Profit taking firm

Vietnam’s biggest conglomerate Vingroup and largest private lender Techcombank have been given the green light to conduct a pre-feasibility study on the Gia Nghia - Chon Thanh expressway. The consortium will have to submit its report by Aug. 31, according to the Ministry of Transport (MoT). Once the report is appraised and approved, the MoT will start a bid to select investors for the expressway, with Vingroup-Techcombank able to participate in the process should they want to. The expressway will stretch 212 kilometers with four-six lanes and a maximum speed of 80-100 kph. It will connect Central Highland Dak Nong and southern Binh Phuoc provinces. Another consortium, led by Deo Ca Corporation, has proposed to invest in two expressway projects in the north, Dong Dang - Tra Linh and Huu Nghi - Lang Son. Workers construct the 98-kilometers Cam Lo - La Son expressway connecting central Quang Tri and Thua Thien Hue provinces, February 2021. Photo by VnExpress/Vo Thanh … [Read more...] about Private firms eager to invest in expressways

Asian markets track Wall St higher, tech fuels Hong Kong rally- illustration photo source: freepik.com The positive mood put the region on course to end the week on a healthy note, and came after Federal Reserve minutes indicated the US central bank could take a breather in hiking interest rates if inflation shows signs of easing later in the year. Still, confidence on trading floors remains at a premium owing to a range of crises including soaring prices, tighter monetary policy, China's Covid-19 lockdowns and the war in Ukraine. Investors were in a buying mood Friday as Hong Kong jumped more than two percent, with market heavyweight Alibaba piling on more than 11 percent and search engine Baidu advancing 15 percent. The two firms posted better-than-expected sales growth in the January-March quarter, soothing fears about the impact of Covid and inflation on their bottom lines. Hong Kong's tech index jumped nearly three percent, with other giants also enjoying buying … [Read more...] about Asian markets track Wall St higher, tech fuels Hong Kong rally

S&P forecast Vietnam’s GDP will grow 6.9% in 2022 before settling closer to its long-term trend of growing 6.5%-7% from 2023 onward. S&P Global Ratings on May 26 raised its long-term foreign and local currency sovereign credit ratings on Vietnam to 'BB+' from 'BB'. S&P expects Vietnam's economy to continue its upward trend. Source: S&P The rating agency also affirmed the country’s short-term rating at ‘B’ with a stable outlook. “The stable outlook reflects our expectations that over the next 12-24 months, Vietnam's economy will continue to recover from the challenges posed by the pandemic over the past two years. This will support the external position and rein in fiscal deficits,” it noted. S&P added it could raise the ratings if Vietnam's institutional settings improve considerably, in ways that augment policy predictability and transparency. Such favorable changes in the policy environment could bolster investor confidence in the … [Read more...] about Vietnam’s long-term credit rating upgraded to “BB+”: S&P

Garment production for export at Kim Dung Textile and Garment Company in District 12, Ho Chi Minh City. (Photo: SGGP) Dependence on imported raw materials Ms. Nguyen Thi Tuyet Mai, Deputy General Secretary of the Vietnam Textile and Apparel Association, said that the total number of enterprises participating in the textile and garment sector in Vietnam, including foreign and domestic enterprises, is more than 7,000. Of which, only 18 percent of them produce fabric materials, 12 percent produce yarn, 2 percent produce other materials, and the rest are garment enterprises. This fact has put the textile industry in front of the challenge of unstable growth due to its dependence on imported raw materials. Currently, each year, Vietnam imports 100 percent of cotton with an estimated value of US$3.2 billion and 60 percent of fabric with an estimated value of $14 billion. The US is the largest cotton and fabric import market of Vietnam, followed by China, Japan, South Korea, and … [Read more...] about Vietnamese textile-garment industry strong but not stable

At the scholarship-awarding ceremony (Photo: SGGP) At the program, 300 children with disabilities and orphans who are children of trade union members, workers, officials, and laborers in Ho Chi Minh City were able to participate in games as well as enjoy cultural performances, and fashionable performances with recycled materials. On this occasion, the City Trade Union Social Work Center also awarded 30 scholarships to disadvantaged children who overcame difficulties to study well. Units and benefactors gave away 300 toys, 220 portions, beverages, 200 boxes of confectionery, and 750 T-shirts totally worth more than VND150 million (US$6,437). According to Mr. Nguyen Mai Huy, Deputy Director of the Center for Social Work of Ho Chi Minh City Trade Union, the program has created a healthy playground for children with disabilities and orphans. Moreover, at the same time, it helped connect units, businesses, and donors for a meaningful activity full of love for workers’ kids in this … [Read more...] about Orphans, disabled kids receive scholarships on occasion of Int’l Children’s Day

Authorized by the Prime Minister, Minister of Culture, Sports and Tourism Nguyen Van Hung presented the proposal, noting that after nearly 15 years of enforcement, the law has helped improve public awareness of domestic violence prevention and control, thus protecting victims, dealing with domestic violence and legal violations, and improving gender equality in families. However, despite certain achievements, domestic violence remains a problem. Given this, the amendments aim to improve regulations so as to better protect human rights under the 2013 Constitution, enhance the efficiency and effectiveness of State and social institutions as well as families’ role in this issue, thereby upholding sound traditional cultural values and boosting socio-economic development in the new context, said Hung. Containing six chapters with 62 articles, the draft revised law focuses on measures for preventing domestic violence and protecting and assisting victims, coordination mechanisms and … [Read more...] about Draft revised law on domestic violence control submitted to parliament