Economy

Illustrative image. (Photo: baobacgiang.com.vn) Bac Giang (VNA) - Bac Giang province is accelerating the implementation of digital transformation, with a focus on developing the digital economy. The province will also provide digital services to people and businesses to meet the requirements of socio-economic development, and ensure local security and defense, according to Vice Chairman of the provincial People’s Committee Mai Son. GRDP ) by 2025. digital economy and sharing economy in the locality. Bac Giang province is accelerating the implementation of digital transformation, with a focus on developing the digital economy. (Photo: baobacgiang.com.vn) According to Director of the provincial Department of Information and Communications Tran Minh Chieu, in the first nine months of 2022, the province has achieved many results in digital economic development. VNA … [Read more...] about Bac Giang takes action to develop digital economy

This year Vietnam has exposed and corrected violations in these markets to "protect the rights of citizens and businesses," he said at a government meeting Thursday morning. Arrests of real estate and property company leaders allegedly involved in bond fraud have disrupted the bond market in recent months, with many companies buying back their issued bonds in fear of legal entanglement. Businesses have been complaining that they lack access to the credit needed for expansions because bond issuance is no longer a viable fundraising option. Depositors have been withdrawing their money from banks to protect their assets, which makes it difficult for companies to acquire loans. But PM Chinh said that the current crackdown would change these "short-term" problems. He added that three state task forces were now tackling capital issues in the property and bond markets. Minister of Finance Ho Duc Phoc, charged with solving the bond market problem, said earlier that bond issuers … [Read more...] about Vietnam needs to ‘protect’ citizens with market ‘rectifications:’ PM

In an interview granted to Vietnam News Agency correspondents in Hong Kong, Mr To cited a forecast from the International Monetary Fund that Vietnam’s GDP growth is likely to come in at 7-7.5% this year, leading the five emerging economies in ASEAN, which include Indonesia, Malaysia, the Philippines, Thailand, and Vietnam . With its young population, rapid urbanisation, and abundant workforce, Vietnam is an attractive consumer market. It is also one of the fastest growing e-commerce markets in Southeast Asia. According to Bain & Company, Vietnam’s e-commerce sector has increased significantly in recent years, from 8 billion USD in 2020 to 13 billion USD in 2021 and is expected to hit 39 billion USD by 2025. The ASEAN-Hong Kong Free Trade Agreement, which officially took effect in June 2019, has played a huge role in promoting trade relations between Vietnam and Hong Kong. Localities in Vietnam and Hong Kong have witnessed close economic and trade cooperation over … [Read more...] about Plenty of space for growth in Vietnam’s consumer market

Vietnam Wind Power (VWP) is an official industry event organized by the GWEC since 2018. It provides a platform for the Government and the industry to discuss pressing issues around the development of wind energy in Vietnam. Pham Nguyen Hung, Deputy Director of the General Electricity and Renewable Energy Authority at the Ministry of Industry and Trade, said the Vietnamese Government has adopted various policies and mechanisms to facilitate renewable energy development. As of the end of 2021, Vietnam’s total installed capacity of renewables reached 20.7 GW, accounting for over 27% of the accumulative installed capacity of the electricity system, making Vietnam a leading country in this regard. The percentage is expected to hit 59% by 2050. Renewable power, especially wind power, both onshore and offshore, is forecast to grow strongly, serving as a foundation to ensure national energy security in the long term, Hung said. He emphasized that developing wind power, particularly … [Read more...] about Vietnam has opportunity for energy transition towards green growth

Chairman Vuong Dinh Hue congratulated the important achievements that Albanese's Government has made over the past six months, especially in economic development, social security and climate change response, affirming Australia's reputation and role in the international arena. For his part, PM Albanese emphasized that the official visit to Australia by Chairman Vuong Dinh Hue and the high-ranking delegation of the Vietnamese National Assembly is the first high-level visit between the two countries since they fully reopened their borders. It is of great significance in the context of the two countries preparing to celebrate the 50th anniversary of diplomatic relations next year, he said. He appreciated the practical results of his recent meetings with President Nguyen Xuan Phuc and Prime Minister Pham Minh Chinh in the framework of the Asia-Pacific Economic Cooperation (APEC) Economic  Leaders’ Meeting and the Association of Southeast Asian Nations (ASEAN) Summits, respectively. … [Read more...] about National Assembly Chairman meets Australian Prime Minister

