Indonesia News Gazette

Ca Mau: A networking conference was held in the Mekong Delta province of Ca Mau on April 24, in a bid to connect 54 local enterprises, mostly operating in the seafood sector, to their Chinese peers.

In his remarks, Chairman of the provincial People’s Committee Huynh Quoc Viet said this event marks the beginning of a new phase in the cooperative relationship between the province and Chinese localities. He expressed his belief that it will lead to the signing of contracts and implementation of many programmes.

Wei Huaxiang, Consul General of China in Ho Chi Minh City, considered the meeting a practical activity to carry out common perceptions between the two Parties and countries, tightening their cooperation and friendship.

He cited incomplete statistics that about 500 Chinese firms and customers annually place orders to purchase shrimp, crabs, and other seafood products from Ca Mau. Therefore, in the future, the sides’ business communities should learn about each other’s customs and cultures, serving long-
term and practical partnerships and creating mutual benefits.

He pledged the Chinese Consulate General in HCM City’s willingness to act as a bridge facilitating their connection and trade.

On the sidelines, Ca Mau firms showcased their fisheries products and specialties recognised under the One Commune, One Product (OCOP) programme.

In 2023, trade between Ca Mau and China reached 97 million USD, accounting for a very modest proportion of the overall Vietnam-China trade./.

Source: Vietnam News Agency

Hanoi: Standard Chartered Bank has lowered Vietnam’s GDP growth forecast in 2024 to 6% from the previous 6.7% due to lower-than-expected Q1 growth and global trade headwinds.

However, it is still an improvement from 5% in 2023. The country’s Q1 GDP growth moderated to 5.7% (from 6.7% in Q4-2023). The bank lowered Q2 year-on-year growth forecast to 5.3% (from 6.3%) and Q3 to 6%. But Q4 growth is expected to be recovered to 6.7%.

According to Standard Chartered’s economist in its recent macro-economic updates about Vietnam, trade, a key source of growth and investment for Vietnam also faces short and long term challenges. However, Vietnam’s recovery remains intact despite risks. Retail sales growth was still robust in Q1.

Standard Chartered also lowers 2024 inflation forecast to 4.3% from 5.5 % to reflect lower-than-expected Q1 inflation. The bank expects rates to stay on hold at 4.5% until end-Q3 and could be raised by 50 bps in Q4 in response to growth-driven inflation.

‘Vietnam is improving its position
in global supply chains. Foreign investment continues to be attracted by a favourable investment environment and potential ramp-up of US-China trade tensions,’ said Tim Leelahaphan, Economist for Thailand and Vietnam, Standard Chartered. ‘With economic recovery starting to gain momentum, we think there will be less need to provide monetary policy support’, he added.

According to Tim, there is a balanced view on the Vietnamese given improvements on the external front and reserve rebuilding. Strong export growth provides some support for the currency. Imports point to further gains. The bank forecasts a current account surplus of 3.5% GDP in 2024./.

Source: Vietnam News Agency

Hanoi: The State Securities Commission of Vietnam (SSC) recently held an online working session with the World Bank (WB) and the Asia Securities Industry and Financial Markets Association (ASIFMA) to discuss ways to remove obstacles related to criteria for upgrading the Vietnamese securities market.

Co-chaired by SSC Chairwoman Vu Thi Chan Phuong and Senior Financial Sector Specialist of the WB in Vietnam and Coordinator of the Financial Sector Programme Ketut Kusuma, the event focused discussions on the contents of the draft decree amending and supplementing certain provisions on securities trading, transaction clearing and settlement, operations of securities companies and market information disclosure.

Speaking at the event, Phuong said the draft decree has undergone in-depth consultation through various channels, including the SSC’s website, seminars, and working sessions with domestic and foreign experts.

Feedback from ASIFMA members at the meeting is particularly valuable, as it will help refine the
draft decree to align with international practices, she said.

The session addressed critical issues, such as pre-funding requirement, payment processing procedures for foreign investors, and overall settlement capability of the Vietnamese market.

By addressing these concerns, the SSC hoped to create a more attractive and efficient market for both domestic and foreign investors, ultimately paving the way for Vietnam’s securities market to have its status lifted from “frontier” to “emerging”./.

Source: Vietnam News Agency

Bangkok, Two countries join forces to support Thai-Nanning trade, hoping to create opportunities for entrepreneurs on both sides to push future industries. Automotive-energy for sustainable growth

Mr. Phumtham Wechayachai, Deputy Prime Minister and Minister of Commerce Gave a speech at the Nanning City Investment Environment Promotion and Economic and Trade Cooperation Exchange (Thailand) event to promote Thai-China relations. Trade and investment Exchange economic cooperation between Thailand and Nanning City. Especially the automotive industry New energy and auto parts industry For the development goals of both Thailand and China at the Kwang Hua Tang Auditorium, Thai-Chinese Chamber of Commerce, 9th floor, Thai CC Tower Building, South Sathorn, yesterday evening (22 Apr. 24)

Thailand and China have a long relationship. It has built strong economic and social ties. Today, China is an economic superpower. Including being Thailand’s number 1 trading partner with the highest trade value between them. For 11
consecutive years (since 2013), in 2023 there was a trade value between them reaching 105 billion US dollars. Accounting for 18 percent of Thai trade value Meanwhile, trade between Thailand and the Guangxi Zhuang Autonomous Region in 2022 will reach a total value of 4.3 billion US dollars. Thailand is the 4th most important trading partner of the Guangxi Zhuang Autonomous Region.

