Some "Vietnam News" Posted by Henig at KTFA 1-9-2023

KTFA: Vietnam News

Henig:  Hanoi tourism meets recovery targets

06:00 | 09/01/2023

(VEN) - An estimated 17.02 million tourists visited Hanoi in the first 11 months of 2022, over five times the figure in the corresponding period last year. That includes 1.27 million foreign tourists, meeting the minimum target set for the year.

According to the Hanoi Department of Tourism, in November alone, Hanoi hosted 1.61 million visitors, including 1.35 million domestic tourists and 255,000 foreigners, and earned VND4.39 trillion from tourism, five times higher than in the same period last year.

Director of Hanoi Department of Tourism Dang Huong Giang said that in December 2022, the department will complete a report to the city People’s Committee on tourism planning to 2030, with orientation to 2050, and submit a cooperation program with CNN on 2023 promotion.

To attract more tourists, the department will coordinate with other localities, focusing on key markets in the north, Ho Chi Minh City, the southern provinces, and Central Highlands in order to build attractive and professional tours imbued with the capital city’s cultural identity. Plans also call for training in tourism management for grassroots-level staff and orientations for investment in agricultural and rural tourism for organizations, individuals and households.

Hanoi was honored recently as the World's Leading City Break Destination 2022 - an important category in the World Travel Awards that evaluates the attractiveness of short-term resort tourism and urban experience for cities around the world.

Earlier in September 2022, Hanoi was also honored as “Asia’s Leading City Tourism Destination in 2022”. Giang said that the “World's Leading City Break Destination 2022" is an opportunity for the capital to affirm its position, image and brand in the international arena, and to promote a “Safe - quality - friendly – attractive” Hanoi to tourists after the COVID-19 closure. “The award is clear proof of the efforts and achievements by Hanoi's tourism industry, showing the dynamism and daring, and promising breakthroughs in its tourism recovery and development,” said Giang.

In the last months of 2022, the Hanoi Department of Tourism will continue to direct travel agencies and destinations to develop attractive and unique tourism products focusing on the city’s advantageous products. It will also advise the city People's Committee on tourism events like the Hanoi Ao Dai Festival, a contest to select Hanoi tourism ambassadors and compose songs about Hanoi tourism.

Thanh Tam  LINK

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Henig:  HCM City to develop as regional centre of specialised medical care

January, 08/2023

HCM City is striving to become a centre of medical care for the ASEAN region, a leader of the city’s Department of Health said.

HCM CITY — HCM City is striving to become a centre of medical care for the ASEAN region, a leader of the city’s Department of Health said.

The health sector will also focus to improve the capacity of disease control and prevention, strengthen grassroots healthcare networks and intensive care ambulance services this year, said Tăng Chí Thượng, director of the department.

Development of human resources, proper investment in infrastructure and medical equipment are priority areas in order to fulfill these tasks, he said at a meeting late last week to launch the tasks for 2023.

Digital transformation and the application of advanced techniques will be fostered as part of measures to realise these tasks, he said.

A project to set up a hi-tech screening and diagnostic centre at Oncology Hospital No.1 is being developed as part of efforts to develop a specialised medical care centre for the ASEAN region.

The hi-tech screening and diagnostic centre will help locals and foreigners, especially expats living in Việt Nam, access high-quality health check services and examinations.

It is expected to reduce the number of patients travelling abroad for medical examinations and treatment and boost medical tourism.

Dương Anh Đức, deputy chairman of the city People's Committee, said that the health sector must be one of the pioneers of digital transformation to improve the quality of health services and promote the city as a centre of high quality medical care in the region.

He asked the department to coordinate with the University of Medicine and Pharmacy and Phạm Ngọc Thạch Medical University to train high-quality human resources.

— VNS     LINK

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Henig:  Positive news lifts the market's sentiment: expert

January, 09/2023

The smooth beginning raises hope that the market will run more actively, creating disbursement opportunities for short-, medium-, and long-term investors.

HÀ NỘI — The Vietnamese stock market witnessed a strong performance with an improvement in liquidity in the first trading week of 2023. The positive news was attributed to the bullish trend, according to experts.

The smooth beginning raises hope that the market will run more actively, creating disbursement opportunities for short-, medium-, and long-term investors.

According to experts from VNDirect Securities Corporation, the market focused on several internal and external factors in the first week of 2023, including China officially announcing the opening of international flight routes on January 8; phase 2 of the East North-South Expressway Project being officially launched on January 1; and draft amendments to Decree 65 amending and supplementing several articles of Decree 153 on the offering and trading of a private placement of corporate bonds in the domestic and international markets being submitted to the Ministry of Justice.

Indices all posted outstanding performances. Of which, the VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) soared by 4.4 per cent to 1,051.4 points last week, while the HNX-Index on the Hà Nội Stock Exchange (HNX) increased by 2.6 per cent to 210.6 points, and the UpCOM index jumped by 1.5 per cent to 72.7 points.

The market’s liquidity improved, with the average trading value of the three exchanges rising 9.3 per cent to over VNĐ11.7 trillion (US$499.5 million). Last week, foreign investors continued to be net buyers due to a stable macro-economic backdrop and appealing stock valuations.

Specifically, at the beginning of the new year, foreign investors net bought more than VNĐ1.6 trillion on HOSE, VNĐ87 billion on HNX, and VNĐ2 billion on UpCOM.

VNDirect said that after the positive week, the market’s benchmark VN-Index is heading to a strong resistance area of around 1,070 points.

Although there have been some positive macro signals, such as a cooling of exchange rates and a slowdown in rate hikes, cash flows are unlikely to improve dramatically as the Lunar New Year (Tết) is coming near.

Traditionally, investors tend to lower the margin ratio to reduce interest expenses ahead of the long holidays. Therefore, it is difficult to expect the market's momentum to be maintained in the weeks leading up to Tết.

Therefore, short-term investors should consider reducing their holdings of stocks when the market enters strong resistance areas around 1,070 points and buying them back once it corrects.

Long-term investors, on the other hand, can continue to hold stocks and wait for stock indices to break out when cash flows improve post-Tết holidays.

Meanwhile, Saigon-Hanoi Securities JSC (SHS) said that the market had sent many positive signals at the end of 2022 and the beginning of 2023, given the net buying streak from foreign investors and positive movements of some pillar stocks, including bank stocks.

At the current state, the VN-Index is expected to escape the downtrend shortly. Previously, the market fell for four consecutive weeks.

Even if the VN-Index exits the bearish trend, the market is unlikely to enter the bullish phase immediately. Instead, it will move in recovery waves with narrowing ranges to accumulate more before the uptrend occurs. Therefore, at the moment, investors can participate in the market with a short-term position, as SHS recommended.

From a medium- and long-term perspective, SHS said that it is clear that after a year of trading in the downtrend, the stock price levels have dropped sharply and become more attractive, even though the market still faces many challenges this year.

Many obstacles exist, such as rising interest rates, diminishing cheap money sources, and the gloomy global economy.

The discounted stock prices to the current levels will open up new attractive medium- and long-term investment opportunities.

— VNS    LINK

Henig:  Key traffic projects poised to enhance HCM City’s infrastructure

January, 07/2023

Major transport projects are expected to create infrastructure breakthroughs for HCM City.

HCM CITY — Major transport projects are expected to create infrastructure breakthroughs for HCM City.

Ring Road No 3, identified as one of the city’s key and urgent traffic projects in the 2021-25 period, runs through HCM City and the southern provinces of Đồng Nai, Bình Dương and Long An.

With an investment of VNĐ75.4 trillion (US$3.2 billion), the Ministry of Transport is the investor of the project.

The project has a total length of 76.34km, including 47.51km in HCM City’s Thủ Đức City and the districts of Củ Chi, Hóc Môn and Bình Chánh.

Construction on the project restarted on the Tân Vạn - Nhơn Trạch section in September last year after prolonged delays due to a lack of funds and difficulties in site clearance.

The Tân Vạn - Nhơn Trạch section consists of a 1.92km segment in HCM City, and a 6.3km segment spanning across Đồng Nai.

The project is expected to be completed in 2025 and put in official operation in 2026.

The second key project is Metro Line No 1 between Bến Thành Market in District 1 and Suối Tiên Theme Park in Thủ Đức City.

The line has a total length of nearly 20km, including 2.6km underground, running through 14 stations, with three underground stations.

It has a total investment of more than VNĐ43.7 trillion ($1.9 billion)

The project has received investment of over VNĐ43.7 trillion ($1.85 billion), VNĐ38.2 trillion ($1.62 billion) of which is from loans.

Construction on the first metro line began in August 2012 and is 93 per cent complete, according to the city Management Authority for Urban Railways.

A test run was conducted on an elevated section from Suối Tiên Station to Bình Thái Station in Thủ Đức City on December 21 last year.

The line is expected to be put into operation at the end of this year.

Metro Line No 2 will connect Bến Thành Market in District 1 and Tham Lương Depot in District 12, with an investment of VNĐ47.9 trillion ($2 billion).

With a total length of 48km, the second metro line will run across districts 1, 3, 10, 12, Tân Bình and Tân Bình.

