Indonesia’s manufacturing industry likely to grow by 5.8% in 2024
Illustrative image (Photo: https://business-indonesia.org/)The performance of Indonesia's manufacturing industry is predicted to grow by 5.8% in 2024 amidst the challenge of global geoeconomic and geopolitical impacts , according to Minister of Industry Agus Gumiwang Kartasasmita.Agus said that the manufacturing industry is playing its role as the backbone of national economic growth, noting that the government has well managed macro management tools to help the sector maintain growth momentum in the future.The crucial role of the national manufacturing industry is reflected in its contribution, which is classified as the largest to national GDP, with an achievement of 16.83 percent in the third quarter of 2023, he said.In the same period, the manufacturing industry’s growth reached 5.02%, which may exceed the national economic growth, at 4.94 %, Agus added.The industry is also consistently the largest contributor to Indonesia's export value. In the January-November period, exports of manufactured products still dominated, with a value of more than 171.23 billion USD, the minister said.According to a report by safeglobal.com, Indonesia is among the top 10 manufacturing countries in 2023, accounting for 1.4% of the global manufacturing output. It is also the only ASEAN nation named in the list./.
Source:Viet Nam News
January 15, 2024 16:12 UTC
Italian firms seek partners to enhance partnership in Việt Nam's agricultural mechanisation
HÀ NỘI — Information related to research and survey in the field of agriculture, especially production, and trade of agricultural machinery, was shared and discussed at an online seminar on mechanisation in agricultural production in Việt nam, on January 15. The mechanisation level in Việt Nam's agriculture is relatively low compared to other countries in the region and the world, according to IAEPT Director Phạm Anh Tuấn. While the agricultural machinery market in Việt Nam has significant potential, it also faces challenges. Director of the Italian Trade Office in Việt Nam, Fabio De Cillis, highlighted that Italy is among the top 20 agricultural machinery suppliers in Việt Nam. Cillis also mentioned that smart agriculture development is a key aspect of restructuring the agricultural sector and combating climate change in Vietnam.
Source:Viet Nam News
January 15, 2024 16:06 UTC
Italian firms seek to boost partnership in agricultural mechanisation in Vietnam
Illustrative image (Photo: VNA)Information related to research and survey in the field of agriculture, especially production, and trade of agricultural machinery, was shared and discussed at an online seminar on mechanisation in agricultural production in Vietnam, on January 15.Jointly held in Hanoi by the Institute of Agricultural Engineering and Post-harvest Technology (IAEPT) under the Ministry of Agriculture and Rural Development and the Italian Embassy in Vietnam, the event aimed to help Italian mechanical businesses understand more about the Vietnamese market.According to IAEPT Director Pham Anh Tuan, the mechanisation level in Vietnam's agriculture still remains low compared to other countries in the region and the world.The forestry industry records the lowest level of synchronous mechanisation, only about 30%, he said, stressing that to increase added value of and sustainably develop the agriculture sector, synchronous mechanisation is needed.Research reports indicate that the agricultural machinery market in Vietnam has great potential but faces a number of challenges.Engine equipment in Vietnam still lags behind the average level in other ASEAN countries. Domestic manufacturers have a relatively low market share, and their machinery production capacity can only meet 32% of the market demand.According to Director of the Italian Trade Office in Vietnam Fabio De Cillis, Italy is among the top 20 agricultural machinery suppliers in the Southeast Asian nation.He said that there is ample room for foreign businesses to become partners of Vietnam in providing mechanisation and modernisation solutions, advanced technologies and efficient agricultural machinery, towards meeting growing demand and contributing to the development of the sector.Cillis suggested that smart agriculture development is one of the orientations in restructuring the agricultural sector and combating climate change in Vietnam, and this offers an opportunity for Italian businesses to contribute to developing smart farming methods and affordable solutions that are highly adapted to the demand of Vietnamese farmers.Tuan expressed his hope that Italian businesses will invest in support industry, thus helping Vietnam integrate, access technology faster, and increase the rate of mechanisation in agricultural proudction./.
Source:Viet Nam News
January 15, 2024 15:42 UTC
Vietnamese industries eye ambitious export goals in 2024
Strong political ties with countries such as China, the US, and the EU have also created momentum for establishing economic, trade, and investment partnerships. Import and export activities are forecast to become more active thanks to a less daunting global and domestic economic landscape. The above-mentioned are incentives for key industries in Việt Nam, such as textiles and fisheries, to set ambitious export goals for this year. “We will continue to find more material supply sources and expand export markets through enhanced marketing activities and connecting with direct customers,” Cẩm said. He said tax support policies are also a great way for textile businesses to increase production and have more resources to achieve green transformation and fulfil global market requirements.
