World news in brief

Geneva (VNA) – The Association of Southeast Asian Nations (ASEAN) has shown its strong commitments to promoting and ensuring the rights of children through a multitude of important documents such as the ASEAN Community Vision 2025 and the ASEAN Socio-Cultural Community Blueprint 2025. Ambassador Le Thi Tuyet Mai, Permanent Representative of Vietnam to the UN, the World Trade Organisation (WTO) and other international organisations in Geneva, made the affirmation while representing ASEAN member countries to address the 43rd session of the Office of the High Commissioner for Human Rights (OHCHR) in Geneva on February 24. Mai stressed that with the dogged determination to realise the UN Convention on the Rights of the Child, the ASEAN members would continue close cooperation with the UN’s organisations to promote children’s rights, particularly in the context of evolution of the fourth industrial revolution, climate change, and disease outbreaks. The Vietnamese … [Read more...] about Vietnam highlights ASEAN’s efforts in protecting children’s rights

Kuala Lumpur (VNA) – Malaysian King Sultan Abdullah Sultan Ahmad Shah has decided to consult all 221 members of parliament on a one-on-one basis to determine who has the majority support to become the next Prime Minister. The first 90 lawmakers were invited for consultation on February 25 while the remainder will be met the following day. What the King practices is said to be in line with Malaysia’s Federal Institution, which gives him power to appoint a Prime Minister to advise him in the exercise of his functions. Mahathir Mohamad submitted his resignation as Malaysia's Prime Minister on February 24. Shortly after, he also resigned as Chairman of Parti Pribumi Bersatu Malaysia (Bersatu) – or the United Indigenous Party of Malaysia founded and led by him. At the same time, the party announced it was quitting the ruling Pakatan Harapan (PH) coalition. Mahathir, 94, took office as Malaysian PM in May 2018, for the second term. He once held the … [Read more...] about Malaysian King consults lawmakers to decide new PM

According to Lambert, $22 billion over five years is a big number, but it’s not insurmountable. In fact, Viet Nam is in a better position than many. Whereas the Philippines, India, and other Asian countries have privately funded a large portion of their infrastructure, the private sector has historically only funded 10 per cent of Viet Nam’s. That means there is a lot of scope for Viet Nam – particularly given its compelling growth story – to attract more infrastructure investment. … [Read more...] about Viet Nam needs new approaches to fund development: ADB expert

Hanoi (VNA) – The Vietnamese banking sector, now undergoing drastic restructuring, will have more opportunities to improve its financial capacity as well as learn modern business models and management from their European partners after the EU-Vietnam Free Trade Agreement (EVFTA) takes effect, according to insiders. The sector will become more attractive to European investors than ever before as Vietnam has pledged to allow them to hold up to 49 percent of charter capital at two Vietnamese banks. The maximum rate of foreign ownership is now capped at only 30 percent. The offer will be applicable to only joint stock banks, excluding BIDV, Vietinbank, Vietcombank and Agribank, in five years. European credit institutions must comply with Vietnam’s regulations on procedures for mergers and acquisitions, as well as safe and competitive conditions, comprising limits on shareholding rate for individual and institutional investors on the basis of national treatment. Currently, … [Read more...] about Banking sector to cash in on benefits from EVFTA

Moreover, Vietnam now adopts a visa exemption policy for South Koreans, making it more difficult to track arrivals from South Korea as passengers can travel from affected areas to non-affected localities before making their entry into the Southeast Asian country, Deputy Minister of Foreign Affairs To Anh Dung told the meeting. … [Read more...] about Vietnam shall quarantine all from COVID-19-hit areas in South Korea: PM