Its first phase will be 11.3km, including a 2km elevated section and a 9.3km underground section, with 11 stations, including 10 underground and one elevated.

The city strives to start the project in 2023 and finish it in 2028. It will connect with the first metro line.

Crossing the Soài Rạp River, Cần Giờ Bridge is expected to connect Nhà Bè and Cần Giờ districts, and replace the Bình Khánh ferry.

The Bình Khánh ferry is currently the only way to reach Cần Giờ from the city and is badly overloaded.

The new bridge will have a total length of more than 3.6km, with four motor vehicle lanes and two mixed lanes.

It will cost nearly VNĐ10 trillion ($424 million).

The city is carrying out investment preparation to start construction in the following year, and complete it in 2028.

The HCM City-Mộc Bài Expressway will connect HCM City with Mộc Bài, which is an international border gate between Việt Nam and Cambodia in Tây Ninh Province.

Currently, the only road connecting HCM City and Tây Ninh Province is National Highway 22, which has become overcrowded.

The expressway will have a total length of 53.5km, including 23.7km in HCM City, with total investment of VNĐ16.7 trillion ($707.8 million).

It is the beginning of the Ring Road No 3 project and connects with the Ring Road No 4 project.

The project’s first phase is expected to start next year and be completed at the same time as Ring Road No 3 in 2026.

HCM City and Tây Ninh signed a cooperation agreement for the road in 2019.

The authorities of the two localities are also building shopping malls and service facilities along the project to raise revenue for construction of the expressway.

HCM City and Tây Ninh Province are among eight provinces and cities that make up the southern key economic zone.

The new HCM City-Tây Ninh Expressway is expected to ease congestion and facilitate economic growth in the southern region, especially in industrial parks, export processing zones and the Mộc Bài Border Gate Economic Zone.

It will enhance transport connectivity and promote trade between Việt Nam and neighbouring countries.

A number of key transport projects began construction at the end of last year such as upgrading and expanding National Highway No 50 in Bình Chánh District, building the third passenger terminal at Tân Sơn Nhất International Airport in Tân Bình District and An Phú Intersection in Thủ Đức City.

— VNS   LINK

Frank26 and KTFA Members "News and Views" Sunday 1-8-2023

KTFA:

Frank26:  "WTO MEMBERSHIP DOES NOT REQUIRE A HIGH EXCHANGE RATE... BUT IT CERTAINLY REQUIRES AN INTERNATIONAL EXCHANGE RATE... ARTICLE 8.".......... F26

Government movement to complete the requirements for Iraq's accession to the World Trade Organization

1/04/2023

Baghdad - Conscious - Nassar Al-Haj 

Today, Wednesday, the Ministry of Commerce detailed its plan to complete the requirements for Iraq's accession to the World Trade Organization.

The media center in the ministry stated, to the Iraqi News Agency (INA), that "the committee concerned with Iraq's accession to the World Trade Organization, headed by the Minister of Commerce and membership of representatives of ministries and agencies, as well as representatives from the private sector, is working to complete the requirements for Iraq's accession to the organization."

He explained, "The ministry's plan during the current year includes completing technical accession files in terms of goods, services and intellectual property, in addition to harmonizing legislation and laws with the agreements of the multilateral organization."

He pointed out that "the plan includes holding official meetings in the organization in Geneva, and that there be high coordination

 With the member states that carry economic weight in the organization to mobilize support and speed up accession procedures and make Iraq an active member and partner in making economic decisions and drawing trade policies that enhance Iraq's integration into the global economy.

He pointed out that "the Minister of Trade confirmed - within the prepared plan - the preparation of the Iraqi negotiating team, which will engage in negotiating rounds with the member states of the organization by strengthening the negotiating capabilities of the members and benefiting from the experiences of the countries."   LINK

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Frank26:  IT'S BEEN YEARS KTFA FAMILY... BUT HERE IT IS, WHAT WALKINGSTICK & I CALLED THE 2ND ARTICLE FROM THE CBI!!!"......... F26

Central Bank Governor: The dollar exchange rate crisis is temporary and the monetary situation is at its best

1/08/2023

The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, confirmed that the bank has taken a series of measures that enhance monetary stability and push for the return of exchange rates to normal, while noting that the bank has sufficient reserves until February 2024, “which is a very sufficient period to correct imbalances in the balance.” Payments in case Iraq's imports are exposed to any imbalances.

"The dollar exchange rate crisis is a temporary crisis resulting from internal and external factors that coincided with the end of the year," Makhaif said in an interview with "Al-Jazeera Net" and followed by "Al-Iqtisad News", speaking about the causes of the dollar crisis that Iraq recently witnessed and the measures taken by the bank to reduce it.

He added, "The Iraqi Central Bank has taken a series of measures that enhance monetary stability and push for the return of exchange rates to normal, including: allowing banks to participate in the window for buying and selling foreign currency to be used for external transfer, and working to facilitate procedures for obtaining dollars through banks, and facilitating Financing private sector trade and meeting the demand for foreign transfers by strengthening bank balances with their correspondents in other currencies.

He pointed out that "a series of measures to limit this crisis went to reduce the selling price of the dollar to the beneficiary (the card holder) who uses it while traveling or pays his purchases via the Internet at a price of 1465 dinars per dollar."

He went on to say, "The monetary situation in Iraq is at its best, and there is no need for that crisis that has caused fears of public opinion, just as the situation in Iraq is much better than that of other countries."

He spoke about the repercussions of the rise in the reserves of the Central Bank of Iraq and its arrival to more than 97 billion dollars on the Iraqi economy, saying that "there are several repercussions, including: defending the national currency exchange rate against foreign currencies and maintaining coverage of imports for a period of more than 6 months, as he was able to The central bank has built a cover for imports for a period of more than 17 months at the end of the third quarter of 2022, meaning that the central bank has sufficient reserves until February 2024, which is a very sufficient period to correct imbalances in the balance of payments in the event that Iraq's imports are exposed to any imbalances.

He continued, "The foreign reserves index to money supply in the broad sense is high and reached 81%, which is an indicator that enhances confidence in the Iraqi dinar as a store of value, as well as preserving the value of the national currency by ensuring the stability of the exchange rate as a nominal stabilizer for inflation."

He added, "There are other benefits that come from increasing the volume of reserves with the central bank, including: an indicator of the strength and flexibility of monetary policy, and the reserves can also contribute to raising the indicators of creditworthiness of Iraq with international rating institutions."

The Governor of the Central Bank touched on the reasons for issuing a new denomination of the local currency, saying, “The issuance of the new denomination is a procedure to modify the structure of banknotes and introduce an intermediate denomination that facilitates daily transactions, reduce the presence of old versions of currency denominations in circulation, and adopt modern security specifications in designing the denomination.” new technologies to reduce counterfeiting, especially since counterfeiting methods have developed thanks to technological development.   LINK

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Henig:  20,000 dinars denomination.. The Central Bank talks about issuing a new currency: counterfeiting is a "development"

 Baghdad today-Baghdad

The Governor of the Central Bank, Mustafa Ghaleb Makhaif, confirmed today, Sunday, that there are 4 benefits for issuing a new denomination of the Iraqi currency, indicating that the methods of counterfeiting the currency have developed.

Makhaif said, in statements to Arab media followed by (Baghdad Today), that “the issuance of the new denomination is a procedure to modify the structure of banknotes and introduce an intermediate denomination that facilitates daily transactions, reduce the presence of old versions of currency denominations in circulation, and adopt modern security specifications in designing the new denomination to limit of counterfeiting operations,” noting that “counterfeiting methods have evolved thanks to technological development.”

Last September, the Central Bank announced its intention to issue a new currency of the category of 20 thousand dinars.   LINK

Clare:  Al-Janabi: The Central Bank is able to restore confidence in the Iraqi dinar soon

2023-01-07

Representative Ziyad Al-Janabi confirmed, on Saturday, that the Central Bank of Iraq is able to restore confidence in the value of the dinar soon, while indicating that the bank lent the government and saved it from going into the unknown.

Al-Janabi said in an interview with Alsumaria News We appreciate the position Central Bank of Iraq Who supported the Iraqi government with a cash loan of more than 30 billion dollars and saved it from going into the unknown at the time.

Al-Janabi referred to "the ability Central Bank of Iraq to overcome the current crisis facing the dollar in the local market," stressing that "the central bank has taken successful strategic steps to end the current crisis."
And Al-Janabi indicated that "this problem, which confused the state of the Iraqi market, will soon be resolved, and the central bank is able to restore confidence in the value of the Iraqi dinar and adjust technical matters in the near future," stressing by saying that "the central bank has been able to raise the value of the dollar and gold reserves to a strategic amount, including a safe maneuver." Good for the Iraqi government."   LINK

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Henig:  Iraq drops part of Somalia's debts for its difficult circumstance

Baghdad today - follow-up

The Director of the Department of the Horn of Africa and Sudan at the League of Arab States, Zaid Al-Sabban, confirmed that Iraq had informed the League of an official memorandum stating that part of Somalia's external debt owed to Iraq had been forgiven.