Source:Viet Nam News
January 15, 2024 14:24 UTC
Petrovietnam sets ambitious goals for 2024
HÀ NỘI — In 2024, the National Oil and Gas Group (Petrovietnam) has raised its goals from 2023, setting higher targets to ensure continuous growth and sustainable development. The group aims to increase the total oil and gas reserves to 12-18 million tonnes of oil equivalent, exceeding the 2023 plan of 8-16 million tonnes. Other production goals include 1.74 million tonnes of fertiliser, 27.78 billion kWh of electricity, and 5.79 million tonnes of petroleum (excluding Nghi Sơn). The total revenue of the entire Petrovietnam Group is expected to reach VNĐ734.2 trillion (US$30.6 billion), exceeding the 2023 plan by VNĐ56.5 trillion. To achieve these goals, Petrovietnam identifies six core solution groups, including mechanisms and policies, enterprise management, finance, investment, market and technology, training, safety, environment and sustainable development.
Source:Viet Nam News
January 15, 2024 13:45 UTC
VIETNAM NEWS HEADLINES JANUARY 15/2024
Bac Liêu Province develops new-style rural areasBạc Liêu Province is taking measures to develop advanced new-style rural communes under the national programme of building new-style rural areas. Up to 15 of the 49 new-style rural communes have been recognised as advanced new-style rural communes, and three of them as exemplary new-style rural communes. A new-style rural commune must meet the programme’s 19 criteria related to infrastructure, irrigation, electricity, the environment, income, education, healthcare, social security, culture and others, while advanced new-style rural communes require higher standards across all criteria. It aims to have 42 advanced new-style rural communes and 15 exemplary new-style rural communes in 2025. It has also developed smart hamlet models because an exemplary new-style rural commune must have at least one smart hamlet model.
Source:Viet Nam News
January 15, 2024 11:49 UTC
Market to enter "Low zone" ahead of Lunar New Year as risk factors emerge
HÀ NỘI — The stock market is poised to enter a phase of limited supportive information leading up to the 2024 Lunar New Year, with several emerging risk factors that could impact the overall market trend. With the continued presence of supply, a correction in the next trading session is possible, but the extent of the correction may not be significant. Additionally, cash flow is expected to increase and provide support when the market retreats to lower price levels. Therefore, it is advisable for investors to closely monitor the movements of cash flow that support the market. In the short term, it is recommended to capitalise on market upswings to take profits on stocks that have reached resistance levels.
Source:Viet Nam News
January 15, 2024 01:35 UTC
Hanoi brings craft village products to the world
Many Hanoi craft village products have special value and are recognized as national treasures. Hanoi currently has 1.350 craft villages and vocational villages, accounting for 56 per cent of the total number of craft villages in the country. Hanoi has 322 craft villages, of which 274 villages are recognized as craft villages, 48 villages are recognized as traditional craft villages. "Hanoi craft village products are diverse, most have beautiful designs, good quality, some products have competitive strengths. Hanoi craft village products are currently exported to more than 40 countries and territories.”To develop production, improve competitiveness, and increase the value of craft village products, Hanoi has issued policies on preserving and developing craft villages.
Source:Viet Nam News
January 14, 2024 19:41 UTC
Vietnam advised to capitalise on domestic market to drive growth
The domestic market, encompassing trade and services, holds a significant share in GDP growth. (Photo: VNA)Hyundai Thanh Cong's automobile production line (Photo: VNA)VNAThe forecast for 2024 indicates that consumer demand will continue to be a primary contributor to Vietnam's economic growth , in addition to the ripple effects of public investment and exports.Tran Du Lich, an economic expert, asserted that it is time to fully exploit the domestic market , considering it the focal point to balance the country’s export-oriented economic policies and strengthen the economy's internal capabilities.The domestic market, encompassing trade and services, holds a significant share in GDP growth. Moreover, Vietnam's market of 100 million people remains attractive to both domestic and foreign investors.Lich highlighted key measures to bolster the market, such as tax tools, consumer credit expansion, tourism promotion, and institutional reforms.Supporting this perspective, Nguyen Quoc Viet, Vice Director of the Vietnam Institute for Economic and Policy Research (VEPR), said the service sector, especially domestic consumption, played a crucial role in GDP growth in 2023 and continues to be a major driver of economic growth this year.According to the expert, stimulating domestic consumption in the current context should not only follow traditional measures but also align with new criteria for green growth and carbon reduction. He suggested focusing on the "Vietnamese prioritising Vietnamese goods" campaign and steering support towards domestic enterprises.According to economic experts, the domestic market still holds untapped potential. While growth pillars like exports and investments face challenges, boosting the consumption pillar is the quickest, cost-effective, and potentially high-impact solution./.
