Prime Minister Pham Minh Chinh addressed the conference 'Rediscovering Viet Nam' held in San Francisco on May 17 (US time). — VNA/VNS Photo Prime Minister Pham Minh Chinh on May 17 (local time) attended the US-Viet Nam trade, investment, and tourism promotion conference themed ‘Rediscovering Viet Nam’ in San Francisco. The conference, held by the national carrier Vietnam Airlines and two travel groups – Saigontourist Group and Thien Minh Group – to boost the cooperation between the enterprises of the two countries and to introduce the image of Viet Nam to US friends and partners. Addressing the event, PM Chinh stressed Viet Nam’s consistent foreign policy of independence, self-reliance, diversification, multilateralisation, and commitment to be a good friend, a reliable partner, a responsible member of the international community; and the building of an independent and self-reliant economy associated with active, proactive, extensive international integration with substance and … [Read more...] about PM urged US businesses to invest in tourism and trade opportunities with Viet Nam after COVID-19
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S&P raises Viet Nam long-term sovereign credit rating to BB+; outlook Stable
A view of Noi Bai Airport. S&P’s upgrade on Viet Nam's long-term sovereign credit rating was grounded on the country's strong economic recovery prospects following the progressive lift of domestic and cross-border mobility restrictions. — Photo travelmag.vn S&P Global Ratings on Thursday upgraded its long-term sovereign credit rating on Viet Nam to BB+ from BB. The move comes on the back of the country's strong economic recovery prospects following the progressive lift of domestic and cross-border mobility restrictions, outstanding improvement in vaccination rates, and flexible shift in COVID-containment policy. The ratings outlook is stable. Against the backdrop of challenging global developments and deep scarring effects of the pandemic leading to more than 30 downgrades by credit rating agencies in the year to date, Viet Nam is one of the only two sovereigns in the Asia-Pacific region to have been upgraded this year – the other being Taiwan (China). According to … [Read more...] about S&P raises Viet Nam long-term sovereign credit rating to BB+; outlook Stable
Viet Nam-Laos trade ties growing sustainably
Steel production at Viet-Duc Steel JSC's factory in Vinh Phuc Province. Viet Nam mainly ships iron and steel to Laos. — VNA/VNS Photo Nguyen Trong Lich Since the establishment of bilateral diplomatic ties in 1962, Viet Nam and Laos have promoted cooperation across numerous spheres, with their trade exchange posting substantial growth, benefiting both countries. During the 2016-20 period, the two-way trade saw stable expansion and reached the target of over US$1 billion, but then suffered from the impact of the COVID-19 pandemic and natural disasters. The Asia-Pacific Market Department at the Vietnamese Ministry of Industry and Trade (MoIT) said that the bilateral trade exceeded $1 billion in 2020, down 11.5 per cent year-on-year, of which Viet Nam’s exports were worth $571.7 million, down 18.5 per cent. However, the bilateral trade bounced back since early 2021, surging 33.3 per cent to $1.37 billion for the year, with Viet Nam’s export revenue reaching $594.7 million, a rise … [Read more...] about Viet Nam-Laos trade ties growing sustainably
IEEFA: Viet Nam’s manufacturing future rests on a credible renewable energy game plan
A wind power project in the northern province of Ninh Thuan. — Photo evn.com.vn The Vietnamese economy’s unparalleled exposure to multinational corporations and the global consumer market calls for a pragmatic alignment between the country’s renewable energy strategy and the decarbonisation commitments of the global brands, according to IEEFA’s latest report on Viet Nam. “Multinational corporations responsible for up to US$150 billion of Viet Nam’s export revenues have made specific pledges on carbon neutrality or decarbonisation of varying scope and timelines,” said Thu Vu, energy finance analyst leading the Vietnamese market coverage for IEEFA. “These brands’ journey toward sustainability progress is one in which Viet Nam can not afford to ignore or miss out on.” Viet Nam is currently the largest exporter of goods in developing Southeast Asia. With nearly 60 per cent of the exports being manufactured goods for the big brands, its growing role in the global supply chain … [Read more...] about IEEFA: Viet Nam’s manufacturing future rests on a credible renewable energy game plan
Viet Nam, UK strive to lift trade and investment relations
Speakers at the Viet Nam–UK Business Forum, which took place in London on Wednesday. — VNA/VNS Photo Viet Nam wants to see more investment from the United Kingdom (UK) in hi-tech agriculture, in cultivation, processing, preservation and distribution of farm produce and foods, said Deputy Minister of Agriculture and Rural Development Phung Duc Tien. He made the statement at the Viet Nam–UK Business Forum held by the Ministry of Industry and Trade and the Ministry of Agriculture and Rural Development, in collaboration of the UK Department of International Trade (DIT) in London on Wednesday. The forum discussed prospects for trade and investment between the two countries’ enterprises in agriculture, education, renewable energy and others. It also provided a platform for Viet Nam to introduce its market potential to British investors and for firms from both sides to share information and seek partnerships to make the most of the UK-Viet Nam Free Trade Agreement (UKVTFA). The UK … [Read more...] about Viet Nam, UK strive to lift trade and investment relations