Al-Sabban said, in press statements followed by (Baghdad Today), that "the successive Arab summit decisions asked Arab countries and funds to exempt Somalia from its foreign debts, given the exceptional circumstances that faced the Somali state over the past decades."

He pointed out that Egypt has allocated a number of planes loaded with humanitarian aid to Somalia to confront the Corona crisis and the drought crisis.

 He stressed that there is a huge work being done by many Arab member states of the League, such as Saudi Arabia, Qatar, Kuwait and the UAE, and that there is material and financial support provided by these countries and their development funds in favor of Somalia, which helped a lot in facing some challenges such as drought and food crisis and facing the repercussions of the war against terrorism, which greatly affected millions of Somalis and led to their displacement away from their villages and homes.

And Iraq had called, in March of last year 2022, on Somalia to pay off the debts incurred by it, while it issued an official invitation to the foreign and finance ministers of this country to visit the capital, Baghdad.   LINK

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Henig:  Kurdish deputy to / NINA /: The budget will reach Parliament during the current week.. and it will be legislated as soon as possible

08 January 2023

A member of the House of Representatives for the Kurdistan Democratic Party, Sabah Sobhi, confirmed: The budget will reach Parliament during the current week.. and it will be legislated as soon as possible.

He told the National Iraqi News Agency / NINA /: There is a serious move by the political blocs in order to pass the budget as soon as possible, despite the existence of some outstanding issues.

Sobhi added: We will vote on the budget before oil and gas because it is more important than it, as this law can be delayed.

And a member of the Parliamentary Finance Committee, Mueen Al-Kazemi, said that the budget may be completed during the current week.

Al-Kazemi said in a televised statement yesterday evening: There is a political consensus regarding passing the 2023 budget, which may reach 140 trillion dinars.

He added: The investment sector will have 60% of the budget, and the proportion of the region in it will be more than 13%   LINK

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Henig:  The legislative recess ends tomorrow.. The House of Representatives reporter to / NINA /: We await the arrival of the general budget during the current month to proceed with its approval

08 January 2023

The Parliament will officially end its legislative recess tomorrow, Monday, while the parliamentary committees and circles are still awaiting the arrival of the draft federal budget law 2023, which the Council of Ministers has not decided to approve, pending the ministerial committees’ completion of drafting the final amendments.

Parliament Rapporteur, Representative Beida Khader, stated, in a statement to the National Iraqi News Agency / NINA /, that "the general budget 2023 is still with the Ministry of Finance, and the legislative recess for the House of Representatives ends tomorrow, Monday, and then the beginning of the new legislative term, and therefore we are awaiting the completion of the draft budget law." during the current month and send it to parliament quickly for approval by a vote.

And she explained, "The House of Representatives proceeded with presenting and approving important legislation. The Presidency of the Council also decided to extend the parliament's work for a month at that time, pending the arrival of the general budget from the government, but so far it is still incomplete."

And she added, "If the general budget reaches the House of Representatives, there is supposed to be a special session to read and discuss it by the Finance Committee and other concerned committees, to proceed with presenting it to a vote."

And the Presidency of the House of Representatives decided, on the eighth of last November, to extend the second legislative term / the first legislative year / the fifth electoral cycle, by one month, based on the provisions of Article (58 / second) of the constitution; This is to complete a number of necessary tasks and legislation.   LINK

Some "Vietnam News" Posted by Henig at KTFA 1-8-2023

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

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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

Some "Vietnam News" Posted by Henig at KTFA 1-7-2023

KTFA: Vietnam

Henig:  Moc Chau, a four-season destination

06:00 | 07/01/2023

(VEN) - Moc Chau Plateau, located in the northern mountainous province of Son La, about 180km north west of the capital Hanoi, has long been considered one of Vietnam’s most attractive destinations, especially when the plum trees blossom early in the year.

Moc Chau is cool and beautiful all year round. The pine forests in Ang Village, the Mu Nau plum valley, sunflower gardens, Moc Chau Tea Hill, Chieng Khoa, Fairy and Dai Yem waterfalls, Grassland 68, Bach Long (White Dragon) glass bridge, and Pha Luong Peak should not be missed.

When the spring sun shines on Moc Chau, the typical flowers of the northwest mountains race to show off, painting the landscape with white apricot flowers, plum blossoms, bright pink peach blossoms, brilliant yellow cabbage beds, and young green buds.

Moc Chau has many famous plum growing areas such as Pa Phach Village, and Mu Nau, Thung Cuong and Na Ka valleys. Usually, the plum trees start to bloom in mid-January to the end of February, but in 2022, many blossomed in early November.

Every spot covered by blooming flowers along National Highway 6 from Hanoi to Moc Chau is crowded with tourists. Backpackers who seek pristine beauty visit flower forests in remote villages.

A plum garden owner in Na Ka Valley said that while tourism has developed, the valley retains much of its original wild character. The most suitable time of the day to visit Na Ka is in the morning or early afternoon, from the beginning of winter to the end of May.

If you plan to visit Moc Chau in the autumn, don't miss the opportunity to celebrate Independence Day on September 2 with the Mong people. While the Mong people's traditional Tet (New Year) celebration usually takes place within the family or neighboring villages, the Independence Day festivities Tet is held throughout the area, including Moc Chau Town. Visitors can admire the beauty of traditional costumes, and immerse themselves in the Mong people's unique folk activities.

From May, plums begin to ripen and local growers harvest them and sell to traders in the lowlands. In summer, the highlands are suitable for picnics and walks because of the fresh air and many outdoor activities.

The ripe persimmon season in Moc Chau usually runs from September to December, but it is most beautiful in mid-November and early December when the weather turns cold and the hillsides are dappled with the colorful trees.

In November, the highland is adorned in white by cauliflower, and in December by yellow wild sunflowers.

A new tourist draw is the 632-meter-long Bach Long (White Dragon) glass bridge that was crowned with a Guinness World Record for its length.

The bridge also set a second Guinness world record as it has the world's longest glass-bottom cliff side path measured at 327 meters. Inaugurated on the Reunification Day (April 30) in 2022, the bridge is suspended some 150 meters above a lush green jungle valley. The glass-floored bridge is the latest tourist attraction in Moc Chau. At the foot of the bridge is Muong Mooc Cave, also known as Chim Than Cave, with natural stalactites and stone sculptures that reflect the daily lives of the ancient Thai ethnic minority group.

A one-way bus ticket from Hanoi to Moc Chau costs VND160-250,000. The drive by bus or car takes 3.5-4 hours.  LINK

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Henig:  Starbucks commits to expanding in Việt Nam with 100th-store plan

January, 06/2023

Starbucks is committed to expanding further in Việt Nam with its plan of opening the 100th store by the end of the second quarter this year

HÀ NỘI — Starbucks is committed to expanding further in Việt Nam with its plan of opening the 100th store by the end of the second quarter this year – a decade after the first shop opened in HCM City in February 2013.

Currently, the US coffee chain runs 87 outlets across seven cities and provinces nationwide with 50 in HCM City and 24 in Hà Nội and more than 1,000 employees (including 200 coffee masters).

“So, as you can see, there’s plenty of opportunities to continue growing in the market,” CEO of Starbucks Vietnam, Patricia Marques told reporters in Hà Nội on Friday.

According to the CEO, Starbucks will continue to open more stores, in addition to places that the chain has visited to better serve customers in their neighbourhoods.

Most recently, the US chain opened a new store in Hội An on December 9. It is also targeting new opportunities in Bình Dương and Quy Nhơn provinces for this year’s plan.

A recent report of the fast-moving consumer goods (FMCG) in the Asian region announced by Kantar World Panel showed Việt Nam’s beverage industry has recovered after two years of being affected by the COVID-19 pandemic. The third quarter of 2022 recorded an average growth rate of 5.2 per cent, only 0.4 per cent lower than the average growth rate of the whole of Asia.

“The beverage sector will bounce back from the lockdown in Việt Nam and seems to thrive again after two years of decline,” Kantar report said.

Despite being a giant in the international markets, Starbucks must compete with rising local brands.

Việt Nam’s tea and coffee market is dominated by local franchise brands, including Highlands Coffee (573 stores), The Coffee House (154) and Phúc Long (118), according to Statista data as of December 2022.

According to India-based market research company Mordor Intelligence, increasing busy lifestyle and longer working hours is likely to strengthen the consumption of coffee. Việt Nam’s coffee market is projected to witness a compound annual growth rate (CAGR) of 8.07 per cent during 2022-27.

To increase its competition in the “world coffee capital”, besides continuing expansion, Starbucks Vietnam CEO said the chain will strive to optimise costs by improving management capacity, human resource capacity and operational efficiency at each store.

In addition, to celebrate its 10-year journey in Việt Nam, customers in Việt Nam will have a chance to enjoy Starbucks Vietnam Đà Lạt coffee in September 2023.

— VNS  LINK

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Henig:  Booming e-commerce sales provides opportunity for cooperatives

January, 06/2023

According to the Ministry of Industry and Trade, made-in-Việt Nam goods accounted for more than 90 per cent of products on shelves of domestic distribution companies and 60-95 per cent of foreign supermarket chains.

