Business

A business-to-business (B2B) trade event was organised last week to connect companies from South Korea's Gwangju Province and Vietnamese importers. — Photo courtesy of KOTRA Hanoi A business-to-business (B2B) trade event was organised last week to connect companies from Gwangju – the sixth-largest metropolis of the Republic of Korea (RoK) – and Vietnamese importers. During the five-day event held by the Korea Trade and Investment Promotion Agency (KOTRA Hanoi), Gwangju businesses introduced their products of strength, including cosmetics, food and medical supplies. Lee Dahye from Unique Medicare Co Ltd said such event offers a good chance for Korean firms, especially those that have never exported to foreign countries, to explore information about foreign partners. KOTRA Hanoi has been employing online trade promotion events thoroughly to strengthen trade connection between the RoK and Viet Nam. Head of KOTRA Hanoi’s office Tran Thi Hai Yen said as of mid-September, KOTRA … [Read more...] about Gwangju businesses and Vietnamese importers seek trade opportunities

The Police Division of Administrative Management on Social Media under Dak Lak Province Public Security Department is issuing chip-based citizen ID cards to people in need. (Photo: Public Security Ministry) In a recent virtual meeting on implementing Project 06 held in Thai Nguyen Province, certain problems have been reported in the process of promoting digital transformation to serve citizens and businesses despite the strong determination of central and local state agencies. Statistics from the Ministry of Information and Communications reveal that the current IT state of ministries and state agencies is not sufficient to implement Project 06. During the connection among these units to access the available formal e-identification database, only 6/20 units can satisfy the hardware demands (accounting for 30 percent). Merely 5/20 units can answer the requirements of the system to handle administrative procedures and 3/20 of necessary equipment for the one-station model at … [Read more...] about National digital transformation project focuses on citizens, businesses

Xa Cau Village in Hanoi's outlying district of Ung Hoa is the city's biggest plastic recycling area with nearly 200 households in the business. Although local people have earned better incomes from collecting and recycling plastic waste, they suffer from serious environmental pollution. Lying some 30 kilometres from the centre of Hanoi, Xa Cau Village used to be known for their traditional incense making before the first villagers started to collect plastic waste some 10 years ago. As the new work brought better income, more people followed. Every day, from early morning to late at night, the village’s main road serves hundreds of vehicles transporting big bags or bundles containing anything from plastic bottles to home appliances and electronic waste. The waste is placed in huge piles at local homes, along the roads, or near the rice farms waiting to be resold or recycled. The house of Nguyen Tien Oanh is … [Read more...] about Hanoi villagers suffer plastic recycling business

Illustrative image (Photo: FTU) Ottawa (VNA) – Vietnam’s Foreign Trade University (FTU) has won the Emerging Change Agent award for the second consecutive year at the Social Business Creation (SBC) competition. The SBC is an annual global event for business projects with positive social impact, co-organised by HEC Montreal Canada and Prof. Muhammad Yunus, the 2006 Nobel prize winner, to look to fulfill 17 United Nations Sustainable Development Goals. In the final round held in Canada on September 30, the FTU also grabbed many prizes and awards for individuals, collectives, and projects. Held for the first time in 2016, the competition has so far drawn 477 projects and over 1,500 competitors from over 100 universities in 26 countries worldwide. The SBC now has nine hubs in Canada, Mexico, Germany, Argentina, India, Bangladesh, Bolivia, and Vietnam. In 2018, the FTU became the official manager of the SBC Hub in Vietnam. Since then, it has partnered with hundreds of … [Read more...] about FTU wins many prizes at Social Business Creation competition

With its long-term vision for sustainable development, coupled with a clear implementation strategy and an effective social and environmental risk management system, VPBank has gradually become a role model of a “green” bank in Vietnam. Such progress has brought sustainable values to the bank itself as well as the community and the whole economy. Mrs. Luu Thi Thao, VPBank’s Standing Deputy CEO, shared with the Asian Business Leadership Forum (ABLF) the bank's efforts in building its Environmental, Social, and Governance (ESG) scheme. Mrs. Luu Thi Thao, VPBank’s Standing Deputy CEO In July, Moody's for the first time announced VPBank's ESG sustainability score at 2 out of 5, with 1 being the highest. Is this a testament to VPBank's long-term strategy for sustainability and building up the image of a green bank? What were the factors contributing to such a good result? With a rating at 2, out of 5 by Moody's for VPBank’s strong foundation, clear strategy and effective … [Read more...] about Sustainable finance is the way to address ESG challenges

