Day: February 1, 2023

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Banks lower saving interest rates right after Tet

The race of interest rate hikes among commercial banks is showing signs of cooling down as many banks have adjusted down the rate by several percentage points per year after the Lunar New Year (Tet) holiday and have set stricter conditions for customers to enjoy the high rates.

 

At Techcombank, the highest deposit interest rate at the bank is currently 9.2% per year, against 9.5% per year before Tet. To enjoy the 9.2% interest rate, depositors must be a VIP customer with minimum savings of 3 billion VND over 12 months. For regular customers, the rate for 6-month deposits at the bank is also down to 8.5% per year from more than 9% before Tet.

 

At Sacombank, the highest interest rate before Tet was 9.8% per year. However, the highest rate is currently only 9.2% per year, applied to online deposits with terms from 15 to 36 months.

 

Saigonbank, which was the first bank to list a deposit interest rate of up to 10.5% per year last year, also lowered the savings interest rate. Accordingly, the highest interest rate at the bank is only 9.5% per year, applicable to 13-month deposits, both online and at the counter.

 

The same move was seen at BaoVietBank. Before Tet, customers could receive the highest interest rates of 9.8%, 10.2% and 10.3% per year for six-month, 13-month and 15-month terms, respectively, under a special savings deposit. However, the programme has ended and the rate of more than 9% is currently only applied on online channels.

 

Specifically, when depositing through EzSaving/ BAOVIET Pay for a 6-month term, customers can receive the highest interest rate of only 9.3% per year. For terms of 13 and 15 months, the rate is 9.4% and 9.5%, respectively.

 

Some other banks also lowered their highest interest rates such as DongABank (from 9.85% to 9.5% per year); BacABank (from 9.8% to 9.5% per year); and VietCapitalBank (from 9.5% to 8.9% per year).

 

At the four biggest banks BIDV, VietinBank, Agribank and Vietcombank, interest rates, in general, have not changed much compared to before Tet. BIDV and VietinBank both are listing the highest interest rate of 8.2% per year while the figure at Agribank is 7.9% and Vietcombank 7.4%.

 

According to experts, savings at banks declined in the fourth quarter of last year due to the seasonal factor of Tet when firms concentrated capital to produce goods and pay year-end bonuses to employees while individuals also often reserved more cash to spend for Tet. At that time, banks had to increase interest rates to lure deposits to ensure liquidity.

 

However, after Tet when cash flows into banks again, the banks’ liquidity is under less pressure. Therefore, banks also do not need to raise deposits with high interest rates.

 

According to finance expert Dinh The Hien, cash will continue to flow into banks as the savings rates remain high compared to those of previous years.

 

Deposit interest rates in the first quarter of 2023 will be commonly at 6.5-7% per year at large-sized and good-quality banks and 8-9% at small-sized banks, Hien forecast, expecting that by the end of the second quarter of 2023, the interest rate will return to the normal level at around 7% per year./.

 

Source: Vietnam News Agency

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Google Doodle honours first female Vietnamese newspaper editor Suong Nguyet Anh

The world’s most popular search engine Google paid tribute to Suong Nguyet Anh, the first female editor of the first women’s newspaper in Vietnam by posting a drawing of her on its homepage on February 1.

 

On this day in 1918, the first publication of “Nu Gioi Chung” (Women’s Bell) newspaper, where Nguyet Anh was editor in chief, was published.

 

The drawing of Nguyet Anh on Google Doodle was illustrated by Hanoi-based guest artist Camelia Pham. In honour of one of her most popular poems based around apricot blossoms, the Doodle artwork incorporates apricot blossoms and an apricot colour palette.

 

Nguyet Anh was born on March 8, 1864, in An Binh Dong village of southern Ben Tre province.

 

She became the country’s first female editor in chief when she started writing for “Nu Gioi Chung” newspaper in Saigon under the pen name Suong Nguyet Anh, meaning Widowed Nguyet Anh. Many of the newspaper’s issues focused on women’s roles in Vietnamese culture and society.

