Day: July 19, 2022

Malaysian Prime Minister Datuk Ismail Sabri Yaakob has affirmed that a suitable mechanism of action for the implementation of targeted subsidy is being formulated to ensure that the assistance provided by the government will be received by the deserving groups.

He said at the Dewan Rakyat (House of Representatives) sitting on July 18 that various aspects of the mechanism needed to be fine-tuned so that the allocation set aside by the government to help the people of the country did not end up being arbitrarily enjoyed by irresponsible parties, including foreigners.

Ismail Sabri said the government is also in the midst of combating smuggling activities involving subsidised items, such as cooking oil, at the industrial level and at national borders.

To combat smuggling activities at the borders, he said the government had ordered the Royal Malaysia Police and the Armed Forces to be involved, apart from the enforcement team from the Ministry of Domestic Trade and Consumers Affairs.

Elaborating, Ismail Sabri said in order to help Malaysian families cope with the rising cost of living, the government had allocated subsidies of over 77 billion RM (17.5 billion USD), compared to the original allocation of 31 billion RM, for 2022.

The PM said the subsidies given by the government had also caused the country’s inflation rate to be at 2.8%, the lowest in Southeast Asia./.

Source: Vietnam News Agency

Both Vietnam and Laos treasure their traditional comradeship and fraternity, Le Hoai Trung, head of the Vietnamese Party Central Committee’s Commission for External Relations told the press.

Trung made the comment in an interview at the end of a three-day trip to Laos, beginning July 17, of a Vietnamese delegation led by Politburo member and permanent member of the Party Central Committee’s Secretariat Vo Van Thuong to attend the celebration of the 60th anniversary of the bilateral diplomatic ties and 45 years of the signing of the Vietnam-Laos Treaty of Amity and Cooperation.

Regarding celebrations of the two major anniversaries which were held simultaneously in the two countries on July 18, the official said Lao leaders and people are deeply moved by the speech of Party General Secretary Nguyen Phu Trong at the celebration in Hanoi. He added that the Lao side appreciated the affirmation by Party General Secretary Nguyen Phu Trong that Vietnam gives the highest priority to the relations with the Lao Party, State and people.

According to Trung, Lao Party General Secretary and State President Thongloun Sisoulith also pledged to consistently work with the Vietnamese Party and State to promote the special relationship.

The official said during the Lao visit, the high-ranking delegation of the Vietnamese Party and State led by Politburo member Thuong attended the grand celebration in Vientiane. Thuong also had meetings with Lao Party General Secretary and State President Thongloun Sisoulith, Prime Minister Phankham Viphavanh, NA Chairman Xaysomphone Phomvihane, and other Lao leaders and former leaders Thuong and his entourage also attended other celebration activities, including an exhibition on the Vietnam-Laos relations, and visited joint economic projects in the neighbouring country.

The delegation conveyed the special sentiments of Vietnamese Party, State and people towards Laos, and their appreciation for the support and cooperation of the Lao Party, State and people for Vietnam through different periods.

The two sides also compared notes on specific orientations to implement agreements reached by the Party chiefs and senior leaders of Vietnam and Laos in sectors, particularly national defence-security, culture-social affairs, and economy, Trung said./.

Source: Vietnam News Agency

Vietnam has one of the newest and most dynamic start-up scenes in Asia, and it has emerged as a hub for start-ups, according to the recently released Emerging Giants in Asia Pacific report.

The report, launched by HSBC and KPMG, cited start-up data platform Tracxn as showing that Vietnam was home to just 1,600 start-ups at the start of the COVID-19 pandemic, but that total has jumped to more than 3,000 now, including four unicorns.

Driving the country’s digital economy are a large and young population willing to test and adopt new technology consumer services, supportive government policies, and a surge in overseas funding.

Although Vietnam’s per capita GDP remains relatively low compared to others in the region, its economy is expanding faster than any other market. Growth is predicted to hit 5.5% in 2022 and 6.5% in 2023, near pre-COVID-19 expansion levels, according to World Bank estimates.

The report said VNG, a Ho Chi Minh City-headquartered super-app provider, is Vietnam’s longest-standing successful start-ups to date. Launched in 2004 as a gaming business, but with offerings including chat app Zalo, which now has more than 60 million users, and e-wallet ZaloPay, it reached unicorn status as far back as 2014.

Riding the surge in e-commerce, deliveries and online media boosted by the pandemic, VNLife, operator of B2B mobile payment provider VNPay, became Vietnam’s second unicorn in 2020.

Venture capital deals surged to 1.1 billion USD in 2021, up from 301 million USD in 2020 and 330 million USD in 2019. By year-end, two more companies were also unicorns: game developer Sky Mavis and the country’s most widely used e-wallet MoMo.

“Vietnam has emerged as a hub for start-ups, closely competing with the likes of Indonesia and Singapore. With a young, energetic and educated population, high smartphone and internet penetration, and strong government support, Vietnam should maintain its position as a compelling destination for tech entrepreneurs and investors, making the country a thriving environment for potential unicorns,” said Tim Evans, CEO of HSBC Vietnam.