HÀ NỘI — Booming e-commerce in Việt Nam is providing significant opportunities to promote sales while cooperatives are trying to improve the quality of their products to meet consumers' demands better.

According to the Ministry of Industry and Trade, made-in-Việt Nam goods accounted for more than 90 per cent of products on shelves of domestic distribution companies and 60-95 per cent of foreign supermarket chains.

According to a survey by e-commerce aggregator platform iPrice Group, the percentage of shopping through online channels more than doubled over the same period last year.

Seeing the trend of booming e-commerce, highlighted after the COVID-19 pandemic, cooperatives were making moves to promote sales via this channel.

Many cooperatives improve their products in terms of quality, packaging, and origin to better meet the demand of consumers, which would help improve consumers' trust in shopping online.

Quyết Thanh Agriculture Cooperative had arranged their dried mango pieces into a brilliant yellow rose and packed it in a round plastic box instead of a zip bag. According to the cooperative, this helped attract the attention of many consumers in both online and offline channels.

Cooperatives also cooperated with e-commerce platforms to improve the production and distribution process.

Nguyễn Thị Hoan, director of Tài Hoan Vermicelli Cooperative in Bắc Kạn Province, said that in the past, customers were concerned about the quality and origin of products which were sold online. Still, many cooperatives opened official kiosks on e-commerce platforms where customers could be assured of the product quality and a clear origin.

Lưu Thị Hoà, director of Po Mỷ Cooperative in Hà Giang Province, said that e-commerce platforms helped cooperatives to reach more customers. Moreover, the consumer information file of e-commerce platforms was diverse, which would help cooperatives to improve their adaptation to the market demand and increase revenue.

According to Nguyễn Thị Mỹ Hạnh, deputy director of Grab Việt Nam, if the cooperatives across the country knew how to take advantage of support tools and features on e-commerce platforms and online sites to reach target customers, cooperatives could grow strongly in revenue and reap many sweet fruits in the year-end shopping season.

The application of digital technology was considered an important factor in creating breakthroughs in developing cooperatives.

Director of Tam Đảo Mushroom Cooperative Nguyễn Quốc Huy said that the cooperative installed an automatic irrigation system, net house, greenhouses, a semi-automatic control system, accounting software, online tax declaration, email, data storage, digital signature and camera system to ensure the quality of products for exports. The cooperative’s products were also sold on e-commerce platforms such as Postmart.vn and Voso.vn.

According to the Ministry of Agriculture and Rural Development, there are more than 17,770 agricultural cooperatives in Việt Nam; 1,718 of these have applied high technology in farming and preservation, automation technology and biotechnology.

Of them, 21 per cent have plans for e-commerce sales, 23 per cent sell their products on e-commerce platforms, 21 per cent have created simple websites, 7 per cent have websites that appear on Google and 7 per cent advertise on Facebook.

— VNS    LINK

MoIT urges guaranteed fuel supply amid Nghi Son refinery’s troubleshooting

09:58 | 06/01/2023

The Ministry of Industry and Trade (MoIT) has sent an urgent dispatch to the Vietnam Oil and Gas Group along with petrol and oil businesses and traders, requesting them to ensure petrol and oil supply amid an output decline at the Nghi Son oil refinery in early January due to a technical incident.

The Nghi Son refinery, based in central Thanh Hoa province and run by the Nghi Son Refinery and Petrochemical Co. Ltd, is one of the two plants providing 80 percent of petrol and oil for the Vietnamese market. Its residual fluid catalytic cracking (RFCC) unit has been temporarily shut for fixing a leakage problem.

The problem is predicted to lead to a reduction of 20 - 25 percent in the refinery’s planned petrol and oil output on the first 10 days of January, according to the MoIT.

The MoIT asked the Nghi Son company and the Binh Son Refining and Petrochemical JSC, which operates the Dung Quat oil refinery in central Quang Ngai province, to maximise their capacity and use stockpiles or other sources to make up for the reduction.

 The Nghi Son company was also told to quickly fix the problem and stabilise production activities.

 Meanwhile, petrol and oil wholesalers were demanded to seek alternative supply sources and increase import so as to guarantee sufficient supply before, during and after the Lunar New Year (Tet) holiday in late January and through to the end of the first quarter, according to the dispatch.

VNA   LINK

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Henig:  Personal financial planning crucial to economic development

January, 07/2023

GDP growth must be accompanied by personal financial development, economic experts said at a seminar on Thursday.

HÀ NỘI — GDP growth must be accompanied by personal financial development, economic experts said at a seminar on Thursday.

The event, themed “Personal Financial Planning in Việt Nam - Current Situation and Solutions” was held by the Việt Nam Financial Consulting Association (VFCA).

At the seminar, Ngô Thanh Huấn, Director of Personal Finance Division - FIDT Joint Stock Company, a member of the Expert Council - VFCA, said that by 2030-2040, Việt Nam will have about 20 million people reach their retirement age. Meanwhile, Việt Nam is in the group of countries with the highest pension payment rate in the world, with a maximum payout of 75 per cent.

This makes the difference between income and expenditure of the pension fund until 2031 expected to be negative by nearly VNĐ36 trillion (US$1.5 million), according to a report by the State Audit.

According to Huấn, in order to reduce the burden on the pension fund as well as society, the development of the microfinance system and personal finance plays an important role. Because if each individual and household can financially prepare for retirement, they will contribute to reducing the burden on the Government and society.

Phạm Anh Khôi, General Director of Tulip Real Estate Financial Services Joint Stock Company (FINA), said that focusing on GDP development will not make much sense if individuals and households are not financially secure. Because when these individuals reach retirement age, the financial burden will eventually fall on the Government.

Personal financial development plays an important role in reducing the social burden when the population aging process takes place. And the profession of personal financial planning also plays an important role in the development of this field.

Giving opinions at the seminar, economist Vũ Đình Ánh said that personal finance is the final piece of microfinance, one of the goals of developing the National Comprehensive Financial Strategy of the Vietnamese government. However, this is a completely new field and industry in Việt Nam, unlike other industries such as real estate, securities or insurance.

The expert said that in addition to general standards, personal financial planning also needs a set of standards, thereby serving as a measure for activities in the market.

However, Ánh also said that the difficulty of the personal finance sector is that there is currently no State agency to manage this area.

Lê Long Giang, Chairman of VFCA, said that at present, the field of personal financial planning has developed widely in the world, especially with the birth and development of the Financial Planning Standards Board (FPSB) and Financial Planning Standardisation Boards in 27 member countries.

In Việt Nam, the sector of personal financial planning and consulting is just beginning to develop, but is also facing many problems and obstacles.

There has been a series of cases of financial fraud, including the creation of websites, trading platforms and applications to make money, as well as using decoys offering high profits to entice investment in virtual currency, foreign exchange or appropriation of assets in the fields of finance, securities, investment and corporate bond issuance.

Therefore, Giang said it is necessary to set standards for the field of personal financial planning and consulting in Việt Nam, following international standards and practices.

VNS   LINK

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Henig:  Cybersecurity resilience emerges as top priority for Vietnamese organizations

15:39 | 05/01/2023

Cybersecurity resilience is a top priority for companies in Vietnam as they look to defend against a rapidly evolving threat landscape, according to the latest edition of Cisco’s annual study, Security Outcomes Report.

Titled, Security Outcomes Report, Volume 3: Achieving Security Resilience, the study identifies the top seven success factors that boost enterprise security resilience, with a particular focus on cultural, environmental, and solution-based factors that businesses leverage to achieve security. The findings are based on survey responses from over 4,700 participants across 26 countries.

Resilience has emerged as a top priority as a staggering 63 percent of organizations surveyed said they had experienced a security event that impacted business in the past two years. The leading types of incidents were distributed denial of service attacks (71 percent), network or data breach (64 percent), network or system outage (55 percent), and ransomware event (52 percent).

These incidents resulted in severe repercussions for the companies that experienced them, along with the ecosystem of organizations they do business with. The leading impacts cited include IT/communications interruption, supply chain disruption, loss of competitive advantage, and response and recovery costs.

With stakes this high, it is no surprise that 97 percent of executives surveyed for the report said that security resilience is a high priority for them. The findings further highlight that the main objectives of security resilience for security leaders and their teams are to mitigate financial losses from security incidents, ensure business continuity through disruptive events, and prevent major security incidents and losses.

“Technology is transforming businesses at a scale and speed never seen before. While this is creating new opportunities, it also brings with it challenges, especially on the security front. To be able to tackle these effectively, companies need the ability to anticipate, identify, and withstand cyber threats, and if breached be able to rapidly recover from one. That is what building resilience is all about,” said Helen Patton, CISO, Cisco Business Security Group.

“Security, after all, is a risk business. As companies don’t secure everything, everywhere, security resilience allows them to focus their security resources on the pieces of the business that add the most value to an organization, and ensure that value is protected,” she added.

Seven success factors of security resilience

This year’s report has developed a methodology to generate a security resilience score for the organizations surveyed and identify seven data-backed success factors. Globally, organizations that had these factors present were among the top 90th percentile of resilient businesses. Conversely, those lacking these were placed in the bottom 10th percentile of performers.