However, in the past, Thailand has had trade agreements with China at every level, from the ASEAN-China Free Trade Agreement (or ACFTA) and the Regional Comprehensive Economic Partnership (or RCEP), including supporting the Belt and Road Project (or BRI) as well as creating a memorandum of understanding on trade cooperation (MOU) with 4 important Chinese provinces/cities: Thailand-Gansu, Thailand-Hainan, Thailand-Shenzhen and Thailand-Yunnan. Currently, the Ministry of Commerce Has appointed a subcommittee to promote and drive proactive trade and economics between Thailand-China-ASEAN. To prepare a strategy to promote international
trade and drive aggressive trade to the Chinese and ASEAN markets. Thailand aims to prepare an MOU with the Guangxi Zhuang Autonomous Region. which is a province with high potential To expand economic relations and trade and investment more closely.

Thailand has an opportunity to expand cooperation to Nanning. Through participation in the China ASEAN Expo trade show, which is an important channel for promoting imports of goods in line with China’s economic opening policy. and is a platform for economic and trade cooperation between China and other countries. It also strengthens relations between government agencies through visits by top Thai executives. He also attended the 20th China ASEAN Expo in September 2023 and met and discussed with the Chairman of the Guangxi Zhuang Autonomous Region (Lan Tianli) and the Prime Minister (Mr. Li Qiang), who will help drive The economy between Thailand and China is efficient.

The Thai government has a policy to develop the new economy. the entire digital industry high
technology industry green industry This is in line with China’s policy and operational guidelines. and Guangxi Zhuang Autonomous Region That is a strategic area of ??China’s national development plan, such as the New International Land-Sea Trade Corridor (or New International Land-Sea Trade Corridor) and the gateway to ASEAN. With Nanning City being the center city of the Guangxi Zhuang Beibu Bay Economic Zone and one of the three locations of the “Guangxi Zhuang Free Trade Experimental Zone” today’s activities. It will provide an opportunity for Thai businessmen and entrepreneurs to connect and participate in the supply chain in this future industry. To jointly develop potential and strengthen the economies and societies of Thailand and China.

Also at the event was Mr. Nong Sheng Wen, Secretary of the Communist Party of Nanning City. Ms. Pimpatra Wichaikul, Minister of Industry, Mr. Narongsak Phutthapromongkol, President of the Thai-Chinese Chamber of Commerce, Mr. Narit Therdsatheerasak Secretary-General o
f the Board of Investment, Mr. Fan Xiaomin (Mr. Fan Xiao Min), Vice Mayor of Nanning City, and Mrs. Zhang Xiaoxiao, Minister Counsellor. (Commercial Department) Chinese Embassy Also participating in Thailand.

Source: Thai News Agency

HCM City: A seminar aimed at channeling overseas remittances into infrastructure took place in Ho Chi Minh City on April 23, given that remittances to the city reached 9.46 billion USD in 2023, nearly three times higher than foreign direct investment (FDI), according to official statistics.

In the first quarter of 2024 alone, the figure set a new record, reaching nearly 2.9 billion USD, up 35.4% annually, said Vice Chairman of the municipal People’s Committee Bui Xuan Cuong at the event held by the Sai Gon Giai Phong (Liberated Saigon) newspaper.

With a population exceeding 10 million, the megacity faces a constant demand for infrastructure development, spanning transportation networks, schools, hospitals, housing and green spaces, he said.

According to him, the city is actively improving the business environment to create the most favourable conditions for overseas Vietnamese and their relatives to invest.

Dr. Nguyen Tri Hieu, Director of the Institute of Research and Development of Global Financial and
Real Estate Markets, said Ho Chi Minh City needs to channel remittances into infrastructure through bond issuance.

Regarding local bond issuance to attract remittances, Dr. Tran Du Lich pointed out two mobilisation channels, namely project bonds and infrastructure bonds. Additionally, the Ho Chi Minh City Finance and Investment State Owned Company (HFIC), as a State financial investment company, can establish an investment fund for each major project with various sources of funding, including remittances.

Stressing the importance of channeling remittances through established institutions to ensure safety and transparency, he advocated for a leading role by the State and advised the municipal Committee for Overseas Vietnamese to propose pilot institutions, with HFIC acting as a pioneer./.

Source: Vietnam News Agency

Bangkok, WPM.2 – Sustainable Waste Management Association Join in brainstorming ideas. Efficient and fair management of electricity costs For the country’s sustainable competitiveness, a seminar on “Fair Electricity Prices” was organized. What must I do?’ 25 Apr. 2024

Amidst the fluctuations in world energy due to the geopolitical war situation and the decline and depletion of fossil fuel sources in the world. Promoting renewable energy and reducing greenhouse gas emissions Making Thailand a country that depends on energy imported from abroad. There is a problem of maintaining a balance between energy security and appropriate energy costs.

