Illustrative photo (Photo: Courtesy of Freepik)– Average household debt in Thailand has reached a 15-year high due to a slower-than-expected economic recovery and high living costs, amid uncertainty over the formation of a new government, a survey showed.Average debt stood at 559,409 THB (about 16,000 USD) in 2023, up 11.5% from the previous year, according to the survey by the University of the Thai Chamber of Commerce (UTCC).The recovery of Southeast Asia’s second-largest economy has lagged behind others in the region as the vital tourism sector just started to recover last year from the pandemic, while soft global demand continues to stall exports.Survey respondents thought they would continue to borrow more for at least six months, the university's president Thanavath Phonvichai said at a briefing.The debt levels should peak in 2024, he said, adding that despite the election, the economic recovery remains unclear, meaning people continue to face economic problems with high living costs and low incomes until early next year.The Thai parliament on July 27 postponed a vote for the next prime minister, delaying the formation of a government and policies to boost the economy.The economy is expected to grow between 3.0% and 3.5% this year, Thanavath said, noting that the delayed government formation would have more impact on growth next year.The ratio of household debt to gross domestic product (GDP) stood at 90.6% at the end of March. Policymakers have expressed concerns about the high debt, particularly among low-income earners./.

Hanoi (VNA) – Vietnam welcomed nearly 6.6 million international visitors in the first seven months of this year, accounting for 83% of the yearly target, according to Vietnam National Authority of Tourism (VNAT). The RoK remained the largest source market of Vietnam tourism in the first seven months of this year with 1.9 million arrivals, accounting for one-third of total international visitors to Vietnam. Among the top ten source markets of Vietnam tourism, four are in Northeast Asia - the RoK, China, Taiwan (China), and Japan, and three in Southeast Asia - Thailand, Malaysia, and Cambodia. The deputy minister expected Lt Col Tuan will continue upholding the tradition of Vietnamese soldiers and “blue-beret” soldiers to complete assigned tasks, while promoting the image of Vietnam and the Vietnam People's Army in the multilateral external environment. Secretary of Can Tho City Party’s Committee Nguyen Van Hieu stressed that the West Ring Road is a critical project of the city.

Việt Nam was hailed for its prompt, urgent and highly effective response to the COVID-19 pandemic in the early months, making it a model for other ASEAN countries to learn from. He added that Việt Nam has also been actively acting to protect ASEAN's central role. In its own way, Việt Nam has demonstrated its responsibility as an ASEAN member through its foreign policies. With a well-balanced foreign policy, Việt Nam has successfully found solutions without getting entangled in any conflicts. Việt Nam has strongly advocated the peaceful settlement of disputes and is now an important pillar of the bloc.

The delegation visits the family of Chu Thi Dai (Photo: VNA)- Representatives of the Vietnamese Embassy in Germany and the Vietnam Veterans' Association in Berlin-Brandenburg on July 27 visited three families of fallen soldiers who sacrificed their lives for the homeland’s liberation and peace on the occasion of the 76th anniversary of Vietnam War Invalids and Martyrs’ Day (July 27).The three families live in Berlin, and they include Hoang Thi Hue, whose husband Tran Ngoc Hung gave his life in 1972, and Chu Thi Dai, whose father was fallen soldier Chu Duc Can. The third family was of Nguyen Thi Lan, whose father Nguyen Khac Hien and elder brother Nguyen Khac Kiem sacrificed during their respective missions in the Quang Tri battlefield in 1972 and the Lao Cai frontline in 1980.On behalf of the Embassy, Minister-Counsellor Chu Tuan Duc conveyed warm regards to the families, affirming that the Fatherland and Vietnamese people are forever grateful to the heroic martyrs and the wounded and sick soldiers, who devoted their youth and lives to the nation for national independence and freedom.Representatives of the families were deeply moved and shared many emotional memories about the fallen soldiers as well as the process of searching for and the repatriation of their remains./.

At the site of the accident (Photo: Xinhua)Hanoi (VNA) – As many as 26 people have been found dead after an overloaded passenger boat capsized in a Philippine lake, while the search continues for those still missing, the Philippine coast guard said on July 28. Coast guard spokesman Rear Admiral Armando Balilo said they are now conducting a "search and retrieval" operation. "The captain had said there were only 22 passengers but he later admitted under questioning by the coast guard that he let many more passengers on board," Balilo said. According to official figures released on July 27, 40 people have been rescued, and three others are still missing. Investigations are underway to determine the cause of the accident./.

According to EVN, if electricity payments are made in accordance with the contracts, it is projected to face cash flow shortages from July to December 2023. To ensure cash flows for purchasing coal, oil, and gas for electricity production, EVN currently owes money to power generation units. EVN suggested the Government consider amending or replacing the Prime Minister’s Decision No. 24/2017/QD-TTg which regulates the mechanism for adjusting the average retail electricity prices. The Government and relevant ministries, agencies were suggested to allow EVN to make temporary payments for electricity purchases at a suitable level based on EVN's financial capacity until retail electricity prices are adjusted promptly and fully reflect all costs./.

