Build the working class as a vanguard force The President of the Vietnam General Confederation of Labour (VGCL), Dang Ngoc Tung, began the session with his presentation on building a strong working class as a leading force in the process of industrialization and modernization.In his speech, Tung affirmed the qualitative and quantitative strength of the Vietnamese working class as well the country’s trade unions in the past 20 years of renovation. However, he pointed out that the Vietnamese workers are also facing enormous challenges, many of which have not been dealt with properly such as low incomes, poor housing, limited access to cultural services, poor knowledge, low self-discipline and shortage of industrial working styles.In addition, Tung suggested the State quickly institutionalize the Party’s policies regarding urgent issues of workers so as to improve their living standards and spiritual lives.Tung highlighted the need to effectively and gradually intellectualize … [Read more...] about Party Congress hears presentations on essential matters
Workers are also facing the problem of inflation
PARIS: Angry French taxi drivers blocked key roads with burning tyres and hundreds of flights were cancelled as air traffic controllers joined civil servants, hospital workers and teachers for a "Black Tuesday" of strikes.At Orly airport, one protester was injured in the leg when a shuttle bus, whose driver said he "panicked", forced its way through a blockade. Police said the bus driver was arrested.Some 300 taxi drivers, furious over upstart competitors such as Uber, also blocked the capital's ring road at a key intersection in the west of the city, lighting fires and throwing smoke bombs. One Uber driver's car was splattered with eggs and kicked by protesters, an AFP journalist reported."Today our survival is at stake, we are fed up of meetings and negotiations," said Ibrahima Sylla, spokesman of the Taxis de France collective. Some 20 protesters were arrested out of a total of 1,200 drivers on strike around the capital, police said."There is a right to protest ... even during a … [Read more...] about Cabbies block roads as France faces multiple strikes
Ukrainian President Petro Poroshenko casts his ballot in a polling station in Kiev on Oct 26, 2014, during Ukraine's parliamentary elections. (AFP/SERGEI SUPINSKY) KIEV: Grad rockets roaring from the pro-Russian rebel bastion of Donetsk the day after Ukrainian voters backed President Petro Poroshenko's high-stake talks with Moscow underscored the deadly obstacles facing his search for peace in the separatist east.A visibly-upbeat Poroshenko called the strong showing by moderates in Sunday's parliamentary election a sign that war-weary Ukrainians favour "those political forces that support the president's peace plan".The Western-backed leader had reason to rejoice. Voters turned their backs on hawkish parties that demand a military triumph and oppose Poroshenko's offer of limited self-rule for the insurgents in return for an end to six months of bloodshed in which 3,700 have died.The 49-year-old chocolate baron added that the drubbing handed to pro-Russian parties demonstrated "strong … [Read more...] about Poroshenko faces hurdles despite big Ukraine vote win
Vietnam’s current minimum wage system came into existence just over a decade ago. A massive strikewave beginning at the end of 2005 began to protest the minimum wage in foreign-invested factories, which, despite inflation, had been frozen for 7 years. In response, the minimum wage was raised by 40 percent and a tripartite minimum wage system – with voices from workers, employees, and the state - was set up. This is how it remains today. Every year, representatives from the country’s trade union federation, the Vietnam General Confederation of Labor (VGCL), the Ministry of Labor, Invalids, and Social Affairs (MOLISA), and the Vietnam Chamber of Commerce and Industry (VCCI) come together to debate and decide the minimum wage levels for the following year. There are four different minimum wage regions, which are supposed to reflect the cost of living in each area. Region I, including Hanoi and Ho Chi Minh City, has the highest minimum wage, while region IV, which is for … [Read more...] about Is Vietnam’s minimum wage structure sustainable?
At the conference “Comprehensive Solutions for Real Estate Market in 2012” held in Hanoi, many real estate experts pointed out some current troubles in real estate market during the last time, and proposed some solutions to real estate development. Opportunities for restructuring development strategyAccording to experts participating in the conference, the recent situation of the market is a certain result of inefficient and in-directive development process. Furthermore, the situation may be worse, but most people believe that corruption ability of Vietnamese real estate enterprises is quite low. In conformity with Mr Nguyen Manh Ha - Director of Department of Housing and Real Estate Market - Ministry of Construction, this current situation makes excellent opportunities for investors in the field of small apartments. According to statistic figures, the segment of small departments with acceptable prices in Ho Chi Minh city and Hanoi is still small, and it … [Read more...] about Which Are the Solutions for Real Estate Market Development?
