Banks estimated to have varying profit results in Q3 2023
According to the analysts, as provision costs have decreased from a record high, VietinBank's pre-tax profit will increase by 20-22 per cent in Q3 2023. Although VPBank's Q3 2023 profit recorded a decline, SSI assessed that a bright spot in the bank’s Q3 2023 business picture was positive results from its subsidiary FE Credit. Meanwhile, the decrease in profits of TPBank in Q3 2023 was mainly due to the high base level of last year. Specifically, the bank’s pre-tax profit is expected to reach about VNĐ1.45-1.60 trillion, down 25-32 per cent over the same period last year. TPBank’s NIM decline and the burden of provisioning are said to be the reasons why the bank’s pre-tax profit declined in Q3 2023.
Source:Viet Nam News
October 17, 2023 02:58 UTC
Market to continue extending its recovery this week
HÀ NỘI - The market will continue to extend its recovery this week but also face difficulties because supply pressure may increase again when the market approaches a new resistance zone of 1,160 - 1,170 point area. With this effort to increase points, it is likely that the market will continue to extend its recovery in the near future." "However, the recovery will continue to face difficulties because supply pressure may increase again when the market approaches a new resistance zone, such as the 1,160 - 1,170-point area." "Economic results in the third quarter of 2023 will be a supporting factor for the market trend," he told Việt Nam News. This week, the index will test the important resistance mark of 1,159 points," said Phạm Bình Phương at Mirae Asset Securities Joint Stock Company.
Source:Viet Nam News
October 16, 2023 13:20 UTC
Vietnam’s public debt management on right track: Ministry
Illustrative image (Source: VNA)– Vietnam’s public debt accounted for 37.4% of the country’s gross domestic product (GDP) as of the end of 2022, while national external debt stood at about 36.1% of GDP, according to data released by the Ministry of Finance (MoF).According to the ministry’s Bulletin No.16 on Public Debt of Vietnam for the 2018-2022 period, to date, all targets set by the National Assembly in public debt repayment for the 2021-2025 period have been completed.In the 2021-2023 period, the Government's total borrowing reached 42.9% of the plan. The Government's direct debt repayment obligation was equivalent to 53.3% of the plan, while withdrawal of Government loans for re-lending has been within the limit.The average issuance term of government bonds in 2021, 2022, and 2023 ensured the target of 9 - 11 years set by the National Assembly. The growth rate of government guaranteed outstanding debt in a year did not to exceed the growth rate of nominal GDP in the previous year, according to the bulletin.Meanwhile, the total borrowing level of the local budget reached 26.3% of the plan approved by the National Assembly. The debt repayment obligation of local administrations reached 41.1% of the plan approved by the National Assembly. Debt safety targets for each year in the 2021-2023 period have been kept within the approved ceiling levels and safety thresholds.Truong Hung Long, Director General of the MoF’s Debt Management and External Finance Department said that in the 2021-2023 period, Vietnam has shown strong performance in public debt management, while making full and on-time debt payments, contributing to improving the national credit rating.He noted that in 2022 when many countries saw their credit ratings downgraded, both Moody’s and S&P, the two international credit rating agencies, upgraded Vietnam’s ratings, while Fitch maintained its ratings.Speaking at a recent conference, Andrea Coppola, the WB’s Lead Country Economist, lauded Vietnam’s reforms in public debt management in terms of legal framework and institutional management.He advised Vietnam to reform institutions to facilitate public debt mobilisation, thus supporting the development of the domestic capital market and contributing to effective budget management./.
