Reference exchange rate continues going up on August 4

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at 23,178 VND/USD on August 4, up 15 VND from the previous day.

With the current trading band of +/-3 percent, the ceiling rate applicable to commercial banks during the day is 23,873 VND/USD and the floor rate 22,483 VND/USD.

The opening-hour rates at many commercial banks increased.

Vietcombank listed the buying rate at 23,230 VND/USD and the selling rate at 23,540 VND/USD, both up 40 VND from August 3.

Meanwhile, BIDV added 45 VND to both rates, listing at 23,260 VND/USD (buying) and 23,540 VND/USD (selling)./.

Source: Vietnam News Agency

Vietnamese airlines reroute flights to avoid airspace near Taiwan

Passengers should access the carrier’s website www.vietjetair.com and mobile app to get flight information, it said.

On August 3, CAAV said Vietnamese airlines will adjust their flight paths in the next few days to avoid the areas near Taiwan where China plans to hold military exercises.

CAAV Director Dinh Viet Thang told Vietnam News Agency that after China had announced military drills in some areas near Taiwan (China) from August 4 noon through August 7, the CAAV held a meeting with airlines to carry out detour plans to ensure safety.

He said China’s exercises near Taiwan will affect the flights from Vietnam to the US, Taiwan, Japan, and the RoK. Therefore, to ensure safety, carriers will adjust their flight paths in which planes will not fly across or near, or have their reserve airports near the exercise areas.

The adjustment may lead to longer flight distance and time, as well as more expenses due to high fuel costs, Thang noted.

If airlines encounter difficulties when changing flight paths to other airspaces, the CAAV will help them seek permission, the official said./.

Source: Vietnam News Agency

Tropical depression to bring rains to coastal areas

A low-pressure area has developed into a tropical depression in the northern area of the East Sea, according to the National Centre for Hydro-meterological Forecasting (NCHMF).

The centre of the tropical depression was south of China’s Guangdong province with a maximum wind speed of 50 kph at 1pm on August 4.

In the next year 24 hours, it will move in the west-northwest direction at a speed of 10-15kph and enter Guangdong province of China before weakening into a low pressure area again.

Under the influence of the tropical depression, the northern part of the northern area of the East Sea will experience strong winds and rough sea, while heavy rains and strong winds are likely to occur in the coastal areas from the southcentral province of Binh Dinh to the southernmost province of Ca Mau on August 4 afternoon and evening.

Hydro-meteorological experts have warned of complicated weather developments with 10-12 storms and tropical depressions are forecast to hit the country between June and the end of the year.

According to Hoang Phuc Lam, NCHMF’s deputy director, four to six storms are likely to directly affect inland areas, approximately the same as in previous years.

During the rainy season from July to September, rainfall in the northern region is likely to be equal to or higher than the average. In contrast, the Central Highlands and the southern regions are projected to experience less rainfall. High risk of downpours and dangerous weather phenomena such as thunderstorms, whirlwinds and hail are possible on a nationwide scale./.

Source: Vietnam News Agency

RoK helps to open smart education centre in Hai Phong city

A smart education centre was inaugurated in the northern port city of Hai Phong on August 3 with the support of the education department of the Republic of Korea (RoK)’s Gyeongsangnam province.

The project forms part of a two-phase cooperation programme between the Vietnamese Ministry of Education and Training and the Korean department, with the first phase from 2009 to 2019, and the second for 2020-2024.

Under the second phase, the Korean side will continue to help with the building of the smart education centre in Hai Phong, and provide technical assistance, equipment and computers for vocational training and distance education centres in the central province of Nghe An and Hanoi’s Ha Dong district.

It will also assist nearly 500 teachers nationwide in integrated education and IT applications in teaching through training courses.

The model will inspire Hai Phong and Vietnam to apply educational achievements that have been tested successfully in the RoK, Nhan dan (People) newspaper cited Deputy Minister of Education and Training Nguyen Huu Do as saying.

The project also contributes to the relationship between Hai Phong and Vietnam and Korean localities, agencies, organisations and enterprises, he added./.

Source: Vietnam News Agency

AMM-55: ASEAN, partners review cooperation, agree on future orientations

Vietnamese Foreign Minister Bui Thanh Son joined his ASEAN counterparts in meetings with the US, India, Australia, Canada, New Zealand, the EU, and Russia on August 4 within the framework of the 55th ASEAN Foreign Ministers’ Meeting (AMM-55) and related meetings in Phnom Penh, Cambodia.

