With Vietnam-US economic relations having grown steadily over time, the American business community is very optimistic and working very hard in Vietnam, according to Virginia B. Foote, President of the Board of the US International Centre. Virginia B. Foote, President of the Board of the US International Centre, speaks to Vietnam News Agency reporters on the sidelines of Prime Minister Pham Minh Chinh’s meeting with US enterprises in New York on May 16. (Photo: VNA) The two countries have reached a new height of over 100 billion USD in two-way trade, Foote, who is also co-founder of the US-Vietnam Trade Council (USVTC) and President and CEO of Bay Global Strategies, told the Vietnam News Agency's reporters on the sidelines of Prime Minister Pham Minh Chinh’s meeting with US enterprises in New York on May 16. She highlighted the entrepreneurial spirit in Vietnam as well as its great workforce, better infrastructure and significant location in Asia … [Read more...] about American business community very optimistic about US-Vietnam economic ties
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American business community very optimistic about U.S.-Vietnam economic ties
The two countries have reached a new height of over USD 100 billion in two-way trade, Foote, who is also co-founder of the U.S.-Vietnam Trade Council (USVTC) and President and CEO of Bay Global Strategies, told the Vietnam News Agency's reporters on the sidelines of Prime Minister Pham Minh Chinh’s meeting with U.S. enterprises in New York on May 16. She highlighted the entrepreneurial spirit in Vietnam as well as its great workforce, better infrastructure and significant location in Asia as advantages for American firms doing business in the country. “Our companies very much appreciate the talents in Vietnam and working with the Vietnamese people,” she said. Foote also outlined several challenges facing U.S. investors which include burdensome administrative procedures in some areas, and supply chain and logistical difficulties which are not unique to Vietnam. “We're hoping as we come out of COVID-19, these things will smooth out,” she stated. Foote also hoped that U.S. firms … [Read more...] about American business community very optimistic about U.S.-Vietnam economic ties
Vietnam, U.S. hold potential in expanding economic, business collaboration
The economic and business cooperation between the two countries is developing strongly and will grow even further, Tichansky said in an interview granted to Vietnam News Agency correspondents in New York on the occasion of Vietnamese Prime Minister Pham Minh Chinh’s working trip to the U.S. The BCIU’s member companies are placing a very high priority on cooperation with Vietnamese partners, he stated, adding that the council wishes to work closely not only with existing but also with future Vietnamese partners. He appreciated the Vietnamese Government for listening to proposals by the council’s member companies, affirming this is the style that makes Vietnam different from others because it understands how to attract high-quality foreign investment. During the past decade, more and more U.S. companies have realized this and invested more in Vietnam. The BCIU will continue to act as an effective bridge to promote partnerships between U.S. and Vietnamese companies, he confirmed. … [Read more...] about Vietnam, U.S. hold potential in expanding economic, business collaboration
Dong Thap Province ready for first Lotus Festival 2022
The first Lotus Festival 2022 will take place in Cao Lanh City, the Mekong Delta province of Dong Thap from May 19 through May 21. The festival is expected to open in Cao Lanh City, the Mekong Delta province of Dong Thap from May 19 through May 21 aiming to honor the lotus and promote the cultural and economic values of products, souvenirs made from Dong Thap-based lotus plants; thereby, to boost the development of the lotus planting industry along with tourism development; develop typical products; attract more tourists to the Mekong Delta province and contribute to the local socio-economic development. During the festival, many cultural and tourist activities will be organized, notably a set record of 200 dishes made of lotus, the second forum to connect tourism between Ho Chi Minh City and 13 Mekong Delta provinces and cities. Thap Muoi's beautiful and immense lotus field According to the Provincial People’s Committee of Dong Thap, the lotus development potentiality … [Read more...] about Dong Thap Province ready for first Lotus Festival 2022
Demand for offices for rent on the rise after pandemic
The demand for rented office space in HCM City has sharply risen after the Covid-19 pandemic. HCM City-based Commenty Company which specialises in IT has rented a bigger office in District 4 to expand its operations after posting a robust growth during the pandemic. The demand for rented office space in HCM City has sharply risen after the Covid-19 pandemic Nguyen Tien Tuan, director of a trading firm in HCM City, said that his company had moved to a new office following new hires. Many buildings in HCM City have cut office leases by 10-15 percent. Nguyen Ngoc Bich, deputy director of the office leasing service at Thien Nam Building, said that the company owns 11 buildings which had a 98-99 percent occupancy rate before the pandemic. Due to the pandemic, two buildings with a total area of 3,000 square metres were now empty. After three months of rent exemption, Thien Nam Building has attracted more customers. At present, only roughly 1,300 square metres … [Read more...] about Demand for offices for rent on the rise after pandemic
