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Institutions have become a major impediment to the nation’s aspiration to reach high income by 2045. Vietnam needs to shift its economic growth model and improve the government’s capacity to implement economic policy reforms and public investments, realizing its aspiration of reaching high-income status by 2045, a World Bank Group report says. Overview of the report launch. The World Bank Group’s Systematic Country Diagnostic Update, themed "How Will Vietnam Blossom? Reforming Institutions for Effective Implementation,” emphasizes that Vietnam's traditional growth model faces major challenges from the Covid-19 pandemic, slowing globalization, and the country’s increasing vulnerability to external shocks, especially climate risks. After identifying a series of policy responses and reform priorities, many of which are not new, the report argues that adapting institutions will be the key to success. “Vietnam’s GDP per capita has increased fivefold over the … [Read more...] about Effective policy implementation crucial for Vietnam to reach high-income status by 2045: WB

Intel Capital, the investment arm of the world’s largest chipmaker, has announced it is pouring US$17 million into companies in Vietnam and Singapore, marking its first-ever investment in this country. The money will be split in undisclosed amounts between Vietnam Communications Corporation and Singapore’s Reebonz.com, Intel said during the World Economic Forum in Bangkok on May 31. The company called Southeast Asia one of the world’s fastest-growing markets for advanced technology, driven by robust economic growth and a rising middle class. “As a result, we’re seeing strong demand for e-commerce and cloud-based services across the region, and these investments will help to accelerate that trend,” said Gregory Bryant, vice president and general manager of Intel Asia-Pacific. Its Hanoi-based partner, an internet infrastructure and services company, declined to give a dollar figure for the investment. But, “It’s not a small sum,” the corporation’s deputy general director … [Read more...] about Intel Capital invests in Vietnam for first time

The Vietnamese general led a high-ranking Vietnamese military delegation to accompany Prime Minister Pham Minh Chinh who was on his working trip to the U.S. to attend the ASEAN - U.S. Special Summit. On May 16, at the U.N. Headquarters, Sr. Lt. Gen. Pham Hoai Nam worked with General Birame Diop, military adviser and assistant secretary-general. At the meeting, the Vietnamese general thanked the U.N. for choosing and supporting Vietnam in deploying the Level-2 Field Hospital Rotation 4 and the Engineering Company Rotation 1 to the U.N. peacekeeping missions in South Sudan (UNMISS) and Abyei (UNISFA). He hoped that the U.N. will continue backing Vietnam to deploy its military medical and engineering forces to suitable U.N. peacekeeping missions as well as to run for high positions at U.N. missions and headquarters. Gen. Nam suggested the U.N. expands cooperation in other fields with priority given to war legacy settlement, and humanitarian assistance and disaster consequence … [Read more...] about Defense leader meets with U.S. and U.N. officials

Because of strict visa policies, promotions to attract international tourists have not been as effective as expected, according to many businesses. Enterprises have made huge investments to welcome back tourists, but such illogical visa policies may slow down the tourism recovery pace. Being confused and facing difficulties Many travel companies in Da Nang City told Tuoi Tre (Youth) newspaper that visa policies for foreign tourists were still their biggest concern. Before the COVID-19 outbreak, Vietnam offered the visa waiver policy for citizens of many countries and the normal visa approval period was three to five days (visas which were valid for 30 days). However, the list of countries whose citizens are entitled to Vietnam’s visa waiver policy has been shortened and the visa processing period has been lengthened, putting enterprises at a disadvantage. Cao Tri Dung, chairman of the Da Nang Tourism Association, said that after the COVID-19 pandemic, the number of … [Read more...] about Strict visa policies hinder international guests from visiting Vietnam

Japan's Nuclear Regulation Authority (NRA) granted an initial approval on Wednesday for a Tokyo Electric Power's (Tepco) plan for releasing water from the destroyed Fukushima nuclear power plant into sea, citing there are no safety issues. The NRA plans to make a decision on final approval after a one-month public comment period, an official at NRA said, who deals with the issue. In 2021, the Japanese government approved the release of over 1 million tonnes of irradiated water from the site after treatment into the ocean, starting around spring 2023. The announcement provoked concerns from local fishermen and objections from neighbouring China and South Korea. Tepco plans to filter the contaminated water to remove isotopes, leaving only tritium, a radioactive isotope of hydrogen hard to separate from water. Tepco will then dilute the water until tritium levels fall less than 1/40th of regulatory limits, before pumping it into the ocean. Even after the NRA's approval, Tepco, … [Read more...] about Japan nuclear regulator grants initial nod to Fukushima water release plan

AI tech solutions helping to fast-track recruitment in HR-illustration photo, source:freepik L’Oreal is one of the world’s largest cosmetics and beauty corporations with more than 80,000 team members globally. The French corporation gets about five million applications for roughly 15,000 new positions each year. The vast number of applications took up a great deal of L’Oreal’s money and time for the personnel selection process. Things got easier when the corporation adopted a modest approach by applying AI to the recruitment process in an intern programme. A representative of L’Oreal said that 12,000 applicants with 80 spots were quickly processed by AI, saving 200 recruiting hours compared to the previous full human-powered review process. Meanwhile, Unilever, one of the world’s leading multinational companies specialising in food, home, and personal care products, also said that around 70,000 person-hours of interviewing and assessing candidates had been cut, thanks to the … [Read more...] about AI tech solutions helping to fast-track recruitment in HR