The National Wage Council reportedly agreed on the proposal to increase base wages by VND250,000-400,000 in 2014, which is making not only Vietnamese companies but also workers worried.A salary rise in Vietnam now carries a sadder tone. Only a small number of State employees have their wages increased, but consumer price hikes that result from it have direct effects on the livelihoods of millions of people, affecting people with no wage increase. Increase in theoryThe syndrome of salary increase anxiety has existed for years. When the Government advocates adjusting base wages annually, the average income of some areas has been increased. However, consumer prices soar ahead of salary increases. Dr Nguyen Minh Phong from the Hanoi Institute for Economic and Social Development Studies, said, although salary has been repeatedly increased and the incremental amount is significant, the average wage of most State employees is still far from the "minimum wage" level. He … [Read more...] about Afraid of Salary Rise
Reference exchange rate down by 4 VNDReference VND/USD exchange rate on November 10 morning is at 22.465 VND per USD as set by the State Bank of Vietnam (SBV), down 4 VND compared to the previous day.With the current +/- 3 percent VND/USD trading band, the ceiling exchange rate is 23.131 VND per USD and the floor rate is 21.793 VND per USD.The exchange rates remained stable at major commercial banks in early hours on November 10 morning.Vietcombank, Vietinbank and BIDV kept both rates unchanged from the previous day at 22, 680 VND (buying) and 22,750 VND (selling), per USD. APEC 2017: Hong Kong pins hopes on Vietnam marketMany Hong Kong firms are investing in Vietnam and looking for potential projects, said chief executive of Hong Kong Carrie Lam Cheng Yuet-ngor said.In an interview with the Vietnam News Agency ahead of her attendance at the APEC Economic Leaders’ Meeting in the central city of Da Nang, she lauded growing cooperation between Hong Kong and Vietnam, … [Read more...] about BUSINESS IN BRIEF 10/11
Business optimism rose significantly in the first quarter, according to a report issued on Saturday by private auditing and consulting firm Grant Thornton. Plastic windows are made by workers of the European Plastics Window Company Ltd. — VNA/VNS Photo Ngoc Ha The percentage of companies with a positive outlook rose from 62 percent to 80 percent during the period, placing Vietnam in the seventh position globally in terms of business optimism, said the firm\'s latest world business report.The survey targeted chief executive officers, managing directors, chairmen and other senior executives in over 5,700 private- businesses in 39 economies worldwide, in manufacturing, services, retail, construction and other sectors.The survey found that overall global business optimism stood at 34 percent, its highest level since early 2008, but mature economies around the world gained on their emerging market competitors in terms of … [Read more...] about Business optimism climbs in Q1
The late Hugo Chavez's self-declared socialist revolution will be put to the test at a presidential election on Sunday that pits his chosen successor against a younger rival promising change in the nation he polarized. A supporter of Venezuela's acting President and presidential candidate Nicolas Maduro cries as a screen shows Venezuela's late President Hugo Chavez during Maduro's closing campaign. Most opinion polls give his protege, acting President Nicolas Maduro, a strong lead over opposition challenger Henrique Capriles thanks to Chavez's endorsement and the surge of grief and sympathy over his death from cancer last month.The candidates closed out official campaigning on Thursday with dueling rallies, both drawing hundreds of thousands of boisterous supporters. Taking a page out of Chavez's playbook, a fiery Maduro marched through the streets of the capital draped in a Venezuelan flag and called on voters to follow "commander Chavez as the spiritual guide of the fatherland.""I am … [Read more...] about Venezuela election to test Chavez’s socialist legacy
South Korea will take "resolute" steps to help stabilize the financial market, if needed, amid clear indications of interest rate hikes, the nation's top regulator said Monday, source from the Yonhap.Yim Jong-yong, chairman of the Financial Services Commission (FSC), said swings in the global financial market will likely expand due to policies by the incoming Donald Trump administration.The U.S. is widely expected to raise the policy rate next month. Many also predict the Trump administration will push for aggressive fiscal spending, leading to inflation."First, (the government) will maintain the stability of the financial market and resolutely take market stabilization measures if necessary," Yim said while presiding over an interagency meeting on financial reform.The FSC has already launched an "emergency response team" with the Financial Supervisory Service, the state financial watchdog.Yim, tapped as the new finance minister, added that the authorities will make all-out efforts to … [Read more...] about Gov’t vows full efforts for financial market stabilization