Vietnam ranks 63rd out of 113 economies in new global index of digital entrepreneurship systems

Illustration. (Photo: diendandoanhnghiep.vn)Vietnam is ranked 63rd out of 113 global economies in a global ranking of digital environment and support systems for entrepreneurs, a new index developed by the Asian Development Bank (ADB).Released earlier this week as part of the Asian Development Outlook (ADO) 2022, the Global Index of Digital Entrepreneurship Systems GIDES ) puts Singapore in the first place, followed by the United States and Sweden.“Digital entrepreneurship helped economies stay afloat during the COVID-19 pandemic, and it can become a major engine of growth and innovation in the post-pandemic world,” said ADB Chief Economist Albert Park.“For this to happen, there needs to be a supportive environment enabled by conducive policies and incentives. While the environment for Asia’s digital entrepreneurs made substantial strides in the past couple of years, there’s still a lot of room for improvement.”The index measures the quality of the environment for digital entrepreneurs by looking at the level of digitalisation in eight areas, namely culture, institutions, market conditions, infrastructure, human capital, knowledge, finance, and networking.In addition to investing in digital infrastructure such as bro adb and networks, governments need to promote political stability, reliable legal systems, open and competitive markets, and strong property rights.For Asia and the Pacific as a whole, an insufficiently supportive culture is among the biggest weak spots when it comes to nurturing digital entrepreneurship. One example is a general lack of public appreciation for the vital role that entrepreneurs play in economic progress. One way to change this is to improve the public perception of entrepreneurship through education./.

September 23, 2022 04:51 UTC


Vietnam rejects some int’l organisations’ prejudices on human rights situation

Spokeswoman of the Ministry of Foreign Affairs Le Thi Thu Hang (Photo: VNA)- Vietnam’s consistent policy is to protect and promote the basic rights of people, Spokeswoman of the Ministry of Foreign Affairs Le Thi Thu Hang said during the ministry’s regular press conference on September 22.Hang made the statement in reply to reporters’ queries on Vietnam's reaction to some international human rights organisations’ controversial opinions about Vietnam's candidacy for the United Nations Human Rights Council (UNHRC) as they believe that the country's achievements in this field are poor and lack cooperation with the UNHRC.“We completely reject the untruthful, unobjective contents with bad prejudices that some foreign organisations have raised about the situation in Vietnam,” she stressed. Vietnam ’s consistent policy of protecting and promoting human rights has been specified in the 2013 Constitution and many other legal documents, the spokesperson stated, adding that the country's efforts and achievements in the work have been recognised and appreciated by the international community.Most recently, in March 2022, Vietnam published a voluntary midterm report on the implementation of Universal Periodic Review (UPR) third cycle recommendations, which demonstrates the responsibility of a member state, as well as the transparency and seriousness of Vietnam towards the UPR mechanism in particular and in the implementation of international commitments on human rights in general.“Vietnam also actively shows the spirit of cooperation with the special procedures of the UN Human Rights Council, and regularly maintains a bilateral human rights dialogue mechanism with several countries, and is willing to provide and exchange issues of mutual concern in the spirit of frankness, openness and mutual respect,” she added./.

September 22, 2022 17:30 UTC


Malaysia sets up special committee to help job scam victims

Abdul Latiff Ahmad, Minister in the Prime Minister's Department for Special Functions (Photo: malaymail.com/Shafwan Zaidon)A multi-agency special committee led by Malaysia's foreign ministry will be formed to ensure Malaysians who are victims of job scam syndicates and are stranded in other countries are brought home safely. Abdul Latiff Ahmad , Minister in the Prime Minister's Department for Special Functions, said the decision to establish the special committee was agreed upon at the September 21 Cabinet meeting.“The issue was seriously discussed and the government is very concerned about the plight of Malaysians stranded in these countries and their worried families. "The establishment of the special committee is evidence of the government's commitment to ensuring that the Malaysian victims are brought home safely”, he said in a statement on September 21.One day earlier, Prime Minister Ismail Sabri Yaakob said the government would ensure that Malaysians who have fallen victim to job scams in several countries are brought home safely and efforts were being made through certain channels for this purpose.As of September 12, the number of victims of fake job syndicates who had been rescued from Cambodia totalled 143 from the 158 cases reported, apart from 16 Malaysians rescued from Thailand, 27 from Laos and five from Myanmar.Dr Abdul Latiff advised Malaysians to contact the Foreign Ministry if they received any job offers from overseas to ensure the offers are legit so as not to get caught in fraud scams./.