One of the most important fluctuation situations that have the greatest impact on businesses and people is the cost of electricity, which has a tendency to increase continuously in the past. Although there are efforts to intervene in prices to reduce the potential impact on the people. But there are very different and divided views and opinions. From people involved with
energy in various aspects

Participant in the Energy Science for Young Executives course, Batch 2 (WPM.2), Energy Science and Technology Institute. Sustainable Waste Management Association Recognizing the importance of efficient and fair management of electricity costs For the country’s sustainable competitiveness, a seminar on “Fair Electricity Prices” was organized. What must be done?’ On Thursday, April 25, 2024, from 8:00 a.m. to 12:00 p.m. at the SYNERGY HALL room, 6th floor, Building C, Energy Complex Center, inviting people directly involved in Thailand’s electricity prices. Participate in a discussion and brainstorm ideas in various aspects, both from government policy makers. and energy governance Supplier of gas that is the main fuel for generating electricity. Producer of electricity and manage transmission network Producer of electricity from renewable energy including the private sector energy importer and electrical energy users Register to reserve your seat in advance. https://me-qr.com/DRZKjJA
i .

Source: Thai News Agency

Hanoi: Vietnam’s economy is showing mixed signs of recovery in early 2024, with growth forecast to reach 5.5% in 2024 and gradually rise to 6.0% by 2025, according to the latest World Bank Taking Stock bi-annual economic update released on April 23.

Addressing a press conference held by the WB on the same day, World Bank Lead Economist for Vietnam Andrea Coppola said the country’s exports are recovering, and consumption and private domestic investment growing more gradually.

Real exports are expected to grow by 3.5% in 2024, reflecting a gradual improvement in global demand. In addition, a turnaround in the real estate sector is anticipated later this year and next year, bolstering domestic demand as investors and consumers regain confidence, he said.

Senior Economist at the WB in Vietnam Dorsati Madani said the forecast is based on the assumption that exports of manufactured industrial goods will recover significantly in 2024 thanks to a rebound growth of 8.5% compared to the same period last year in the
fourth quarter of 2023 and a 17.2% increase year-on-year in the first quarter of 2024; and an improving global demand.

Export of manufactured industrial commodities is expected to continue recovering in the next two years. The real estate market is predicted to transition towards an upward trend in late this year and early 2025, as the frozen bond market loosens and the Land Law takes effect from January 2025.

Real total investment and private consumption are projected to increase by 5.5% and 5% in 2024, respectively.

According to Dorsati, inflation is forecast to increase slightly to 3.5% in 2024 from an average of 3.2% last year, and then stabilise at around 3% in 2025 and 2026. This projection is based on expectations of stable energy and commodity prices.

The economist also warned of potential downside risks both domestically and internationally that could negatively impact the economic outlook, saying that due to Vietnam’s economic openness to the global economy, it could be vulnerable to effects of
lower-than-expected global growth, such as with major trading partners including the US, the European Union, and China.

She underscored the importance of sustained fiscal policy support to reinforce the recovery, and recommended expediting infrastructure investment projects financed by public resources, saying that this will help further stimulate the economy, with an additional potential 0.1 percentage point of GDP growth for every 1 percentage point increase in public investment as a share of GDP.

According to Dorsati, continued weak revenue collection and increased spending, including the planned salary increases for civil servants and accelerated investment public investment, are expected to widen the fiscal deficit to 1.6% of GDP in 2024, before narrowing to 1.1% in 2025, in line with the country’s Fiscal Strategy for 2021-2030.

Ensuring the stability of the financial sector remains paramount, with a focus on managing potential risks associated with increasing bad debts, including due to declining ass
et values in the real estate market. Capital buffers of commercial banks are relatively thin, and the real estate market’s downturn could further depress their capital, she said.

Dang Quang Vinh, Senior Private Sector Specialist at the WB, said the report presents several recommendations aimed at supporting innovative startups, thus contributing to Vietnam’s productivity growth.

He underlined the need to enhance the contribution by the academic and public research community through providing opportunities for universities and public research institutions to support startups.

The public research sector can play a larger role by modernising the intellectual property and technology transfer framework, rewarding research efforts with commercialisation potential, and building the capacity of universities and research institutions to effectively transfer technology to startups, he went on./.

Source: Vietnam News Agency

MEA informs those eligible for state welfare benefits who have not yet registered to receive measures to alleviate the burden of electricity bills. You can continue to register

with MEA or the Metropolitan Electricity Authority. Informing electricity consumers in Bangkok, Nonthaburi and Samut Prakan areas. who have state welfare rights and has never registered for rights to measures to alleviate the burden of electricity costs

You can register at https://meagate1.mea.or.th/welfareregis

In this regard, people are asked to be careful in receiving information from various social media communication channels, which may present incorrect information. and cause confusion among the people. Information can be inquired at various official social media channels, including Facebook: Metropolitan Electricity Authority, MEA 1130 Electricity Consumer Information Service Center, Metropolitan Electricity Authority, available 24 hours a day.

Source: Thai News Agency