Fuel costs

Three major cities of Vietnam are distinguished with the annual prestigious awards of Travel & Leisure. The United States-based magazine Travel & Leisure has recently unveiled its 2022 Asia’s Best Awards with suggestions about the best travel destinations around the world. Accordingly, Hanoi, Danang, and Ho Chi Minh City are among the Top Ten “Best Cities in Southeast Asia” Hanoi- the thousand-year-old charming city President Ho Chi Minh Mausoleum in Hanoi. Photo: Cao Anh Tuan Ranked fifth on the list of Travel & Leisure , the charming capital city of Vietnam- Hanoi is a must-see travel destination for foreign travelers to the country. The fact is that the city is very peaceful and very welcoming to foreigners. It has a low crime rate, great tropical weather, and is easy to balance work life and fun, according to Bill Noland, an Aussie digital nomad in Hanoi. “It takes me around VND10 million or $428 for a convenient accommodation … [Read more...] about Hanoi among Top 10 cities in Southeast Asia

Thanh Cong Textile Garment - Investment – Trading JSC in Tan Phu District is in need of more than 1,000 workers. The employees are to make up for those that have already submitted their resignation and to serve the company’s plan to expand 20 of its branches in various cities and provinces. Yet the company has had trouble recruiting new employees unwilling to work on assembly lines and deal with the pressure of meeting product quality and quantity. Nguyen Huu Tuan, the firm’s human resource manager, said the textile-garment sector is no longer attractive to laborers. He said "a significant number" of staff at the company has either quit or is about to, without revealing the specific figure. In most cases, those employees switch to work in other industries that can guarantee them higher salaries or move back to their hometown now that the living cost in the city has grown increasingly expensive. "With a monthly income of VND8-9 million ($340-385), workers would not be able … [Read more...] about HCMC short of textiles, footwear labor

He pointed out that the world situation developed complicatedly over the past time with strategic competitiveness, the conflict in Ukraine, soaring fuel prices, escalating inflation in many countries, and the ongoing COVID-19 pandemic, among others. The pressure of high inflation, surging commodity prices and disrupted supply chains could be felt in Vietnam, the PM continued. However, under the sound leadership of the Party led by General Secretary Nguyen Phu Trong, and with the support of the National Assembly and the drastic management of the Government, engagement of ministries, agencies, localities, people and businesses, and the support of international friends, Vietnam has brought the pandemic under control and ensured macro-economic stability and major economic balances. The country has also worked to safeguard its independence, sovereignty and territorial integrity; maintain social security, order and safety; intensify external relations; step up administrative reform and … [Read more...] about Cabinet meeting looks into socio-economic situation

This model is applied to promote spirit of creativity of leaders and staff of businesses as each member is encouraged to contribute initiatives and innovations to raise productivity and reduce cost. Factory Z117 under the General Department of Defense Industry is one of the military businesses applying this model. Since the “Kaizen-5S” principle was applied, the factory has made positive changes. From making parts only, Factory Z117 has mastered all stages of producing household products (folding beds, grills, wine racks, mixing bowls, and many other products), auxiliary industrial products (industrial sewing machine frames, motorcycle parts), precision mechanical components, and welding rods for export purpose. Factory Z117’s main export markets are European, American and Japanese countries. Domestically, the factory focuses on producing parts for large joint venture companies such as Honda, Nissan, and Piaggio. Below are photos of Factory Z117 applying the model. … [Read more...] about Application of “Kaizen-5S” principle in Factory Z117

A Samsung manufacturing plant in Bac Ninh Province. — Photo baophapluat.vn The Organisation for Economic Cooperation and Development (OECD) two-pillar solution has introduced a global minimum corporate tax rate (GMCT) of 15 per cent applicable from 2023, but experts have mixed positions on the tax. Nguyen Mai, chairman of the Association of Foreign Investment Enterprises, said that the GMCT would boost Viet Nam’s tax revenues and contain tax avoidance, tax evasion and price transferring in the country. This is because tax rates lower than GMCT have incentivised illegal tax practices without significantly affecting investment attractiveness. In fact, 56 per cent of foreign-invested firms in Viet Nam declared unprofitability in 2020, with a total loss of VND151 trillion (US$6.5 billion), substantially reducing the country’s tax collection. Accordingly, he urged the Government to modify tax regulations in line with the GMCT and re-negotiate with FDI investors on investment terms … [Read more...] about Mixed views on global minimum corporate tax rate