The findings of the study underline the fact that security is a human endeavor as leadership, company culture and resourcing have a significant impact on resilience:

In addition, businesses need to take care to reduce complexity when transitioning from on-premise to fully cloud-based environments.

Finally, adopting and maturing advanced security solutions has significant impacts on resilient outcomes.

“The Security Outcomes Reports are a study into what works and what doesn’t in cybersecurity. The ultimate goal is to cut through the noise in the market by identifying practices that lead to more secure outcomes for defenders,” said Jeetu Patel, Executive Vice President and General Manager of Security and Collaboration at Cisco. “This year we focus on identifying the key factors that elevate the security resilience of a business to among the very best in the industry.”

Cisco (NASDAQ: CSCO) is the worldwide leader in technology that powers the Internet. Cisco inspires new possibilities by reimagining your applications, securing your enterprise, transforming your infrastructure, and empowering your teams for a global and inclusive future.

PV  LINK

Some "Vietnam News" Posted by Henig at KTFA 1-6-2023

KTFA:  Vietnam

Henig:  Nghe An Province increases local content of industrial products

06:00 | 06/01/2023

(VEN) - Nghe An is one of the chosen destinations of large international investors shifting their supply chains to Vietnam, providing businesses in the north-central province with access to new opportunities for support industry development.

The Nghe An industry and trade sector has set specific goals, aiming for an average annual growth rate of 12-13 percent in support industry production value, accounting for more than 20 percent of industrial production value by 2025 and gradually increasing in the future. The industry will also enhance investment, especially foreign direct investment (FDI), to encourage rapid domestic support industry growth.

According to a draft report on the development of support industries in Nghe An Province, by 2025, the province will aim for domestic support industry companies to account for 10-12 percent of the total number of firms and for 20-30 support industry enterprises to participate in corporate supply chains.

By 2030, the sector will attempt to achieve a localization rate of 30 to 35 percent in a number of development-prioritized industries, such as electronics, mechanical assembly, and energy, and over 45 percent in textiles. All support industry enterprises are expected to use digital technology for administration, production, and trading.

The impact of COVID-19 closures and shutdowns greatly affected suppliers of industrial components in China, the Republic of Korea, and Japan, hampering Vietnam’s domestic production. However, Vietnam’s industries are now recovering with a return of raw materials from their suppliers.

Nghe An’s processing and manufacturing industries depend greatly on imported materials, especially its key industries such as electronics, textiles, leather, and automobile manufacturing.

The study on the development of support industries in Nghe An has concluded that the industrialization process in the province remains sluggish. Specifically, labor productivity is low in comparison to other regions. In addition, the industry’s autonomy is limited because Nghe An must import the majority of input materials for large sectors, such as textiles, garments, leather and footwear, and electronics. Vietnam imports over 90 percent of its raw resources and is overly reliant on markets such as China, the Republic of Korea, and Chinese Taipei. In the global value chain, the province’s industry serves mostly as an outsourcing location for exports, with a low profit margin of only 5-10 percent.

According to Pham Van Hoa, Director of the Nghe An Department of Industry and Trade, the province intends to push the development of support industry products to service local manufacturing industries and the national market, establishing support sectors for the textile and apparel industries, wood processing and furniture manufacturing, packaging production and additives for plastic granules.

According to the Nghe An Department of Industry and Trade, the province’s industrial production index grew by 10.07 percent during the first ten months of 2022 compared to the same period in 2021. The processing and manufacturing industries were the primary growth driver.

Hoang Trinh  LINK

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Henig: Wind energy prices in Vietnam still higher than in other countries

09:31 | 05/12/2022

Prime Minister Phạm Minh Chinh requested relevant stakeholders to work together to bring down wind energy prices in Vietnam, which are now higher than in other countries.

During his work trip to the southern province of Bac Lieu, Prime Minister Phạm Minh Chinh said Bac Lieu is among the localities with great potential to develop renewable energy.

In the past few years, the country has issued mechanisms to encourage the development of wind energy, however, the prices of wind energy in Vietnam are higher than in the world and than energy generated from other sources. He also noted that many investors are also interested in investing in wind energy in Vietnam.

The PM stressed that it is important to review wind energy investment in Vietnam, especially the price factor, to ensure the harmony of interests between investors, the State and people.

He also requested the acceleration of the transfer of technology as well as training of human resources and the development of the renewable energy industry, including the manufacturing of such products as engines, turbines, and wind turbine blades to reduce imports and reduce the prices of electricity. Investors and the locality must also consider the circular economy model, developing wind energy along with hydrogen production, agriculture, and aquaculture farming.

During his trip, the PM also worked with key leaders of the province to discuss the socio-economic development in 2022 and the goals for the next year. He also inspected key infrastructures of Bac Lieu including the Can Tho-Ca Mau highway section that crosses the province.

He said this highway project is an important one that people are anticipating, so it must be done promptly.

He ordered relevant stakeholders to ensure the highway would be as short and convenient as possible as well as to speed up the progress of the project and avoid corruption and wrongdoings.

Can Thơ-Ca Mau highway is about 110km long, crossing five localities in the Mekong Delta region namely Can Tho City, and Hau Giang, Bạc Lieu, Kien Giang and Ca Mau provinces. It has a total investment of about VND27.5 trillion (US$1.16 billion). The project affects about 3,800 households in terms of land clearance.

VNS   LINK

KTFA Members "Iraq and Vietnam News and Views" 1-5-2023

KTFA: 

Clare:  For the first time.. The Central Bank of Iraq's dollar sales are devoid of foreign remittances

1/05/2023

The Central Bank's sales of dollars in an auction today, Thursday, were devoid of any external transfers, so sales were limited to cash only.

Shafaq News agency reporter stated, "The Central Bank sold today, during its auction for buying and selling the US dollar, 43 million and 500 thousand dollars, which the bank covered at a basic exchange rate of 1460 dinars per dollar.

Our correspondent added that sales were limited to cash only, which amounted to 43,500,000 dollars, while sales were devoid of any foreign transfers.

Our correspondent indicated that the banks that bought the cash dollar amounted to 21 banks. LINK

Clare:  The appearance of Muhammad Salih for / NINA / The dinar is in its strongest degree of stability..and the fluctuation of the currency price is caused by an external regulatory constraint

05 January 2023

The financial expert, advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed: The dinar is in the strongest degree of stability..and the fluctuation of the currency price is caused by an external regulatory constraint.

He told the National Iraqi News Agency ( NINA ): The fluctuations in the exchange rate came due to a regulatory restriction imposed by international compliance mechanisms on the countries of the dollar region, including Iraq.

Saleh added: There is a surplus in the current account of the balance of payments that is not less than (15%) of the country's gross domestic product, which is a really high number, while the balance of foreign currency reserves amounted to about 100 billion dollars, which is the highest in Iraq's financial history.

He explained: The Iraqi dinar is theoretically at its strongest degree of stability, but the international compliance controls that required greater transparency and governance in the behavior of traders in foreign currency through financing foreign trade from the window of the Central Bank in foreign currency is the reason for the temporary supply of foreign currency in response to demand.   LINK

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Henig:  Nassif: Al-Sudani found the governor of the Central Bank below the standard, and political forces prevented him from being replaced. Urgent

Baghdad today-Baghdad

A member of the House of Representatives for the coordination framework, Alia Nassif, confirmed that the dismissal and replacement of the Governor of the Central Bank, Mustafa Ghaleb Makhaif, may take place during the coming period, noting that political pressures stopped the matter of changing him.

Nassif said in a televised statement, followed by (Baghdad Today), that "Prime Minister Muhammad Shia' al-Sudani evaluated the performance of the central bank governor and found him below the required level," noting that "Al-Sudani sent a letter to replace the governor, but political forces stopped him."

Regarding the identity of these political forces, Nassif explained that "all political forces, even the 'withdrawals', still have influence in the political arena," indicating that "the decision to exempt the bank's governor exists and may take place during the coming period in the event that the exchange rate of the dollar in the markets is not controlled."   LINK

Patriots12:  Interesting... so only IMO we know the Framework is in control  of Parlament but we don't know to what extent they control Sudani... after all he is from the Framework    right ?   Do they want to remove the CBI gov for the benefit of the the citizens or the for the benefit of the corrupt ? 

I personally can not figure that out as on we go into January still at a program rate...  lots of good info but also lots of concerning ... in my opinion only ...

If this in fact does get pushed past January into a March time frame then IMO it is no different then the time frames of interest we have been interested  in many times before.... when we/me  have thought is was always close until the next event...  but we shall see and have hopium...  only IMO    not being negative, just real ... it just is what it is... until it isn't    all IMO   

Change the rate Iraq ... nothing holding you back if it’s going to happen!

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Blkfish:  This is getting ready to happen!  IMO

GMan:  I agree. Recalling some of the things that were brought to our attention to look for at the end of this journey. We are in a fantastic spot. Too many to mention. So, I'll mention 2 things I personally am excited about.

