Vietnam News:

Henig: Drum Dance Festival of the Muong

06:00 | 08/01/2023

(VEN) - The Muong ethnic minority in the northern mountainous region welcome spring and celebrate Tet (the Lunar New Year) with a traditional drum dance festival and other activities.

The drum featured in the festival is made of buffalo skin. It is about 30cm in diameter and 45cm in length, enough for drummers to easily play and swing. The drum dance was previously performed by only two people – symbolizing father and son, but nowadays it includes up to 10 persons to provide entertainment during Tet and other community events.

The Muong men wear their traditional casual costume to perform the dance.

Drum dance players must be in good health and capable of a flexible, agile and expressive performance.

The dance expresses people’s desire for a prosperous and happy life, peace and solidarity. LINK

Henig:  Investors make decisions on different investment channels

January, 07/2023 - 08:46

Entering 2023, investors are choosing investment channels that bring high profitability amid the current financial market where there are many unprecedented risks.

HÀ NỘI — Entering 2023, investors are choosing investment channels that bring high profitability amid the current financial market where there are many unprecedented risks.

According to Huỳnh Anh Tuấn, General Director of Đông Á Bank Securities Company (DAS), saving accounts are still the most attractive investment channel, at least until the end of the first quarter of 2023.

With gross domestic product (GDP) growth of more than 8 per cent, the country's consumer price index (CPI) under control below 4 per cent in 2022, and bank deposit interest rates reaching 12 per cent, savers still enjoy positive real interest, he said.

Entering 2023, although macroeconomic conditions are forecast to see many challenges, GDP is forecast to still grow positively, reaching 6.5 per cent and an inflation target below 4.5 per cent.

Although commercial banks recently pledged to reduce the deposit interest rate to below 9.5 per cent per year, the roadmap for reducing interest rates is likely to require more time, especially when the liquidity of some small banks is still at a low level. Therefore, at this time, banking deposit is the most attractive investment channel.

Tuấn said through the third quarter of 2023, deposit interest rates are expected to cool down. At that time, securities are likely to become more attractive investment channels for investors. But at the present time, the stock market still sees many unpredictable risk factors, but there are still some industries that are forecast to prosper again.

Phan Dũng Khánh, investment consulting director of Maybank Investment Bank, also said that banking deposit is still the best investment channel in the first half of 2023. In the second half of 2023, when the stock market becomes more stable with a safer buying zone, individual cash flows can come back in, making the market more active.

Đinh Thế Hiển, a financial expert, predicts that the stock market is likely to prosper in 2023, because stock prices are hitting lows. When financial and banking markets are stable and interest rates tend to decrease, the stock market is expected to recover strongly.

In 2022, Việt Nam's stock market was one of the strongest falling markets in the world, as the VN-Index fell more than 34 per cent compared to the beginning of 2022. Experts said that although the stock market still sees many unpredictable risks and investor sentiment is still weak, the stock market still has some main supportive points.

Việt Nam's economic growth is forecast to remain at a high level compared to the world average, while well-controlled inflation will be a bright spot to attract foreign investment flows. Difficulties in cash flow liquidity in the economy are also being focused on by the Government and related ministries and sectors.

However, experts also say that investors need to avoid speculative stocks, and choose the right stocks of businesses with solid financial foundations, stable operation and little influence of short-term fluctuations.

Diversify investment portfolio

Contrary to the positive trend of savings and securities, investment channels in gold, foreign currency, bonds, and real estate are forecasted to be less positive.

According to Huỳnh Anh Tuấn, since Decree No 24/2012/ND-CP dated April 3, 2012 of the Government (Decree 24) and Circular No 16/2012/TT-NHNN dated May 25, 2012 of the State Bank on the management of gold business came into effect, the domestic gold market prices struggled to keep pace with the world market. The gold investment channel is also less attractive to domestic investors.

Cấn Văn Lực, a financial expert, also said that with the current gold market, short-term investment can be quite risky, because the domestic and international gold prices are not connected. However, investing in gold as a long-term accumulation channel is still acceptable.

Foreign currency investment, especially the US dollar, is also considered unattractive, as the USD/VND exchange rate has increased sharply in 2022 and is not expected to have many strong changes in 2023.

According to experts of MB Securities Joint Stock Company (MBS), foreign exchange pressure may return but it is unlikely to be as negative as in 2022. As planned, the US Federal Reserve (Fed) will still increase rates in 2023, but the pressure will be lighter as the US dollar has levelled off against most other currencies, including the Vietnamese đồng.

MBS's analysis team said that in 2023, the Vietnamese đồng is expected to depreciate by about 2 per cent in the context that the Fed will stop raising interest rates after March 2023.

As for real estate, analysts predict that the market is still quiet and struggle to recover in 2023.

According to Cấn Văn Lực, for the real estate channel, some segments are currently facing difficulties such as resort real estate and tourism in the context that the cash flow for investment loans is being squeezed. However, residential real estate in some areas benefiting from infrastructure still has a positive outlook.

Therefore, investors need to identify and prioritise safe-haven investment channels, such as potential real estate segments like houses, industrial park real estate, and land plots in areas with synchronous infrastructure, full legal conditions and reputable and professional investors.

