Raymond Mallon, economist When I first visited Viet Nam as an ADB economist in 1988, the country was facing a serious economic crisis. Weaknesses in the central planning development model and the ongoing U.S.-led economic embargo were compounded by a drastic reduction in external support from the former East European bloc. Poverty was widespread, there were food shortages, annual inflation was over 500 percent, and there was limited economic links with the rapidly developing neighboring countries. Vietnamese people and businesses had limited access to ideas, technology and capital from rapidly developing regional economies. Productivity, incomes and living standards were far behind most other countries. Recognising that the old development model was not achieving national social development objectives, Vietnamese leaders began looking at other options to national social and economic development goals. In particular, leaders studied the experiences of regional economies to … [Read more...] about North Korea can learn from Vietnam’s achievements and its mistakes – VnExpress International
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UN conference adopts migration pact despite withdrawals
The Global Compact for Safe, Orderly and Regular Migration - finalized at the U.N. in July after 18 months of talks - was formally approved with the bang of a gavel in Marrakesh at the start of a two-day conference. But the United States and at least 16 other countries either opted out or expressed concerns, with some claiming the pact infringes national sovereignty. Billed as the first international document on managing migration, it lays out 23 objectives to open up legal migration and discourage illegal border crossings, as the number of people on the move globally has surged to more than 250 million. Describing it as a "roadmap to prevent suffering and chaos," U.N. Secretary General Antonio Guterres sought to dispel what he called a number of myths around the pact, including claims it will allow the U.N. to impose migration policies on member states. The pact "is not legally binding," he said. "It is a framework for international cooperation." "We must not succumb to fear and false … [Read more...] about UN conference adopts migration pact despite withdrawals
U.S. withdraws from international accords, says U.N. world court ‘politicized’
U.S. withdraws from international accords, says U.N. world court 'politicized'The Saigon Times Daily U.S. National Security Advisor John Bolton answers a question from a reporter about how he refers to Palestine during a news conference in the White House briefing room in Washington, U.S., October 3, 2018 – PHOTO: REUTERS WASHINGTON (REUTERS) - The Trump administration on Wednesday pulled out of two international agreements after Iran and the Palestinians complained to the International Court of Justice about U.S. policies, the latest withdrawal by Washington from multilateral accords. The U.S. national security adviser John Bolton slammed the highest United Nations tribunal as “politicized and ineffective” as he announced that the United States would review all international agreements that could expose it to binding decisions by the ICJ. Earlier on Wednesday the ICJ handed a victory to Tehran, ordering the United States to ensure that sanctions against … [Read more...] about U.S. withdraws from international accords, says U.N. world court ‘politicized’
FSIS to have final say on Vietnamese tra fish quality compatibility next month
Other News FSIS to have final say on Vietnamese tra fish quality compatibility next month By Trung Chanh Thursday, Aug 23, 2018,14:12 (GMT+7) FSIS to have final say on Vietnamese tra fish quality compatibility next monthBy Trung Chanh Farmers at a tra fish farm in the Mekong Delta - PHOTO: TRUNG CHANH CAN THO – The Food Safety and Inspection Service (FSIS) under the U.S. Department of Agriculture in September will decide whether Vietnam’s food safety control system for tra fish is equivalent to that of the United States, which serves a a criteria for Vietnam's continued shipment of the product stateside. At a conference on the production and consumption of tra fish, held in An Giang Province on August 21, Ngo Hong Phong, deputy head of the National Agro-Forestry-Fisheries Quality Assurance Department (Nafiqad), noted that FSIS will make its final decision on the equivalence assessment in September. An inspection … [Read more...] about FSIS to have final say on Vietnamese tra fish quality compatibility next month
BUSINESS NEWS IN BRIEF 22/8
Mekong Capital divests from Asia ChemicalsMekong Enterprise Fund II, a unit of Mekong Capital, has completely divested from Asia Chemicals Corporation (ACC) and taken in US$8.9 million, a 2.6-fold increase over its initial investment, after a seven-year holding period.According to a press release issued by Mekong Capital on August 10, in 2011, MEF II invested US$3.8 million in ACC, which was its 10th investment, after others in Mobile World Investment Group (The Gioi Di Dong), Golden Gate, Vietnam Australia International School and International Consumer Products.However, MEF II has now divested from all of its 10 earlier investments. The divestments have helped the fund generate a gross return multiple of 4.5 and a gross internal rate of return of 22.5%.Early this year, MEF II sold five million shares at Mobile World, generating a gross return multiple of 56.9 and an IRR of 61.1%, making it one of the most successful investments in Asia.Also, the fund’s full exit from Vietnam … [Read more...] about BUSINESS NEWS IN BRIEF 22/8