Celebrates 50 years of service

Transactions at Standard Chartered Bank in Ha Noi. — Photo courtesy of the bank Standard Chartered Vietnam has been named the "Best Service Provider - Cash Management" for the second consecutive year and "Best Payments and Collections Solutions for Dragon Capital Vietfund Management (DCVFM)" in 2022 in the Asset Triple A Awards. These awards demonstrate Standard Chartered Bank's continuous efforts in introducing innovative solutions to enable effective cash management for our corporate clients and support their digitalisation journey by applying new and emerging technology. Best Payments and Collections Solution for Dragon Capital Vietfund Management (DCVFM) is a bundled solution including inward instant payments, a dynamic virtual account for collections and an API banking solution enabling the client to improve their operational efficiency and enhance productivity thanks to automated reconciliation. "We always have a purpose to understand our client's business processes and … [Read more...] about Standard Chartered Vietnam named Best Service Provider

Pineapples are being processed for export at a Dong Giao Foodstuff Export JSC factory in Gia Lai Province. — VNA/VNS Photo Hong Diep Viet Nam earned US$27.88 billion from agro-forestry-fishery exports in the first half of this year (H1), up 14 per cent year-on-year despite the difficulties and impact of the world economic environment, according to the Ministry of Agriculture and Rural Development (MARD). Of the sum, exports of key farm produce and forestry products reached $11.37 billion and $9.1 billion, surging 8.8 per cent and 3 per cent year-on-year, respectively, fishery products hit $5.8 billion, up 41 per cent annually, while that of livestock reached $176 million, down 16 per cent, and production input topped $1.42 billion, up 65 per cent. Nine types of goods recorded an export revenue exceeding $1 billion in the period: coffee, rubber, cashew, fruit and vegetable, rice, tra fish, shrimp, wooden goods, and inputs for production. Items which saw increases in both … [Read more...] about Agro-forestry-fishery exports on track to surpass yearly target

The Vietnamese Government for its part would create utmost conditions for South Korean companies to succeed in Vietnam and commit long-term presence in the country. Vietnam and South Korea aim for a bilateral trade turnover of US$100 billion by 2023 and $150 billion by 2030 while striving for a more harmonious trade balance for mutual benefit. Prime Minister Pham Minh Chinh at the phone talk. Source: VGP The view was shared during a phone talk between Prime Minister Pham Minh Chinh and his South Korean counterpart Han Duck-soo on July 5. At the talk, Chinh congratulated Han on his appointment as South Korea’s Prime Minister. The Vietnamese leader ssid bilateral relations have been on the rise amid a volatile world and severe Covid-19 impacts. “Both countries have been top partners of each other, especially in economy, trade, and investment,” Chinh said. According to Chinh, Vietnam remains steadfast in pursuing an independent foreign policy based on … [Read more...] about Vietnam, S.Korea aim for a US$150 billion trade turnover by 2030

Bac Giang Province is well known for being one of the main lychee-growing hubs in Vietnam, thus it comes as a surprise to many that the northern province also boasts a diversity of stunning landscapes. Despite being barely 50 kilometers from the capital city of Hanoi, Bac Giang remains an undiscovered tourist destination in northern Vietnam. Backpackers who visit Bac Giang during the summer will have the opportunity to savor lychees, immerse themselves in the magnificent scenery, and discover the region's centuries-old villages. Picking up lychees at Luc Ngan orchards Lychee is a summertime specialty fruit in the north, where it is cultivated in numerous locales. However, the most renowned lychee comes from Luc Ngan District in Bac Giang. The dulcet taste of the lychee fruits here distinguishes them from those available in other localities. Despite the medium size of the fruit, its seed is the size of a pea, allowing fruit enthusiasts to enjoy a satisfying bite after … [Read more...] about Don’t miss out on these experiences when visiting Bac Giang in northern Vietnam

JAKARTA -- An outbreak of foot and mouth disease in Indonesia threatens to disrupt a ritual of slaughtering animals to mark the festival of Eid al-Adha this year, with livestock traders in the world's largest Muslim-majority nation bemoaning low sales. Eid Al-Adha, known as the "Festival of Sacrifice", is one of the main holidays in the Islamic calendar and this year falls on July 9. In the lead up to celebrations, makeshift pens housing cows and goats typically appear around busy thoroughfares in the Indonesian capital and around the country. Traditionally, devout Muslims slaughter the animals and share the meat with the poor. But this year the spread of foot and mouth disease (FMD), a contagious viral disease that impacts cattle, sheep, goats and pigs, has significantly dampened sales. "This year is a year of loss for us," said Jamal Lulay, a trader in West Java who has only sold 50 cows this year. "Before COVID, we could sell up to 330 cows, and during COVID it was around … [Read more...] about Foot and mouth disease casts shadow over Eid festival in Indonesia

