Electronic document signing

The Dong Ba Market in Thua Thien-Hue Province. — VNA/VNS Photo Mai Trang The People's Committee of Thua Thien-Hue Province and the Asian Development Bank (ADB) in Viet Nam have signed a Memorandum of Understanding (MoU) on promoting a strategic partnership for inclusive and sustainable economic development. This is a framework cooperation oriented-agreement, aiming to assist the province to achieve socio-economic development goals for the 2021-25 period, thus addressing challenges faced by the local economy through digital technology, and speeding up digital economy and digital society. Under the MoU, the ADB will give periodic consultations to the local authorities within the framework of the national programme between the Ministry of Planning and Investment, the Ministry of Finance and relevant ministries and sectors. The ADB will help Thua Thien-Hue effectively implement projects using the bank’s capital; and identify potential projects on urban transport infrastructure, … [Read more...] about Thua Thien-Hue, ADB sign MoU for inclusive, sustainable economic development

This is a framework cooperation oriented-agreement, aiming to assist Thua Thien Hue to achieve socio-economic development goals for the 2021-2025 period, thus addressing challenges facing of the local economy by digital technology, and speeding up digital economy and digital society. The MoU covers contents related to cooperation orientation principles; goals and areas of cooperation; establishment of foundation for strategic dialogue; development of joint action plans for projects; sharing knowledge, ideas and experience and engaging in dialogues with stakeholders. Under the MoU, the ADB will give periodic consultations to the local authorities within the framework of the national program between the Ministry of Planning and Investment, the Ministry of Finance and relevant ministries and sectors. The ADB will help Thua Thien Hue effectively implement projects using the bank’s capital; and identify potential projects on urban transport infrastructure, climate change adaptation, … [Read more...] about Thua Thien Hue, ADB sign MoU for inclusive, sustainable economic development

Exports increased 17% year on year in the first half of 2022. (Photo: VNA) Hanoi (VNA) - Vietnam saw a year-on-year increase of 17% in exports in the first six months, but it will be hard for overseas shipments to meet expectations in the last half of the year, according to the HSBC . In its “Vietnam at a glance” report released on August 17, it said after the impressive export growth in H1, a slower-than-expected pace has been recorded since the start of H2. The main cause is a growth slowdown in the electronics industry, especially mobile phones. Samsung’s second-quarter results show that demand for consumer electronics is weakening, thus affecting the smartphone, TV, and other segments. While textile, garment and footwear exports rose sharply, by 30% from a year earlier, the Vietnam Textile and Apparel Association forecast the amount ordered will decline in the time ahead. In July, import growth also slowed down to only 3.4% compared to the double-figure … [Read more...] about Export growth may be slower than expected in H2: HSBC

Illustrative image (Photo: VNA) Hanoi (VNS/VNA) - Banks must tighten their assessment control of corporate bond investment s to avoid excessive risk and the misuse of funds raised by firms, experts said. In early April, the Banking Supervision Agency, under the State Bank of Vietnam ( SBV ) conducted an inspection of corporate bond investment activities at seven banks, while the Ministry of Finance inspected one bank. According to the SBV, by the end of 2021, there are 41 credit institutions holding 274 trillion VND (11.7 billion USD) of corporate bonds, of which more than 75% of them are held by ten major banks - Techcombank, MBBank, VP Bank , TPBank, BIDV, Vietcombank, VietinBank, HDBank, ABBank and SeABank. At some banks, the value of corporate bonds exceeds 10% of total assets. Although the inspection results were not published, a SBV senior leader said in an interview with Vietnam Investment Review that a number of credit institutions failed to accurately … [Read more...] about Banks should tighten assessment control of their corporate bonds investments: experts

Ho Chi Minh City expects to have more urban management projects with Lyon City of France, Vice Chairman of the municipal People’s Committee Tran Vinh Tuyen told visiting member of the Council of Lyon City Max Vincent during a reception on September 12. Vice Chairman of the Ho Chi Minh municipal People’s Committee Tran Vinh Tuyen (R) receiving member of the Council of Lyon City of France Max Vincent Tuyen said the two cities share similarities for conducting joint work in urban development. Vincent, for his part, pledged to discuss mechanisms to effectively launch projects. Host and guest agreed that both sides should facilitate exchanges, trade and investment promotion in the near future. During the Pullutec festival slated for November in Lyon city, the two sides are due to discuss a bilateral cooperation program and sign an agreement on lighting Ho Chi Minh City Fine Art Museum. Since Lyon and Ho Chi Minh City signed their cooperation … [Read more...] about Ho Chi Minh City, France’s Lyon City partner in urban management