September 22, 2022 09:01 UTC


Vietnam must ramp up production of feed raw materials

A farmer distributes feed to pigs in a farm in the southern province of Dong Nai. (Photo: VNA)- Increasing domestic supply of raw materials is among the highest priorities for the development of Vietnam’s livestock feed industry in the future, said policymakers and industry experts.In recent decades, the overreliance on imported raw materials has been identified as a major shortcoming of the industry. The country's fast-expanding livestock sector has a huge demand for feed, one that domestic producers could only meet just over 40%.The Southeast Asian country imported 22.3 million tonnes of raw materials, with a large part made up of corn and soybean oil, worth of 10 billion USD in 2021 alone.Increasing domestic supply, however, will likely prove to be a tall order, which requires solid groundwork and meticulous plans from both the Government and producers.Vo Quang Nhan, head of the marketing department at Woosung Vietnam JSC., a large producer in southern Vietnam with an extended distribution network in the Mekong Delta, said the industry has been struggling with rising prices and on-and-off supply of raw materials as a result of disruption in the global market.In the last few years, Woosung has been working around the clock to find domestic suppliers among the country's many agricultural hubs as a way to compensate and lessen the reliance on imported raw materials.However, Nhan said a key priority for major feed makers was a stable supply of standardised input, which remains a challenging task for small-and-medium-sized suppliers to pull off.Similarly, CP Vietnam, the country's leading livestock supplier, said they have been in talks with over 300 domestic suppliers across the country. A CP Vietnam spokesperson said the country views domestic suppliers as a key component of and the cornerstone for a sustainable supply chain.In a recent meeting with the local authority of southern Dong Nai province, Dutch feed maker De Heus said the corporation considered the development of Vietnamese suppliers a must-do to ensure a sustainable supply chain.Industry experts have long voiced concerns over the industry's overreliance on imported materials, which renders it particularly vulnerable to market shocks.Dr Che Minh Tung from HCM City University of Agriculture and Forestry said feed alone could account for up to 80% of livestock costs yet the country has not been able to produce many key components that made up its animal feed portfolio.In order to reduce reliance on imported raw materials and develop a sustainable supply chain, the country must start planning, with significant support from the Government, for production centres. Measures must also be taken to boost investment, both from domestic and international businesses, in the industry./.

September 21, 2022 23:56 UTC


Garment sector's local procurement rate up but challenges ahead

Production line of Jasan Textile and Dyeing Vietnam. Policies are needed to attract investments in dyeing and weaving to increase the supply of materials for the production of garments for export. (Photo: VNA/VNS)The textile and garment industry's local procurement reached a record high rate of 57 % in the first eight months of this year, approaching the target of 60% set for 2025, Le Tien Truong, chairman of the Vietnam National Textile and Garment Group (Vinatex), said.He added that this is a big improvement as the rate had remained at around 50% for a long time.Vinatex’s report also revealed that the whole industry's export revenue between January and August was worth 30.2 billion USD, a rise of nearly 20% over the same period last year and the highest growth rate of the past decade. It was estimated that the industry ran a trade surplus of around 17 billion USD in the eight months.Truong said that among textile and garment exporting countries, Vietnam was the earliest to ease restrictions for normal operation after the COVID-19 pandemic compared to Bangladesh, India and China, which enabled the country to grab the opportunity to promote garment exports.However, challenges remain for the rest of the year, he said.He pointed out that other exporting countries are also applying similar policies to promote post-pandemic recovery and resume normal production and business. The Vietnam Trade Office in Sweden recently said that the EU and other Nordic countries such as Norway and Iceland are requiring the textile and garment industry to develop more sustainably and circularly.These countries set stricter requirements for natural and synthetic fibres, which must be organic, recycled or of biological origin.

