (VNA) – Vietnamese Ambassador to France Dinh Toan Thang has said Vietnamese Minister of Foreign Affairs Bui Thanh Son’s attendance at the 2023 Organisation for Economic Cooperation and Development (OECD) Ministerial Council Meeting (MCM) and official visit to France from June 5-8 would provide an opportunity to reaffirm the common perception of the vision of the bilateral relations and the determination to promote deeper and closer connections between the two countries, particularly in meeting their requirements in the new context. In an interview granted to the Vietnam News Agency (VNA)'s resident correspondents in Paris, Thang said it is the first visit to France by a Vietnamese Minister of Foreign Affairs since the two countries upgraded their relationship to a strategic partnership a decade ago. It is also meant to celebrate the 50th anniversary of bilateral diplomatic ties and the 10th … [Read more...] about FM’s France visit to reaffirm common perception of vision of bilateral ties: Ambassador

A view of Nam Cau Kien Eco-Industrial Park in Hai Phong. — VNA/VNS Photo Tran Viet The development of eco-industrial parks is considered an effective solution to contribute to completing the net zero emission target by 2050 in Viet Nam. However, there are still many problems with the mechanism. In a report on the development of industrial parks and economic zones conducted by the Ministry of Planning and Investment, by 2030, 40-50 per cent of localities will have plans to convert existing industrial parks to eco-industrial parks, and 8-10 per cent of localities have orientations to build new ecological industrial parks. This will contribute to the concretisation of the net zero commitment by 2050. However, many experts and businesses believe that it is necessary to have the determination of the businesses to achieve this goal, along with preferential policies and mechanisms. Now, Viet Nam has more than 400 industrial parks, but few of those industrial parks have strategies to … [Read more...] about Eco-industrial park development targets net zero emissions

Passenger and freight trains were running again on Monday at the site of India's deadliest train disaster in decades, which officials said was caused by failures linked to signal systems. Workers inspect the newly restored tracks at the accident site of a recent three-train collision near Balasore, about 200 km (125 miles) from the state capital Bhubaneswar in the eastern state of Odisha, on June 5, 2023. Trains rumbled past the debris of smashed carriages from Friday night's crash near Balasore in the eastern state of Odisha, where at least 275 people were killed and hundreds injured. Officials had initially reported 288 deaths, but the Odisha state government has since revised the toll to 275 after some bodies were mistakenly counted twice. Of the 1,175 injured, 382 were still being treated in hospital, authorities said on Sunday. However, many fear the death toll could still rise with medical centres overwhelmed by the number of casualties, many in … [Read more...] about Trains resume service 51 hours after deadly India crash

Forbes Vietnam on June 5 unveiled the top 50 listed companies in 2023, the 11th year it has released this list in the country. The rankings are based on last year’s audited consolidated financial reports of the companies listed on the Ho Chi Minh Stock Exchange (HSX) and the Hanoi Stock Exchange (HNX). Forbes Vietnam said total after-tax profit of the 50 firms stands at over 228 trillion VND (9.7 billion USD) while their combined revenue 1.49 quadrillion VND, respectively rising 18% and 24.9% from the 2022 list. The Vietnam National Petroleum Group (Petrolimex) remains the biggest revenue earner with more than 304 trillion VND. Meanwhile, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) recorded the most after-tax profit, almost 29.9 trillion VND. The top 50 listed companies are divided into sectors, and most are leading firms or those already gaining a foothold in their sectors. The rankings are dominated by businesses in the financial (banking, … [Read more...] about Forbes Vietnam reveals top 50 listed companies in 2023

The investor of a tourism project in the northern province of Hoa Binh has just been fined for carrying out vast site clearance at a local forest despite having not received a licence from local authorities. A tourism project in the northern province of Hoa Binh has carried out vast site clearance at a local forest despite having not received a licence from local authorities. Between April-September 2022, Legacy Riverside Company was approved by local authorities to conduct a geological survey for their Dong Truong Son Ecological Resort which was planned to cover 98 hectares in Luong Son District. However, the company sent lots of machinery to the site and destroyed a large area of forest. According to residents in Tan Vinh Commune, the Legacy Riverside Company started site clearance work in the local forest in 2022 and more forest area had been destroyed in early 2023 but local authorities took no action. It was not until April 2023 that Tan Vinh Commune … [Read more...] about Hoa Binh tourism investor fined for unlicensed project

Thua Thien - Hue grants investment licences to nine projects in the first five months of 2023. (Photo: VNA) Hanoi (VNS/VNA) - Since the beginning of the year, nine new projects have been granted investment licences by central Thua Thien - Hue province with a total investment of more than 2 trillion VND (85 million USD), according to a report by the provincial Department of Planning and Investment. Of the total investment, five are FDI projects with registered capital of 28.5 million USD. The growth rate of the province’s GRDP in the first quarter is estimated at 6.61%, higher than the national average of 3.32%, and is expected to increase from 7.5% to 8.5% in the second quarter, a representative of the department said at the recent regular meeting. Import and export turnover in May rose month-on-month but decreased over last year. Many industrial production sectors, such as textiles, garments, cement, wood chips, and power generation, have slowed down. Especially, … [Read more...] about Thua Thien – Hue grants investment licences to nine projects

The disaster struck on Friday, when a passenger train hit a stationary freight train, jumped the tracks and hit another passenger train passing in the opposite direction near the district of Balasore, in the eastern state of Odisha. Following non-stop efforts to rescue survivors and clear and repair the track, trains resumed running over that section of the line on Sunday night. Trains were passing slowly by the derailed and mangled compartments, while repair work continued at the track side. Some 120 km (75 miles) further north, at Kharagpur in West Bengal state, railway officials and witnesses gathered to submit evidence to a two-day inquiry, led by A.M. Chowdhary, commissioner of railway safety for the south-eastern circle. "Everyone involved at the site have been asked to join the inquiry. The probe will take time and we are looking at all possible angles," Chowdhary told reporters. India's Railway Board has recommended that the federal Central Bureau of Investigation … [Read more...] about India investigates rail disaster as trains crawl through crash site

"The pandemic years are behind us and borders are open as normal," Willie Walsh, head of the International Air Transport Association (IATA), told IATA's annual summit of some 300 carriers. IATA boosted its industry profit forecast to $9.8 billion from $4.7 billion cheered by strong travel demand and an easing in oil prices. Revenue is expected to grow by 9.7% to $803 billion, inching closer to 2019's pre-pandemic level of $838 billion. But slender profit margins of 1.2% mean repairing damaged balance sheets and offering sustainable returns on investments will continue to be a headache for some airlines, Walsh said. He said airlines on average make $2.25 per passenger, "which is less than the price of a cup of coffee, a subway ticket". The profit forecast, raised from one given in December, reflected a boost in Europe, despite a wave of strikes. Airlines have in recent months reported strong results as they prepare for a busy summer season, with travel demand … [Read more...] about Global airlines more than double 2023 profit outlook