Day: October 10, 2022

Hanoi is looking to drive the sustainable development of the capital’s economy by taking a series of measures that include developing its industrial sector and product competitiveness in order to play an ever evolving role as it integrates with the global supply chain.

 

 

 

Industrial production – key driving force

 

 

 

According to the municipal Statistics Department, the city’s gross regional domestic product went up 9.69% annually in the first nine months of this year. As of the third quarter, its industrial production index rose by 12.4% year-on-year, bringing the nine-month index growth to 8.6%, providing the driving force behind the city’s economy.

 

 

 

Deputy Director of the Hanoi Promotion Agency Le Tu Luc said since the beginning of this year, Hanoi’s economy has been recovering thanks to timely measures taken to tackle difficulties in production and trade. In particular, the city is constantly focusing on manufacturers of key industrial products as the frontline force playing an important role in its development.

 

 

 

Products have global reach

 

 

 

Under a 2021-2025 programme set out by the municipal Party Committee, Hanoi is targeting a new growth model to effectively promote its potential and strengths in economic development; effectively tapping available resources; taking advantage of the achievements made in the fourth industrial revolution, and improving the production value of key industrial products.

 

 

 

To that end, the municipal People’s Committee has issued directions and projects for the development of key industrial products till 2025. The city has so far recognised 117 products at 81 enterprises, 22 of which have earned a revenue of over 1 trillion VND. Of those, 12 are among the top 500 Vietnamese businesses and 10 have global trademarks.

 

 

 

The city has set up eight key industrial sectors with thousands of products, mostly in priority and core industries such as new materials, mould production, electricity and electronics. Several firms have recorded annual revenues of over 1 trillion VND, including Son Ha Group, and Rang Dong Light Source & Vacuum Flask JSC. Others have broken the 4 trillion VND annual barrier, including Vicostone, Garment 10 Corporation and Sunhouse Group. They contribute trillions to the municipal State budget every year.

 

 

 

Ensuring capital for production

 

 

 

In order to provide capital for production and trade, local credit organisations are supporting clients and firms hit by COVID-19 by restructuring debt payment terms, offering lowered lending rates or exemptions, as well as loans to sustain production and trade. As of the end of September, total outstanding loans in the city stood at 2.851 quadrillion VND, up 1.1% month-on-month and 10.2% compared to late 2021.

 

 

 

Nguyen Minh Tuan, Director of the State Bank of Vietnam (SBV)’s municipal branch, said banks are constantly in touch with firms to offer loans at preferential rates. Any firm interested in more capital can apply for the SBV’s 40 trillion VND loan package for 2022-2023 at an annual interest rate of 2%.

 

 

 

Vice Chairman of the municipal People’s Committee Nguyen Manh Quyen said Hanoi is committed to standing side-by-side with firms to ensure the production of key industrial products, contributing to the city’s common development. He also suggested industrial enterprises adopt technological advancements in production to raise quality to international standards, and by doing so join global manufacturing and supply chains.

 

 

 

To fulfil the goals set out in Plan No. 267/KH-UBND on the development of key industrial products in Hanoi in 2022, the Hanoi People’s Committee will improve the business environment, assist manufacturers of key industrial products in sci-tech and  human resources development.

 

 

 

It will also award outstanding key industrial products and issue investment trade mechanisms and policies in support of the field./.

 

Source: Vietnam News Agency

Thailand’s baht opened at 37.60 to the US’s dollar on October 10, hitting a 26-year low.

 

 

 

Market strategist Poon Panichpibool at the bank Krungthai, as cited by The Nation newspaper, predicted the currency would likely move between 37.20 and 37.90 during the week.

 

 

 

Poon said that the fluctuating baht might weaken to near its resistance level between 37.80 to 37.90 if the market remains in a risk-off state over concern of another US Federal Reserve rate hike and the falling gold price.

 

 

 

He advised monitoring inflows to Thailand after a slowdown in selloffs of Thai assets by foreign investors helped curb the baht’s weakening.

 

 

 

Meanwhile, he said the dollar could continue to strengthen and advised close monitoring of US inflation via the latest consumer price index./.

 

Source: Vietnam News Agency

 

Croatia always supports to boost ties with Vietnam in various areas and serves as a gateway for Vietnam to enhance cooperation with the European Union, Croatian President Zoran Milanović told visiting Vietnamese Vice President Vo Thi Anh Xuan during a meeting on October 10.

 

 

 

Milanović affirmed that Croatia supports the EU’s early removal of “yellow card” warning on Vietnamese aquatic products. He added that the European nation is ready to share its experience in sustainable aquaculture with Vietnam.

 

 

 

Vice President Xuan, who is on an official visit to Croatia from October 9-11, stressed that Vietnam always treasures and wishes to boost bilateral traditional friendship and all-around cooperation, which was founded decades ago.

 

 

 

She thanked Croatia for providing 60,000 COVID-19 vaccine doses for Vietnam in late 2021 as well as supporting the negotiation and signing of the EU-Vietnam Free Trade Agreement (EVFTA) and early approval of the EU-Vietnam Investment Protection Agreement (EVIPA), which have opened up up opportunities in fields of each country’s strength and demand such as marine economy, agriculture, food processing, logistics and clean energy.

 

 

 

Both sides agreed to enhance the exchange of all-level delegations, especially those at high level and reached consensus on measures to intensify bilateral ties, particularly in economy, trade and investment, as well as expand cooperation into the most promising areas such as tourism, transport, education-training and sports.

 

 

 

On the occasion, Xuan conveyed President Nguyen Xuan Phuc’s invitation to President Milanović to visit Vietnam. The Croatian President accepted the invitation with pleasure and wished to visit Vietnam at the earliest.

 

 

 

On the same day, Xuan met with Deputy Speaker of the Croatian Parliament Ante Sanader, who considered the Vietnamese delegation’s visit an opportunity for Croatia to strengthen its relations with Vietnam.

 

 

 

The Vice President stated Vietnam wishes to promote the traditional friendship with Croatia in all fields through all Party, State, government, parliament and locality-to-locality channels.

 

 

 

Appreciating the Croatian Parliament for being one of the first in the EU to ratify the EVIPA, she proposed the body continue to encourage parliaments of other EU countries to soon ratify the deal so that it will take effect as soon as possible, creating a legal basis to promote trade and investment cooperation between Vietnam and the bloc in general and Croatia in particular.

 

 

 

Both officials agreed to consider the early signing of a cooperation agreement between their parliaments and a possibility of establishing their friendship parliamentarians’ groups.

 

 

 

Earlier on October 10, Xuan visited the University of Zagreb, suggesting Vietnam and Croatia soon sign an agreement on educational cooperation, implement join projects on scientific research and innovation, and establish a direct student exchange mechanism between the University of Zagreb and Vietnamese universities.

 

 

 

On October 9, she had a meeting with staff at the Vietnamese Embassy in Hungary and Croatia, and representatives of the Vietnamese community there./.

 

Source: Vietnam News Agency