The project, to be located in Ba Ria – Vung Tau Province, will be developed in two phases, with 70 percent of funding needed in the first, the state-owned company said in a proposal. If approved, this will be the third oil refinery in Vietnam. Vietnam is set to record a shortage of 19.5 million tons of fuel annually from 2030 and 49 million from 2045, Petrovietnam forecast. Domestic consumption is now at 18 million tons a year and will reach 33 million by 2030, but two existing refineries, Dung Quat and Nghi Son, will only be able to produce at most 13.5 million tons by 2025, it said. Vietnam's current fuel reserve is as low as 5-7 days of consumption, which means it must be dependent on imports, it added. As the country has been spending billions of U.S. dollars annually to import fuel, an additional oil refinery and storage complex is necessary, Petrovietnam said. Ba Ria – Vung Tau is suggested because the southern region consumes the most fuel in the nation at 45 percent … [Read more...] about Petrovietnam eyes $18.5 bln refinery

In accordance with the Law on Railway Transport, the Hanoi People’s Committee will be the main investor for the Yen Vien-Ngoc Hoi metro line. The Ministry of Transport will invest in the national railway while Hanoi will invest in the depot area for the project. The transport ministry has instructed the Railway Project Management Unit to hand over documents on the Yen Vien-Ngoc Hoi project to Hanoi authorities to speed up the process. As the stations will change from being national terminals to metro stations, the transport ministry will cooperate with relevant authorities to relocate the national railway infrastructure at the Hanoi and Giap Bat stations to make room for the Yen Vien-Ngoc Hoi project. The Yen Vien-Ngoc Hoi project, spanning 28.7 km, would have two new railway bridges over the Red River and the Duong River to replace the Long Bien Bridge and the Duong Bridge. The North-South Railway would begin from the Ngoc Hoi Station instead of the Hanoi Train Station. … [Read more...] about Hanoi train station infrastructure to be relocated for metro project

Quy Nhon, a coastal city in the south-central Vietnamese province of Binh Dinh, has emerged as a new hotspot for vacationers thanks to its countless stunning tourist attractions. Quy Nhon has two seasons – rainy and dry – and each offers visitors a unique perspective on the city. The rainy season in Quy Nhon typically begins in September and lasts until February, while the dry season begins in March and ends in September. When visiting Quy Nhon during the dry season, visitors should bring sunscreen, medications, and appropriate clothing. They should also make sure to stay hydrated because the weather is often scorching hot, though such high temperatures are occasionally mitigated by the ocean breeze. Vehicles travel against a background of wind turbines in Quy Nhon City, Binh Dinh Province, south-central Vietnam. Photo courtesy of Lo Huu Duc Anh Quy Nhon has a unique terrain flanked by mountains on one side and a long, curved, white-sand beach on the other. … [Read more...] about Vietnam’s Quy Nhon City embraces stunning landscapes and cultural, historical values

Apple is in talks to make Apple Watches and MacBooks in Viet Nam. — Illustration Photo Apple is in talks to make Apple Watches and MacBooks in Viet Nam for the first time as the US tech giant looks to diversify production away from China, Nikkei Asia reported. According to the newspaper, Apple suppliers Luxshare Precision Industry and Foxconn have started test production of the Apple Watch in northern Viet Nam with the aim of producing the device outside of China. Regarding the production of the MacBook, Apple has asked suppliers to set up a test production line in Viet Nam. However, progress in moving mass production to the country has been slow, partly due to pandemic-related disruptions. Viet Nam is already Apple's most important production hub outside of China, producing a wide range of flagship products for the American company, including iPad tablets and AirPods earphones. According to industry experts, the Apple Watch is even more sophisticated because many … [Read more...] about Viet Nam to make Apple Watch, MacBook for first time

Since the launch of the EAEU in 2016, bilateral trade turnover has been on a steady rise and reached $630 million in 2021, nearly tripled that of in 2016. Vietnam seeks cooperation with Kazakhstan in revising the Vietnam-Eurasian Economic Union (EAEU) Free Trade Agreement, which comprises Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan) to facilitate bilateral trade and investment cooperation. Prime Minister Pham Minh Chinh and Kazakhstan’s Deputy Prime Minister and Foreign Minister Mukhtar Tileuberdi. Source: VGP Prime Minister Pham Minh Chinh stressed the view during a meeting with Kazakhstan’s Deputy Prime Minister and Foreign Minister Mukhtar Tileuberdi today, as the latter is currently on a visit to Vietnam from August 17-18. According to Chinh, Vietnam prioritizes its long-standing relations with Kazakhstan, welcoming the significance of Mukhtar’s visit at a time when both are celebrating the 30 th anniversary of diplomatic relations … [Read more...] about Vietnam seeks revision of EAEU FTA to boost trade with Kazakhstan