Day: November 1, 2022

The ringgit should start to strengthen against the US dollar from the second quarter of next year onwards and settle at the 4.40 level in the fourth quarter of 2023, Malaysian news agency Bernama reported, citing a note released by  AmBank Research.

 

The local currency saw its weakest valuation against the US dollar on March 31, 1998, at 4.88 RM/USD, and the ringgit is expected to weaken further in the first quarter of 2023 to 4.8 against the dollar, the research house said.

 

AmBank Research also forecast the interest rate differential between Malaysia and the United States would narrow in the second half of 2023.

 

The positive impacts of the 12th Malaysia Plan, foreign direct investment, domestic direct investment, domestic activities, exports and better management of inflation and Budget 2023 should provide the necessary comfort for the economy to expand around 4.5% in 2023, it said.

 

Expectations are for Bank Negara Malaysia to raise another 25 basis points in November 2022 and another 25 basis points in January 2023, it said, adding that this will bring the policy rate back to the pre-COVID-19 level of 3%.

 

Despite a strong full-year GDP forecast of around 7.5% to 8%, AmBank said the ringgit is poised to stay weak due to the dollar play./.

 

Source: Vietnam News Agency

 

Leaders of the Vietnamese Party and State attach importance to the pragmatic and effective cooperation between the legislative bodies of Vietnam and China, especially in the context of both countries accelerating the building of law-governed socialist states, Vietnamese Party General Secretary Nguyen Phu Trong affirmed at his meeting with the top legislator of China in Beijing on November 1.

 

At the meeting with Chairman of the Standing Committee of the National People’s Congress (NPC) of China Li Zhanshu, Trong noted that the two legislatures play a very important role in the national construction and development of each country.

 

The two leaders lauded the fruitful cooperation between the two countries’ law-making bodies over the past time, and proposed that the Vietnamese National Assembly and China’s NPC continue to step up the exchange of experience in law building, carry forward their role in supervision and promotion of the two governments’ implementation of common perceptions and agreements reached by high-ranking leaders of both countries.

 

They also suggested the two sides maintain and enhance the exchange of delegations at all levels, while coordinating at regional and international multilateral parliamentary forums.

 

For his part, Li highlighted the significance of the Vietnamese Party chief’s visit, expressing his firm belief that it will define the orientation for the comprehensive strategic cooperative partnership between the two Parties and countries to develop to a new level.

 

He emphasised that as both countries are led by the communist party, developing relations between the two Parties and countries is all the more important, and expressed his delight at positive developments of the ties between the two countries across all spheres, including the cooperation between the Vietnamese National Assembly and the NPC.

 

Li said the fast growing bilateral economic, trade and investment ties have brought pragmatic benefits to people of both countries, adding that exchanges and collaboration between their ministries, agencies and localities have become more fruitful.

 

He also noted that people-to-people exchanges, including young generations, has been stepped up with diverse activities, creating a good social foundation for the bilateral relationship to grow in a healthy and stable manner./.

 

Source: Vietnam News Agency

The Directorate of Water Resources has asked Mekong Delta localities to take preventative measures to mitigate the impact of high tides coming at the end of this month.

 

It sent a document to the departments of agriculture and rural development of the delta’s 12 provinces and the city of Can Tho to warn about the impact of the high tides to agricultural production and the lives of locals.

 

The high tides are estimated to last during October 26-31 and their levels are higher than the average of many years such as 2011, 2018, 2019 and 2020, which had high levels of high tides, said the directorate.

 

In Soc Trang province, the ongoing high tides are expected to reach their peak at 2.25-2.35 metres high, equal to or higher than the levels of the high tides two weeks ago.

 

The ongoing high tides are estimated to reach their peaks at 2.1-2.5 metres high in Can Tho and 2.05-2.15 metres high in Vinh Long province, lower than the levels of high tides two weeks ago.

 

The directorate has warned that the high tides can affect agricultural production in low-lying areas which have low and weak embankments and dykes along the Tien and Hau rivers and the coastal areas of Tien Giang, Ben Tre, Tra Vinh, Vinh Long, Hau Giang, Soc Trang, Bac Lieu, Ca Mau and Kien Giang provinces and Can Tho.

 

It has asked the departments to check dykes and embankments and consolidate weak ones to mitigate the impact of high tides on agricultural production, especially perennial trees.

 

The delta’s provinces and Can Tho should set up plans to cope with flooding when there are heavy rains during the high tides, it said.

 

The Vinh Long provincial Steering Committee for Natural Disaster Prevention and Control, Search and Rescue has asked the province’s localities to strictly monitor the situation of rains and flooding and inform local people so they can take proactive preventative measures.

 

Localities should inspect and relocate households living in erosion-prone places to safe areas, and prepare human and material resources to cope with high tides and flooding, it said.

 

Phan Van Dung, deputy head of the office of the Hau Giang provincial Steering Committee for Natural Disaster Prevention and Control, Search and Rescue, said the province has set up preventative measures to cope with high tides in combination with heavy rains.

 

Local people in Hau Giang have been instructed to build embankments to protect fruit orchards and fish ponds, and prepare pumps to pump flood waters out of fruit orchards.

 

The province’s local authorities have installed warning billboards at flood-prone roads to ensure the travel safety of locals.

