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Vietnam continues to benefit from its broad re-opening strategy, which saw a huge crowd flocking to tourist hotspots in the country and household spending rebound. Vietnam’s economic recovery is gaining momentum despite heightened global uncertainty related to the protracted war in Ukraine, higher commodity prices, and tightening global financial conditions, according to the World Bank. Cargo handling at Dinh Vu port, Haiphong. Photo: Cong Hung In its latest report, the World Bank pointed out the robust growth of industrial production by 9.4% in April, comparable to pre-pandemic rates. Manufactures of apparel, footwear, electronics, electrical equipment, and metal products were the most dynamic sub-sectors, registering double-digit growth rates, it added. However, machinery manufacturing slowed from 26.6% year-on-year in March to only 5.1% in April. This deceleration was related to supply chain disruptions caused by lockdowns in China, which led to a … [Read more...] about Vietnam’s economic recovery gaining momentum

The capital city and its neighboring provinces introduce attractive tourist destinations, products, and services to international visitors. Themed “Hanoi - Den de yeu” (Hanoi- Visit It to Love It), Hanoi Tourism Festival 2022 is an opportunity to promote the image of a safe and friendly capital on the occasion of the 31st SEA Games. That is the affirmation of Nguyen Manh Quyen - Vice Chairman of the Hanoi People’s Committee at the festival’s opening ceremony last weekend. Leaders of Hanoi city and delegates visited the tourist booth at the opening ceremony of Hanoi Tourism Festival 2022. Photo: Le Nam Admiring the “technological wall” showing Hanoi’s scenic spots The festival was organized with various new and impressive features. Besides advertising through booths and miniature models of landscapes such as Thang Long Imperial Citadel, Temple of Literature - Imperial Academy, Hoa Lo Prison, and Hanoi’s Old Quarter, among others, the festival also showcases … [Read more...] about Hanoi promotes tourism among visitors attending SEA Games 31

Meeting with CEO of Warburg Pincus Charles Kaye, PM Chinh noted that in the time ahead, it is necessary to improve the effectiveness of funding and focus on the key areas that can boost other fields. He stressed Vietnam is investing efforts in developing strategic infrastructure, including digital and transport infrastructure, digital transformation, climate change fight, the capital market, and digital transition, calling on the private equity firm to promote sources of investment into Vietnam in these areas. Clarifying the issues of Warburg Pincus’s concern like the cooperation capability of Vietnamese companies, macro-economic stability, infrastructure, and logistics, the PM affirmed that the Vietnamese Government is ready to hold dialogue with enterprises so as to field their questions and help them operate successfully in the country, which shows the mutual trust, sincerity, sense of responsibility, and win-win cooperation. He also asked enterprises, including Warburg … [Read more...] about Vietnamese PM receives leaders of U.S. companies in New York

LVB was established on June 22, 1999 and had charter capital of 791.3 billion LAK (100 million USD at the date of capital contribution). Present in nine of the 18 provinces and cities in Laos, it is Vietnam’s leading commercial bank and also one of the three largest financial institutions in the country, with total assets currently approximating 1.1 billion USD - ranking third in the local banking system. Speaking highly of the bank’s development over the last 23 years, Chairman Hue, who is paying an official visit to Laos, said BIDV should help promote investment and give advice to Vietnamese firms planning to invest and do business in Laos. As bilateral trade stands at only 1.3 billion USD at present, much lower than the target of 2 billion USD, enterprises should make use of the Lao market, which is in close proximity to Vietnam. Aside from credit services, BIDV and its LVB need to develop non-credit ones so as to help achieve that target, he went on. The great friendship, … [Read more...] about N.A. Chairman visits Lao – Viet Bank in Vientiane

During the 2016-2020 period, the two-way trade saw stable expansion and reached the target of over 1 billion USD, but then suffered from the impact of the COVID-19 pandemic and natural disasters. The Asia-Pacific Market Department at the Vietnamese Ministry of Industry and Trade (MoIT) said that the bilateral trade exceeded 1 billion USD in 2020, down 11.5 percent year-on-year, of which Vietnam’s exports were worth 571.7 million USD, down 18.5 percent. However, the bilateral trade bounced back since early 2021, surging 33.3 percent to 1.37 billion USD for the year, with Vietnam’s export revenue reaching 594.7 million USD, a rise of 4 percent from 2020, and its import hitting 778.2 million USD, up 69.8 percent. The results are attributable to the political resolve by Vietnamese and Lao leaders and the drastic management of competent agencies to remove obstacles facing businesses of the two countries and create optimal conditions for them to quickly adapt to the new situation. In … [Read more...] about Vietnam – Laos trade ties growing sustainably