 

Suong Nguyet Anh is best remembered for her bright mind and personality, as well as her resilience through adversity. She served as a pioneer for women writers and editors in the country whilst paving the way for generations to come.

 

She had connections with people from all walks of life and treated everyone with respect. She passed away on January 21, 1921, at age of 57.

 

There are several streets named after Suong Nguyet Anh in cities across the country, including in Ho Chi Minh, Da Lat, and Vung Tau./.

 

Source: Vietnam News Agency

 

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State Treasury to auction 400 trillion VND worth of government bonds in 2023

 

The State Treasury has announced that it plans to raise 400 trillion VND (over 17 billion USD) worth of Government bonds via auctions on the Hanoi Stock Exchange (HNX) this year.

 

In the first quarter of 2023, the State Treasury will offer 108 trillion VND worth of G-bonds with different maturities, including 5-year and 7-year bonds valued at 8 trillion VND, 10-year and 15-year bonds each valued at 45 trillion VND, and 5 trillion VND worth of 20-year and 30-year bonds each.

 

On February 1, the HNX organised three auctions of 5-year bonds worth 500 billion VND, and 10-year and 15-year bonds worth 5 trillion VND each.

 

The State Treasury said in 2023, the agency will issue G-bonds closely following market developments, and the revenue collection and disbursement progress of the public investment capital plan from the State budget.

 

It will manage interest rates of auctioned G-bonds in line with the Government’s direction of fiscal and monetary policies, and issue G-bonds with different maturities to meet the needs of investors, thus promoting the liquidity of the G-bond market, raising more capital for the State budget and supporting the development of the capital markets./.

 

Source: Vietnam News Agency

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DPRK media highlights friendship relations with Vietnam

The Radio Voice of Korea on February 1 broadcast an article, highlighting the unchanged friendship relationship over the time with Vietnam on the occasion of the 73rd founding anniversary of diplomatic ties between the Democratic People’s Republic of Korea (DPRK) and Vietnam (January 31, 1950 – 2023).

 

The article emphasised that the establishment of diplomatic relations between the DPRK and Vietnam reflected the common aspiration of the two countries’ people, which was to fight against imperialism, and strengthen solidarity and friendship in the common struggle for socialism, independence and self-reliance.

 

The DPRK-Vietnam relationship has developed to a new height, the article noted.

 

In 2022, leaders of the two countries exchanged congratulatory messages to each other on the occasion of the 74th founding anniversary of the DPRK, and the 77th anniversary of the establishment of the Democratic Republic of Vietnam (now the Socialist Republic of Vietnam).

 

The traditional friendship between the two countries will continue to develop in the coming time, in line with the interests of their people, the article said.

 

The people of the DPRK attach great importance to the friendship relationship with Vietnam, it added./.

 

Source: Vietnam News Agency

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96% of urban household wastes to be safely processed in 2023

Vietnam targets having 96% of urban household wastes collected and processed up to standards this year, said Director of the Ministry of Natural Resources and Environment’s Vietnam Environment Administration Hoang Van Thuc.

 

Up to 92% of operating industrial and processing areas will have concentrated wastewater treatment systems while 40% of household wastes will be processed through incineration, electricity generation, and recycling models instead of landfilling, Thuc said.

 

Last year, Vietnam’s recycling industry expanded by 11.3% annually, placing the country the 10th globally in terms of metal, plastic, paper and glass recycling, laying a foundation for circular economic development

 

The Vietnamese Government has set a goal to raise the rate of solid waste collected and safely treated to 100% in 2050 as part of the approved national strategy on green growth for 2021-2030 with a vision to 2050.

 

Overall, the strategy aims at restructuring the economy in connection with renewing the growth model to achieve economic prosperity, environmental sustainability, social equality towards a green economy, carbon neutrality, and contributing to limiting global warming.

 

Per the strategy, by 2050, 100% of urban areas will have their drainage systems completed to remove the possibility of flooding. All waste water will be treated following technical standards.

