A group of 16 commercial banks, accounting for 75% of total outstanding loans, has committed to foregoing around VND20.6 trillion ($906.3 million) in waiving and lowering interest rates for customers in the remainder of the year. From January 23 to August 31, banks have foregone a total of VND26 trillion ($1.14 billion) in profit to support customers, while 16 banks have reduced their profit by VND8.86 trillion ($390 million) from July 15 to August 31, or 43% of their committed amount. Since the first Covid-19 outbreak last year, commercial banks and credit institutions under the instruction of the State Bank of Vietnam (SBV) have been actively providing support for businesses struggling with the Covid-19 impacts and stabilizing the macroeconomy for a speedy recovery. Vietnam Bank for Social Policies at Ba Vi District, Hanoi, provides preferential loans for customers. Photo: Hong Dat In 2020, the SBV cut the policy rates three times with a total of 1.5-2 …
VIR supports students in difficulties amid pandemic
VIR's editor-in-chief Le Trong Minh has been talking directly with the UTC students during the online ceremony On September 23, an online ceremony between VIR and the University of Transport and Communications (UTC) took place to assist 50 of the university's students from the Faculty of International Education with VND25 million ($1,100), which were donated to the newspaper's Swing for the Kids Fund. The pandemic has been significantly affecting people in the capital. Of these, thousands of students from the surrounding localities had become stuck in Hanoi, along with financial woes. “Most students were forced to rent apartments that cost much more than the university dormitory. During the last months’ social distancing, some students left Hanoi and went back to their hometown. However, others like me were stuck in the capital without any relatives and direct financial support. The cost of accommodation increased sharply, while all part-time jobs and income opportunities …
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Italy supports Vietnam with additional 796,000 vaccine doses
Italy has contributed over 1.6 million vaccine doses to Vietnam, making Vietnam one of the world's largest vaccination recipients. Italy is also one of the European Union states that has provided the most aid to Vietnam through the mechanism. The move underlines the Italian Government's and people's solidarity with Vietnam during this hard time, as well as the long-standing friendship and strategic partnership established in January 2013 between the two countries. It is also the result of an active campaigning process at all levels, especially at high levels, including Prime Minister Pham Minh Chinh’s letter to Italian Prime Minister Mario Draghi as well as the latest efforts by the Vietnamese Government’s working group in charge of vaccine diplomacy, ministries, agencies, and representative Vietnamese agencies in Italy. Earlier on September 14, Vietnam received 812,060 vaccine doses from Italy to step up its vaccination drive. Translated by Chung Anh …
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Banyan Tree and Angsana Lang Co ready to welcome travellers back
An overview of Angsana Lang Co. — VNS Photo All staff of Banyan Tree and Angsana Lang Co are ready to welcome travellers back for a holiday at their luxury resorts. The resorts, with the support of Thua Thien Hue authorities, are two of the first resorts in this location to be fully vaccinated. The completion of the vaccination has been a positive boost towards the continued safety of the resorts and the team. “With the early access to vaccines and our SafeSanctuary programme, which is our protocol of heightened hygiene standards throughout the resorts, we are open and ready to welcome travelers back!" said Glen Cook, area general manager of Banyan Tree and Angsana Lang Co. The COVID-19 pandemic has changed the world, especially the tourism industry. To adapt to the new reality and offer safe travel experiences, Banyan Tree and Angsana initiated the SafeSanctuary programme in collaboration with Bureau Veritas in June 2020. SafeSanctuary follows over 40 protocol assurances …
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Vietnam welcomes US role in Indo-Pacific region for economic development
Vietnam and the US have become major economic partners for each other, with bilateral trade growing strongly over the years. A strong, united and dynamic ASEAN would benefit all member countries and the United States, said Mr. Minh at the Indo – Pacific Business Forum on October 28. Deputy Prime Minister Pham Binh Minh speaks at the forum. Source: VGP. The forum was first held in Washington in 2018 as an initiative of the US, which aims to create a platform for policy dialogue and boost cooperation between governments and business communities in the region. According to Mr. Minh, Vietnam and the US have become major economic partners for each other, with bilateral trade growing strongly over the years. During the process, many issues have been timely addressed by both parties, as well as the signing of economic contracts worth billions of US dollars, Mr. Minh noted, adding this helps to ensure a sustainable and balanced trade relations between the two …
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Strong private sector key to Vietnam economic transformation: Report
A private sector-led low-carbon economic growth model can enable Vietnam’s goal of becoming a high-income country by 2045. As Vietnam fights another wave of Covid-19, accelerating the pace of reforms, upgrading workforce skills and infrastructure will strengthen the private sector to help the country recover from the pandemic and unlock its potential, according to a new World Bank Group report. A manufacturing facility in Hanoi. Photo: Nguyen Viet The Vietnam Country Private Sector Diagnostic (CPSD) report, by IFC and the World Bank, says while the private sector has played a frontline role in Vietnam’s outstanding development in recent years, it’s now time to fully exploit the potential of the private sector to boost productivity growth so Vietnam can achieve its goal of becoming a high-income country by 2045. “The private sector has helped propel Vietnam to join the ranks of middle-income economies in just one generation, and the country was preparing for …
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President meets representatives of Vietnamese community in U.S.