1. Recent WTO article.

2. Flying car article. (Saw this some place else).

AlsoI believe that our days on KTFA as we know it (current setup) are numbered. Gman out. IMO

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Henig:  A technical delegation from the region intends to visit Baghdad to complete understandings on the budget

On Thursday, the leader of the Patriotic Union of Kurdistan, Ahmed Al-Harki, revealed the imminent arrival of a technical delegation from the Kurdistan region of Iraq to complete the understandings related to the region's budget.

Al-Harki said in a press interview seen by “Takadum” that “a technical delegation from the Kurdistan region of Iraq will arrive in the capital, Baghdad, to complete the understandings regarding the region’s share of the current year’s budget.”

He added that "the return of the delegation to the region was due to the Christmas holidays," suggesting that "the task will be completed within days, and therefore the budget bill will be sent to Parliament for the purpose of voting."    LINK

Vietnam News

Henig:  Customs sector leads in IT application

06:00 | 05/01/2023 

(VEN) - A new information technology (IT) system developed by the General Department of Vietnam Customs (Vietnam Customs) under its administrative reform is expected to generate savings of about VND920 billion in the next five years for 92,000 importers, exporters and operators of warehouses, yards and ports.

Clearance time: One to three seconds

Vietnam Customs has synchronously implemented administrative procedure reform. In 2020 and 2021, it studied and proposed to reduce and simplify five percent of regulations and five percent of costs related to business activities, according to government Resolution 68/NQ-CP dated May 12, 2020.
It has also regularly assessed the impacts of administrative procedures on law-making, helping ensure the necessity, legitimacy and reasonability of regulations on administrative procedures; regularly and promptly publicized administrative procedures to ensure accessibility to information for individuals, organizations and businesses; and strengthened control of administrative procedures throughout the sector.

Notably, the customs agency has built a number of key IT systems to serve the implementation of customs procedures, automated customs inspection and supervision. Core customs procedures are already completely automated through the automated clearance system VNACCS/VCIS at all customs units nationwide with more than 99 percent of enterprises. More than 99.8 percent of customs declarations are processed on these systems and customs clearance time for green channel goods only takes one to three seconds.

Vietnam Customs also signed agreements with 44 banks on budget collection cooperation, with tax revenue through banks to account for 99.8 percent of total revenues, and 98 online public services have been integrated into the National Public Service Portal.

In addition, Vietnam Customs has deployed the Automated Customs Management System (VASSCM), connecting to 495 enterprises operating in ports, airports, warehouses, yards and locations subject to customs supervision.

Significant savings

Since early 2021, Vietnam Customs has focused on building digital customs. The smart customs model will be based on a high degree of automation and apply scientific achievements on digital platforms, ensuring transparency, fairness, efficiency, and the ability to forecast and adapt to fluctuations of international trade and management requirements of customs authorities.

It is expected that in the next five years, 92,000 importers, exporters and operators of warehouses, yards and ports will save about VND920 billion by using the new customs IT system, and be able to declare customs procedures anytime, anywhere on all available tools.

Deputy Director General of Vietnam Customs Luu Manh Tuong said that in recent years, the customs sector has speeded up reforms and modernization and has been a pioneer in developing and applying IT. Consequently, administrative procedure reform and modernization in the sector have made remarkable progress, creating a favorable environment for import and export activities, immigration, and implementation of international integration commitments.

So far, all basic customs procedures have been automated and all customs departments and branches carry out electronic procedures with 99.65 percent of enterprises.

Quynh Nga   LINK

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Henig:  Vietnamese real estate has mixed outcomes but positive outlook

January, 05/2023

Vietnamese real estate began to decline in the late months of 2022 as a result of a change in the governmental stance on bank credits and corporate bonds.

HÀ NỘI — The Vietnamese real estate market showed mixed results in 2022 with a boom in the first half of the year and a downturn in the second half, according to Nguyễn Mạnh Hà, deputy chairman of the Vietnam National Real Estate Association.

Hà was speaking at the seminar 'Vietnamese real estate: outcome and outlook' on Tuesday.

The deputy chairman said the tide of cheap money in late 2021 had lifted many boats in the early months of 2022, including real estate. Housing prices were soaring on the back of the post-pandemic economic recovery and the growing demand from homebuyers.

However, the industry began to go into reverse in the late months of the year as a result of a change in the governmental stance on bank credit and corporate bonds. The government's tightening up on the two capital channels has caused worries among investors and brought it to a halt.

"The number of estate agents now stands at around 30 to 40 per cent of that in the early half of 2022," said Hà.

Still, he has an optimistic outlook for the industry in the short term as the completion of some huge social housing projects this year is expected to encourage sales to low-income homebuyers.

Nguyễn Mạnh Quỳnh, chief of staff of the Vietnam Association of Realtors, held that the supply of commercial real estate was tight in 2022 with around 48,500 products for sale, equaling just 28 per cent of the figure in 2018.

"The market was facing a shortage of affordable housing and, at the same time, witnessing a surge in luxury housing," said Quỳnh.

By product types, land slots took up 44 per cent of the pie and high-end housing followed with 37 per cent. Middle-end housing came next with 15 per cent whereas low-end apartments stayed at rock bottom with 4 per cent.

The chief of staff forecast that real estate sales would remain low in Q1/2023 but begin to improve in Q2/2023 on the grounds of a better macroeconomic situation. Average prices, meanwhile, are expected to fall slightly until mid-Q2 and then level off towards the end of the year.

Phạm Lâm, chairman of the DKRA Group, revealed that 1,081 real estate enterprises were dissolved and 2,379 temporarily ceased their operation in the first 11 months of 2022.

The situation is not better now as real estate enterprises face many setbacks. One of the setbacks is the tight supply of land, which falls between 40 to 83 per cent year-by-year across segments.

Lâm urged the enterprises to cut costs and cut staff wisely to get through this tough time. He said digital transition is a solution to the cost-saving problem as it significantly reduces overheads.

"My message for the enterprises in 2023 is 'tighten your belts'," Lâm added.

Cấn Văn Lực, chief economist at the JS Commercial Bank for Investment and Development of Vietnam, estimated total capital funneled to real estate in 2022 at VNĐ507 trillion (US$21.5 billion), of which 71.0 per cent come from bank loans and 10.8 per cent from corporate bonds.

"Corporate bonds normally account for about 22 per cent of real estate capital. Unfortunately, this source of financing was reduced by half last year," said Lực.

The economist also revealed that he was urging the government to introduce a favourable mechanism to support the industry in its effort to repay VNĐ120 trillion worth of corporate bonds in 2023 and VNĐ110 trillion in 2024. —VNS     LINK

KTFA Wednesday Night CC "#2 Guy Wants To Talk" 1-4-2023

KTFA

Wednesday Night Conference Call

Frank25:  1-4-23….#2 GUY WANTS TO TALK

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=v2MCZUoRE-U

KTFA Members "Iraq and Vietnam News and Views: 1-4-2023

KTFA:

Clare:  Government movement to complete the requirements for Iraq's accession to the World Trade Organization

1/04/2023

Baghdad - Conscious - Nassar Al-Haj 

Today, Wednesday, the Ministry of Commerce detailed its plan to complete the requirements for Iraq's accession to the World Trade Organization.

The media center in the ministry stated, to the Iraqi News Agency (INA), that "the committee concerned with Iraq's accession to the World Trade Organization, headed by the Minister of Commerce and membership of representatives of ministries and agencies, as well as representatives from the private sector, is working to complete the requirements for Iraq's accession to the organization."

He explained, "The ministry's plan during the current year includes completing technical accession files in terms of goods, services and intellectual property, in addition to harmonizing legislation and laws with the agreements of the multilateral organization."

He pointed out that "the plan includes holding official meetings in the organization in Geneva, and that there be high coordination

 With the member states that carry economic weight in the organization to mobilize support and speed up accession procedures and make Iraq an active member and partner in making economic decisions and drawing trade policies that enhance Iraq's integration into the global economy.

He pointed out that "the Minister of Trade confirmed - within the prepared plan - the preparation of the Iraqi negotiating team, which will engage in negotiating rounds with the member states of the organization by strengthening the negotiating capabilities of the members and benefiting from the experiences of the countries."   LINK

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Mustangroper:  Is Vietnam a member of WTO??

Paulette:   IMO......Yes......So????  Many try to compare Vietnam and Iraq when evaluating the currency.  Most of these comparisons are flawed:

        ".......Vietnam has a very low rate and their economy is one of the fastest growing......"

This is a totally irrelevant comparison.  The rate is not the issue.  The issue is IMF Article 8 Compliance.  This allows Freedom of Movement of capital in and out of the country. Vietnam has been officially acknowledged to be Article 8 compliant, Iraq has not.

Additionally, the CBI has clearly stated their intent to implement the "Delete the Zeros" project.  Vietnam has not made any such claims.

Bottom line, comparing Iraq and Vietnam due to their low currency value is like comparing Apples to Oranges....

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Henig:  Al-Sudani calls, through Shafaq News, for "international cooperation" to recover the looted Iraqi funds

2023-01-03

The Prime Minister, Muhammad Shia'a Al-Sudani stressed, on Tuesday, the need for international cooperation with Iraq to recover the money looted through corruption files over the past years.