The sides spent a great deal of time reviewed cooperation progress, agreed on future orientations, and exchanged views on regional and international situations. ASEAN proposes its partners maximise advantages brought by strategic and comprehensive partnerships, cooperate with the bloc in community building, and strive for common peace, stability and prosperity. .

The countries suggested many extensive and diverse cooperation measures to assist ASEAN in building its community, accelerating recovery, and moving towards sustainable development. These measures covered trade, regional connectivity, digital transformation, climate change response, green growth, health, marine security, and anti-terrorism, among other matters.

Son and ASEAN foreign ministers (FMs) once again affirmed the consistent stance on the issues of the East Sea, Myanmar, Ukraine, the Korean Peninsula, and tensions between major countries. ASEAN reaffirmed its stance and called on all parties to uphold international law, the Charter of the United Nations, the 1982 United Nations Convention on the Law of the Sea (UNCLOS 1982), and the Treaty of Amity and Cooperation in Southeast Asia (TAC).

Countries and parties involved need to maintain dialogue, build trust, take peace as the goal and cooperation as a tool, respect the rule of law, exercise restraint, and preventing disagreements and contradictions from becoming conflicts, they said.

ASEAN also informed the partners about its activities to implement the five-point consensus on Myanmar, the progress of building a Code of Conduct in the East Sea (COC), towards building the waters into an area of peace, stability, cooperation and development.

During meetings with FMs of other countries on the sidelines of the functions, Son discussed ways to promote cooperation between Vietnam and their respective nations.

The ministers highly appreciated Vietnam’s role in the region and affirmed their desire to expand cooperation with the country. They proposed a number of measures such as delegation exchange, strengthening of economic – trade relations, and restoration of people-to-people exchanges. They emphasised a number of areas for joint work such as finance, green economy, circular economy, climate change response, and support for small and medium enterprises.

In their meeting, Son and his Chinese counterpart Wang Yi affirmed the importance of consolidating the Vietnam-China traditional friendship and comprehensive cooperation. They agreed to strengthen all-rounded collaboration and political trust, including high-level and all-level exchanges and interactions, remove obstacles in trade and response to epidemics, connect road and railway, and promote people-to-people exchange.

The Vietnamese FM affirmed that Vietnam persistently follows the One China policy, and together with ASEAN member nations calls on relevant parties to exercise restraint, avoid complicating the situation and escalating tensions, and properly handle disagreements, for peace and stability in the region and the world.

Meeting with Indian Minister of External Affairs Subrahmanyam Jaishankar, Son proposed promoting cooperation in the Mekong Subregion. The two sides agreed to prioritise sustainable management of water resources, climate change response, and cooperate between the Mekong River Commission and the National Ganga River Basin Authority.

Son and EU High Representative for Foreign Affairs and Security Policy Josep Borrell appreciated the results achieved during the implementation of the EU – Vietnam Free Trade Agreement (EVFTA). The Vietnamese minister hoped that the EU and its members will soon ratify the EU – Vietnam Investment Protection Agreement (EVIPA), remove the yellow card against Vietnamese seafood, and establish Just Energy Transition Partnership with Vietnam.

Meanwhile, Son and his Bangladeshi counterpart A.K Abdul Moment agreed to well celebrate the 50th founding anniversary of diplomatic relations next year, strive to bring two-way trade turnover to 2 billion USD, and strengthen collaboration in agriculture, tourism, culture, education and people-to-people exchanges. The Vietnamese official suggested the two sides soon organise the 3rd Joint Trade Subcommittee and the 2nd Political Consultation. He also proposed Bangladesh support Vietnam’s candidacy for the United Nations Human Rights Council for the 2023-2025 term.

Meeting with his Pakistani counterpart Bilawai Bhutto Zardari, Son agreed on the need to carry out signed agreements, and soon hold a political consultation, and meetings of the intergovernmental committee and trade subcommittee. He suggested Pakistan consider lifting import restrictions on Vietnamese aquatic products and mobile phones. The two ministers reached consensus on organising cultural promotion events on the occasion of the 50th anniversary of the establishment of diplomatic relations this year.

