World economic news update

President of the Republic of Indonesia Joko Widodo. (Photo: Setkab) Jakarta (VNA) – Indonesia ’s President Joko Widodo said the government will start building the world's first Green Industrial Park next month. The park will be built in North Kalimantan province in an area of around 20,000 hectares, Widodo said, adding that one of the energy sources to be used is the flow of the Kayan River. energy resource. Therefore, Indonesia has to go ahead, he said, adding that many enterprises have shown their interests in it and lined up to order land at the park. green industrial park during the Partnering for Green Growth and the Global Goals 2030 (P4G) Summit held in late May this year as well as in the annual message presented to the National Assembly on August 16. This is also one of Indonesia's efforts towards the goal of becoming a carbon neutral economy by 2060./. VNA …

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COVID-19 vaccination (Photo: VNA) Hanoi ( VNA) - Vietnam’s economic prospects greatly depend on COVID-19 vaccination speed and scale, the efficiency of pandemic prevention and control measures and the effectiveness of supporting packages, held experts at a conference organised by the Vietnam Economic Strategy Studies Centre (VESS) on October 18. They asserted that bad debts may continue to rise, becoming a threat for the financial system in the post-pandemic period. Therefore, they stresses the need to prepare for worst-case scenarios. Dr. Nguyen Duc Thanh, VESS Director said that slow vaccination has held Vietnam back in recovery process in 2021, which can lead to it losing comparative advantage. Currently, Vietnam’s vaccine coverage remains low compared to the world's level, he noted. The resurgence of COVID-19 has disrupted supply chains and affected the labour market, posing severe impacts on domestic businesses, he said, adding that the growth in the first …

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Bangkok (VNA) – Thailand’s economic growth may reach 1.3 percent this year, as forecast by the Fiscal Policy Office (FPO), according to Pisit Puapan , director of the Bureau of Macroeconomic Policy. Pisit was quoted by local media as saying that factors to watch in the final quarter this year include the performance of the export sector, domestic spending, and the results of the government's stimulus packages. If all these factors fail to perform well, the FPO might cut its economic growth forecast, he said. The FPO is scheduled to announce its updated GDP growth projection on October 28. The office projected GDP growth of 4.5 percent in 2022. Pisit believes economic activities in the fourth quarter should improve as Thailand plans to reopen on November 1 to vaccinated foreigners. The COVID-19 infection rate has been on a downward trend since August, he said. The Centre for COVID-19 Situation Administration ( CCSA ) has decided to allow fully vaccinated …

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Trung Nam Group installs 25 offshore wind towers for the VND5 trillion Dong Hai No 1 wind power project in the southern province of Tra Vinh yesterday. — Photo courtesy of Trung Nam Trung Nam Tra Vinh 1 Wind Power Joint Stock Company, installed the last wind tower of the Dong Hai No 1 wind power project in the southern province of Tra Vinh yesterday. The firm, a member of Trung Nam Group, installed a total of 25 towers in the VND5 trillion (US$217 million) project over the past ten months in an effort to run the first offshore wind power project of the group. According to the firm, the project with a total capacity of 100MW would add about 330 million kWh of green energy annually, connect to the national grid, help diversify sources and gradually approach the ability to balance sources with fossil fuels, especially in the context of international orientation for a "zero carbon" future. Starting at the end of the fourth quarter of 2020, the firm has used 1,100 engineers and …

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An event to celebrate local businesses’ contributions to combating the COVID outbreak while also keeping the economy afloat in Dak Nong Province on October 13. The province is focusing on improving its investment climate and simplifying administrative procedures. — Photo nld.com.vn Dak Nong strives to improve its investment climate and welcome businesses and investors to the province, Ngo Thanh Danh, its Party Committee Secretary has said. Speaking at an event held to honour local businesses’ contributions to the province’s efforts to ensure economic growth while also staying safe from the COVID-19 pandemic, he said in the year-to-date Dak Nong’s economy had grown by 7.72 per cent. Retail sales and exports also saw growth, he said. The province has been focusing on improving its investment and business climate and offering assistance to key projects in various fields such as solar and wind energy, industrial and agricultural products with high added value and tourism, he …

