☀️ Morning digest July 29

Hanoi, (VNA) - The following is a list of selected news summaries last night by the Vietnam News Agency.

– Vietnam always attaches importance to and wishes to strengthen multifaceted cooperation with Hungary – its first comprehensive partner among traditional friends in Central Eastern Europe, affirmed President Nguyen Xuan Phuc at his reception for outgoing Hungarian Ambassador Ory Csaba in Hanoi on July 28.

 

Lauding the diplomat’s excellent tenure and positive contributions to the bilateral ties, the President said the Vietnamese State’s friendship order bestowed upon him was to acknowledge such distinct services.Read full story

– Prime Minister Pham Minh Chinh chaired a meeting attended by ministries and sectors on July 28 to discuss short- and long-term measures for keeping inflation under control, stabilising the macro-economy, and promoting socio-economic recovery and development.

The meeting took place after the US Federal Reserve (FED) raised interest rates by 0.75 percentage points on July 27, while central banks in many countries have also repeatedly hiked interest rates in response to soaring inflation.Read full story

– Deputy Prime Minister Le Minh Khai has ordered the acceleration of the disbursement of financial packages serving the socio-economic recovery programme, particularly rent subsidy for workers as well as support in terms of interest rate for firms and cooperatives.

At the first meeting of the Steering Committee for the implementation of the socio-economic recovery programme, Khai, who heads the committee, said only 19 days after the approval of the National Assembly’s Resolution 43 on fiscal and monetary policies supporting socio-economic recovery and development programme, the Government issued Resolution 11 on the programme. Read full story

– The numbers of enterprises and employees working in the non-state and FDI sectors increased rapidly, but reduced markedly in the state-owned sector during 2016-2020, according to the General Statistics Office of Vietnam (GSO)’s freshly released 2021 economic census. The non-state sector had 660,100 businesses in 2020, accounting for 96.4% of Vietnam’s total, up 35.1% from 2016. The sector attracted 8.6 million workers, or 58.6% of the country’s workforce, increasing by 0.4% compared to 2016. Read full story

- Vietnam is a very affordable place to retire, especially for adventurous retirees who appreciate the country's beaches, scenery, food, history, and culture, said a recent article on the website of US based Travel Leisure magazine. The author assessed that overall cost of living in Vietnam is about 49% lower than in the US, and rents are about 75% lower, depending on the location. Read full story

– Vietnam must move forward unless it wants to be saddled with the status of the “world’s factory”, heard a conference in Ho Chi Minh City on July 28. The National Science Conference on Policies on Industrialisation and Modernisation of the Nation by 2030, with a Vision to 2045 was co-held by the Party Central Committee’s Economic Commission, HCM City Party Committee and the Vietnam National University HCM City (VNU-HCM). Read full story

– Vietnam is forecast to be among the fastest-growing economies towards 2030, according to researchers at the Growth Lab at Harvard University who presented new growth projections in The Atlas of Economic Complexity.

Specifically, the research finds that countries that have diversified their production into more complex sectors, like Vietnam and China, are those who will experience the fastest growth in the coming decade. Read full story

- VTB Bank, a Russian majority state-owned bank servicing the country’s foreign trade operations, launched money transfers to Vietnam in Vietnamese dong from July 27. The new service allows customers to send money abroad using bank details during the day. The service is available to individuals and legal entities, according to the bank's message. Read full story/.