The package agreed by the Development Committee of the Board of Governors consists of USD7.5 billion paid-in capital for IBRD and USD5.5 billion paid-in capital for IFC, through both general and selective capital increases, as well as a USD52.6 billion callable capital increase for IBRD. The combined financing arms of the World Bank Group are expected to reach an average annual capacity of nearly USD100 billion between FY2019-2030, benefiting all Bank Group members across the income spectrum.World Bank Group President Jim Yong Kim said this capital package allows for greater responsiveness to risks to global stability and security, particularly in poorer countries and fragile states. The package will better assist all client countries in addressing global challenges while deploying scaled-up assistance to areas that most need financing, as well as putting forward a robust commitment by the World Bank Group to further strengthen its operational model and effectiveness. The … [Read more...]
VN’s waterway logistics in deep trouble
Viet Nam’s maritime and inland waterway transport continue to suffer from the lack of sustainable inland ports and planning for container depots. They’re also plagued by limited connecting modes of transport and high logistics costs that reduce their potential for market expansion and customer access. Most recently, Deputy Minister of Transport Nguyen Nhat admitted that the country’s inland waterway transport system still relies heavily on naturally occurring navigable bodies of water, seeing how the State budget is not sufficient to dredge the necessary canals and channels to accommodate heavier shipping watercrafts. Speaking at a national logistics conference last week, Nhat said that the domestic maritime industry already spends millions of dollars each year on dredging at rivers and estuaries, so they’re left without the capital needed to explore newer options. He acknowledged that Viet Nam’s inland waterway infrastructure in all 63 provinces and … [Read more...]
Gov’t tosses and turns about growth impetus
19:34 | 21/04/2018 VGP – PM Nguyen Xuan Phuc had a working session with his Economic Advisory Group on Friday to seek the team’s ideas about new impetus for the economy. Overview of the working session. Photo: VGP The session was also attended by leaders of the Ministry of Planning and Investment, Ministry of Industry and Trade, Ministry of Finance, State Bank of Viet Nam, Government Office, and Committee for State Capital Management invested at enterprises. According to team leader Vu Viet Ngoan, economic growth over the past time was mainly fueled by the Government’s comprehensive reform efforts featuring with drastic and clear directions and solutions and strict supervision. A number of specific policies detailing the orientation of considering private economy as a major impetus of the economy have started to produce initial outcomes, Ngoan said. He added macroeconomic policies have been regulated flexibly and closely coordinated. Pundits, however, … [Read more...]
PM hails Samsung’s presence in Viet Nam
07:28 | 21/04/2018 VGP – PM Nguyen Xuan Phuc affirmed the Vietnamese Government will continiue creating most favorable conditions for Samsung’s operations in Viet Nam at his reception for President and CEO of the Republic of Korea (RoK)’s Samsung Electronics Co., Ltd Dongjin Koh on April 20. PM Nguyen Xuan Phuc (R) receives President and CEO of the Republic of Korea (RoK)’s Samsung Electronics Co., Ltd Dongjin Koh at the Government Office in Ha Noi on April 20, 2018. Photo: VGP The Government chief hailed Samsung’s contributions to Viet Nam’s economic development, saying he is proud of Samsung’s presence in Viet Nam, which has turned the Southeast Asian nation into one of the world’s leading cellphone production centers. The Vietnamese Government highly valued the RoK’s investors, especially Samsung to maintain their status as the largest investors in Viet Nam over the past years, contributing to the Viet Nam-RoK … [Read more...]
Miguel Diaz-Canel selected as next President of Cuba
President of Cuba’s Council of State and Council of Ministers Miguel Diaz-Canel Bermudez (Photo: VNA)With 603 votes or 99.86 percent of the votes, Mr. Miguel Diaz-Canel Bermudez was elected as President of the Council of State and Council of Ministers by the ninth President of Cuba’s National Assembly of People’s Power (NAPP) for the next five years.Mr. Diaz-Canel, 58, has served as Vice President of the powerful Council of State since 2013, when he was appointed by party leadership and approved by the National Assembly. Mr. Diaz-Canel will succeed current President Raul Castro, the brother of revolutionary Fidel Castro and a symbol of the country's 1959 transition from an authoritarian government to a communist state.Mr. Raul Castro, the 86-year-old Head of the country’s Council of State and Cabinet has been ruling Cuba since 2008, succeeding his brother Fidel Castro. In 2013, he began his second tenure and promised that he … [Read more...]
