Day: November 3, 2022

 

The Indonesian tourism sector hoped to reap benefits from the G20 summit and the Global Tourism Forum Annual Meeting to be held in Bali in November.

 

Addressing a recent press conference, Minister of Tourism and Creative Economy Sandiaga Uno estimated that each tourist or delegate attending the G20 Summit will spend 2,000-3,000 USD.

 

Therefore, the host country will collect 100-150 million USD from 50,000 guests attending this year’s summit.

 

Bali will host the Global Tourism Forum Annual Meeting from November 17-18, gathering 300 major enterprises to discuss the future of the tourism industry./.

 

Source: Vietnam News Agency

 

The annual merge and acquisition forum (M&A Vietnam Forum) in 2022 will be held in Ho Chi Minh City on November 23, according to the organising board.

 

The event, to be organised by Vietnam Investment Review with the sponsorship of the Ministry of Planning and Investment, will be themed “Igniting new opportunities”.

 

Addressing a press briefing to provide information about the event, Le Trong Minh, Editor-in-Chief of Vietnam Investment Review, said that the Vietnamese economy has recovered strongly after the COVID-19 pandemic and shown strong resilience against impacts from the outside.

 

The domestic business community’s development needs in the new context require a strong injection not only in terms of capital but also new technological know-how and modern management skills, Minh said, adding that it’s time for M&A activities to prove the prominence in helping businesses complete their growth target.

 

Nguyen Cong Ai, Deputy General Director of KPMG Vietnam, cited statistics from GlobalData showing that in the third quarter of 2022 saw a drop of 48% in the value of M&A deals. He stressed that the global M&A market is likely to experience a crisis next year.

 

In Vietnam, in the first 10 months of this year, 5.7 billion USD was poured into M&A deals, down 35.3% year on year. Singapore was the leading country in cross-border transactions with about 1.2 billion USD, followed by the US (570 million USD) and the Republic of Korea (370 million USD), he added.

 

However, PE Fund and Venture Capital still saw strong growth in the first months of this year despite uncertainties in the capital market and bad debt. In particular, Vietnam’s innovation startup ecosystem in 2022 is forecast to draw about 2 billion USD.

 

The above signs show that the M&A market in Vietnam is likely to remain bustle, especially in the context tightened domestic capital and many businesses are forced to restructure, sell assets and call for investment due to financial pressure.

 

The M&A Vietnam Forum, expecting the participation of more than 500 delegates, will focus on M&A opportunities amid the fluctuating market, and the building of new values.

 

On the sidelines of the event, a number of activities will be held to provide chances for business to meet and seek partnership./.

 

Source: Vietnam News Agency

Prime Minister Pham Minh Chinh will pay an official visit to Cambodia from November 8-9 and attend the 40th and 41st Summits of the Association of Southeast Asian Nations (ASEAN) and related summits from November 10-13, the Foreign Ministry announced on November 3.

 

The Foreign Ministry said the PM’s visit and attendance of the events will be made at the invitation of Cambodian Prime Minister and Chair of ASEAN 2022 Samdech Techo Hun Sen./.

 

Source: Vietnam News Agency

A meeting was held on November 3 in Cat Ba Biosphere Reserve in the northern port city of Hai Phong in response to the first International Day for Biosphere Reserves.

 

Addressing the event, Deputy Minister of Natural Resources and Environment Vo Tuan Nhan said that the day is being celebrated for the first time in Vietnam and many other countries, affirming the significance of sustainable lifestyle in harmony with the environment.

 

He said that in order to create the legal foundations for the management and protection of the world biosphere reserves, for the first time, regulations on the establishment of the spaces, the nomination for the title and the management and environment protection in the areas have been included in the Law on Environmental Protection 2020 and guiding documents.

 

In Vietnam, the world biosphere reserves have become sustainable socio-economic development models of the host localities, he said.

 

However, the official also pointed out a number of difficulties in the management and development of the areas, and highlighted the need for central agencies and localities with biosphere reserves to join hands in promoting the values and important role of the spaces, and calling for community engagement.

 

To date, Vietnam has 11 UNESCO-recognised world biosphere reserves covering about 14.69% of the country’s total natural area.

 

According to UNESCO, biosphere reserves have shown that it is possible to live in this world while also establishing a sustainable and harmonious relationship with nature.

 

The International Day for Biosphere Reserves is an invitation to take inspiration from the solutions already implemented in these spaces to build genuinely sustainable development everywhere, with full respect for nature and for the living world. It was proclaimed by the UNESCO General Conference in its 41st session./.

 

Source: Vietnam News Agency

 

The Inspection Commission of the Party Central Committee held the 22nd meeting on November 1-2, deciding disciplinary measures on a number of Party organisations and officials.

 

The commission issued a reprimand to the Party civil affairs board of the provincial People’s Committee of Dong Thap in the 2021-2026 tenure, for their violation of working regulations and lax leadership which enabled the provincial People’s Committee and some organisations and individuals to breach the Party’s regulations and the State’s laws in bidding and purchasing medical materials serving pandemic control.

 

The commission also gave a reprimand to Pham Thien Nghia, Vice Secretary of the provincial Party Committee, Secretary of the Party civil affairs board of and Chairman of the provincial People’s Committee; and Ngo Hong Chieu, former member of the provincial Party Committee and former director of the province’s Finance Department.