Source:Viet Nam News
January 14, 2024 14:16 UTC
Rice export soars to record high in 2023
According to the Ministry of Agriculture and Rural Development, the total rice output in Vietnam increased 1.9% to 43.5 million tonnes, meeting both domestic demand and export. Experts said 2023 was full of difficulties for rice export as geo-political conflicts in the world disrupted food and input material supply. However, as a leading exporter of farm produce, particularly rice, Vietnam still managed to guarantee national food security and export growth. The quality of Vietnamese rice in the global market has also been further affirmed after the ST25 variety once again obtained the “World’s Best Rice” title recently. Rice exporters said as global supply is still low, the demand for Vietnamese rice will surge in 2024, especially from the Philippines and China./.
Source:Viet Nam News
January 14, 2024 11:17 UTC
Việt Nam draws on cartoon experience
“Next year, we want to conquer big video-on-demand platforms like Netflix, Amazon, Apple Plus, and cinema including cinemas in Việt Nam,” Anh said. “I think animation production in Việt Nam has developed well compared to a few years ago. “Vietnamese animation films are getting more and more professional and closer to the audience,” he said. Vietnamese animation films haven't made any dent in the world’s animation market so far, but that could soon change. She said besides the state-owned Việt Nam Animation SJC, there were many private companies.
Source:Viet Nam News
January 14, 2024 03:05 UTC
Breaking tradition: Women taking the lead in marriage proposals
By An PhươngIn a world filled with timeless images of men on bended knee, presenting sparkling engagement rings to their surprised brides-to-be, the notion of women taking the lead in marriage proposals remains a rarity. When it comes to women taking the initiative to propose, it remains extremely uncommon. Instead, we are expected to wait and avoid trying to rush or 'trap' men," Sang said. Freelance wedding planner Tuấn Ngọc, 28, said that proposals initiated by women like Sang are more embraced nowadays. Perhaps, the increased visibility of proposals where women take the initiative has motivated other women to venture beyond their usual comfort zones.
Source:Viet Nam News
January 14, 2024 00:57 UTC
Indonesia President visits VinFast EV manufacturing complex
Videos Dao Thuc villagers keen to preserve age-old water puppetry Dao Thuc village, about 20km from the centre of Hanoi, is the proud home of Vietnam’s water puppetry. Throughout its 300-year history, the villagers of Dao Thuc have been making major efforts to preserve the art form. Videos Vietnam experiencing vibrant sea tourist influx The tourism industry in 2024 has seen positive signals as ocean liners have bustled at ports for the past 10 days, bringing tens of thousands of foreign visitors to Vietnam. The Cherry Blossom Island has become a popular destination among tourists during the early days of each new year. Videos Standard Chartered forecasts Vietnam's 2024 GDP growth at 6.7% Standard Chartered Bank expects Vietnam to have a robust GDP growth of 6.7% in 2024, with 6.2% and 6.9% in the first half and second half of the year, respectively.
Source:Viet Nam News
January 13, 2024 23:41 UTC
Vietnamese salt coffee conquers Finnish taste buds
Three Vietnamese students conquers taste buds of the Finnish people through delicious Vietnamese salt coffee (Photo: cafef.vn)Na Uy, a 17-year-old boy from Da Nang, said that he had started selling salt coffee with his two housemates Phung Gia Phat, a 17-year-old from Ho Chi Minh City, and Pham Minh Quan, a 15-year-old from Hanoi. The coffee shop has only several old tables and chairs, some mixing tools, and painted signs in Finnish, English, and Vietnamese. Each cup of salt coffee costs EUR2, equal to VND53,000, milk coffee costs EUR1.8, equivalent to VND47,000, and black coffee costs EUR1.5, equal to VND39,000. Finnish customers enjoy Vietnamese salt coffee (Photo: cafef.vn)The story of the three Vietnamese students selling Vietnamese salt coffee also appeared in a local newspaper. In addition, they also went viral on Tiktok with millions of views thanks to their interesting videos recording customers’ reactions when trying the delicious Vietnamese salt coffee.
Source:VietNamNet News
January 13, 2024 14:42 UTC
SBS sees long-term investment risks in VOSCO
Maritime transportation companies, including VOSCO, were severely affected by the COVID-19 pandemic in 2020 and the global economic downturn. The fleet consists of eight dry cargo and bulk cargo ships, three oil tankers and two container vessels. In the challenging background, the securities firm believes that VOSCO faces investment risks in operating their dry cargo and container vessels below cost and waiting for improved freight rates to operate at higher prices. SBS recognises VOSCO as one of Việt Nam’s leading maritime transportation companies, catering to a wide range of domestic and international clients. VOSCO boasts a diverse fleet, comprising dry cargo carriers, oil tankers and container ships, operating seamlessly on both domestic and international routes.
Source:Viet Nam News
January 13, 2024 13:45 UTC