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The Hanoitimes - Local airlines could see a decline in revenue of up to VND65 trillion (US$2.7billion) due to the pandemic, much higher than an earlier estimate of VND30 trillion (US$1.27 billion). The Vietnamese Ministry of Transport has proposed support policies that include removal of import and environmental taxes for airlines that are suffering from the Covid-19 pandemic. Airplanes of Vietnamese airlines are parked at an airtport. The proposal includes exemption of the import tax and environmental protection tax for aviation fuel from January 23 to the end of 2020 or 90 days after the government officially declares the pandemic has been contained. In case there is no state budget-sourced relief funding for air carriers, the ministry requested a decrease of 50% on import tax and environmental protection tax on aviation fuel. In addition, the airlines, through the transport ministry, also proposed to be extended from tax payment and other budget … [Read more...] about Vietnam transport ministry proposes support for coronavirus-hit airlines

Singapore’s overall unemployment rate continues to fall in January. (Photo: businesstimes.com.sg) Singapore (VNA) - Singapore’s overall unemployment rate continued to fall in January thanks to economic stabilisation, according to latest figures released by the Ministry of Manpower (MOM) on March 3. The overall unemployment rate edged down to 3.2 percent, from 3.3 percent in December, while the resident unemployment rate was 4.3 percent, down 0.1 percent. The citizen unemployment rate was unchanged at 4.5 percent, having earlier decreased from 4.7 percent in November. There were 101,900 unemployed residents in January, of which 89,300 were citizens. Minister of Manpower Josephine Teo pointed to initiatives like the Jobs Support Scheme and the SGUnited Jobs and Skills Package that helped Singaporeans stay employed, together with tripartite efforts coordinated by the National Jobs Council. Since September 2020, the Jobs Growth Incentive has also helped to … [Read more...] about Singapore’s unemployment rate falls to 3.2 percent in January

According to the comprehensive plan to develop the IT human resources, Vietnam needed 1 million workers in the IT field in 2020. Yet the reality shows that there are only 600,000 IT students being trained in 400 higher educational institutes and 8 key IT training centers nationwide. Statistics from the Institute of Information Technology Strategy (under the Ministry of Information & Communications) show that 72 percent of IT students lack practical experience, while 42 percent are weak at team work. Only 15 percent of IT graduates satisfy the demands of employers. Vietnam now has over 700 IT companies working in key fields of the IT industry, including 220 foreign ones. They mostly locate in major cities or software parks. Notably, despite a high job potential, the AI field still attracts little attention from both learners and trainers. There is no formal university department or school to specifically provide tertiary education in this field. Most curriculum focus on … [Read more...] about HCMC focusing on training AI human resources

Khanh Hoa province, on the south-central coast, has recently been leading the way in attaining attraction from both domestic and foreign financiers when it comes to the gas and electricity sector. Among the suitors is one from the United States, proposing the Millennium gas power project with a forecast capacity of 14,400MW and 17 million tonnes of storage for liquefied natural gas (LNG) per year. Joining in are Embark United Co., Ltd. and US Quantum Corporation to establish a 6,000MW gas power venture and a port warehouse to receive and process six million tonnes of LNG per year. Japanese investors did also not ignore the opportunity to develop gas power projects in Khanh Hoa, as Sumitomo Corporation proposed to invest in a 3,000MW gas power scheme and a storage system for three million tonnes of LNG per year, while J-Power Co., Ltd. wants to invest in a gas turbine power project with a capacity of 3,000MW. Despite a slightly slower approach, the province is also seeing the … [Read more...] about Full steam ahead for LNG capacities to omit fossil fuels

The long process of project approval from competent government agencies and the serious impact of COVID-19 have helped mergers and acquisitions in real estate sector become more active. A recent report released by VNDirect Securities Corporation stated that mergers and acquisitions (M&A) deals, especially in transferring part of large-scale real estate projects, were considered one of the fastest solutions for foreign developers when they want to jump into the Vietnamese real estate market, as well as for the domestic developers expanding their land fund and investment portfolios. This report also cited that some projects from giant developers are currently in the negotiation process with most expected to be completed this year. “Thanks to the improvement of the legal system in the Law on Investment, a range of deals will be done within this year with total value up to more than $1 billion,” the report cited. According to Tran Khanh Hien, deputy director of the Research at … [Read more...] about M&A pushing ahead real estate market