Vietnamese Ambassador to the U.S. Ha Kim Ngoc said that the Vietnamese community in the U.S. has actively engaged in COVID-19 prevention and control efforts in the home country by providing medical supplies, contributing and raising funds for Vietnam's COVID-19 vaccine fund and calling on the U.S. Government and organisations to donate COVID-19 vaccines to Vietnam. Despite impacts from the COVID-19 pandemic, Vietnamese representative agencies in the U.S. have considered citizen protection as the top priority, he said. President Phuc affirmed that amid difficulties caused by the pandemic, the Party and State highly valued contributions by overseas Vietnamese. Briefing them on the conclusion of the Party Central Committee on overseas Vietnamese affairs, the President affirmed that the Party and State consider the Vietnamese community abroad is an indispensable part of the Vietnamese nation and an important resource for the cause of national construction, development and defense. …
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Insurers hail health and tech awareness
Insurers hail health and tech awareness, illustration photo By the end of August, total assets in the insurance market were estimated at $27.9 billion, up 22.1 per cent over the same period last year. In which, non-life insurance businesses were estimated at $4.4 billion and life insurance businesses’ total assets at $23.6 billion, cited the Ministry of Finance (MoF). Similarly, total insurance premium revenues in this period also increased by nearly 17 per cent. In a more detailed assessment from the MoF’s Department of the Insurance Supervisory Authority (ISA), insurance revenues in the first five months of 2021 recovered strongly compared to the same period last year. The loose social distancing after the first outbreak created favourable conditions for insurance selling activities. Fierce competition continued to narrow market shares among the top five insurers while creating more opportunities for smaller players. The competition among the sector has become fiercer. In …
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Answers arrive to salvage construction
Answers arrive to salvage construction, illustration photo/ freepik.com Earlier this month, a handful of domestic construction contractors including Delta Group, Vinaconex Corporation, CIENCO4, Eurowindow, and Phuc Hung Holdings proposed to the Vietnam Association of Construction Contractors (VACC) and the government to urge for a swift response from local authorities to address their problems. The VACC, likewise, also expressed its concerns over the skyrocketing prices of construction materials. “These difficulties are paralysing the construction sector, particularly in the south of Vietnam, where most localities are severely affected by the pandemic,” the association noted. According to Delta Group, the number of workers involved in projects is insufficient, affecting construction output and the progress of projects. In addition, the price increase and scarcity of input materials, such as the price of construction materials, increased by 25 per cent compared to the beginning …
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Việt Nam proposes establishment of comprehensive database on multi-dimensional impacts of sea-level rise
President Nguyễn Xuân Phúc delivers his statement at the United Nations Security Council Open Debate on climate security . VNA Photo NEW YORK - President Nguyễn Xuân Phúc on Thursday attended the United Nations Security Council Open Debate on climate security at the invitation of Irish Prime Minister Michael Martin, the rotating UNSC chairman, stressing that it is a topic of strategic importance and immense relevance to our time. UN Secretary-General Antonio Guterres, heads of state, prime ministers and high-ranking representatives of Security Council member states joined the debate. At the session, the chairman and delegates expressed deep concern about the negative impacts of climate change on international peace and security, emphasising the need for the international community to strengthen response to climate change. The Secretary-General of the United Nations called on countries to intensify efforts to reduce greenhouse gas emissions, create breakthroughs in adaptation …