Global food prices are expected to keep on rising this year due to the Ukraine conflict and other factors, Photo: Thanh Tung China’s National Bureau of Statistics (NBS) said on May 11 that the consumer price index (CPI), the main measure of inflation and retail sales, increased by 2.1 per cent on-year in 2021 due to the impact of the recession and skyrocketing energy costs and food prices. Data released by the General Administration of Customs of China on April 13 recorded a decrease in China’s imports for the first time since August 2020. In March, China’s imports fell 0.1 per cent on-year. Assoc. Prof. Dr. Vu Sy Cuong from the Academy of Finance warned last week, “Along with the conflict in Ukraine, China’s economic difficulties could exacerbate inflationary pressures in Vietnam.” China’s slowing growth is clearly felt by many manufacturing and export industries of Vietnam. Pham Van Viet, president of garment firm VitaJean Co., Ltd., said, “Restrictions on raw materials … [Read more...] about Global effects mar control of inflation
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Vietnam riding the wave of inflationary unpredictability
Petrol retail prices in the country have been adjusted many times over the past few months, Photo: Le Toan In Vietnam, gasoline prices continue to increase, and after the adjustment on May 11 by the Ministry of Industry and Trade (MoIT) and the Ministry of Finance, each litre of E5 RON92 petrol increased by 6.5 US cents to $1.26 per litre while RON95 climbed by 6.7 US cents to $1.30 per litre. On May 17, the price of US WTI crude oil remained at a high level of over $114 per barrel while Brent oil maintained its upward momentum at $114.28 per barrel. Before the next adjustment, which was due on May 21, petrol prices in Vietnam were forecast to continue to increase to higher levels. The ministries first adjusted gasoline prices on January 11 due to a decrease in global supply, production output by Kazakhstan and Libya, and oil inventories of the United States. According to Decree No.95/2021/ND-CP, effective from January, there will be three adjustments each month to the … [Read more...] about Vietnam riding the wave of inflationary unpredictability
UN praises Indonesia’s achievements in fighting COVID-19
The number of people with two-dose vaccinations against COVID-19 as of May 23 stood at 166.9 million out of the target of over 208 million (Photo: AFP/VNA) Jakarta (VNA) – UN Deputy Secretary General Amina Mohammed has praised Indonesia for successfully controlling the COVID-19 pandemic. Speaking at the Global Platform for Disaster Risk Reduction (GPDRR) held in Bali, Indonesia , Amina expressed the UN appreciation to Indonesia for its steps to handle and respond to the pandemic. She described the co un try’s effort to vaccinate 217 million citizens against the pandemic as a great achievement. Amina affirmed that Indonesia is an important partner of the UN in disaster risk mitigation efforts. Meanwhile, Indonesian President Joko Widodo said his government implemented dynamic policies to handle COVID-19 and strike a balance between public health and economic interests. According to the president, Indonesia has administered 411 million doses of COVID-19 vaccines … [Read more...] about UN praises Indonesia’s achievements in fighting COVID-19
Vietnam, Japan beef up ground forces cooperation
Deputy Chief of the General Staff of the Vietnam People's Army (VPA) Lieutenant General Nguyen Van Nghia and Chief of Staff of the Japan Ground Self-Defence Force General (JGSDF) Yoshida Yoshihide inspect the guards of honour. (Photo: VNA) Tokyo (VNA) – Deputy Chief of the General Staff of the Vietnam People's Army (VPA) Lieutenant General Nguyen Van Nghia joined talks with Chief of Staff of the Japan Ground Self-Defence Force General (JGSDF) Yoshida Yoshihide on May 25, during his working visit to Japan. The two sides highly valued achievements obtained in the cooperation of the countries’ ground forces, which contribute to the extensive, practical and efficient development of the Vietnam-Japan bilateral defence cooperation. Lt. Gen. Nghia affirmed that the VPA General Staff stands ready to join hands with the JGSDF in the effective implementation of cooperation programmes, including capacity building in United Nations peacekeeping operations; search and rescue; and … [Read more...] about Vietnam, Japan beef up ground forces cooperation
Hanoi promotes application of hi-tech farming models
One-third of the number of large-scale enterprises in Hanoi have invested in high-tech agriculture. Hanoi has been promoting the application of hi-tech models to farming in an effort to build up supply-production chains connecting cities and provinces nationwide. Hanoi has 22 cooperatives applying high technology. Photo: kinhtedothi.vn The capital city has developed 160 hi-tech farming models in the outskirt districts of Me Linh, Gia Lam, Thuong Tin, Dong Anh, Thanh Oai, and Dan Phuong, in which nine enterprises specializing in livestock, aquaculture, preliminary processing - consumption of agricultural products including CP, Dabaco, CJ Vietnam, Minh Long, Hanoi Cattle Breeding JSC, and others are investing in high tech agriculture in the city. Director of the Hanoi Animal Husbandry and Veterinary Sub-Department Nguyen Ngoc Son told a conference on May 25 in Hanoi that the situation of livestock and poultry diseases has been complicated and unpredictable … [Read more...] about Hanoi promotes application of hi-tech farming models