A factory of a mechanical engineering enterprise in Quang Ninh Province's Ha Long City. — Photo cokhitienmanh.vn Domestic mechanical engineering enterprises should strengthen cooperation to improve competitiveness and gain more market share, industry experts have suggested. Nguyen Quang Hieu, general director of PetroVietnam Marine Shipyard JSC (PV Shipyard), told Nhan Dan (The People) newspaper that there were enormous opportunities for mechanical engineering firms to tap into the lucrative local market with a scale of up to billions of dollars. Hieu cited offshore wind power projects as a good example. He said Vietnamese enterprises could produce offshore wind turbine foundations. Even a small-scale wind power project comprises about 30-40 turbines, and its turbine foundation system would need an estimated 300,000 tonnes of equipment. With each tonne equivalent to US$4,000, including the cost of materials, on average, there would be about $1.2 billion worth of market share … [Read more...] about Mechanical engineering firms urged to enhance cooperation

The banking sector is set to continue promoting the use of non-cash payment methods with greater convenience and safety for the public. The State Bank of Vietnam (SBV) targets to have 65-70% of the public in the age group of 15 and above to have bank accounts this year. A customer at Nam A Bank. File photo The move was part of the central bank’s decision No.1097/QD-NHNN, mapping out the plan for digital transformation in the banking sector in 2022. Other objectives include 100% of online public services under the administration of the SBV being integrated into the national online public services portal; the rate of people and businesses using online public services related to banking and finance matters of 80%; and 100% administrative procedures are processed online. To push for these goals, the SBV is expected to draft a Government decree on supervising the operation of fintech and promote the use of online public services across the sector. In this … [Read more...] about Vietnam targets 70% of population to have bank accounts in 2022

Euro zone recession fears were exacerbated by concerns about an energy crisis in Europe and by Tuesday's data, which showed a sharp slowdown in business growth in June, following Monday's news of a seasonally adjusted May trade deficit in Germany versus expectations for a surplus. Oil prices suffered their biggest daily drop since March on growing fears of a global recession and lockdowns in China that could slash demand. Bipan Rai, North America head of FX strategy at CIBC Capital Markets in Toronto, cited signs of a looming energy crisis in Europe and economic concerns for the euro's tumble. "The threat of a recession in the euro zone is a more clear risk now relative to before," Rai said. The euro dropped by almost 1.8 percent against the dollar to $1.0236, its weakest level since December 2002. It was last down 1.48 percent against the dollar. Meanwhile the dollar index , which measures the greenback against a group of major currencies, was up 1.31 percent, after hitting … [Read more...] about Euro slumps to two-decade low, oil tumbles as recession fears intensify

Even though recovery across the South-East Asian region has been uneven with the Delta variant, most countries’ GDP including Singapore, Indonesia, Malaysia, the Philippines and Vietnam have risen back up to pre-pandemic levels – with the exception of Thailand, which is still at 2 percent below pre-pandemic levels as its tourism industry struggled with travel and mobility restrictions. It was noted that Vietnam was not particularly affected by the Delta variant wave, and hence did not experience large lockdowns that impacted its economy as much as Malaysia and the Philippines did. Singapore, on the other hand, was able to take advantage of the increase in demand for consumer electronics globally to increase its GDP growth by 7.6 percent last year. Across the region, there is a marked lag in the recovery of the services sector in terms of accommodation, food and retail, but that is expected to increase with the reopening of borders and easing of travel restrictions. However, China’s … [Read more...] about Vietnam’s economy to grow more than 6.5 percent in 2022

Three months ago she got someone to manage her restaurant and left for HCMC to work as a manager at a coffee shop. "Costs are skyrocketing, and therefore I need a second job to pay the rent for my restaurant", she says, revealing she has not been breaking even for months. Rents and ingredients cost her VND30 million ($1,248) a month while sales are only around VND31 million, and so she needs another job to pay her staff. She used to have three jobs but quit one of them due to health issues. She now works 18 hours a day. "I also have to cut my spending. All I am doing now is working and paying debts," she tells VnExpress . Despite all this, she still had to borrow VND20 million recently for her restaurant. "If the situation does not improve, I may have to sell it." Ngan is among many turning to side jobs to keep their head amid the price rise caused by record fuel prices. Gasoline prices in Vietnam are hovering at nearly VND33,000 a liter, an all-time high, after … [Read more...] about Vietnamese take on side gigs as inflation bites