Source:Viet Nam News
October 16, 2023 13:05 UTC
VIETNAM NEWS HEADLINES OCTOBER 16/2023
Vietnam Summit in Japan 2023 kicks offThe Vietnam Summit in Japan 2023 opened at the University of Tokyo on October 15 as part of activities to mark the 50th founding anniversary of the diplomatic ties between Vietnam and Japan. The subcommittee will also make a report on personnel work of the new Party Central Committee to be submitted to the 14th National Party Congress. It focused on three pillars: digital solutions, digital agricultural economics and digital rural development. Consequently, participants' accomplishments in this race will be recognised as qualifying conditions for any of the six esteemed marathons within the Abbott World Marathon Majors system, namely the New York Marathon, Chicago Marathon, London Marathon, Boston Marathon, Tokyo Marathon, and Berlin Marathon. Indian diplomatic chief Jaishankar begins Vietnam visitIndian External Affairs Minister Dr. S. Jaishankar arrived in Hanoi on October 15 to begin an official visit to Vietnam at the invitation of Vietnamese Minister of Foreign Affairs Bui Thanh Son.
Source:Viet Nam News
October 16, 2023 10:00 UTC
Vietnam Summit in Japan 2023 kicks off
The Vietnam Summit in Japan 2023 opens at the University of Tokyo on October 15. (Photo: VNA)The Vietnam Summit in Japan 2023 opened at the University of Tokyo on October 15 as part of activities to mark the 50th founding anniversary of the diplomatic ties between Vietnam and Japan.The event is a series of seminars held every two years by the Vietnamese Academic Network in Japan (VANJ), the Vietnamese Professionals in Japan (VPJ) and the Vietnamese Youth and Students’ Association (VYSA) in Japan.In his opening remarks, Vietnamese Ambassador to Japan Pham Quang Hieu highlighted the rapid development of the Vietnamese community in Japan in recent years, which is the second largest foreign community in Japan with nearly 500,000 people.In this community, many have obtained important positions in teaching, research, and management at prestigious universities and businesses in Japan, the ambassador said, stressing that the community have made great contributions to the development of the Vietnamese community in Japan and the host country’s socio-economic development. They also serve as important bridges promoting friendship cooperation between the two countries.The firm foundation of scientific and technological cooperation over the past years, along with the development of the Vietnamese intellectual community in Japan, will help create a new pillar - science, technology and innovation cooperation, in the relations between the two countries, Hieu added.According to Deputy Minister of Science and Technology Bui The Duy, Vietnamese scientific intellectuals abroad are an indispensable force of Vietnam's science and technology sector.Vietnamese intellectuals in Japan have engaged in many practical activities benefitting their homeland and contributed to establishing and promoting cooperation between Vietnam and Japan, especially in the fields of technology and innovation, he said.In a plenary discussion on the 50-year relations between Vietnam and Japan, Rector of Vietnam - Japan University, Prof. Furuta Motoo said the key for the bilateral relations in the future will be whether they can build a really equal partnership. According to him, with its rapid development at present, Vietnam has sufficient foundations and conditions to have a bilateral "equal partnership" with Japan.Participants reviewed the development of Vietnam-Japan relations over the past five decades, and discussed opportunities and challenges posed for the bilateral relationship in the future.In the framework of the event, many activities have been organised, including an exhibition on science - technology and trade and nine debates gathering 62 speakers, which focus on directions for Vietnamese people in Japan, challenges and opportunities for Vietnam in microchip technology, and green energy and sustainable development in Vietnam./.
Source:Viet Nam News
October 15, 2023 12:31 UTC
VIETNAM NEWS HEADLINES OCTOBER 15/2023
She said the establishment of the Vietnam Trade Promotion Office in Chongqing - Vietnam's first trade promotion office in China - demonstrates the two countries’ attention to trade promotion between the two countries. Thang told the hosts that the Vietnamese Party and State consistently value the comprehensive strategic partnership with the RoK. On October 13, the Hanoi delegation cut the ribbon to open the "Hanoi - Vietnam" booth at the Home Show exhibition, a major event in the furniture industry in the Asia-Pacific. Vietnam supports Canada's implementation of Indo-Pacific strategies and strategic partnership with ASEAN, especially in economics, trade, investment, and development cooperation. Canada, a multi-ethnic country like Vietnam, wants to strengthen cultural cooperation and people-to-people exchanges with Vietnam, she said.