Techcombank is on track to be among the top ASEAN banks Techcombank’s rise within the Vietnamese banking industry was highlighted last year when it became the first non-state-owned bank to join Vietnam’s billion-dollar profit club. “Even in the very tough environment we are seeing, our employees have maintained a high quality and reliable service for our customers and this is helping us to deliver stellar performance year after year,” said Jens Lottner, CEO of Techcombank. Last year, the bank continued to reduce costs while focusing on building deposits in its current accounts and savings accounts (CASA), which Lottner described as a “stable and cheap” source of funding. Techcombank’s CASA ratio, which reflects the percentage of the bank’s total deposits that are CASA, jumped from 46.1 per cent in 2020 to 50.5 per cent last year, well on its way to the bank’s target of 55 per cent by 2025. Techcombank’s net interest margin, a measure of the difference between the interest … [Read more...] about Techcombank on track for a seat among the top ASEAN banks

Prime Minister Pham Minh Chinh attended the opening ceremony of FPT Software's new office in New York City Speaking at the ceremony, Prime Minister Pham Minh Chinh stressed the importance of the event in the context of Vietnam’s rapid recovery after the pandemic, showing the country’s sustainable socioeconomic development with a focus on technology and innovation. The PM believed that FPT would develop faster and stronger, contributing to the development of science and technology among Vietnam’s businesses. Dang Tran Phuong, CEO of FPT Americas said, “This is a milestone asserting our rapid and strong growth in the world's largest economy. In the next three years, we expect the new office to contribute 20 per cent of FPT Software's total revenue in the US, with the number of employees working directly with US reaching 5,000 people." This is FPT Software's 10 th office in the US and the company's 58 th worldwide. The new office is located at 295 Madison Avenue in New York … [Read more...] about FPT Software opens 10th office in the US

Greek President Katerina Sakellaropoulou and Vietnamese President Nguyễn Xuân Phúc during the press conference. — VNA/VNS Photo Thống Nhất HÀ NỘI — President Nguyễn Xuân Phúc and Greek President Katerina Sakellaropoulou on Monday emphasised the importance of enhancing relations between the two countries. This is the Greek President's first official visit to Việt Nam. Vietnamese President Phúc praised the hard work carried out between the two countries to make progress with existing relations and revealed plans are in place to strengthen ties in the future. He told the press conference: "The relations between the two countries have seen significant progress recently, and we have set out specific directions and strategies to further deepen our cooperation in all aspects. "We also discussed a number of regional and international issues of mutual concern.” President Katerina Sakellaropoulou said that this visit will enhance relations between the two countries, the first time … [Read more...] about Plans in place to strengthen Greece – Việt Nam ties

China's withdrawal from hosting the 2023 Asian Cup could see the showpiece shift west to the Gulf, where new infrastructure and voracious demand for major events has made the region a magnet for international tournaments. Having planned to hold the Asian Cup across 10 cities in June-July next year, China dropped the 24-team tournament due to "exceptional circumstances caused by the COVID-19 pandemic", the Asian Football Confederation (AFC) said over the weekend. The AFC said it would name a new host in due course but provided no detail and declined to provide immediate comment to Reuters . AFC member nations were in the dark on Monday about the next steps. "This is quite an unusual situation and so there’s no specific process that we are aware of on how things could go," a spokesperson for the Korean Football Association (KFA) told Reuters . "We just know that China has given up." The AFC has little time to appraise candidates and may not have a diverse set to choose … [Read more...] about China withdrawal could see 2023 Asian Cup heading west

Truong Hung Long, director of the Department of Debt Management and External Finance under the Ministry of Finance. Improving the national credit rating is implemented with a long-term vision to reduce the cost of capital mobilisation, enhance the country's reputation, and meet the needs of socio-economic development in the future. Truong Hung Long, director of the Department of Debt Management and External Finance under the Ministry of Finance, spoke with Vietnam News Agency about the issues. The Prime Minister has just approved a project to improve the national credit rating by 2030. The Department of Debt Management and External Finance is assigned to develop and implement the project. What will the department do to fulfil this task? The Government issued Decision 304/QD-TTg on February 6, 2013 to approve a project on improving the national credit rating. That created favourable conditions for the Government in accessing the international capital market. It is also a way … [Read more...] about Viet Nam promotes solutions to improve national credit rating