Labour day stores open

Even though recovery across the South-East Asian region has been uneven with the Delta variant, most countries’ GDP including Singapore, Indonesia, Malaysia, the Philippines and Vietnam have risen back up to pre-pandemic levels – with the exception of Thailand, which is still at 2 percent below pre-pandemic levels as its tourism industry struggled with travel and mobility restrictions. It was noted that Vietnam was not particularly affected by the Delta variant wave, and hence did not experience large lockdowns that impacted its economy as much as Malaysia and the Philippines did. Singapore, on the other hand, was able to take advantage of the increase in demand for consumer electronics globally to increase its GDP growth by 7.6 percent last year. Across the region, there is a marked lag in the recovery of the services sector in terms of accommodation, food and retail, but that is expected to increase with the reopening of borders and easing of travel restrictions. However, China’s … [Read more...] about Vietnam’s economy to grow more than 6.5 percent in 2022

Customers shop in a supermarket in HCM City. Consumers in the city are preferring cheap goods to save money. — Photo baotintuc.vn Consumers in HCM City are favouring inexpensive brands due to quickening global inflation, encouraging businesses to invest more in affordable products. Nguyen Thi Hong Dieu, an egg supplier for convenience stores in District 12, told Nguoi Lao Dong (The Labourer) Newspaper that due to rising petrol prices jacking up prices of eggs, her income had slowed and she began cutting her family expenses. “Now I buy just enough food to eat, I stopped buying new clothes and have switched to cheaper, on-sale brands of detergents and shower gel.” Nguyen Viet Anh from Binh Thanh District told Viet Nam News that his income had not recovered from the COVID pandemic, so he was opting for cheaper food brands that may not be as high quality as what he used to buy. Local businesses have reported that the recent trend of consumers saving money and preferring cheap … [Read more...] about HCM City consumers favouring cheaper goods amid rising prices

The Ministry of Planning and Investment (MPI) reported last week by the Vietnam Electronic Industries Association (VEIA) that Apple has moved 11 factories from Chinese businesses in the supply chain to Vietnam, while other assemblers like Foxconn, Luxshare, Pegatron, and Wistron are ramping up production capacity in Vietnam. Do Thi Thuy Huong, general secretary of the VEIA, said that the electronic components manufacturing industry of Vietnam has its own advantages for those looking to relocate supply chains out of China to neighbouring countries. “A number of high-tech groups have been cultivating their projects in the northern provinces of Bac Ninh and Bac Giang, and they will also do the same in some other potential localities,” Huong said. Last week Sandeep Mehta, president of India’s Adani Ports & SEZ, announced on behalf of Adani Group that it would pour $10 billion into Vietnam. It is part of a $100 billion package that Adani Group would like to invest overseas. … [Read more...] about Electronics giants leading foreign investment bounce

At the conference (Photo: VNA) Binh Phuoc (VNA) – The southern province of Binh Phuoc called for Singaporean investment in an array of areas during a conference held in both online and offline formats on July 5. The areas include timber processing and furniture, food processing, goods processing from rubber latex, electronics, supporting industries, commercial centres, vocational training and health care. Singapore is running 15 projects in Binh Phuoc, with combined investment of 286 million USD, making up 8.5% of total foreign investment in the province. The projects mainly focus on husbandry, meat processing, and producing animal feed, batteries and accumulators. Secretary of the provincial Party Committee Nguyen Manh Cuong suggested Singapore expand its investment in other important spheres like urban development, trade, transportation, logistics and services. Binh Phuoc 's authorities will create favourable conditions for businesses to operate in the … [Read more...] about Binh Phuoc calls for Singaporean investment in various fields

Industry 4.0 was driving a boom of digital and virtual assets, requiring regulations to be raised to ensure its on-track development and management of asset ownership rights. — Photo laodong.vn Viet Nam needs to develop regulations about digital and virtual assets as Industry 4.0 is driving the emergence of new assets and the lack of rules exists is one of the most significant legal problems in asset ownership rights. Currently, digital and virtual assets have not been recognised as property in Viet Nam. Experts said that the existing legal framework of Viet Nam was encountering difficulties in tolerating new types of assets in the Industry 4.0 era. Le Thuy Nga from the Institute of Legal Science pointed out that Viet Nam had not had a legal corridor to identify the owners and transactions of assets of new technology applications. This caused uncertainty in protecting individuals' rights or interests in the holding, transferring, and inheritance of crypto assets, especially … [Read more...] about VN needs regulations of digital, virtual assets

The final round of a police command, shooting, and martial arts competition, joined by officers from 16 provinces and cities, kicked off in Hue Citadel in north-central Thua Thien-Hue Province on Monday. Organized by the Ministry of Public Security from Monday to Wednesday, the contest’s finals are aimed at celebrating the 60th anniversary of the traditional day of the People's Police force (July 20). A parade of the mounted police force in Hue Citadel, Thua Thien-Hue Province, Vietnam, July 4, 2022. Photo: N.Anh / Tuoi Tre The event attracts the participation of 1,500 officers from People's Police University and police units in Ho Chi Minh City, Can Tho, Lam Dong, Tien Giang, Gia Lai, Tra Vinh, Phu Yen, Quang Nam, Ba Ria-Vung Tau, Kien Giang, Quang Binh, Binh Duong, Dong Nai, Dak Lak, and Thua Thien-Hue. Female traffic police officers march during the opening ceremony of the police command, shooting, and martial arts competition’s final round in Thua … [Read more...] about Police parade, martial arts, shooting performances take place in Vietnam’s Hue Citadel