Source:Viet Nam News
October 15, 2023 04:02 UTC
Halal tourism – “gold mine” for Vietnam to tap into
To lure more travelers from the Middle East, localities need to pay attention to providing Muslim-friendly food and drinks with certification stamps. (Photo: VNA)Indian tourists at a restaurant in Quang Ninh province (Photo: hanoimoi.com.vn)VNAVietnam’s tourism sector is working hard to attract more tourists from Muslim countries (Halal tourists) which is seen as a potential market for the global tourism industry.According to the Global Muslim Travel Index (GMTI), the Halal tourism market is quite promising, with a growing demand from the 2.1 billion Muslims worldwide, constituting about 23% of the global population.The number of international Muslim tourists was estimated to increase from 108 million in 2013 to 160 million in 2019. The figure is expected to grow 80% in 2023. The spending on tourism from this market is projected to reach up to 341.1 billion USD per year by 2030.Statistics from the Vietnam National Authority of Tourism (VNAT) under the Ministry of Culture, Sports and Tourism show that the number of tourists from Muslim countries visiting Vietnam has increased remarkably in recent years, especially travelers from India (up 240% in September this year).Muslim tourism arrivals from Southeast Asian nations such as Singapore and Indonesia have also sharply risen.VNAT Deputy General Director Ha Van Sieu said the Halal market offers promising opportunities for Vietnam's tourism industry and can be a "gold mine" that could provide a significant boost to the sector.Since the beginning of 2022, many conferences to promote investment in tourism have been organised in the Middle East region and South Asia, including those on Halal tourism , which discussed solutions to lure more Muslim travelers to Vietnam.Some localities such as Quang Ninh, Da Nang, Quang Nam and Kien Giang have planned to welcome Muslim tourists from potential markets such as India, Malaysia, and Singapore.India is seen as one of the key markets for Vietnam’s tourism in the coming time, VNAT Director Nguyen Trung Khanh said, noting that Vietnam will strengthen promotion activities to lure more holiday-makers from this South Asian market.Apart from exploring the traditional Muslim tourism markets such as Malaysia, Indonesia, Singapore, and India, businesses should focus on the Middle East region, which is known for affluent tourists who are willing to spend on high-end services, Khanh said.To lure more travelers from the Middle East, localities should pay attention to building prayer places in public areas, restaurants, hotels, and entertainment spots; as well as providing Muslim-friendly food and drinks with certification stamps, he added./.
Source:Viet Nam News
October 15, 2023 02:49 UTC
Liquidity of banking system forecast to be abundant in Q4 2023
HÀ NỘI — Credit institutions expect liquidity of the banking system will be abundant in the fourth quarter of 2023, and deposit and lending interest rates will continue to decrease. The forecast was based on a survey of business trends among credit institutions in the fourth quarter of 2023 released recently by the State Bank of Vietnam’s Department of Forecasting and Statistics. According to credit institutions, the liquidity of the banking system in the third quarter of 2023 continued to maintain a good and improved status compared to the second quarter of 2023. Credit institutions predict that the liquidity situation will continue to be abundant in the fourth quarter of 2023 and for the whole year 2023 compared to 2022.Credit institutions also expect the average deposit and lending interest rates in the banking system to continue to decrease by 0.26-0.35 percentage points in the fourth quarter of 2023. As expected in the June 2023 survey, at this survey period, credit institutions said they continued to adjust and reduce the average price of their products and services. For the whole of 2023, customer demand for banking services is forecast to increase at a slower rate compared to 2022.
