Vietnam unemployment expected to rise this year

Customers buying MEATDeli, a product of Masan MEATLife, at a Vinmart+ store. — Photo thitmatmeatdeli.com HÀ NỘI — Higher animal feed prices have eroded livestock companies’ profits in the first quarter of 2022. VNDirect Securities Corporation said that the Russia-Ukraine conflict had a negative impact on the animal feed industry as supplies of raw materials for animal feed production like corn, soybeans and wheat, are disrupted, causing prices to rise sharply. The two countries are respectively the world's leading and third largest wheat exporter, accounting for one-third of the total trade of this commodity. Besides, Ukraine is the second largest corn exporter, accounting for 22 per cent of the world turnover. As of early April, the price of imported corn at Cái Lân port, Quảng Ninh Province, reached VNĐ9,200-9,500 per kg (US$0.4-0.41 per kg), an increase of 20-25 per cent compared to the end of 2021 and up 50 per cent over the same period last year. The average price of … [Read more...] about Livestock companies profit hit by rising animal feed prices

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

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

The conference, held by the national carrier Vietnam Airlines and two travel groups – Saigon Tourists and Thien Minh Group – to boost the cooperation between enterprises of the two countries and to introduce Vietnam to U.S. friends and partners. Addressing the event, PM Chinh highlighted the development of the Vietnam - U.S. ties, benefiting both countries and contributing to peace, cooperation and development in the world. The Government leader affirmed that economic, investment, trade and science-education cooperation is an important pillar in the bilateral relationship. In the very challenging year of 2021 due to the COVID-19 pandemic, two-way trade still reached 112 billion USD, accounting for nearly one-third of the total U.S. - ASEAN trade turnover. The U.S. is Vietnam’s second largest trade partner while Vietnam is the U.S.’ 9th largest, he noted, adding that trade between the two countries has contributed to making Vietnam one of the 20 largest import-export countries … [Read more...] about PM urged U.S. businesses to invest in tourism and trade in Vietnam

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 Philippine vovinam fighter Jennel Yn Olsim Dasdas (red) competes with Mala Chanthalacksa of Laos in the women's 55kg. (Photo: VNA) Hanoi (VNA) – SEA Games 31’s vovinam competitions are taking place at the Soc Son Gymnasium on the outskirts of Hanoi from May 18-22, offering the host a good chance to promote its traditional martial art . Vovinam makes a return to the regional sports event after nine years of absence. It made its debut at SEA Games 26 in Indonesia in 2011. It took place for the second time in the games’ 27th edition in Myanmar in 2013. According to insiders, the return of vovinam can be seen as a very good opportunity for Vietnam to further popularise vovinam both regionally and internationally, attract more people from many countries to practice the martial arts, thereby making a basis for vovinam to be held more often at the regional sports events. Vietnam does not place much emphasis on achieving high results in vovinam at SEA Games 31 , said … [Read more...] about Vovinam makes comeback at SEA Games 31