World Bank President Jim Yong Kim is stepping down in February after six years at the helm of the global development lender (Photo: AFP/Nicolas ASFOURI) Jim Yong Kim, president of the World Bank, has announced that he will retire. This is far earlier than expected. Kim was first appointed in 2011 and was re-elected in 2016 for a five-year term, due to end in 2022. It was widely assumed that Kim would serve out his full term. Instead, he has abruptly declared that he will retire on Feb 1 and take up a job with a private investment infrastructure firm. What’s going on? The president of the World Bank is, in effect, the Pope of the official international development community. He is the ambassador-at-large of “The Bank”. As such, he (the president has always been a “he”) constantly travels the world, giving keynote speeches at major conferences, meeting heads of governments, and holding hundreds of meetings with ministers and officials to discuss … [Read more...] about Did World Bank President Jim Yong Kim leave on his own accord?
Asian investment infrastructure bank
The Hanoitimes - “Enhanced regional cooperation and coordination can help countries manage regional issues, particularly if they complement national and global actions,” said ADB Chief Economist Yasuyuki Sawada. Regional cooperation is increasingly necessary to tackle a rising number of cross-border challenges in Asia and the Pacific, according to a new report from the Asian Development Bank (ADB). Illustrative photo The Asian Economic Integration Report 2018 (AEIR) says collective action to build regional public goods brings greater benefits than if countries work alone to address issues that also affect their neighbors. Regional public goods are goods, services, and systems of policies or rules that have shared benefits across countries, such as cross-border infrastructure, communicable disease control, and disaster risk management. “Enhanced regional cooperation and coordination can help countries manage regional issues, particularly if they complement … [Read more...] about Regional cooperation as key to boost Asian economies: ADB
The Hanoitimes - Strengthened bilateral ties between the two countries as well as Vietnam’s high economic growth and improved business environment will usher in a new wave of Japanese investment in the South East Asian country, experts said. Many Japanese manufacturers plan to invest in Vietnam In a recent visit to Japan, Prime Minister Nguyen Xuan Phuc met with many big Japanese investors operating in various sectors from infrastructure, property, aviation to finance, banking and retail sales such as All Nippon Airways Co., Ltd, AEON Co Ltd., Mitsubishi UFJ Financial Group, Mitsui and Mitsubishi to discuss their upcoming business and investment plans in Vietnam. At the meeting, Japanese investors said they are planning to pour billions of US dollars in Vietnam, across many sectors. This has been expected to be a new Japanese investment wave in Vietnam in the time to come. AEON Co Ltd., for example, is planning to produce Vietnamese-made products which will be sold at … [Read more...] about Vietnam foresees new wave of Japanese investments
In Tokyo, PM Phuc met with Japanese property firms showing interest in expanding presence in Vietnam, photo VNA Nine co-operation deals inked during the visit - Diplomatic note of exchange on non-refundable aid to enhance the capacity of Vietnam’s Reference Testing and Agrifood Quality Consultancy Centre, in order to ensure the food safety of agro-forestry-fishery products - Memorandum of understanding (MoU) on co-operation in maritime policy between Vietnam’s Ministry of Natural Resources and Environment and Japan’s Cabinet Office - MoU on collaboration in trade and industry between Vietnam’s Ministry of Industry and Trade (MoIT) and Japan’s Wakayama prefecture - Firefighting accord between Vietnam’s Ministry of Public Security and Japan’s Ministry of Internal Affairs and Communications - Agreement between Vietnam’s Ministry of Education and Training (MoET), Japan’s National Police Agency and ministries of justice, foreign … [Read more...] about Boom period for Japan investment
Vietnam has an ambitious master plan that aims at complete transformation of the nation’s sluggish infrastructural platforms, so as to attract investment and business, promote its industrial hubs and increase its GDP. According to Asian Development Bank (ADB), Vietnam is among the top in terms of infrastructure development, with average infrastructure investment taking up 5.7 percent of the GDP in recent years, the highest in Southeast Asia. The expansion of the nation’s road network is currently facing financial troubles. Against the cost estimate of $134 billion, only $99 billion has been earmarked so far. The latest Global Infrastructure Outlook has estimated that Vietnam will only meet 83 percent of its infrastructure needs by 2040. Looking at some of the major projects and markers of Vietnam’s infrastructure development can give us an idea of the challenges and opportunities that lie ahead. The big ones Pursuant to the prime ministerial Decision No.631/QD-TTg in … [Read more...] about Vietnam’s infrastructure growth hinges on profitability, funding