Source:Viet Nam News
October 14, 2023 15:32 UTC
Vietnamese businesses striving to cut carbon emissions
The main energy source for this business’s production activities is electricity and coal. The change was aimed at reducing the company’s carbon footprint to meet requirements in import markets. Recognising Vietnam’s commitment at COP26 and due to shared interests, Vietnamese manufacturers have been gradually changing their production models, shifting towards more green and sustainable models to cut carbon emissions. The balance between economic development and environmental protection has become one of the most important issues and an indispensable requirement for survival. With rapid growth and frequent changes in technology, Vietnamese businesses cannot afford to miss the opportunity to create a low-carbon economy, aiming for balance and sustainability./.
Source:Viet Nam News
October 14, 2023 11:43 UTC
New salary policy mandates budgetary requirement of nearly VNĐ500 trillion for 2024-2026
Salary policy stands out as a particularly pivotal component of the socio-economic policy system; it serves as a resource and a driving force for the nation's development. One can say that never before has a salary policy been constructed with such meticulousness and comprehensiveness, encompassing numerous groundbreaking elements. This is an exceptionally vital issue, and it plays a decisive role in implementing salary reform policy. To date, the entire nation has set aside VNĐ500 trillion in preparation for salary reform scheduled for the 2024-26 years. In addition to following the salary reform roadmap, I believe agencies should continue to boost revenue, economise expenses, and devise fundamental strategies to create resources for salary policy reform.
Source:Viet Nam News
October 14, 2023 09:34 UTC
Three best performers of Vietnam ESG Initiative 2023 announced
The three best performers of the Vietnam ESG Initiative 2023 announced. - Illustrative image (Photo: VNA)Deputy Minister of Planning and Investment Tran Duy Dong speaks at the event. (Photo: VNA)– The three best performing businesses in the Vietnam Environmental, Social, and Governance (ESG) Initiative 2023 were unveiled at a forum held in Hanoi on October 13.The winning firms are HHP Global Joint Stock Company, Vietnam Food Joint Stock Company, and Vietnam Star Aniseed Cassia Manufacturing and Exporting Joint Stock Company (VINASAMEX).They will receive technical assistance and in-depth advice to pilot, carry out, or expand their sustainable business initiatives.The Vietnam ESG Initiative 2023 is under the cooperation between the US Agency for International Development (USAID) and the Vietnamese Ministry of Planning and Investment (MPI).Aiming to help enterprises adopt sustainable business practices, it is part of efforts to carry out Vietnam’s green growth strategy for 2021 - 2030 and the Prime Minister’s Decision 167/QD-TTg on promoting sustainable and inclusive growth in the private economic sector Nguyen Duc Trung, Deputy Director of the MPI’s Enterprise Development Agency, said that Vietnam ESG Initiative 2023, launched in March, attracted 144 entries from private companies, cooperatives, and business households.The 10 best performers were announced in June and then received intensive training. They presented their sustainable business, inclusive business, or circular economy models before the jury in September.The initiative, lasting until 2025, is expected to encourage sustainable practices among enterprises, thus helping enhance their competitiveness, create a basis for their long-term development, and support them to meet international standards and join global supply chains, he noted.Via the Vietnam ESG Initiative, the MPI and USAID will provide technical support for 300 enterprises, cooperatives, and business households.The initiative is part of USAID’s Improving Private Sector Competitiveness (IPSC) project, implemented from 2020 to 2025 with the aim of tackling policy and market problems that hamper small and growing enterprises, including those owned or run by women and people of vulnerable groups./.
Source:Viet Nam News
October 13, 2023 13:31 UTC
Vietnam making new moves in semiconductor industry
Statistics released by Custom Market Insights in August show that the global semiconductor chip market size was valued at 580 billion USD in 2022 and it will grow to 635 billion USD this year, and 1.12 trillion in 2032. Chip imports from Vietnam to the US jumped from more than 320 million USD in February 2022 to over 560 million USD after one year to account for an 12% market share, only after Malaysia and Taiwan (China). Aware of Vietnam’s potential in this field, many chip giants have poured investments in the Southeast Asian nation. Amkor Technology will put into operation a 1.6 billion USD factory in the northern province of Bac Ninh this month. In a joint statement on the Vietnam-US Comprehensive Strategic Partnership, the two countries noted Vietnam’s sizable potential to become a key nation in the semiconductor industry./.
