Poor students to have university fees waived Ethnic minority students. All poor and near-poor students studying in universities, colleges and vocational schools will have fees waived and get other financial assistance under a recent decision approved by the Prime Minister. The decision will take effect in the new year and benefit students whose families live below or close to the poverty. High school graduates who lived in boarding schools for ethnic minorities, disabled students and those who live in ethnic minority, disadvantaged, border, or island regions are also eligible for the benefits. The beneficiaries will also get financial assistance, including VND1 million (US$45) a year for buying essential things, VND200,000-300,000 for travelling, and VND150,000 for Tet (Lunar New Year). Fire destroys HCM City warehouse A major blaze broke out at a helmet warehouse of the Á Châu Trade and Production Ltd Co in HCM City's Binh Chánh District at 9pm … [Read more...] about Social News 8/12
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BUSINESS IN BRIEF 16/6
Vietnam targets US$200 bn garment, textile exports by 2035 With import tax cuts presented by free trade agreements (FTAs) to which, Vietnam is a member, increasing automation in production and quite favourable factors in the world market, the country’s garment and textile exports are forecast to hit US$200 billion by 2035. Vu Duc Giang, president of Vietnam Textile and Apparel Association (VITAS), says the US remains Vietnam’s largest garment importer, trailed by the EU and member countries of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). Giang optimistically told the Japanese and Vietnamese media that the garment sector is likely to earn US$34.5 billion from exports this year. It is expected that after the CPTPP comes into effect in August 2018 and export taxes drop to zero, the country’s garment exports will surge by 3% compared to the estimated figure because Canada, Australia, Mexico, and New Zealand, major importers, currently import about … [Read more...] about BUSINESS IN BRIEF 16/6
BUSINESS IN BRIEF 14/6
Wood furniture firms advised to optimise domestic materials The world’s wooden interior décor market is predicted to grow 3.5 percent in 2018 and continue expanding, bringing chances for Vietnamese businesses to raise exports of the products. If Vietnamese businesses optimise the material sources they have and make the best use of trade promotion activities, their export earnings can surpass 8 billion USD. According to Huynh Van Hanh, Vice President of the Handicraft and Wood Industry Association of Ho Chi Minh City, in the past 15 years, the wood industry has maintained the growth rate of 8-15 percent a year despite world economic fluctuation. The biggest issue of the wood processing enterprises in Vietnam is they are focusing on a market section with low added value, mostly concentrating on outsourcing for foreign clients. To further develop the domestic wood sector, the businesses should pay attention to a higher target of selling abroad the whole space of high-end … [Read more...] about BUSINESS IN BRIEF 14/6
BUSINESS IN BRIEF 13/6
Da Nang sets economic goals towards 2030 The central city of Da Nang aims to have the GRDP growth of 9 – 11 percent and GRDP per capita ranging between 7,000 USD and 9,000 USD for 2018 – 2030. The goals were mentioned at a workshop held by the municipal People’s Committee on June 11 to discuss the city’s development by 2030 with a vision towards 2045. The workshop gathered urban planners, economists and policy makers both at home and abroad. These experts shared hands-on experience from a number of local and foreign cities to give leaders of Da Nang a broader view of the city’s advantages, competitiveness, capacity to expand urban spaces in tandem with development of public transport, and how to build policies and raise capital for infrastructure development and develop the city sustainably. To meet the achievements, Da Nang plans to achieve strong economic growth with breakthroughs by promoting Industry 4.0 and international integration; develop a … [Read more...] about BUSINESS IN BRIEF 13/6
BUSINESS IN BRIEF 13/3
Vietcombank to exceed credit limit for PVOil Prime Minister Nguyen Tan Dung has approved a proposal under which Vietcombank can grant credit exceeding currently prescribed limits to the PetroVietnam Oil Corporation (PVOil) and affiliated parties this year. A report in the Thoi bao Ngan hang website (Banking Times) yesterday said the move aimed to support stable development of the nation's oil and gas industry. The decision enjoins State Bank of Viet Nam Governor Nguyen Van Binh to examine safety ratios and determine specific credit volumes as well as loan terms. Vietcombank, a partly-equitised bank in which the State has a 77.11 per cent stake, will be responsible for all the loan agreements that it signs with PVOil. The report said the loans will provide additional working capital that PVOil, a state-owned oil marketer under the Viet Nam Oil and Gas Group (Petrovietnam), needs to complete plans that will ensure crude oil supply to the Dung Quat Oil Refinery. The five-year-old … [Read more...] about BUSINESS IN BRIEF 13/3