Also on this occasion, the ASEAN Foreign Ministers issued a statement on developments in the Taiwan Strait, expressing their concerns about the risk of instability, serious and unpredictable consequences for the region. The statement called for restraint and adherence to the principles of the UN Charter and the TAC. The ASEAN countries also reaffirmed their support for the “One China” policy; heightened the importance of cooperation, peaceful coexistence and healthy competition for the sake of peace, security, stability, inclusive and sustainable development.

The 12th East Asia Summit (EAS) Foreign Ministers’ Meeting and the 29th ASEAN Regional Forum (ARF) are scheduled to take place on August 5./.

Source: Vietnam News Agency

Da Nang, Lao province foster partnership

A delegation from Savannakhet province of Laos led by its Secretary and Governor Santiphap Phomvihane paid a working visit to the central city of Da Nang on August 3.

At the reception for the guest, Secretary of the municipal Party Committee Nguyen Van Quang highlighted the significance of the Lao delegation’s visit, especially their attendance at the International East-West Economic Corridor (EWEC) Trade and Tourism Fair – Da Nang 2022, saying that it reflects the solidarity, long-term friendship, as well as the interest in connecting for socio-economic development of the two localities’ leaders.

Quang said that the participation of Lao businesses in general and Savannakhet province, in particular, will make the fair a success, thereby further enhancing trade and investment activities between the two localities in the coming time.

For his part, the Lao official said he hopes the two localities would continue to promote cooperation in socio-economy and health, especially coordination to exploit the East-West economic corridor effectively.

Da Nang city has so far signed cooperative agreements with seven localities of Laos, including Savannakhet province. It spent more than 115 billion VND (94.9 million USD) to support five south central provinces of Laos in the 2018-2022 period. Over the next five years, the city will continue to offer scholarships for Lao students, teach the Vietnamese language and assist Laos’ localities in the fields of construction, commerce and social security as well as introduce a number of potential projects to Da Nang’s enterprises to invest in the neighbouring country./.

Source: Vietnam News Agency

Malaysia’s government debt equal to nearly 64% of GDP: finance minister

Malaysia’s Finance Minister Zafrul Aziz has recently revealed that the country’s government debt amounted to 1.045 trillion RM (234.4 billion USD) or 63.8% of its gross domestic product (GDP), but does not include the contingent liabilities of entities such as 1Malaysia Development Bhd (1MDB), its subsidiaries, SRC International Sdn Bhd and Suria Strategic Energy Resources Sdn Bhd (SSER).

Debts of 1MDB, SRC and SSER in general do not directly increase the total debt of the government, said Zafrul Aziz.

But as 1MDB, SRC and SSER are entities that receive government guarantees, the government is exposed to contingent liability risks so long as their debt commitments are yet to be resolved, he added.

The remaining debt commitments of 1MDB involving principal payments and interest on two bonds and one sukuk issuance stand at 32.08 billion RM. The remaining SSER debt commitments involving principal and interest payments amounted to 8.78 billion RM.

SRC’s debt commitment had already been completed on March 28, 2022, said the minister./.

Source: Vietnam News Agency

Int’l East-West Economic Corridor trade fair opens in Da Nang

The International East-West Economic Corridor (EWEC) Trade, Tourism and Investment Fair – Da Nang 2022 (EWEC Da Nang 2022) is underway in the central city of Da Nang, featuring more than 400 booths by 235 domestic and foreign businesses.

The annual event, which was opened on August 3, is intended to help localities along the East-West Economic Corridor introduce their socio-economic achievements, said Chairman of the municipal People’s Committee Le Trung Chinh.

It also offers a chance for countries and their localities, as well as international organisations that have set up relations with Da Nang, to promote their potential and strengths, and seek investment opportunities, he added. Notably, the fair is expected to contribute to enhancing friendship, mutual understanding and trust among the countries in the East-West Economic Corridor, the official continued.

The businesses, including those from China, Indonesia, Thailand, the Republic of Korea (RoK), the US, Myanmar and Laos, brought to the fair a range of products, from electronics to household utensils, handicrafts, food and beverages, garments-textiles, pharmaceutical products, cosmetics and services.

Within the framework of the six-day fair, there will be a forum on logistics, a workshop seeking ways to remove difficulties for industrial facilities in rural areas, and a conference on supply-demand connection, among others./.

Source: Vietnam News Agency