Source:Viet Nam News
October 13, 2023 11:47 UTC
VIETNAM NEWS HEADLINES OCTOBER 13/2023
The Vietnam Fisheries Society, the Vietnam Tuna Association, the Vietnam Association of Seafood Exporters and Producers (VASEP), and seafood processors and exporters will continue joining hands with the Government to adhere to IUU regulations. Nguyen Thuy Linh competes in 2023 Finnish OpenVietnam’s top female badminton player has arrived in Finland to participate in the Clash of Clans Arctic Open 2023 (2023 Finnish Open). Her most recent achievement was winning the women's singles title at the Vietnam Open 2023 in Ho Chi Minh City. According to the Vietnam National Mine Action Centre, all 63 provinces and centrally-run cities in Vietnam are contaminated with UXO, with 5.6 million hectares of land in total (17.71% of the country’s acreage) affected. ASEAN Committee in US marks bloc’s 56th anniversaryThe ASEAN Committee in New York held a ceremony to mark the bloc’s 56th founding anniversary at the United Nations (UN) headquarters on October 10 (local time).
Source:Viet Nam News
October 13, 2023 10:02 UTC
In't science film festival calls for Vietnamese filmmakers
HÀ NỘI — Twelve films are being shown at the 13th Science Film Festival in Việt Nam, held by the Goethe Institute in Hà Nội. It promotes science literacy and facilitates awareness of contemporary scientific, technological, and environmental issues through international films with accompanying educational activities. The festival takes place internationally from October to December 20 and invites viewers to enjoy the best in international science communication. For the first time in the history of the festival, a film with the participation of Hà Nội Goethe Institute in the production was submitted to the film festival. These films will receive support to be showcased at international film festivals and the science film festival held by the Goethe Institute.
Source:Viet Nam News
October 13, 2023 09:00 UTC
Vietnam News Agency participates in the Global Media Congress
(Source: Global Media Congress)The Vietnam News Agency (VNA) will participate in the second edition of the Global Media Congress (GMC), held in Abu Dhabi, the United Arab Emirates from November 14 – 16, with a special stall The participation of the VNA’s delegation, headed by Nguyen Duc Vu, VNA Technical Centre Director, is in line with the partnership agreement that the VNA signed with the Emirates News Agency (WAM) for media cooperation at multiple levels.According to the organising committee, the event is one of the largest and most inclusive media gatherings in the world hosted by the ADNEC Group in strategic partnership with the Emirates News Agency (WAM) under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President and Deputy Prime Minister of the UAE, and Chairman of the Presidential Court.The Global Media Congress is an ideal platform for news outlets and media entities to engage with global thought leaders in the media sector and to deliberate on the best ways for shaping the future of the sector. Attendees are expected to gain insights into the latest industry trends, fostering collaborative efforts to nurture innovative ideas. Also high on the agenda of the event includes a specialized media sector conference and an exhibition designated to explore media dynamics and challenges.Nguyen Duc Vu, who will represent the VNA at the event, said that it is an honour for him to take part in the Global Media Congress.“Our partnership with WAM is based on our conviction that media entities around the world need to be strengthen their bonds in order to effectively handle the challenges facing the sector. The GMC is the definitive venue in which media figures and leaders from different parts of the globe put their heads together to come up with lasting solutions for the problems we face and ideas to take our industry to higher levels of productivity and credibility,” he said.The second edition of the Global Media Congress adopts four central themes, namely sustainability, innovation, and the latest media technologies, along with discussions on sports media, youth, education, and the future of media.The inaugural edition in 2022 was a resounding success, attracting over 13,656 visitors during the three-day event./.
Source:Viet Nam News
October 13, 2023 08:17 UTC