KTFA Members "Iraq and Vietnam News" Saturday Afternoon 12-31-2022
KTFA:
Henig: The rise in world oil prices
Baghdad / NINA / - Oil prices rose today, Friday, and are on their way to achieving gains for the second year in a row.
Brent crude futures rose 44 cents, or 0.5%, to $83.9 a barrel, after falling 1.2% at settlement in the previous session.
West US Intermediate crude reached $78.88 a barrel, up 48 cents, or 0.6%, after it closed down 0.7% on Thursday. LINK
Al-Rafidain Bank continues to sell dollars to citizens on holidays
Baghdad / NINA / - Al-Rafidain Bank announced that it opened the doors of its branches on holidays to sell dollars to citizens.
The bank stated in a statement: “The process of selling dollars to citizens continues during the holidays, from the two branches of Palestine Street in Rusafa and the Arab neighborhood in Mansour in the Karkh side.” LINK
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Clare: Parliamentary Finance: The government is able to control the exchange rate of the dollar and its rise is not intended
12/31/2022
The Parliamentary Finance Committee confirmed, today, Saturday, the government's ability to control the rise in dollar exchange rates in Iraq during the past few days, stressing at the same time that this rise is not intended.
Committee member Jamal Cougar said in a statement to {Euphrates News} agency, "We believe that the fluctuation in the exchange rates of the dollar is pure speculation and the matter is not intended," noting that "the government does not want to raise the exchange rate of the dollar against the dinar."
Cougar explained that "what happened is speculation on the one hand and pressure on the other, and things cannot get out of control," noting that "the government is able to control the exchange rate and return it to 148 as it was circulating in the market."
Raghad Daham LINK
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Clare: Central Bank: We have taken a series of decisions to return the dollar market to its normal position
The Central Bank of Iraq stated, on Saturday, that it had taken a series of decisions to restore the dollar market to its normal state.
The media office of the Central Bank of Iraq said in a statement received by {Euphrates News} that "the governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, conducted a field visit to a number of banks that began selling foreign currency."
He added, "The governor urged, during his meeting with bank departments, to facilitate the procedures for selling foreign currency to citizens wishing to obtain it for the purposes of travel, treatment, and others," noting that "the Central Bank of Iraq has taken a number of decisions that contribute to achieving stability in the foreign currency market."
"The bank's outlets for selling foreign currency will be doubled to meet the needs of travelers, with the possibility of increasing the amount of the weekly quota allocated to banks," he said.
He described that "the rise in the exchange rate is a temporary situation that came after internal and external effects of applying international standards, as the bank succeeded in addressing it and minimizing its effects on the Iraqi economy," stressing not to raise public concerns about the rise in dollar exchange rates, and the need to take deterrent measures against speculators. He stressed that "the situation in Iraq is much better than other countries, and there is no way to compare it." LINK
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Henig: Putin in conversation with Xi Jinping: Russian-Chinese cooperation is a factor of international stability and work is underway to strengthen it
Baghdad / NINA / - Russian President Vladimir Putin affirmed: "The Russian-Chinese cooperation is increasing in all fields, and work is under way to strengthen it," while expressing his country's readiness to increase natural gas supplies to China.
"Russia stands against the growing tensions in the world," Putin said, during a video conference meeting with Chinese President Xi Jinping, on Friday, expressing his confidence that relations between Russia and China show stability and a model of cooperation.
While Chinese President Xi Jinping stressed that China is ready to raise the level of political interaction with Russia and to be an international partner in light of the difficult global situation. LINK
Vietnam:
Henig: Expanded trade opportunities with US
06:00 | 31/12/2022
(VEN) - US companies are seeking new suppliers to minimize risks in supply chains, creating more opportunities for Vietnamese businesses in the post-pandemic era. However, the opportunities also face challenges.
Largest export market
“Vietnam considers the US one of the most important partners. Since upgrading bilateral relations to a comprehensive partnership in 2013, the two countries have deepened cooperation, focusing on trade and investment. The business communities of the two countries have played a very important role in this process,” said Deputy Minister of Industry and Trade Do Thang Hai at a recent Vietnam-US trade forum jointly held by the Ministry of Industry and Trade, the US Chamber of Commerce in Vietnam, and the US-ASEAN Business Council.