HONG KONG SAR - Media OutReach - 28 July 2023 - FITTERY , a leading provider of healthy meal plans. However, meal prepping, grocery shopping, and cooking can be a challenge in Hong Kong's fast-paced lifestyle. FITTERYFITTERY is a health-focused food delivery service that provides a wide range of nutritious and delicious meals to suit various dietary needs. FITTERY's mission is to make healthy eating easy and convenient for everyone, especially those with busy lifestyles. Their meals are prepared by professional chefs using only the freshest ingredients, ensuring that customers receive healthy and balanced meals every time.

Vietnam's role and contributions to ASEAN have been recognised in the process of shaping and forming the grouping's strategies, directions, and development plans, especially in promoting regional cooperation with major partners. Vietnam has held the ASEAN rotating chair position three times in 1998, 2010, and 2020. Especially in 2020, the country effectively led the association's activities from in-person to virtual meetings, with its flexibility and proactiveness helping ASEAN stand firm and overcome the difficulties caused by the COVID-19 pandemic. Vietnam has actively joined in the process of defining principles and "playing rules" for the region, thus together with ASEAN ensuring peace, security, stability, and promoting dialogue and cooperation. Cooperation with ASEAN has always been an important pillar in Vietnam's foreign policy of independence, self-reliance, diversification and multilateralisation, and international and regional integration over the past 28 years./.

LONG AN – The Cửu Long (Mekong Delta) province of Long An plans to establish 17 new industrial parks, bringing its total to 51 by 2030, with a total area of nearly 12,500ha, according to the provincial People's Committee. The 17 newly established industrial parks will be located on an area of nearly 3,200ha. This will make Long An the province with the second highest number of industrial parks in the country after Bình Dương. Long An is also planning 72 industrial clusters with a total area of nearly 4,000ha during this period. It also attracted VNĐ23.8 trillion and $732 million worth of domestic and foreign investment, respectively.

Vietnam News in Brief: Weekly Roundup July 28Vietnam Briefing keeps track of what’s happening in Vietnam’s business and economic news so that you don’t have to. Economic newsAustralian, Vietnam mining firms ink deal for rare earth extractionMining in Vietnam has historically been a tough nut for foreign firms to crack. Australian mining firm, Blackstone Minerals, however, seems to be making some headway. Real estate newsMalaysian real estate firm invests in HCMC’s Thu DucMalaysia’s The Star is reporting that property giant Gamuda is looking to purchase Vietnam’s Tam Luc Real Estate Corporation, which owns land in Ho Chi Minh City’s Thu Duc. Symplefy provides HR and payroll solutions and is one of a number of local startups to draw the interest of foreign firms.

She also hailed the socio-economic achievements that Vietnam has made under the leadership of the Communist Party of Vietnam as well as the cooperation between the two countries over the past 50 years. He also thanked Vietnam for sending masks to Italy during the most severe period of the COVID-19 pandemic. The EPPIC, funded by the Norwegian Agency for Development Cooperation, has invited innovators from across ASEAN to share their breakthrough ideas to deal with plastic pollution. This project is sponsored by the ASEAN Social Impact Program of Fulbright University Vietnam with support from the United States Agency for International Development (USAID). "More power will help Hanoi ensure the progress, technical standard and operation of the projects," the Hanoi Party chief said.

HÀ NỘI — The market benchmark VN-Index corrected on Thursday after breaking over the psychological barrier of 1,200 points in the previous session, ending its winning streak. On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index closed the trading day at 1,197.33 points, a decline of 3.51 points, or 0.29 per cent. The 30 biggest stocks tracker VN30-Index also traded lower at 1,199.68 points, down 1.75 points, or 0.15 per cent. Today's reversal was mainly driven by stronger profit-taking demand after the index rallied continuously and breached the threshold of 1,200 points. It dropped 0.56 points, or 0.24 per cent, to 235.64 points.

The UNESCO-recognised world heritage site has introduced a smart camera and data system to provide better management and early warnings for disasters. The camera system will help support management in dealing with violations in public and keeping tourists safe. A tourist scans a QR code at the Mỹ Sơn Sanctuary in Quảng Nam Province. Photo courtesy of Mỹ Sơn Sanctuary Management BoardMeanwhile, another UNESCO-recognised world heritage site in Quảng Nam – the Mỹ Sơn Sanctuary – has launched a multi-language Audio Guide, providing an automatic introduction in Vietnamese, Korean, Japanese, Chinese, English and French at 40 sites that people can access with their smartphones. QR codes are provided at 40 destinations in the sanctuary to support tourists exploring the Chăm tower system.

Cotton prices are stable at low levels stemming from both supply and demand of the market. On the supply side, cotton production gradually recovered after the effects of drought in the main cotton-growing region of the US in mid-2022. Stable cotton prices are a good thing for big cotton importing countries like Việt Nam. However, in the past few years, along with the development of the labour market, cheap labour in Việt Nam has no longer been an advantage. In fact, the "green" transition has been implemented by many businesses in Việt Nam for the past five years.

HÀ NỘI – Experts have issued warnings about an increasingly complex storm season this year, in conjunction with the onset of a moderate to robust El Nino weather phenomenon. Nguyễn Đức Hòa, deputy head of the Climate Forecasting Department at the National Centre for Hydrometeorological Forecasting, said the El Nino phenomenon has been in effect since the start of June. The strongest period of El Nino will occur from November 2023 to January 2024, said Hoà. Ocean and atmospheric patterns showed that El Nino is in effect, said Hoà. “El Nino often causes a shortage of rainfall in most regions of the country, mostly in the North Central region,” he said.