Al-Sudani answered a question by Shafaq News agency reporter, during the weekly press conference, about the file of recovering smuggled funds, most notably the "theft of the century" money, and whether there is coordination with the International Monetary Fund, the US Federal Bank, the Paris Club and the International Police, "This is a very important aspect, the recovery of Iraqi funds It needs follow-up, international relations and communication, and Iraq is a member of many international agreements in this regard.

He added, "Today, the National Assessment Report for the Risks of Money Laundering and Terrorist Financing for the Republic of Iraq was presented, and this report was presented by the head of the concerned authority, and it was discussed, and part of it, the recovery of corruption funds, and the Council of Ministers approved the decision."

Al-Sudani affirmed, "There are obligations on the member states of the agreements, and Iraq is serious about activating these agreements in terms of the commitment of the international institutions and the state committed to these agreements, its commitment to hand over the wanted persons and the stolen money, and we believe that this is the right legal context to restore the confidence of the Iraqi people in the government's measures in the field of combating corruption." ".LINK

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Clare:  New movements in the budget file after a period of stagnation

1/04/2023

The street is waiting, moment by moment, to vote on the country's draft general budget law in order to proceed with many stalled matters, most notably service projects. Responsible sources confirmed that the budget is just around the corner from being sent to Parliament.

New movements are taking place in the budget file after a long stagnation, most notably the Ministerial Council’s discussion of the draft law, which will focus on developing the economy and services in various sectors in order to achieve the basic points included in the ministerial curriculum, in addition to other strategic axes such as health, education, industry, agriculture and all aspects of service, not to mention About those related to investment plans and spending chapters.

And on the negotiations revealed members bKurdistan Democratic PartyOn the semi-agreement between the central government and the region about the share of the Kurdish component, which will reach fourteen percent during the delegation's recent visit to the capital.

As for the members of the Parliamentary Finance Committee, they confirmed that the budget for the year two thousand and twenty-three will be the same as its predecessors, ruling out any real change to the draft project that is scheduled to be voted on by the federal government and sent to Parliament for approval within days, indicating thatMinistry of FinanceI calculated the price of a barrel of oil at sixty-five dollars, and that the total amount of the law may exceed one hundred and forty trillion dinars.

The Minister of Finance had previously announced that the budget would focus primarily on the health sector, support for vulnerable classes, social care and people with disabilities, and raising the loan capital ceiling for small projects in the Ministry of Labor.   LINK

Henig:  Parliamentary Economy reviews the "negatives" of delaying budget approval 

 Economy News - Baghdad

The Parliamentary Committee on Economy, Industry and Trade clarified, on Wednesday, the negative effects of the delay in approving the federal budget.

"The laws and alternative solutions to the federal budget are temporary solutions and remedies for the conduct of economic life in Iraq, such as the Financial Management Law and its other applications or the Emergency Support for Food Security and Development Law," committee member Sardial-Mahyawi told the official news agency.

Al-Mihyawy added, "One of the most important negatives and effects of the delay in approving the budget is disrupting the approval of new and suspended government investment projects from previous years, which leads to a delay in economic growth or urban development and thus the clear negative impact on the life and livelihood of the Iraqi individual, and that extends to the coming years." Due to the accumulation of unfinished projects and the delay in their implementation.

 He urged all political blocs to "accelerate the approval of the federal budget, and the need to include important projects that serve society and the  country in General  LINK

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Henig:  MP: The budget will be sent to parliament at the beginning of the new legislative term

Baghdad / NINA / - The MP of Al-Sadiqun Parliamentary Bloc, Rafik Al-Salihi, suggested, on Wednesday, that the budget will be sent to the House of Representatives at the beginning of the legislative session that will begin on the eighth of this month, indicating: "The committees that were formed to resolve differences with the budget articles worked diligently and seriously."

Al-Salihi said in a statement reported by the bloc's website: "The government is determined to complete the draft budget law and send it to parliament at the beginning of the second legislative term, which will start on the eighth of this month," suggesting that "it will arrive in the first week after holding the first session of the next term."

He added, "The committees specialized in resolving disputes with budget articles worked diligently and seriously in order to complete the draft budget law before the end of the first legislative term of the House of Representatives."

Prime Minister Muhammad al-Sudani confirmed in a press conference, yesterday, Tuesday, that the government did not rush to send the budget to the House of Representatives, and took advantage of the legislative recess to conduct reviews of the budget sections and pressure unnecessary expenditures.

LINK

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Henig:  Rosy prospects for Vietnam-Argentina trade

06:00 | 04/01/2023

(VEN) - Commercial ties between Vietnam and Argentina are expected to expand in 2023. Ahead of the New Year, Argentine Ambassador to Vietnam Luis Pablo Mara Beltramino spoke with Vietnam Economic News’ Hoa Quynh and Thu Trang.

Could you tell us how Vietnam-Argentina trade has developed in recent years?

Argentine exports to Vietnam have grown 600 percent during the past decade, whereas Vietnamese exports to Argentina have increased 700 percent. In 2021, Argentina's sixth largest trading relationship is Vietnam, while Vietnam's third largest commercial partner in Latin America is Argentina.

Argentina exports to Vietnam products that supplies Vietnam's production chains. These goods are then shipped to other countries all over the world.

It can be said that Vietnam and Argentina are strategic trade partners in agricultural products. Vietnam, for its part, exports to Argentina consumer goods such as electronics and mobile phones to equip Argentina's communications and electronic telecommunications system.

How do you rate the prospects of economic and trade cooperation between Vietnam and Argentina in 2023?

We are confident that Argentina-Vietnam trade relationship will continue to steadily grow, particularly in the agribusiness sector. Furthermore, we maintain cooperative relationships with Vietnam in the following areas: technical assistance related to agricultural technology innovation, such as technologies to increase rice productivity, improve soybean production, and control foot-and-mouth disease in livestock in Vietnam.

There are numerous areas of cooperation that the two countries can implement next year to commemorate the 50th anniversary of bilateral diplomatic relations, including cultural cooperation with Argentine artists performing in Vietnam. In addition, photo exhibitions will be held as well as collaboration with the National Library of Vietnam.

What programs and activities will the Argentine Embassy in Vietnam implement in 2023 to promote bilateral economic and trade cooperation?

As usual, we will continue to organize trade promotion programs and activities in Vietnam, including a trade delegation from Argentina to meet with potential partners for export or joint venture opportunities. In addition, we will host a number of events to promote well-known Argentine products such as meat, wine, and Yerba Mate tea. This year marked the inaugural export of Argentine lemons to Vietnam.

In addition, we continue to engage in commercial activities, which are essential promotional activities for products traded in Vietnam, so that Vietnamese consumers are aware of our products. On the basis of the government's partnership for business cooperation, we will attempt to connect the businesses of both nations, thereby contributing to the growth of bilateral trade and bringing benefits to the people of both nations.

On the occasion of the 50th anniversary of bilateral diplomatic relations, we are coordinating with the Vietnamese to implement a cultural cooperation program in 2023. We will organize cultural promotion activities in Vietnam, and the Vietnamese Embassy in Argentina will do the same. Specifically, we will produce stamps and publications commemorating the 50th anniversary of bilateral diplomatic relations. Thus, it can be stated that 2023 will be a year filled with numerous cultural events.

According to the Ministry of Industry and Trade, Vietnam's exports to Argentina in the first 10 months of 2022 totaled US$756.6 million, an increase of 8.2 percent over the same period in 2021, while imports reached US$3.44 billion, a 12 percent rise.

Hoa Quynh & Thu Trang   LINK

KTFA Members "News and Views" Tuesday 1-3-2023

KTFA:

Henig:  Al-Sudani: Fluctuations in dollar exchange rates are an opportunity for economic reform and preventing currency smuggling

Baghdad / NINA /- Prime Minister Muhammad Al-Sudani affirmed that fluctuations in the exchange rates of the dollar are an opportunity for economic reform and preventing currency smuggling.

Al-Sudani said in a press conference: "There is a follow-up with the competent court regarding the return of stolen and smuggled money inside and outside Iraq.

We circulated orders to Interpol to pursue those wanted in the file of theft of tax secretariats.

He added, "We have come a long way in the oil smuggling file. There is a review of the contracts of electronic payment companies that affect citizens."   LINK

Henig:  Iraq’s oil revenues in December exceed 7.6 billion USD

 January 2, 2023

Baghdad (IraqiNews.com) – The Iraqi Ministry of Oil announced on Monday that oil export revenues for December exceeded 7.6 billion USD, according to the Oil Ministry statement cited by the Iraqi news Agency (INA).

According to initial statistics issued by the State Organization for Marketing of Oil (SOMO), the total exports of crude oil during December exceeded 103.28 million barrels with revenues exceeding 7.6 billion USD, the statement mentioned.

The statement indicated that the total quantities of crude oil exported during December from oil fields in central and southern Iraq were more than 100.7 million barrels, while the quantities exported from oil fields in Kirkuk through the port of Ceyhan were more than 2.22 million barrels.

The average price per barrel exceeded 73.64 USD, the statement elaborated.

The Iraqi Ministry of Oil started to share information about its oil export operations and revenues out of its awareness and belief to let the information available for the Iraqi people.