While e-commerce accounts for less than 5% of all retail sales, its value rose by more than half in 2021.

Luke Treolar, head of strategy at KPMG Vietnam, said similar high growth rates can be expected for the next several years, adding if that happens, the country will have Southeast Asia’s second biggest digital economy, behind Indonesia, by the end of the decade./.

Source: Vietnam News Agency

Vietnam always gives the highest priority to consolidating and enhancing the great friendship, special solidarity and comprehensive cooperation with Laos, including the traditonal cooperative ties between their legislatures, Permanent Vice Chairman of the Vietnamese National Assembly and President of the Vietnam-Laos Friendship Parliamentarians Group Tran Thanh Man affirmed on July 19.

During his talks with Vice President of the Lao National Assembly and President of the Laos-Vietnam Friendship Parliamentarians Group Sounthon Xayachak in Hanoi, Man congratulated the Lao Party, State and people on their great, comprehensive achievements.

Briefing the guest on Vietnam’s situation, he emphasised that Vietnam is always aware of Laos’s valuable contributions to and support in each of its achievements.

Reviewing the bilateral cooperation last year and the first half of 2022, the legislator said the two sides have maintained high-ranking delegation exchanges and meetings, as well as the implementation of high-level agreements and cooperation plans through all channels.

Man highlighted the official visit to Laos by NA Chairman Vuong Dinh Hue last May, the agreement on the annual meeting between the two Politburos and the 44th meeting of the Vietnam-Laos Inter-governmental Committee last January which reaped significant outcomes.

He suggested the two NAs prioritise accelerating the implementation of the agreement reached by the Politburos this year, and another between the legislatures, covering the exchange of delegations and the sharing of experience in law and policy making.

The two legislative bodies should maintain their close coordination and mutual support at multilateral forums, he added.

For her part, Sounthon congratulated the Vietnamese Party, State and people on achievements they have recorded over the past time, which, she said, have seen the significant contributions of the Vietnamese NA.

The official expressed her impression on national construction and development in Vietnam, particularly the realisation of the resolution adopted at the 13th National Party Congress, the five-year socio-economic development plan and the “dual” goals of COVID-19 containment and socio-economic development.

Congratulating Vietnam on the success of the third session of the 15th NA, Sounthon considered important decisions and policies adopted at the meeting valuable lessons for the Lao side.

The Lao legislator said she believed that the bilateral legislative ties will grow further, both intensively and extensively, despite the complicated developments in the regional and international situation.

Sounthon pledged to work harder to preserve and promote the great friendship, special solidarity and comprehensive cooperation between the two countries.

She used this occasion to thank the Vietnamese Party, State and people for their gift – the Lao NA building, which is a symbol of the Vietnam-Laos great friendship and special solidarity.

The Vice President suggested the two sides exchange more delegations this year and continue with cooperation activities, especially the organisation of workshops where they can share professional experience.

The two sides should also further their effective coordination at regional and international parliamentary forums, she said.

The Vietnamese, Lao and Cambodian legislatures agreed to elevate the meeting of their NA Committees for External Relations to the NA Chairman level, she said, urging Vietnam to share its experience in organising the event as Laos will play the host next year.

Both sides firmly believed that with joint efforts, the legislative ties will be deepened, helping to consolidate and enhance the Vietnam-Laos great friendship, special solidarity and comprehensive cooperation.

After the talks, the Lao delegation had a working session with the NA Standing Committee’s Board for Deputy Affairs./.

Source: Vietnam News Agency

The State Bank of Vietnam (SBV) has issued a written document allowing the Military Commercial Joint Stock Bank (MB) to establish a 100%-owned bank in Cambodia on the ground of its branch in Phnom Penh.

Accordingly, MB Cambodia Bank, Public limited Company (MBCambodia) is headquartered at No 146, Preah Norodom Avenue, Tonle Basak ward, Chamkar Mon district, Phnom Penh.

The MB is requested to carry out the procedures for opening the bank in accordance with the host country’s regulations and submit a report to the SBV within 14 working days before starting its operation.

Earlier in 2021, the MB announced its plan to convert its branch in Cambodia into a 100% commercial bank. It also intended to transfer 36-39% of the subsidiary’s charter capital to a foreign strategic partner to implement a new business strategy that focuses on developing the Micro Finance segment on a digital banking platform.

The establishment of the bank is expected to increase capital mobilization, expand business activities in the Cambodian market, and improve the efficiency of the MB’s equity. It will also be the foundation for the bank to strongly develop other financial services such as insurance and securities in the country.

Regarding its business results in the first six months of this year, MB CEO Colonel Luu Trung Thai said that the group’s revenue was approximately 29.9 trillion VND (1.2 billion USD) with a profit of 11.9 trillion VND. The bad debt ratio was at 0.94%./.

Source: Vietnam News Agency