 

Two weeks ago, the delta’s provinces and Can Tho faced high levels of high tides which severely affected the lives of locals and agricultural production.

 

In Can Tho, the last high tide deeply inundated many streets in the city’s central areas, affecting travel. The city let students stay at home for five days.

 

In Vinh Long province, the last high tide flooded 500ha of rice, vegetable and fruit crops, more than 500 houses and 68 fish ponds, and broke 28 embankment sections and eight dams./.

 

Source: Vietnam News Agency

The Chinese Party and State highly value the friendly neighbourliness and comprehensive strategic cooperative partnership with Vietnam, affirmed Wang Yang, Chairman of the Chinese People’s Political Consultative Conference (CPPCC) National Committee, at his meeting with General Secretary of the Communist Party of Vietnam (CPV) Nguyen Phu Trong in Beijing on November 1.

 

Wang congratulated Vietnam on its great achievements under the CPV’s leadership, and expressed his delight at the nations’ thriving relations. He noted that the Vietnamese and Chinese Parties place the people at the centre of their operations.

 

The CPPCC will work with the Vietnam Fatherland Front (VFF) to step up the countries’ exchanges and cooperation, and continue to innovate people-to-people exchange methods in contribution to consolidating and strengthening a solid social foundation and developing bilateral relations in a healthy and stable manner, Wang said.

 

In response, Trong stressed that the VFF and CPPCC play a very important role in the socio-political aspect of each nation, especially in promoting the strength of great national unity, and mobilising social forces and domestic and foreign resources for national development.

 

The Party and State of Vietnam attach great importance to the two bodies’ roles in the Vietnam-China relationship, and highly appreciate the effectiveness of their cooperation over the past time, the Party chief stated.

 

He asked the VFF and CPPCC increase their exchanges and contacts at all levels; enhance practical and effective collaboration in a flexible manner; and expand people-to-people exchanges for improved mutual trust and friendship between the countries.

 

The Party General Secretary suggested the two sides work on the organisation of the 2nd friendship exchange between the VFF Central Committee and the CPPCC National Committee, as well as between the VFF’s chapters in seven Vietnamese border provinces and the CPPCC’s chapters in two Chinese provinces/regions that share a border./.

 

Source: Vietnam News Agency

 

 

Chinese media has highlighted the visit of General Secretary of the Communist Party of Vietnam (CPV) Central Committee Nguyen Phu Trong from October 30 to November 1.

 

Xinhua News Agency on October 31 published an article featuring the talks between the Vietnamese leader and General Secretary of the Communist Party of China (CPC) Central Committee and President of China Xi Jinping.

 

Citing the leaders’ remarks, the article said the two agreed on the need to persistently materialise the “16 words” guideline – “friendly neighbourliness, comprehensive cooperation, long-term stability and future-oriented thinking” – and the “four-good” spirit – “good neighbours, good friends, good comrades, good partners”.

 

They also agreed to consolidate the traditional friendship, enhance strategic exchanges, promote political trust, satisfactorily address differences, and advance the Vietnam-China comprehensive strategic cooperative partnership to a new period, according to the article.

 

In another article, Beijing Evening News focused on the three outstanding features of the visit, saying Trong was the first foreign leader to visit China after the 20th CPC National Congress and it was also the first overseas trip by the Vietnamese leader following the 13th CPV National Congress.

 

Moreover, this was the first time China has received a foreign leader on an official visit after three years of the COVID-19 pandemic, the article added.

 

The article said Vietnam-China relations have been developing fruitfully, noting that over the years, thanks to joint efforts by high-ranking leaders of the two Parties and countries, especially close contact between the two Party chiefs, the bilateral relationship is on the right track and developing strongly./.

 

Source: Vietnam News Agency

The Independent newspaper in Russia published an article by Grigory Trofimchuk, an analyst of international politics, regarding the significance of the visit to China of General Secretary of the Communist Party of Vietnam (CPV)’s Central Committee Nguyen Phu Trong as well as the nations’ relations.

 

In the article, the expert affirmed that the trip is especially important because it marks the first international meeting taking place after Xi Jinping was re-elected as General Secretary at the 20th National Congress of the Communist Party of China (CPC). This is also the first foreign trip of General Secretary Nguyen Phu Trong since the 13th National Congress of the CPV.

 

Trofimchuk said the visit shows that the relationship between Vietnam and China is reaching a new height.

 

The article highlighted that despite COVID-19-induced barriers, the CPV and the CPC operated flexibly with high efficiency. In the 2020-2022 period, there were four phone calls between Trong and Xi.

 

Trofimchuk believed that the two Parties’ positive relations lay favourable conditions for effective and substantive cooperation between the two countries. Their bilateral trade maintains positive growth momentum given the pandemic, with Vietnam being China’s largest trading partner in ASEAN since 2016.

 

According to the article, in 2021, total trade turnover between Vietnam and China hit 165.9 billion USD, an increase of 24.6% compared to 2020. In the first eight months of 2022, bilateral import and export turnover rose by 10.8% year-on-year. Collaboration in the field of health and disease prevention, especially COVID-19 control, is also an important link in bilateral ties./.

 

Source: Vietnam News Agency