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Jun 23, 2023 / 19:06

Vietnam News Highlights for June 23, 2023

Check out the latest events happening around the country.

US$1.04 billion budget realignment for 10 provinces

 A corner of the State-level city of Can Tho. Photo: Hong Tham/The Hanoi Times

National Assembly deputies on June 22 approved a plan to reallocate some VND24.6 trillion (US$1.04 billion) from the Ministry of Transport to fund provincial transport development projects. The amount was originally earmarked for the ministry's medium-term development projects budget for 2021-2025.

The ten beneficiary provinces and cities include An Giang, Cantho, Ha Giang, Soc Trang, Dong Nai, Dong Nai, Ba Ria-Vung Tau, Khanh Hoa, Dak Lak, Dong Thap and Tien Giang, each receiving between VND872 billion  (US$37 million) and nearly VND5 trillion  (US$212.5 million).

State Bank of Vietnam to cut refinancing rate by 50 bps

Standard Chartered Bank expects Vietnam's Q2 GDP growth to have slowed to 1.5% y-o-y, posing downside risks to its 6.5% growth forecast for 2023, according to its recent global research report titled "Vietnam Macro: Slower Q2 GDP to justify more rate cuts". However, a rebound is expected in the second half of the year.

The bank expects the State Bank of Vietnam to cut the benchmark refinancing rate by another 50 basis points to 4.0% in the third quarter (the same level as during the pandemic years) and hold it until the end of 2025.

SEA Impact Challenge seeks climate and digital solutions startups

SEA's Impact Challenge competition has kicked off in search of promising impact startups in Vietnam that propose climate solutions or promote the transition to a digital economy.

This year's competition focuses on environment-related business activities such as waste reduction, renewable energy, recycling/circulation, environmental pollution measurement and response, and other activities related to digital transformation. The program is open for registration until June 30, 2023, for startups with a Vietnam representative and operations in Vietnam. The winner will receive a $40,000 prize, with additional investment opportunities of up to $400,000 from international investors.

Russian Cultural Days in Vietnam in 2023 will take place in July

The Russian Cultural Days in Vietnam in 2023 will be held from July 9 to 14 in Hanoi and Ha Long City (Quang Ninh Province), contributing to strengthening and developing the traditional friendly cooperation and comprehensive strategic partnership between the two countries.

The event will feature a series of visits and working meetings in Vietnam by the leaders of the Ministry of Culture of the Russian Federation, the opening ceremony and activities within the framework of the Russian Cultural Days in Vietnam 2023.

Vietnam acknowledges positive US assessment on human trafficking report

Vietnam has acknowledged the more positive assessment of the latest Trafficking in Persons Report 2023 released by the US State Department, the spokeswoman of the Vietnamese Foreign Ministry said at a press conference on June 22. She stressed the government's policy to promote legal, safe and orderly migration, and to prevent and combat illegal migration and human trafficking.

The spokeswoman added that Vietnam hopes to continue working with the US to effectively prevent and combat human trafficking.

Russian State Duma speaker to visit Vietnam this weekend

Volodin Vyacheslav Victorovich, Speaker of the State Duma of the Federal Assembly of the Russian Federation, will visit Vietnam this weekend. He will co-chair the second session of the Committee on Interparliamentary Cooperation between the National Assembly and the State Duma. The visit marks  10th anniversary of the comprehensive strategic partnership between Vietnam and Russia.

The Russian politician last visited Vietnam in 2018, when the two sides established the Committee on Interparliamentary Cooperation and strengthened their partnership in various potential areas.