(VEN) - Fitch Ratings has upgraded Vietnam’s credit rating based on its increased foreign exchange reserves, economic growth, stable macroeconomic policies and growing foreign direct investment (FDI) inflows. Vietnam’s foreign-exchange reserves continued to improve, rising to USD37 billion by end-2016 and US$49 billion by end-2017 The rating agency said Vietnam’s long-term foreign-currency issuer default rating has been upgraded to BB with a stable outlook, from BB-, and that it expected Vietnam to remain among the fastest-growing economies in the Asia-Pacific region. “Vietnam’s track record of policy-making focused on strong macroeconomic performance has been improving,” the agency said on May 14, adding that growth of 6.7 percent is expected this year amid strong foreign investment levels, continued manufacturing expansion and a boost in private spending. The upgrade puts Vietnam on the second-highest speculative grade and on … [Read more...] about Fitch Ratings boosts Vietnam’s report card
Report cards
EC yellow card for seafood reported to continue until January 2019
EC yellow card for seafood reported to continue until January 2019Trung Chanh Farmers dry fish in the sun. Vietnam has not received any notifications about yellow card monitoring of Vietnam’s seafood, which will be continued until January 2019 by the European Commission - PHOTO: TRUNG CHANH HCMC – Vietnam has not received any notifications about yellow card monitoring of Vietnam’s seafood, which will be continued until January 2019 by the European Commission (EC) under the European Union (EU), said Truong Dinh Hoe, general secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP). Hoe told the Daily that the association had received information through a TV channel that the EU has decided to ask Vietnam to continue, until January 2019, dealing with issues related to the EC’s yellow card warning against the country’s inadequate action to handle illegal fishing. He also said that an official notification has yet to be received. … [Read more...] about EC yellow card for seafood reported to continue until January 2019
Vietnamese banks urged to smarten up magnetic stripe cards amidst information theft
Vietnam is urging for a bank card upgrade from magnetic stripe to chip in order to prevent information theft. Authorities need to rush the completion of a chip card system, said Nguyen Kim Anh, Deputy Governor of the State Bank of Vietnam in a meeting on standardizing EMV, also known as chip cards, in Vietnam. The move came after 12 users of Vietnam Bank for Agriculture and Rural Development (Agribank) reported loss of money in their bank accounts on April 24, which raised concerns over the security of magnetic stripe cards. First used in the 1970s, the magnetic stripe card is now showing less reliability as thieves can easily steal cardholder information by using a “skimmer”, a device that captures the details in the card without the users knowing. For this reason, many countries have switched to the so-called smart or chip cards, which are believed to offer higher security. China, with a population of over 1.4 billion people, has almost completed … [Read more...] about Vietnamese banks urged to smarten up magnetic stripe cards amidst information theft
Vietnam ranked 6th among countries with highest women business ownership: report
With 31.3 percent of businesses in Vietnam owned by women, the country has been ranked sixth out of 53 surveyed economies in terms of share of women business owners. The country has maintained its position from last year and continues to surpass its Southeast Asian peers, China and the U.S. in the ranking by Mastercard. In the top five, Ghana took the lead, followed by Russia, Uganda, New Zealand and Australia. The credit card company said Vietnam “stands out as an outperformer” as it ranks the country 18th worldwide it its Mastercard Index of Women Entrepreneurs (MIWE). Vietnam scored 65.5 points overall in the index, which is based on three components: women’s advancement outcomes, knowledge assets and financial access, and supporting entrepreneurial conditions. On the global MIWE map, Vietnam closely resembles Thailand and Hong Kong in Asia, Switzerland and Poland in Europe, and Costa Rica and Colombia in Latin America. Vietnam’s strength is distinct in … [Read more...] about Vietnam ranked 6th among countries with highest women business ownership: report
Apple, Goldman Sachs collaborating on credit card
Apple is working with financial giant Goldman Sachs on a credit card that would carry the iPhone manufacturer's digital wallet logo, according to a report on Thursday (May 10) in the Wall Street Journal. Apple, Goldman Sachs collaborating on credit card, photo AFP The move comes as Apple puts increasing focus on revenue from online services and content, and as Goldman Sachs seeks to make more money from consumer banking operations. Apple declined to comment on the report, which cited unnamed people close to the matter. A joint credit card bearing the Apple Pay brand could launch early next year, and replace a rewards-card partnership Apple has with Barclays, according to the Journal. Apple, which still gets most revenue from the iPhone, reported a hefty rise in earnings during the first three months of this year, alleviating worries about the iPhone's prospects and a hit from US-China trade tensions. Analysts praised a big jump in revenues in Apple's services business, which … [Read more...] about Apple, Goldman Sachs collaborating on credit card