Chinese President Xi Jinping calls to UK PM Theresa May
Chinese President Xi Jinping and UK PM Theresa May (Source: Getty Images)During the call, the two leaders agreed to further promote the “Golden Era” of bilateral ties between the two sides, adding that China was pushing for more cooperation with the UK under the framework of the Belt and Road Initiative, Xinhua reported. President Xi went on to say that as permanent members of the UN Security Council, China and the UK should work together to build a new international relationship on the basis of mutual respect, justice and win-win cooperation. He said both countries were supporters of globalization, and that China was willing to work with the UK to support free trade and multi-lateralism. According to China’s state media, President Xi also told PM Theresa May that there needs to be a comprehensive, just and objective probe into a suspected chemical weapons attack in Syria. The two also agreed that the use of chemical weapons “by anyone, anywhere, for any … [Read more...]
Viet Nam climbs up on UL safety index
Representatives of UL speak about the latest safety index in Việt Nam.-- VNS Photo Viet Nam is becoming a safer nation relative to many others, and once again improved its safety ranking in 2017, according to the latest report released by Underwriters Laboratories (UL), a global safety science company. In the latest UL Safety Index, Viet Nam moved up 11 places to 76th. The overall injury rates in the country decreased sharply last year, with drowning deaths falling by 15 per cent, poisoning by 14 per cent and transport deaths by 8 per cent, according to the report. “Our mission is to help advance safe living and working environments for people in Việt Nam and around the world, and contribute to the discourse on public health and safety,” David Wroth, director, Data Science– UL, said. “The findings from the study this year illustrate that Việt Nam is performing better in its overall efforts to improve safety.” The index attributes the … [Read more...]
CPTPP, EVFTA to benefit Vietnamese fishery sector
Viet Nam’s fishery sector will gain advantages and export opportunities once the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the European Union-Vietnam Free Trade Agreement (EVFTA) take effect, heard a seminar in HCM City on April 20. Vuong Duc Anh, from the Ministry of Industry and Trade’s Department of Export-Import, said the CPTPP and EVFTA are new-generation trade deals with trade facilitation as a core value via cutting tariffs. Under the EVFTA, aquatic products, excluding canned tuna and fish balls, will enjoy a zero tax for a maximum of seven years. While under the CPTPP, Canada and Peru will cut taxes to zero per cent once the deal takes effect. Other countries will offer tax reductions in accordance with roadmaps. Anh said the signing of the EVFTA and CPTPP will afford Vietnamese fishery firms chances to expand export markets, especially new markets such as Canada, Peru and Mexico, given that Viet Nam’s biggest rivals - … [Read more...]
Vinh Tan 4 thermal plant ensures environmental protection standards
A corner of the Vinh Tan 4 thermal power plant (Photo: VNA)At a ceremony held at the plant on April 19th to mark it as a project to celebrate the 60th Traditional Day of Vietnamese construction sector (April 29th), Deputy Minister of Construction Le Quang Hung noted that the large-scale plant is the first of its kind designed by Vietnamese experts. It also has a high rate of local content, at nearly 26 percent. The same day, the plant received approval for official operation. The Vinh Tan thermal power plant, on the list of urgent construction projects in 2013-2020, is invested by the EVN. The plant has two turbines with a combined capacity of 1,200 MW and was built at a cost of more than VND40 trillion (USD1.76 billion), which was mainly sourced from preferential loans from the Republic of Korea and Japan, while the remaining came from EVN’s reciprocal capital. Construction of the plant began in March 2014, with the first turbine completed in late 2017 and the … [Read more...]
VN, Myanmar issue joint statement
The following is the full text of the joint statement. 1. At the invitation of His Excellency Nguyen Xuan Phuc, Prime Minister of the Socialist Republic of Viet Nam, Her Excellency Daw Aung San Suu Kyi, State Counsellor of the Republic of the Union of Myanmar, paid her first official visit to Viet Nam from 19 to 20 April 2018. 2. During the visit, State Counsellor Daw Aung San Suu Kyi was accorded a ceremonial welcome by His Excellency Prime Minister Nguyen Xuan Phuc. While in Vietnam, State Counsellor Daw Aung San Suu Kyi held bilateral talks with Prime Minister Nguyen Xuan Phuc and attended the banquet hosted by the Prime Minister. State Counsellor Daw Aung San Suu Kyi also paid courtesy calls on Leaders of Viet Nam, laid a wreath at the Monument of National Heroes and Martyrs, and visited President Ho Chi Minh’s Stilt House. The State Counsellor also met with Chairman of Viet Nam – Myanmar Friendship Association, and Vietnamese enterprises operating in Myanmar. 3. The … [Read more...]