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At the ceremony (Photo: VNA) Phnom Penh (VNA) – A Vietnamese cultural week was kicked off in Cambodia at a ceremony held in the capital Phnom Penh on August 10. As part of the activities marking the 55th anniversary of Vietnam – Cambodia diplomatic relations, the event runs in Phnom Penh and Siem Reap until 14. Its opening ceremony featured songs and traditional dances performed by Vietnamese and Cambodian art troupes. In his opening speech, Deputy Minister of Culture, Sports and Tourism Hoang Dao Cuong highlighted the nations’ solidarity, traditional friendship and cooperation, and good neighbourliness. The bilateral ties have grown robustly over the past more than five decades, bringing about important political, socio-economic, cultural, and educational outcomes and practical benefits for the two peoples, he affirmed. Their regular organisation of cultural programmes is key to increasing the countries’ solidarity, friendship, mutual understanding and … [Read more...] about Vietnamese cultural week underway in Cambodia

An HAH container ship travels along a river (Photo: haiants.vn) Hanoi (VNS/VNA) - Sea freight rates are expected to fall in the second half of 2022, but at a glacial pace, allowing transport firms to reap high profits for another six months, according to experts. SSI Securities forecast that global supply chain disruptions would continue in early 2023 as logistics facilities are insufficient to meet demand. New container ships are being constructed to pick up the slack but construction takes time. That means the situation would improve slowly and the global movements of goods have to depend on China. Global freight rates are projected to go back to normal in the second half of 2023 once preventive measures in many countries, including China, are lifted and the newly-constructed ships launched. Specifically, total tonnages are expected to climb by 9.9% in 2023 and 11.1% in 2024 compared to late 2011, driving down freight rates. It is also worth noting that the … [Read more...] about Transport firms continue to reap high profits as ocean rates fall slowly

Nguyen Thi Thanh, Head of the National Assembly Standing Committee's Board for Deputy Affairs and President of the Vietnam-Cambodia Friendship Association, leads the delegation. Following the schedule, Vietnamese delegates met a delegation of the Cambodia-Vietnam Friendship Association headed by its President Men Sam An, who is also Deputy Prime Minister of Cambodia. They paid courtesy calls on President of the National Assembly Samdech Heng Samrin, President of the Senate Samdech Say Chhum, and Prime Minister Samdech Techo Hun Sen. At the meeting of the two friendship associations, the sides informed each other of their operations and conditions of their respective nations. They signed a memorandum of understanding on cooperation for 2022-2027. Hosted by Cambodian leaders, Thanh congratulated the nation on its recent important achievements in national development, COVID-19 response, and socio-economic recovery. She said she believes Cambodia is about to reap more successes in … [Read more...] about Trip beefs up Vietnam-Cambodia friendship, people-to-people exchange

In the updated draft national master plan for the rest of the decade and with orientations to 2050 that was released last week, the section on the nation’s urban and rural network highlighted that Hanoi and Ho Chi Minh City are continuing to promote their effectiveness and spillover effects. It is hoped that they will develop dynamically and creatively in order to compete internationally. Vietnam’s planning orientation for the next few years aims to push development of satellite towns, Le Toan At last week’s conference on the national master plan held by the Ministry of Planning and Investment in Hanoi, Tran Hong Quang, director general of the ministry’s Vietnam Institute for Development Strategies (VIDS), revealed that the two biggest cities will focus on developing high-quality and high-value-added services in sci-tech, health, training, and IT, as well as restricting processing and manufacturing industries that use a lot of land and labour. “We should push the … [Read more...] about Modern slant found through key planning

As Vietnam steps into the post-pandemic era, experiences and learnings from the pandemic serve as a reminder of the importance of digital transformation and its crucial technology component. Eunjung Han, consultant at Rouse Legal Vietnam and vice chair of the Digital Sector Committee of the European Chamber of Commerce in Vietnam Despite COVID-19’s negative economic and social impact, Vietnam remains an attractive destination to European investors. According to the European Chamber of Commerce (EuroCham) 2021 White Book, Vietnam’s stable macro-economic climate, with inflation in the single digits, continues to increase investor confidence in the country’s trade and investment environment. Only adding to that, the EU-Vietnam Free Trade Agreement (EVFTA) is paving the way for continued foreign direct investment (FDI) from the EU and is viewed as a means for shared recovery and economic rebound. As the first comprehensive FTA between the EU and a developing country in … [Read more...] about EVFTA underpinning growth in Vietnamese tech market

Scores of businesses have already unveiled their second-quarter business results, with many showing healthy figures. In the first half of this year, Hang Xanh Motors Service JSC (Haxaco) reaped $7.5 million in pre-tax profit, soaring 134 per cent on-year. This year, the company aims to reach $9.2 million in its profit-before-tax target, meaning it has completed 81 per cent after just six months. Haxaco’s board chairman Do Tien Dung unveiled that the company is committed to fulfilling its profit target in only nine months. However, Dung is cautious saying that the auto trade relies heavily on macro factors like fuel price, inflation, and interest rates. Haxaco is confident in reaching its full-year business targets early The auto industry is facing many challenges as customers find it harder to borrow after the central bank declined to loosen credit limits for banks and the scarcity of auto components continues. “Haxaco avoids heavy reliance on bank capital … [Read more...] about Businesses remain optimistic for remainder of the year