Local governments should support farmers with small-scale farms Sows and meat pigs are being raised on the farm of Mr. Vu Van Vinh in the Southern Province of Dong Nai’s Song Trau commune in Trang Bom District. Since the beginning of 2022, the price of animal feed has continuously increased, making farmer Vinh so worried. According to him, at the beginning of the year, the price of pigs dropped to VND45,000 a kg, but it is currently fluctuating at VND57,000-VND60,000 a kg, while pig feed costs VND350,000 a bag. It will take roughly 5 to 6 months to raise a pig from birth to finished weight. The cost of animal feed for a pig is VND5.2 million not to mention the labor cost but it is sold at VND5.7 million - VND6 million each, said farmer Vinh. Similarly, breeder Nguyen Van Long in the Southern Province of Ba Ria - Vung Tau’s Chau Duc District, did not dare to increase the herd of Tet pigs like in prior years. He is breeding some 50 pigs whereas he raised more than 200 pigs in … [Read more...] about Pig household farmers face difficulties when swine prices down

A customer at an HDBank office in Ha Noi. The SBV raised the cap of credit growth quota for 15 banks including HDBank in early September. — VNA/VNS Photo Businesses have faced difficulties in access to capital and commercial banks want to be able to lend freely to meet market demand. However, experts said the imposition of the credit growth cap is still necessary to keep the country’s macro economy stable in the short run. The credit growth quota regime was officially deployed in 2011 when Viet Nam’s economy was experiencing hyperinflation stemming from excessive money supply. The credit growth quota regime, putting a cap on the banking industry’s credit expansion, was announced by the State Bank of Vietnam (SBV) at the beginning of each year. Based on the credit growth quota for the entire banking industry, the SBV will determine the credit growth for each commercial bank depending on its financial health, with indicators including capital, asset quality, governance, business … [Read more...] about Credit growth cap remains indispensable for macroeconomic stability

Illustrative photo. (Photo: VNA) Hanoi (VNA) – Vietnam’s GDP growth will reach 8% this year in the base-case scenario , provided that there will be no upheavals in the market but favourable external factors for the economy during the remaining months of the year, according to Deputy Minister of Planning and Investment Tran Quoc Phuong. It was one of the two GDP scenarios for 2022 announced by the Ministry of Planning and Investment (MPI) at a routine government press briefing on October 1. In the worst-case scenario , the GDP will grow at 7.5%, provided that many challenges and uncertainties are expected in the fourth quarter of this year, Phuong told reporters. Commenting on Vietnam’s economic outlook for 2023, he said there will be both challenges and opportunities, but the former are likely to outweigh the latter and be even tougher in the wake of inflationary pressure worldwide and gloomy global economic outlook. He noted that global inflation, … [Read more...] about GDP growth to hit 8% this year in base-case scenario: Official

Illustrative image. (Photo: SGGP) It was one of the two GDP scenarios for 2022 announced by the Ministry of Planning and Investment (MPI) at a routine government press briefing on October 1. In the worst-case scenario, the GDP will grow at 7.5 percent, provided that many challenges and uncertainties are expected in the fourth quarter of this year, Phuong told reporters. Commenting on Vietnam’s economic outlook for 2023, he said there will be both challenges and opportunities, but the former are likely to outweigh the latter and be even tougher in the wake of inflationary pressure worldwide and gloomy global economic outlook. He noted that global inflation, particularly in major economies as well as Vietnam's key partners, is unlikely to ease over the next one or two months but certainly will linger on in 2023. The official also voiced concern over other threats to the Vietnamese economy, emphasizing the ongoing Russia-Ukraine crisis and non-conventional risks like storms, … [Read more...] about GDP growth to hit 8 percent this year in base-case scenario: Official

Illustrative image (Photo: organising board) HCM City (VNA) - The latest technologies, equipment and products in the printing and packaging industry will be on display at the 20th Vietnam International Printing and Packaging Industry Exhibition ( Vietnam Print Pack 2022 ) to be held in Ho Chi Minh City from September 21 to 24. Speaking at a press conference on September 13, Tu Luong, deputy director of the city's Department of Information and Communications , said the event would focus on technology trends and promote digital technology in the packaging and printing sector. The annual four-day expo is expected to attract 135 exhibitors from 15 countries and territories, including Vietnam, China, Germany, Hong Kong (China), India, Indonesia, Italy, Japan, Malaysia, the Philippines, the Republic of Korea, Taiwan (China), Thailand, the UK and the US. Covering an area of 8,500 square metres, the expo will feature 412 booths, displaying the latest printing machinery and … [Read more...] about HCM City to host Vietnam Print Pack 2022 expo