Addressing the event, President of the Vietnam-Romania Friendship Association (VRFA)'s chapter in Ho Chi Minh City Nguyen Truong Giang said Romania is one of the first countries to officially recognize the Democratic Republic of Vietnam and has always supported and assisted the Vietnamese people during their struggle for national independence and reunification as well as their current construction and defense. In addition to providing aid in the fields of construction, oil and gas, and railway, Romania has trained more than 4,000 students and post-graduates for Vietnam, many of them have become experts and managers with great contributions to the country’s development, he added. Over the past years,  the municipal VRFA has carried out many activities to support the Romanian Embassy in Vietnam and acted as a bridge to promote solidarity, friendship and cooperation between the people of Ho Chi Minh City and Vietnam and their Romanian peers. For her part, Romanian Ambassador to … [Read more...] about Romania’s National Day celebrated in Ho Chi Minh City

The Vietnam Textile and Apparel Association (Vitas) forecasts that the business results of textile and garment enterprises in the fourth quarter will decline compared to the same period last year due to the impact of many geopolitical factors. Importers in the United States, EU, and Japan have been lowering prices and reducing orders. Despite this, textile and garment exports in the first 10 months of 2022 reached $37.9 billion, up 17.2 per cent over the same period last year. Textile groups at pains to regather momentum, source: shutterstock Vitas chairman Vu Duc Giang said, “Enterprises’ warehouses are full and inventories are so large that many customers are forced to stop ordering or even delay the delivery time. Businesses are missing 35-50 per cent of orders for November and December.” The outlook for apparel orders in 2023 is clouded by the effect of the inventory cycle extending from Q4. This is also an indicator that the textile and garment industry will face … [Read more...] about Textile groups at pains to regather momentum

Vietnam’s urbanisation has grown by 7 per cent since 2011, and now the country’s urban population stands at 38 per cent. Prospects suggest populations in Ho Chi Minh City and Hanoi will expand by 4 million and nearly 3 million, respectively, over the next decade. Brandon Chia-Managing director, Sustainable Energy Solutions, SP Group At this rate, the Ministry of Construction expects housing demand to significantly rise by 70 million square metres each year. This is equivalent to 17,500, 30-floor buildings annually. To slow the harmful effects of construction and urbanisation to the environment, the government started to incentivise the construction of more energy-efficient buildings in line with the country’s National Green Growth Strategy as Vietnam commits to achieve net-zero emissions by 2050. However, in 2021 the nation recorded just over 200 green building projects. Buildings in Vietnam account for up to 40 per cent of the country’s total energy consumption. … [Read more...] about Enabling green building development in Vietnam

Plastic pollution has increased in recent years around Ho Chi Minh City's Can Gio district and put pressure on Can Gio Mangrove Biosphere Reserve, the first world biosphere reserve in Vietnam, recognised by UNESCO in 2000. A large amount of waste from the sea has flowed into the Long Tau and Soai Rap river systems, and domestic waste continues to increase. To create a circular model for plastic recycling by bringing together consumers, waste pickers, recyclers, and local authorities, the project sets out to provide feedback for national policy adaptation. Representatives from GreenHub, Can Gio People’s Committee, the Coca-Cola Foundation, and others at the project's launch ceremony The project has been implemented with three main components. The first is to assess local plastic waste, the second is to design a circular economy solution and build the capacity for stakeholders to implement the model, and the third will work to raise public awareness and push for … [Read more...] about Coca-Cola Foundation funds plastic waste management project

At the event. (Photo: VNA) Can Tho (VNA) – Sharing experience in response to challenges arising from new trends in international trade and investment was the focus of a conference held in Can Tho city on November 30. The event, which was jointly organised by the Ministry of Foreign Affairs in coordination with the People’s Committee of Can Tho city and Hanns Seidel Foundation Vietnam, offered an opportunity for the local administration and businesses to take advantage of opportunities from the new trends and create momentum for the Mekong Delta to over difficulties and lay a foundation for sustainable growth in the future. In her remarks, Nguyen Bich Thuy, Deputy Director of the Department for Multilateral Economic Cooperation at the Ministry of Foreign Affairs, said that the COVID-19 pandemic has affected all aspects of the socio-economic life and changed the way the economy and commercial model operate. This caused difficulties in production and business, … [Read more...] about Conference seeks to tackle challenges in international trade, investment