Viet Nam-Asia DX Summit 2022 opens in Ha Noi
The Viet Nam -Asia DX Summit 2022 opened in Ha Noi on Wednesday. — Photo vietnamplus.vn The Viet Nam-Asia Digital Transformation (DX) Summit 2022 opened in Ha Noi yesterday, where experts are examining ways to further utilise the advantages of digitalisation for the economy and society. The digital economy is making many important contributions to the global economy, said Nguyen Van Khoa, Viet Nam Software and IT Services Association (Vinasa) chairman. Facing the trend towards digitalisation, many countries have taken the opportunity to develop the digital economy and have issued their own development strategies, he added. The summit is organised by Vinasa under the direction and patronage of the Ministry of Information and Communications. Data from Google and Temasek shows that the Vietnamese internet economy achieved US$21 billion last year and contributed more than 5 per cent of the country's GDP. Studies show that the growth rate of the Vietnamese digital economy is … [Read more...] about Viet Nam-Asia DX Summit 2022 opens in Ha Noi
AMRO forecasts Viet Nam’s strong recovery amid external headwinds
Bikes produced at Thong Nhat JSC. AMRO forecasts the Vietnamese economy is expected to grow at 6.3 per cent in 2022. — VNA/VNS Photo Tran Viet Viet Nam’s inflation is expected to be contained below 4 per cent this year while the economy is projected to grow 6.3 per cent, according to the latest report on Viet Nam by ASEAN+3 Macroeconomic Research Office (AMRO). This preliminary assessment was made by the ASEAN+3 Macroeconomic Research Office (AMRO) after its annual consultation visit to Viet Nam last week. “The Vietnamese economy is expected to grow at 6.3 per cent in 2022 and 6.5 per cent in 2023. Inflation is projected to remain contained,” said AMRO Group Head and Lead Economist Sanjay Kalra. “This positive outlook rides on strong external demand, a recovery in domestic consumption and healthy investment inflows, bolstered by an appropriate macroeconomic policy stance.” The domestic outbreak of the Omicron variant receded sharply in April 2022, and border restrictions … [Read more...] about AMRO forecasts Viet Nam’s strong recovery amid external headwinds
Facebook ads in Viet Nam to be charged 5% VAT from June 1
Facebook ads in Viet Nam will be subject to a 5 per cent value-added tax beginning from June 1. — Photo vtv.vn Facebook ads in Viet Nam will be subject to a 5 per cent value added tax (VAT) beginning from June 1. This affects advertisers who have set Viet Nam as their “Sold To” country on their business or personal address. In addition to Viet Nam, starting from April and September, Meta, Facebook's parent company, will also add VAT to advertising costs in Cambodia and Thailand, respectively. Not long ago, Facebook also charged a foreign currency conversion fee of 1-3 per cent for transactions in Vietnamese dong. Within the framework of Prime Minister Pham Minh Chinh's working visit to the US on May 20, representatives of the Public Policy Department of Meta had a meeting and discussed with the Prime Minister and the Ministry of Planning and Investment. Meta said that it would register, declare and pay foreign contractor tax in Viet Nam. Previously, Meta had a meeting … [Read more...] about Facebook ads in Viet Nam to be charged 5% VAT from June 1
Viet Nam Blockchain Association makes debut
Chairman of the Viet Nam Blockchain Association Hoang Van Huay (right) at the debut ceremony on Tuesday. — Photo baodautu.vn The Viet Nam Blockchain Association was launched in the capital city on Tuesday, the first official legal entity specialising in the field of blockchain technology. The association will gather blockchain research and application enthusiasts throughout Viet Nam. It aims to promote the nation's digital economy in other to mark Viet Nam’s position on the world technology map. Among the association's tasks include expanding relationships with blockchain organisations and communities around the world and creating favourable condition for members to share experiences and resources to research, test, apply, deploy and trade blockchain technology in accordance with Vietnamese law. Attracting investment for the operation of the blockchain industry and focusing on training and developing digital human resources are other ones. The Viet Nam Blockchain Association … [Read more...] about Viet Nam Blockchain Association makes debut
Vietravel Airlines signs a co-operation agreement with the Viet Nam Golf Tourism Association
Vietravel Airlines has just signed a co-operation agreement with the Viet Nam Golf Tourism Association. — Photo nld.com.vn The Viet Nam Travel Aviation Company Limited (Vietravel Airlines) has signed a cooperation agreement with the Viet Nam Golf Tourism Association to officially participate in the network of providing tickets for more than 100,000 members of the association nationwide. Different from traditional tourism, golf tourism is a type of sports tourism that combines golf activities, exploration and relaxation. Guests participating in golf tourism are high-income people. Therefore, the cooperation with the Viet Nam Golf Tourism Association proves the service quality and transport capacity of Vietravel Airlines. In Viet Nam, golf tourism is an area with great potential when the golf economy is in a boom period. According to the Viet Nam Golf Association, the number of domestic golfers is 100,000 people and the number of regular players (at least twice a month) is … [Read more...] about Vietravel Airlines signs a co-operation agreement with the Viet Nam Golf Tourism Association