 

In special-class and first-class municipalities, public transport will handle at least 40% and 15%, respectively, of passenger volumes.

 

Meanwhile, by the time, at least 45 urban areas will ratify and implement their own master plans on developing green growth city./.

 

Source: Vietnam News Agency

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Exhibition honouring General Vo Nguyen Giap kicks off in Quang Binh

 

A poetry and photographic exhibition on late General Vo Nguyen Giap opened on February 1 in the central province of Quang Binh as part of activities to celebrate the 93rd founding anniversary of the Communist Party of Vietnam (February 3, 1930-2023).

 

The exhibition entitled “Theo Dau chan Dai tuong Vo Nguyen Giap” (In the Footsteps of General Vo Nguyen Giap) features 110 poems by teacher-poetess- journalist Nguyen Thi My Dung. She had the unique opportunity to meet and write many poems about the talented general over a span of more than 20 years.

 

The poems introduce to the public stories and images on the historic victory of Dien Bien Phu and the life and career of the general.

 

The exhibition consists of three themes.

 

The first theme entitled “The Way to the Historic Victory of Dien Bien Phu” introduces the scenes of the Dien Bien Phu military campaign under the command of Gen. Giap.

 

The second  features the simple and everyday moments of the legendary general. Meanwhile, the third affirms the sentiments of the people for Gen. Giap and pays tribute to his great contributions to national liberation and reunification.

 

Jointly organised by the Quang Binh Museum and the Vietnam Women’s Museum, the exhibition will run until February 20./.

 

Source: Vietnam News Agency

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Vietnamese university up 97 places in Webometrics ranking

Vietnam National University (VNU) – Hanoi climbed 97 places to rank 661st in the latest Webometrics Ranking of World Universities in 2023, which was announced on February 1 by the Cybermetrics Lab, a member of the Spanish National Research Lab.

 

The university also remains the No.1 among the top 10 Vietnamese establishments named in the list. Others include Ton Duc Thang University, Duy Tan University, Nguyen Tat Thanh University, Hanoi University of Science and Technology, Ho Chi Minh City University of Technology, University of Economics Ho Chi Minh City, Industrial University of Ho Chi Minh City, Da Nang University and Can Tho University.

 

Since 2004, the Webometrics Ranking is published twice a year, covering more than 31,000 higher education institutions worldwide.

 

It is a ranking chart to assess the digitalisation capacity and impact, academic resources of higher education institutions based on indicators of volume of the website content (presence), the extent of website system and online information’s impact (impact/visibility), openness on academic resources on Google Scholar (openness), and scientific citation index on Scopus database system (excellence) of a higher education institution./.

 

Source: Vietnam News Agency

 

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Pilot posthumously awarded Fatherland Protection Order

Acting President Vo Thi Anh Xuan on February 1 signed a decision to posthumously award the Fatherland Protection Order to Major Colonel, pilot Tran Ngoc Duy who died in a military training aircraft crash one day ago.

 

The decision stated that upon reviewing the Prime Minister’s proposal dated February 1, 2023, the President decided to posthumously award the third-class Fatherland Protection Order to Lieutenant, pilot Duy, Deputy Squadron Leader – Chief of Staff of Squadron 1, Regiment 921, Division 371 of the Ministry of National Defence’s Air and Air Defence Force for his outstanding achievements and sacrifices while performing air combat training missions, contributing to the cause of socialism building and national defence.

 

Earlier, the Ministry of National Defence decided to posthumously promote him from the rank of Captain to Major Colonel. The Central Committee of the Ho Chi Minh Communist Youth Union also decided to posthumously award the “Brave Youth” badge to him.

 

On January 31, Duy piloted a military jet SU22 in a training session. At 12:27 pm, while landing, the aircraft encountered a problem.

 

The pilot was ordered to parachute, but he tried to fix it instead. The aircraft eventually crashed and he died./.

 

Source: Vietnam News Agency