Vietnam News Highlights for August 16, 2023

State bank orders further interest rate cuts to support economic recovery

The central bank's headquarters in Hanoi. Photo: The Hanoi Times

The State Bank of Vietnam (SBV) has asked commercial banks to cut interest rates by 1.5-2% per year for both new and existing loans. The move is aimed at further supporting businesses and people to continue the recovery. Commercial banks have until August 25 to submit a report to the central bank on their interest rate cuts.

The central bank has cut interest rates three times this year, reducing the deposit rate from 10% to 7.5-7.6% per annum.

Ministry of Industry and Trade to tighten domestic rice market management

The Ministry of Industry and Trade has issued a directive to ensure domestic food security and improve rice exports amid global uncertainties and export bans by India and Russia, as well as El Niño.

Such adversities will have a huge impact on Vietnam's rice production and export, so the Ministry asks its agencies to tighten market management, prevent rice price speculation and smuggling, and find ways to improve rice exports.

Top 100 most valuable brands in Vietnam in 2023 announced

Technology, banking, retail, and utilities industries experienced faster brand value growth in 2022, according to the Vietnam 100 2023 report released by Brand Finance on August 15.

Telecommunications, banking, real estate, and food are the industries that contribute the most to total brand value, accounting for 31%, 30%, and 10%, respectively.

Trade turnover between Vietnam and Yunnan Province to reach US$5 billion

Trade turnover between Vietnam and China's Yunnan Province is expected to hit US$5 billion in the next few years, Deputy Prime Minister Tran Luu Quang said at a meeting with Secretary of the Yunnan Provincial Committee Wang Ning on August 15, when he visited the province to attend the opening ceremony of the China-South Asia Expo and the 27th Kunming Import and Export Fair.

The Deputy Prime Minister suggested that Yunnan Province implement existing cooperation mechanisms, strengthen connectivity through railway and road, foster cooperation in tourism, and share experience in poverty alleviation and sustainable development.

Thailand and Vietnam strengthen business ties

Thai and Vietnamese businesses are willing to strengthen cooperation to help achieve the bilateral trade set at US$25 billion by 2025, said Sanan Angubolkul, Chairman of the Thai-Vietnamese Friendship Association, at the Thai-Vietnam Business Forum 2023 held in Bangkok on August 15.

The forum is part of activities to commemorate the 10th anniversary of the establishment of the Vietnam-Thailand Strategic Partnership (2013-2023), which aims to encourage young entrepreneurs and startups to become the driving forces of innovation for both countries.

Prime Minister meets national women's soccer team

Prime Minister Pham Minh Chinh on August 15 praised Vietnam's female footballers for their performance at the 2023 FIFA Women's World Cup, Vietnam's first appearance at a World Cup tournament. The Prime Minister praised the players for being brave, strong, and resilient despite losing to stronger opponents in the group stage.

The PM asked the Ministry of Culture, Sports and Tourism and the Vietnam Football Federation to study feasible plans to further develop women's football and back talents players.

HCMC planning for 2021-2030, towards 2050 to be announced in March 2024

The Ho Chi Minh City's development plan for 2021-2030 and the vision to 2050 would be announced by March 2024, stressed Phan Van Mai, Chairman of the municipal People's Committee, asking the city's relevant units to proactively ensure the progress of the plan. 

At the same time, the city is building its urban planning until 2040, with a vision towards 2060. 

Ten companies participate in the development planning, including one from the Netherlands, one Germany-based company, and a US firm.