According to Deputy Minister Hai, bilateral trade between Vietnam and the US grew from US$450 million in 1995 to nearly US$113 billion in 2021, despite supply chain disruptions caused by the COVID-19 pandemic. The US has become Vietnam’s second largest trading partner, with annual bilateral trade exceeding US$100 billion. The US has been Vietnam’s largest and most important export market for many years, while Vietnam has become the eighth largest trading partner of the US.
“The US is also one of the largest foreign investors in Vietnam, with nearly 1,150 projects currently operating with total registered capital of more than US$10.3 billion, ranking 11th among 141 economies investing in Vietnam,” Deputy Minister Hai said.
Trade defense measures
However, Vietnam has faced challenges in trade with the US, including the increased frequency of US trade defense investigations of Vietnamese goods. Moreover, the US has not recognized Vietnam as a market-driven economy.
Phan Thi Thang, Vice Chair of the Ho Chi Minh City People’s Committee, proposed that the US assist the city in a prefeasibility study for the establishment of an export goods irradiation center and provide technical assistance for Mekong Delta cities and provinces to ensure the quality of farm produce exports to the US.
Thang also expressed the wish for increased cooperation between Ho Chi Minh City and the US in the fields of logistics, digital economy, sharing economy, circular economy, smart city development, and building international financial centers.
According to Michael Vu Nguyen, Country Director of Boeing Vietnam, US companies are seeking new suppliers to minimize risks in supply chains, creating more opportunities for Vietnamese businesses.
Chung Seck, Vice Chair of Amcham Vietnam Digital Economy Committee, said to attract more US investment, the Vietnamese government should adopt a secure legal framework for safe cross-border data transfer and pay attention to intellectual property in the digital business environment.
Within the framework of the Vietnam-US Trade Forum 2022, Deputy Minister of Industry and Trade Do Thang Hai and Oregon State officials signed a memorandum of understanding to facilitate trade exchange and investment in the industry and energy fields.
Ngoc ThaoLINK
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Henig: MM Mega Market launches a new modern Giá tốt business model
16:18 | 30/12/2022
Recognizing changes in shopping behaviors, MM Mega Market has publicly launched its new business model – Giá tốt. Giá tốt is currently present in big cities and provinces in Vietnam with more than 250 Giá tốt partners, including Ho Chi Minh City, Hanoi, Da Nang, Binh Duong, Bien Hoa, Quy Nhon, Buon Ma Thuot, Rach Gia, etc.
MM Mega Market expects to reach the target of 10,000 stores by 2026.
This is a cooperation model between MM Mega Market and individual partners who desire to run convenience stores, minimarts or together with traditional shop owners to build new modern stores or transform a traditional grocery into a modern retail trader.
Its ultimate goal is to make the traditional retail model be modern in appearance and management system.
Giá tốt offers a holistic approach for shop owners to optimize business performance and provide customers with better shopping experience, high-quality products at the most competitive prices in professional look.
Giá tốt partner benefits from “4 No” model, including: No franchise fees; No exclusive offer; No declare on sale price; No required purchase funds.
Giá tốt provides maximum financial support, such as: Financial support package up to VND70 million (including exterior and interior design, product display consulting, facility and equipment investment, sales management system, sales training and development); Support debit transactions up to VND500 million and payment term up to 15 days with diversified payment methods.
Giá tốt partner benefits from technological advances, such as: “One-touch” application supports shop owners to make quick and convenient order from MMPro website and integrated benefits on MCard app; Efficient time management through technological applications allows shop owners to devote more time to their family and personal life.
Bruno Jousselin, Managing Director of MM Mega Market Vietnam, said: “According to the annual report by Nielsen in 2020, Vietnam had around 1.4 million grocery stores and 9,000 traditional markets with the total sales of US$10 billion per year, constituting 75 percent of retail market share. With Giá tốt, thousands of enterprises, manufacturers will do business better, millions of groceries operate more efficiently, offering to consumers authentic, high-quality products at competitive prices. I firmly believe with well-prepared strategies and aggressive plans, Giá tốt will soon increase its coverage nationwide in the context of evolving tougher competition in retail market. By this way, MM expects to make a significant contribution to the sustainable economic growth in Vietnam”.
My Phung LINK