South America viewed as potential market for Vietnamese apparel
Despite trade activities between the nation and South American nations seeing growth in recent times, it remains far from fulfilling its full potential, especially for the textile and garment sector, according to industry insiders. South America is viewed as a highly lucrative fashion market that boasts a population of more than 437 million people and a relatively high per capita income. However, there are still few businesses and consumers in South America who are fully aware of Vietnamese fashion products. Furthermore, the Vietnamese textile and garment industry is in the process of developing rapidly and is able to meet many large orders with high requirements from different markets. Currently, the nation’s textile and garment exports to Brazil stands at between US$150 million and US$200 million per year, whilst those to Chile are between US$70 million and US$90 million per year and to Peru the figure is around US$30 million to US$40 million per year. Meanwhile, local textile … [Read more...] about South America viewed as potential market for Vietnamese apparel
NA Chairman visits Lao Champasak Province
National Assembly Chairman Vương Đình Huệ meets Party Secretary and Governor of Champasak province Vilayvong Bouddakham. — VNA/VNS Photo VIENTIANE — National Assembly Chairman Vương Đình Huệ on Tuesday paid a working visit to Champasak province in southwestern Laos as part of his trip to the country. Addressing the event, Party Secretary and Governor of Champasak province Vilayvong Bouddakham said its economic growth rate reached 3.58 per cent last year with an average income of US$3,050 per person per year. This year, the province strives to obtain an economic growth rate of 4.51 per cent and an average income of $3,130 per person per year. The Lao official attributed its achievements to the effective support of the Vietnamese Party, Government and 19 provinces and cities that have close relations with the province. Cooperation between Champasak and localities of Việt Nam is continuing to be expanded in many fields, including education and health. In the context of … [Read more...] about NA Chairman visits Lao Champasak Province
People-to-people diplomacy important to Vietnam-Laos relations
National Assembly Chairman Vương Đình Huệ (right) receives the Lao Minister of Science and Technology, who is also President of the Laos-Vietnam Friendship Association, in Vientiane on Tuesday. — VNA/VNS Photo VIENTIANE — National Assembly Chairman Vương Đình Huệ commended the Laos-Vietnam Friendship Association for its contributions to the friendship and special solidarity between the two countries during a reception for its President Boviengkham Vongdara in Vientiane on Tuesday. Huệ described people-to-people diplomacy as an important diplomatic channel between Việt Nam and Laos, in which associations played a significant role. The top legislator noted that the two sides should further educate their people, especially young generations, about the relations and the need to preserve and promote the rare relationship. He asked Boviengkham Vongdara, the Lao Minister of Science and Technology, to continue supporting the Vietnamese community in Laos and more than 200 Vietnamese … [Read more...] about People-to-people diplomacy important to Vietnam-Laos relations
Private banks coming strong against state-owned banks
Illustrative image It is being seen that private banks have now put in place many breakthroughs in business plans and are even preparing to overtake the strong performances of commercial banks in the Big 4 Group. Race for profits Vietcombank has just released its consolidated financial statement for the first quarter of the year, showing a pre-tax profit of more than VND9.95 trillion, which is an increase by 15.3 percent. However, in the first quarter, Vietcombank lost its former place as the number one champion. The private joint stock commercial bank, Vietnam Prosperity Joint Stock Commercial Bank (VPBank), has managed to push Vietcombank to second position. According to its consolidated financial statement for the first quarter, VPBank showed a profit before tax of VND11.14 trillion, up by 178 percent over the same period last year. The third and fourth positions are now being held by Techcombank which showed a profit of more than VND5.52 trillion, and Military … [Read more...] about Private banks coming strong against state-owned banks
Banks hike deposit interest rates on demand for funds, inflation
A customer makes a deposit at a bank in Bình Dương Province. HCM CITY - Many banks have increased deposit interest rates by 0.1-0.6 percentage points amid the growing demand for funds. Last year the average interest rates on bank deposits for six months and 12 months were 4.7 per cent and 5.5 per cent, down half a percentage point from 2020, Bảo Việt Securities said. The State Bank of Việt Nam said in 2021 rates were at their lowest level in five years. But rates, especially at small- and medium-sized banks, have increased sharply since the beginning of this month. Currently the peak rates are 6.5-7.4 per cent. NamABank offers the highest rate for online savings even for small amounts. Customers depositing money via its e-banking application for 16-36 months can get 7.4 per cent interest. For 12 months it is 6.4 per cent. Sài Gòn – Hà Nội Commercial Joint Stock Bank (SHB) has increased rates by 0.2-0.4 percentage points. For 36 months the rate is 0.4 percentage … [Read more...] about Banks hike deposit interest rates on demand for funds, inflation