 

Meanwhile, Doan Tan Buu, member of the provincial Party Committee, member of the Party civil affairs board of and Vice Chairman of the provincial People’s Committee; and Nguyen Lam Thai Thuan, member of the provincial Party Committee and director of the Health Department, were given a warning.

 

The commission also concluded that the standing boards of the Party Committees of the Shipbuilding Industry Corporation (Vinashin) in the 2010-2015 and 2015-2020 tenures had violated the principle of democratic centralism and working regulations as well as slackened leadership and supervision, thus enabling the Members’ Council, the Board of Managers, affiliates and some individuals to breach the Party’s regulations and the State’s laws in financial management, causing great losses and waste of State assets and funding.

 

According to the commission, the standing boards of the Party Committees of Vinashin in the 2010-2015 and 2015-2020 tenures; Vu Anh Tuan, Secretary of the Party Committee and Chairman of the Members’ Council of Vinashin; Cao Thanh Dong, member of the standing board of the Party Committee, member of the Members’ Council and Director General of the corporation; and some other individuals must bear responsibility for the above mentioned violations and mistakes.

 

The commission agreed that disciplinary measures should be taken against them.

 

Besides, the commission decided to give a warning to the standing board of the Party Committee of the Public Security Department of An Giang province in the 2015-2020 tenure and some incumbent and former senior officers of the department. Several other officers were reprimanded.

 

The Party civil affairs board of the provincial People’s Procuracy of An Giang in the 2015-2020 and 2020-2025 tenures along with a number of incumbent and former senior officials of the agency were given a warning.

 

The Party civil affairs board of the provincial People’s Court of An Giang in the 2015-2020 and 2020-2025 tenures along with a number of incumbent and former senior officials of the agency were also given a warning.

 

The commission also gave warnings to some Party organisations and incumbent and former officials in An Giang province.

 

Examining the outcomes of inspections of the provincial Party Committee of Soc Trang province, the commission noted that the standing board of the committee had committed some wrongdoings and mistakes, creating the conditions for some organisations and individuals to violate the Party’s regulations and the State’s laws in personnel work, land management and use, and asset declaration.

 

The commission required the board to correct the mistakes and examine the responsibility of related organisations and individuals, and report back the outcomes to the commission.

 

Several other issues were also tabled for consideration at the meeting./.

 

Source: Vietnam News Agency

 

Ho Chi Minh City is committed to creating favourable conditions for Danish firms to make long-term investments and run businesses in green economic development, stated Vice Chairman of the municipal People’s Committee Vo Van Hoan while hosting Crown Prince of Denmark Frederik Andre Henrik Christian on November 3.

 

Hoan asked Danish enterprises to share their experience, invest, and transfer technology to the southern metropolis so it can implement the Government’s net zero commitment.

 

HCM City is willing to be a gateway to the ASEAN market for Danish products, he said.

 

In response, the Crown Prince, who is on a visit to Vietnam from October 31-November 3, commended Vietnam’s determination to its net zero goal for 2050.

 

Noting that the city and its neighbouring localities house more than 80% of the Danish businesses in Vietnam, he said Denmark, with its strength and experience in green and renewable energy development, is ready to cooperate with HCM City in the field of green economy and sustainable growth.

 

He suggested the two sides exchange experience and team up to develop clean and circular energy serving the city’s green development.

 

Denmark is ready to welcome delegations from HCM City to visit and study the country’s experience in wind and solar power generation, he said.

 

On the same day, the Crown Prince toured a number of Danish firms operating in the city./.

 

Source: Vietnam News Agency

Minister of Construction Nguyen Thanh Nghi noted several causes of and solutions to some urban development issues while fielding questions from legislators at the National Assembly’s ongoing fourth session in Hanoi on November 3.

 

Tran Van Lam, a deputy from Bac Giang northern province, pointed out frequent flooding in big cities like Hai Phong, Ho Chi Minh City, Can Tho and Hanoi, as well as urban areas in Lao Cai and Quang Ninh provinces, whenever heavy rains occur. He also complained about traffic congestion as a result of the high-density construction.

 

These issues have existed for a long time but have yet to be addressed, he said.

 

Admitting unsolved flooding in cities, Minister Nghi said the main causes include the natural conditions of those areas, climate change, fast urbanisation that has led to shrinking lakes and ponds, thus reducing water drainage capacity, planning yet to meet development demand, slow drainage projects, and limited resources for infrastructure.

 

In the time ahead, the Construction Ministry will focus on improving planning which must take into account climate change and sea level rise, invest more in urban infrastructure, promote inspections of construction activities, and concertedly build water supply facilities, he noted.

 

Replying to a question about degraded housing and infrastructure in many residential areas in Hanoi, the official said in recent years, many localities have boosted urban development through housing construction. Many residential and housing areas have been built, but a number of them haven’t handed over technical infrastructure to local authorities for management.

 

He blamed that problem on vague legal regulations on construction and urban development, prolonged project implementation, some investors lacking a sense of responsibility towards infrastructure maintenance, and limited resources of local administrations.

 

The ministry will continue overhauling legal rules, assign detailed responsibility for urban infrastructure management to the parties concerned, and propose administrative fines for violations of rules in this regard, Nghi added./.

 

Source: Vietnam News Agency