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A Vietnam – Switzerland cultural festival takes place on October 16 to celebrate the 50th anniversary of the two countries’ diplomatic relations (1971 – 2021). (Photo: VNA) Geneva (VNA) – A Vietnam – Switzerland cultural festival took place on October 16 to celebrate the 50th anniversary of the two countries’ diplomatic relations (1971 – 2021), and enhance people-to-people exchange and cultural and economic cooperation. Present at the event were Vice President of the Council of the State of Geneva Mauro Poggia, and Director-General of the World Health Organisation (WHO) Tedros Adhanom Ghebreyesus. In her welcoming remarks, Vietnamese Ambassador to Switzerland Le Linh Lan highly spoke of the achievements in the bilateral relations, saying 2021 holds a special meaning as the year marks the 50th anniversary of the two countries’ diplomatic ties and the 30th anniversary of their development cooperation. Switzerland was among the first Western nations to establish …

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Part of Mong Cai city in Quang Ninh province (Photo: baoquangninh.com.vn) Quang Ninh (VNA) – Quang Ninh ’s success in protecting “ green zones ” from the latest COVID-19 outbreak has created an impulse for businesses based in this northeastern province to recover operations and flexibly and safely adapt to the pandemic. Quang Ninh posted an estimated economic growth rate of 8.6 percent in the first nine months of 2021, much higher than the national average, which was mainly driven by the processing and manufacturing industry. The province’s contribution to the State budget topped 33.5 trillion VND (1.47 billion USD), equivalent to 93 percent of the sum collected in the same period last year, while total investment in society approximated 64 trillion VND, up 7.8 percent. Chairman of the provincial People’s Committee Nguyen Tuong Van attributed the achievements to local businesses and entrepreneurs’ proactiveness in implementing various solutions such as …

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At the debut ceremony of the association of Vietnamese expatriates in Miyazaki. (Source: VNA) Tokyo (VNA) – Vietnamese expatriates in Japan ’s Miyazaki prefecture have just set up their association to connect the community for experience sharing and mutual support. According to the Vietnamese Consulate General in Fukuoka , the establishment of the association meets the desire of generations of Vietnamese in Miyazaki for a “common home”. In their letters of congratulation sent to the community on this occasion, Miyazaki Governor Kono Shunji and Mayor of Miyazaki city Tojiki Tadashi expressed their delight at the strong development of the community and praised the Vietnamese expats’ contributions to the local socio-economic development over the past time. They vowed to help the Vietnamese community have a stable life and well integrate into the host country. Addressing the event, Vietnamese Consul General in Fukuoka Vu Binh said he believed that the association will …

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The number of wind power projects recognized for Commercial Operation Date (COD) is still small, which is a warning sign for wind power investors in Vietnam. According to the updated information of the Electricity of Vietnam (EVN) Group, from October 1 to October 15, five more wind power plants with a total capacity of 170MW were recognized for commercial operation (COD). Of 106 wind power plants with a total capacity of more than 5,655 MW registered for COD testing, as of October 15, only 11 wind power plants with a total capacity of 443 MW had been recognized for commercial operation. This is a very small number compared to the number of registered projects, while there are only 15 days left for wind power projects to enjoy the preferential price. Projects operating after October 31, 2021 will not have the opportunity to enjoy the price of over VND1,900/kWh for 20 years according to Decision 39. With the current pace, many wind power projects will not be …

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Illustrative image (Source: Reuters) Tokyo (VNA) - Japan will help Southeast Asian countries track greenhouse gas emissions by setting up a measuring and monitoring framework for industries. With many members of the Association of Southeast Asian Nations lacking a tracking method, gauging emissions at individual companies has been difficult. The ability to monitor decarbonisation efforts across the supply chain has become increasingly important, Nikkei reported. Japan plans to provide assistance and take part in joint projects. In the Philippines, a field trial will begin next summer for calculating emissions industry by industry. The selection process has begun with the cooperation of the Environment Ministry and Chamber of Commerce, with the cement and waste management sectors among the candidates to participate. Emissions calculations in the Philippines will likely be based on data including electricity and fossil-fuel consumption, as well as production volume. …

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