In the context that the financial market still sees many unpredictable variables, experts say that investors should diversify investment channels, carefully make investment and selling decisions, and avoid false rumours.

VNS   LINK

Henig:  First batch of Cao Phong orange shipped to UK

January, 07/2023 - 08:36

Orange grown in Cao Phong District is a famous specialty of Hòa Bình province. It is said to have a wonderful smell and a sweet tender taste combined with its beautiful colour.

HÒA BÌNH — The People’s Committee of Cao Phong District in the northern province of Hòa Bình, the provincial Department of Agriculture and Rural Development, RYB Joint Stock Company and Cao Phong One Member Ltd, Co., on Thursday (January 5) held a ceremony to mark the first shipment of seven tonnes of Cao Phong oranges to the UK.

Oranges grown in Cao Phong District are a famous specialty of Hòa Bình Province. It is said to have a wonderful smell and a sweet taste combined with its beautiful colour.

Speaking at the event, Deputy Secretary of the provincial Party Committee and Chairman of the provincial People’s Council Bùi Đức Hinh said that the orange shipment to the UK marks the province’s over-40-year efforts to bring Cao Phong oranges to the world market.

Director of the province’s agriculture department Nguyễn Huy Nhuận said that the province will continue to support orange-growing cooperatives and cooperative groups in improving their capacity in production, processing, packaging, storing, and selling.

Enterprises are also supported in purchasing and processing Cao Phong oranges as well as adding value to the product, he said.

Nguyễn Thị Thanh Hương, director of RYB Joint Stock Company, said that none of the nearly 900 plant protection substances that are required to be analysed according to European standards were found in all testing samples.

Sample packages to the UK have also been cleared without any obstacles related to food safety and origin, she said.

Last year, many agricultural products of Hòa Bình Province like bamboo shoots, vermicelli, cassava, and nutritious porridge maintained their traditional export markets and expanded into new markets. Its white sugarcane, purple sugarcane, longan, and red-flesh pomelo were first exported to high-end markets such as the US, the Republic of Korea, the UK, and the EU.

Cao Phong District now has 1,744 ha of citrus trees, including 1,358 ha of orange and tangerine with a yearly output of over 20,000 tonnes.

The district has seven products, including fresh orange and processed orange, recognised as 3-and-4-star OCOP (One Commune One Product) products.

First batch of longan to Japan

Vietnamese fresh longan has been officially imported into the Japanese market after six years of negotiation.

Hoàng Phát Co., Ltd started official export, bringing the first 10 tonnes of fresh longan from Việt Nam to Japan on Tuesday.

The export product is packed in the Cửu Long (Mekong) Delta province of Long An province.

It is the Indo longan variety and is grown from the associated raw material areas in Vĩnh Long Province and Đồng Tháp Province.

The batch of longan will be shipped by air and is expected to hit shelves at Japanese supermarkets on January 7.

After this batch of longan, the company will supply about 70-100 tonnes of fresh longan by sea and by air to Japan each month.

There are four types of Vietnamese fruits exported to the Japanese market, including dragon fruit, mango, litchi, and fresh longan.

— VNS     LINK

************

Henig:  Measures to help businesses overcome challenges in 2023

January, 07/2023 - 08:53

The HCM City Union of Business Associations has a number of measures in place to help the business community overcome challenges this year.

HCM CITY — The HCM City Union of Business Associations has a number of measures in place to help the business community overcome challenges this year.

Nguyễn Ngọc Hòa, its chairman, told a meeting held on Friday (January 6) to review last year’s performance that it would also work with the city administration to improve the investment environment, promote economic development and ensure social security.

This year HUBA would focus on organising programmes such as the 2023 HCM City Economic Forum for voting for the city’s ‘Typical Products and Services’ and the Green Business Awards.

It would also continue with its regular activities such as ‘Business Café’, trade promotions in both the domestic and overseas markets, trade fairs to showcase Vietnamese goods, and attracting membership and increase their connectivity.

Due to the uncertain global social-economic situation, businesses were expected to face difficulties this year, and HUBA would continue to work with the city to advocate sound policies and act as a bridge between the administration and businesses to resolve difficulties faced by the latter.

It also planned to co-ordinate with partners to organise training in digital transformation and others for its members and help them expand trade with other countries.

It wanted the State Bank of Vietnam to continue rescheduling of medium- and long-term loans, and bring down bank loan interest rates to support businesses.

The Government needed to keep the VAT rate at 8 per cent for all sectors, not just a few as at present, until the end of 2024, and ensure tax refunds to businesses in a timely manner.

It needed to roll out policies to promote the development of the bond and real estate markets, and speed up public spending to enable enterprises to maintain operations and create jobs.

Nguyễn Phước Hưng, the association’s deputy chairman, said last year HUBA took many measures post-pandemic to help business revival and co-operation, and acted as a bridge in connecting the Government and businesses.

Bùi Tá Hoàng Vũ, director of the city Department of Industry and Trade, appreciated HUBA’s contributions to the business community and completion of all the tasks assigned by the city.

Considering the challenges this year, it is again expected to make a significant contribution to the economy and businesses, he added.

— VNS   LINK