September 21, 2022 19:47 UTC


Deputy Defence Minister receives out-going Indian Ambassador

Deputy Defence Minister Sen. Lt. Gen. Hoang Xuan Chien (R) meets with Indian Ambassador Pranay Verma on September 20. (Source: VNA)– Deputy Defence Minister Sen. Lt. Gen. Hoang Xuan Chien on September 20 received Indian Ambassador Pranay Verma who has concluded his tenure in Vietnam, and Defence Attaches at the Indian Embassy in Vietnam Col. Varadan Kumar and Col. Dheeraj Kotwal.The Deputy Defence Minister appreciated the Indian Ambassador’s efforts and contribution to promoting the friendship and multifaceted cooperation between the two countries.He noted that during Ambassador Pranay Verma’s tenure, the Vietnam-India comprehensive strategic partnership has constantly been strengthened across the fields, including defence.Chien said senior military officers of the two countries have maintained mutual visits and meetings on the sidelines of multilateral forums and annual cooperation mechanisms. The two sides have also intensified collaboration in training, defence industry, UN peacekeeping activities and strategic research.The deputy minister thanked the Indian government for helping train hundreds of Vietnamese military officers and providing non-refundable aid and credit packages for the Vietnamese Defence Ministry.He expressed a belief that Pranay Verma , be in any new position, will continue to work to enhance the ties between the two countries and two armies.Deputy Minister Chien also thanked Defence Attache Col Varadan Kumar for his contribution to bolstering the bilateral defence cooperation during his tenure in Vietnam. He welcomed the new Indian Defence Attache, Col Dheeraj Kotwal, pledging that the Defence Ministry will create the best possible conditions for him to fulfil his mission in Vietnam.Ambassador Pranay Verma said he wishes the two countries will continue to promote bilateral defence cooperation in defence industry, maritime security and UN peacekeeping activities while supporting each other at multilateral forums./.

September 21, 2022 01:33 UTC


Vietnam seen as a rare economic bright spot amid global uncertainties: Bangkok Post

– Amid global concern over inflation and rising interest rates, Vietnam has emerged as a rare economic bright spot, boasting healthy GDP growth and an array of opportunities, according to a story published by Thailand-based Bangkok Post on September 19.Vietnam, an emerging market with one of the highest growth rates in the world, has drawn significant investments from abroad, said the article, titled “Towering above the rest.”The country's bourse often offers a high rate of return on investment, while the nation is not expected to suffer from the high inflation and rising interest rates that developed countries are plagued by, raising the possibility that these nations might enter a recession soon, it said.In August, as bourses in developed markets declined, Vietnam's stock markets rebounded by more than 4% thanks to continued capital inflows and economic stimulus measures launched by the government. Vietnam's monetary policy is relatively moderate, particularly when compared with developed countries.There are four key factors contributing to strong economic growth and attracting investors to Vietnam, making it one of the few countries offering high returns, the artcile cited investment firm One Asset Management (ONEAM) as saying.To start with, Vietnam's economy has continued its sturdy expansion despite the pandemic. Most recently, second-quarter GDP rose 7.7% year-on-year, accelerating from 5% in the previous quarter.A recovery in consumption and the service sector following the reopening of the country at the end of last year contributed to such growth. ONEAM analysts believe GDP growth for 2022 could soar to 6.1-6.5%.Second, data from Vietnam's Planning and Investment Ministry indicates that foreign direct investment (FDI) strengthened the country's reserves.Third, land reform policies, such as land appraisal using market prices and limits on agro-industrial areas not exceeding 20 hectares per factory, have been applauded. The policies are seen as ensuring that land benefits the vast majority of the population, not just the wealthy.Finally, Vietnam's stock exchange revised its securities trading regulations by reducing the settlement date from two to 1.5 days, which is expected to facilitate the launch of more sophisticated products in the future, according to ONEAM./.

September 20, 2022 00:51 UTC


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