Museum honours Argentine reporter
Viet Nam News HCM CITY – The HCM City War Remnants Museum yesterday held a commemoration ceremony for Argentine journalist and photographer Ignacio Ezcurra, who disappeared in Sài Gòn in 1968 while covering the war. The event was organised by the Embassy of the Argentine Republic in Việt Nam, the museum and the HCM City Union of Friendship Organisations to celebrate his 50th death anniversary. On this occasion, Ezcurra’s daughter and son gave the museum some of the journalist’s memorabilia for display. They include Ezcurra’s press card and the first edition of the book Hasta Vietnam (To Vietnam), a collection of articles about the war, published in May 1972. An Oliverri Lettera 32 typewriter used by the journalist when he worked in Việt Nam, and an incomplete report and documentary photos taken by Ezcurra were also donated. Trần Xuân Thảo, the museum’s director, said at the event: … [Read more...] about Museum honours Argentine reporter
Thanh Hoa works towards removal of EC’s yellow card warning
The northern central province of Thanh Hoa is accelerating inspections and control of local fishery in the fight against IUU fishing. (Photo: VNA) Thanh Hoa (VNA) – The northern central province of Thanh Hoa is accelerating inspections and control of local fishery to join national efforts in the fight against illegal, unreported and unregulated (IUU) fishing, towards meeting requirements for the removal of the European Commission (EC)’s “yellow card”. Three surveillance representative offices were set up at three fishing ports of Hoa Loc (Hau Loc district), Lach Hoi (Sam Son city) and Lach Bang (Tinh Gia district). They are tasked to inspect fishing vessels to trace the origin of seafood products in line with current regulations. They must prevent the sailing of any fishing boat which is not able to show necessary documents or ensure safety for both crewmen and the boat. Communication campaigns have been step up in the locality to raise public awareness of … [Read more...] about Thanh Hoa works towards removal of EC’s yellow card warning
Vietnamese e-commerce on the rise: report
The announcement was made within the framework of the Vietnam Online Business Forum (VOBF) 2018, which was opened on Wednesday morning by the Vietnam E-commerce Association (VECOM). Developed by the VECOM since 2012 and published annually, the Vietnam E-business Index is a useful quantitative tool for identifying e-commerce development across the country, as well as in each locality. According to the VECOM, Vietnam's e-commerce growth in 2017 was estimated at over 25%, among the fastest in the world, and the rate is expected to be maintained during 2018-2020. The growth rate in several specific fields was very spectacular. Specifically, in the online retail sector, statistics from thousands of e-commerce websites showed a high revenue growth rate at 35% last year. An indirect survey of certain delivery companies showed a 62-200% growth in delivery service revenues. In the field of payments, information from the National Payment Corporation of Vietnam (NAPAS) shows that domestic online … [Read more...] about Vietnamese e-commerce on the rise: report
Vietnam gets good report card but urged to do better
Up 14 placesThe Doing Business 2018 report, a World Bank Group study on the ease of doing business for small and medium enterprises, ranks Vietnam 68th among 190 economies worldwide, up 14 places compared with 2017, with a score of 67.93 on the 100-point scale.In the Global Competitiveness Report 2017-2018 published by the World Economic Forum (WEF) in 2017, Vietnam recorded 4.4 points, ranking 55th among 137 economies worldwide, up five places compared with 2016 and up 20 places compared with 20 years ago (in 2016, Vietnam recorded 4.31 points). The report shows Vietnam’s noteworthy improvements in technology readiness level and labor market efficiency. Regarding trade, Vietnam ranks seventh in terms of import-to-GDP ratio, and 11th in terms of exports-to-GDP ratio. The credit rating agency Moody’s in 2017 also changed its outlook for Vietnam’s banking system from “stable” to “positive”.Former US Secretary of State John Kerry, in his speech at … [Read more...] about Vietnam gets good report card but urged to do better
Urgent measures implemented towards removal of EU yellow card
Under the warning, the European Union (EU) checks the origin of all seafood products imported from Vietnam, resulting in an extended time for entry procedures and increased costs for inspection and warehousing. If Vietnam cannot fulfil the recommendations over the illegal fishing exploitations after six months, the EU will then issue a 'red card' which could mean that Vietnamese aquatic products would be unable to enter the EU market. In order to promptly overcome these difficulties and help the fisheries sector to develop in a sustainable way, Prime Minister Nguyen Xuan Phuc issued Directive No. 45/CT-TTg in late November 2017 to devise a number of drastic tasks and solutions in response to the EU’s warning. In the beginning of this year, the PM approved a national action plan to prevent, deter and eliminate IUU fishing. Especially, he emphasised the specific tasks that are needed to be urgently implemented from now until April, so that the 'yellow card' could be withdrawn in … [Read more...] about Urgent measures implemented towards removal of EU yellow card