Industrial revolution 4.0: Human resources are key
Vietnam ICT Summit 2017 is the platform for administrative agencies and IT enterprise community to discuss solutions and strategies with the objective of taking Vietnam to join the industrial revolution 4.0. On September 6, the first theme in the Vietnam ICT Summit 2017 of “Vietnam: Digital Transformation in Industry 4.0” has been discussed. In particular, the Deputy Prime Minister Vu Duc Dam has given the opening speech at the summit. As such, the Deputy Prime Minister stressed, industrial revolution is more and more influencing various aspects of socio-economic in the world, as well as in Vietnam. This is not only an opportunity for Vietnam to transform, but also poses a potential threat to the country. The Deputy Prime Minister Vu Duc Dam gave a speech at the summit. According to the Deputy Prime Minister, in 2017, the global innovation index (GII) of Vietnam has increased 12 places to the 47th rank, thanks to the significant contribution from IT … [Read more...] about Industrial revolution 4.0: Human resources are key
Movie making competitions, courses help develop young filmmaker’s creativity
Young director Ho Thanh Thao at the film shoot location of her movie Diem Bao (The sign) that is one of the five selected pictures at the CJ Short Film Project. The CJ Short Film Project organized by CJ Cultural Foundation and CGV Vietnam has been concluded with the five best movies that will be selected for international film festivals in the coming time. 21 projects have been chosen for the Presentation Round at the Green Screen Film Festival which is organized by the Vietnam Film Development Association (VFDA). Participants told stories reflecting environmental issues in the form of a fictional or documentary film. "My Vietnam" short film competition unveiled its nine winners that were selected from 200 submissions. Each project featured the landscapes, customs, habits, and cultural traditions of Vietnamese people. Training providing required skills to the employee of the movie industry has received special attention from film producers. Besides film production degree … [Read more...] about Movie making competitions, courses help develop young filmmaker’s creativity
Real estate bonds shackled by rules
Real estate bonds shackled by rules - illustration photo At last week’s conference on corporate bonds held by the Vietnam Chamber of Commerce and Industry, experts discussed ways to develop an efficient and sustainable corporate bond market. One of the common recommendations regarded appropriate approaches to credit ratings. According to Can Van Luc, BIDV’s chief economist, there should be clear regulations on credit ratings to help investors easily determine business quality and the risk level of the issued bonds. “It is necessary to identify where a credit rating is mandatory and where a credit rating is encouraged. High-risk businesses should go through compulsory credit rating before bond issuance,” Luc said. “On the other hand, for businesses that have been audited and internationally rated with a long-standing history, a credit rating might not be necessary.” In recent years, the State Bank of Vietnam (SBV) has steadily redirected loan flows towards industry, services … [Read more...] about Real estate bonds shackled by rules
Vietnam expecting to spend even more on imports
Vietnam expecting to spend even more on imports - illustration photo Southeast Asia is facing rising inflation, a problem that is exacerbated by the failure of energy and food prices to fall. Last month, the Monetary Authority of Singapore (MAS) tightened monetary policy for the third time since October to deal with inflation that is expected to heat up. According to analysts, the MAS has redefined the midpoint of the popular exchange rate policy band and slightly increased the slope of currency appreciation to help the Singapore dollar strengthen against the currencies of other countries. However, the MAS did not change the width of its policy band – a move the institution usually would take when markets are volatile. As a result, the Singapore dollar rose about 0.5 per cent to $1.35 after the MAS’ move. The agency considered the possibility that core inflation would pick up sharply in the coming months, before being revised later this year, due to the sharp increase in … [Read more...] about Vietnam expecting to spend even more on imports
Will Vietnam become a big geopolitical beneficiary?
Kevin Coppel, Asia-Pacific managing director (left ) and Christine Li, Asia-Pacific head of research for Knight Frank in Singapore When the US-China trade tensions bubbled over in 2018, corporates found it increasingly difficult to carry out business in China due to sourcing uncertainties and rising costs. This trend only worsened in the face of the pandemic and resulting border closures. Businesses responded by pursuing opportunities to set up bases outside of China while still retaining a stake in one of the world’s strongest economies. The China+1 strategy thus emerged. It is based on diversifying its supply base into other countries in order to minimise the risk of disruptions arising from geopolitical tensions, trade wars and tariffs, as well as rising labour costs. These companies are not abandoning China but rather giving themselves options, enjoying the best of what China and other economies have to offer. In pursuit of the China+1 strategy, the spotlight is naturally … [Read more...] about Will Vietnam become a big geopolitical beneficiary?