The Iraqi Ministry of Oil announced earlier that oil export revenues for November exceeded eight billion USD, with an average price exceeding 82.41 USD per barrel, while revenues of oil exports during October were more than nine billion USD.   LINK

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Margarita:  Sanctions against Iraq - Wikipedia

I am posting this wikipedia page just to counteract some people saying iraq is still under sanctions and thus cannot do anything until they are taken care of...notice the wording all throughout this article..

The sanctions against Iraq were a comprehensive financial and trade embargo imposed by the United Nations Security Council (UNSC) on Iraq.  PAST TENSE...WERE...if they were still in force it would say ARE.

This information is readily available.

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Henig:  Iraq: The government is keen to support the relations with Iran

INA - BAGHDAD 

Finance Minister Taif Sami affirmed the Iraqi government's keenness to support and enhance bilateral relations with Iran.

Sami received at the ministry's headquarters, the Ambassador of the Islamic Republic of Iran to Baghdad, Muhammed Kadhim Al-Sadiq, in the presence of a representative of the Ministry of Foreign Affairs, according to a statement by the Ministry of Finance, received by the Iraqi News Agency - INA. 

At the beginning of the meeting, Sami welcomed the ambassador, indicating the depth of the close bilateral relations that bind Iraq and Iran, and affirmed the Iraqi government's keenness to support and enhance it to include various fields, especially with regard to financial and economic affairs.

The statement included that, "Minister Sami also appreciated the various tireless efforts aimed at enhancing communication and joint coordination between Iraq and Iran, which would develop bilateral relations and open new horizons of cooperation between the two sides."

In turn, Ambassador Al-Sadiq praised, according to the statement, the efforts and interest of the Minister of Finance towards strengthening the bonds of friendship between the two sides, wishing to continue the cooperation and partnership for the benefit of the two neighboring people.  LINK

MOakes:  Well, Well, Well, Frank said that the Iranian Rial would be in the middle eastern basket.
As Jackie Gleason used to say "How Sweet It Is".Diversify, Diversify.

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Henig:  Integrity: The (4) billion dinars recovered today are from one of the parties accused of stealing the century

01/03/2023

Head of the Integrity Commission, Haider Hanoun, in a press conference:

Integrity: the coming days will witness the recovery of about 80 million dollars smuggled to America
Integrity: the recovery of 4 billion dinars from one of the accused

Integrity: The (4) billion dinars recovered today are from one of the parties accused of stealing the century  LINK

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Henig:  Central Bank: Iraq is on the cusp of a development era that will include several sectors

2023-01-03

Today, Tuesday, the Central Bank of Iraq confirmed  its launch of several development initiatives that supported the state at the time of the financial crisis, and helped support residential, industrial and real estate projects, as well as the reconstruction and rehabilitation of hospitals and schools, while indicating that Iraq is on the threshold of a developmental era that will include several sectors.

The Central Bank's advisor, Ihsan Shamran al-Yasiri, said in a statement to the Iraqi News Agency (INA): "After 2014, the tasks of the Central Bank turned into developmental roles due to the complex problems that the country went through, including the emergence of the terrorist ISIS gangs and the devastation they caused."

He added, "Financial problems also occurred due to the drop in oil prices in 2014, and the bank entrusted the state's public finances to pay salaries using monetary policy tools, and lending to the government through the secondary market by discounting bonds it bought from banks."

He pointed out that "the Central Bank also launched a development initiative in 2015, and its total funds so far amounted to 18 trillion dinars to support the banks of the agricultural, industrial and real estate sectors and the housing fund."

And he continued, "The bank also launched an initiative (Tamkeen) with the funds of banks and non-bank financial institutions, which enabled the state to rebuild Al-Mutanabbi Street, and rehabilitate orphanages, the elderly, hospitals and schools that were damaged by terrorism, and these are recorded as achievements of the monetary institution, and now we are on the cusp of a new development era that will include several sectors.   LINK

Henig:  The world economy is expected to be in recession in 2023, says IMF

 INA – SOURCES
 
The International Monetary Fund’s – IMF chief, Kristalina Georgieva warned that this year is going to be tougher on the global economy than the one we have left behind.

“Why? Because the three big economies, US, EU, China, are all slowing down simultaneously,” she said.

She noted, “We expect one-third of the world economy to be in recession,” adding that even for countries that are not in recession, “it would feel like a recession for hundreds of millions of people.”

While the US may end up avoiding a recession, the situation looks bleaker in Europe, which has been hit hard by the war in Ukraine, she highlighted, saying “Half of the European Union will be in recession.”
 
The IMF currently projects global growth to be at 2.7% this year, slowing from 3.2% in 2022.  LINK

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Henig:  Gold rose to the highest level in 6 months

Time: 01/03/2023 08:15:04

{Economic: Al Furat News} Gold prices recorded their highest level in six months on Tuesday, amid weak trading, with the market's attention shifting to the minutes of the last monetary policy meeting of the US Federal Reserve, scheduled for release this week.

Gold in spot contracts rose 0.8 percent to $1838.69 an ounce, according to Reuters data, and gold futures contracts in the United States increased by one percent to $1843.90.

The dollar index fell 0.1 percent, making gold priced in the US currency more attractive to buyers abroad.

Minutes of the Federal Reserve's December monetary policy meeting are due to be released next Wednesday, which could provide guidance on the Fed's tightening path.

Gold is considered a hedge against inflation and economic uncertainties, but high interest rates increase the opportunity cost of owning gold because it does not generate interest.

Spot silver rose 1.1 percent to $24.25, platinum rose 0.8 percent to $1,077.98, while palladium fell 0.1 percent to $1,792.21.   LINK

KTFA Monday Night CC with Frank26: "The MR Education Now Floats!!!" 1-2-2023

KTFA

Monday Night Conference Call

1-2-23……THE MR (monetary reform) EDUCATION NOW FLOATS !!!

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE

https://www.youtube.com/watch?v=LRleDEdJ7u4

KTFA Members "News and Views" Sunday Evening 1-1-2023

 KTFA:

Clare: Where are the Iraqi oil revenues deposited? Sudanese advisor answers

01/01/2023

Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, clarified regarding depositing the revenues1/ obtained for Iraq from the sale of oil.

Saleh said, “(Externally) and according to Security Council Resolution 1483 in May 2003, the revenues of the Ministry of Finance from crude oil, gas, exported derivatives, and other funds are deposited in the Federal Reserve Bank in New York, all of which are deposited in an account called DFI or its current alternative, Iraq/2, which is held by The Central Bank of Iraq, on behalf of the state, to deduct the compensation for the Kuwait war, which ended more than a year ago, from crude oil, derivatives, and gas (if any). Iraq/1".

And he added, "As a result, the protection of the United Nations previously and the protection of the United States over Iraq's funds according to the presidential executive order annually is issued on the funds of the Central Bank of Iraq deposited in the US Federal Reserve in the United States in particular, (internal) all the aforementioned and other funds belonging to the Ministry of Finance are recorded in an account Internal in dinars 600/300 for settlement purposes.   LINK

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Clare:  Hamoudi: The dollar crisis is our chance to end financial tutelage

2023-01-01

The head of the Islamic Supreme Council of Iraq, Hammam Hamoudi, confirmed today, Sunday, that the dollar crisis is an opportunity for Iraq to liberate itself from financial tutelage.

Hammoudi said in a statement received by Alsumaria news, "The dollar crisis is an opportunity for Iraq to liberate from financial tutelage, calling for rationing imports, involving national banks in development, investing savings and balances in vital projects, and betting on the national product, praising the government's measures to address the crisis by expanding sales outlets." currency, and what is related to preserving food prices and increasing the ration for those covered by care.

He stressed that "any renaissance that we aspire to will not be achieved without the role of the people and their cooperation with the government, as they are required to play a real role in follow-up, oversight, and constructive criticism, and not stand by in the face of any imbalance or tampering, and at the same time support any positive effort that serves their interests and future."

He urged the cadres of the Supreme Council to "activate their role in follow-up and oversight, and to harness all their activities and capabilities for service and social efforts, with a pure intention of God," noting that "Iraq It cannot be compared to other countries, because it is a country rich in its natural resources, human resources and scientific competencies, and its people have a strong will and self-esteem. That is why we made our motto "Live on Dignity" because we are optimistic that the next stage is transitional towards a better reality.   LINK

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Clare:  The rise of the dollar.. The Federation of Iraqi Industries proposes 3 solutions to address the imbalance

2023-01-01 

The Federation of Iraqi Industries confirmed today, Sunday, that the high exchange rate of the dollar against the Iraqi dinar "paralyzed the local industry", proposing three "real" solutions to address the imbalance.

The head of the union, Adel Akab, told Shafaq News agency, "The rise in the price of the dollar caused problems for the Iraqi industry, because the price of the local product is fixed, and it cannot be changed in the face of the rise in the prices of raw materials, transportation and other accompanying details as a result of the rise in the dollar."

Akab added, "The street, the citizen, and the industrialist are calling for the stability and stability of prices, so that they can settle their financial affairs, after the confusion in the exchange rate paralyzed the Iraqi industry and all aspects of life."

He pointed out that "the real solutions lie in the industry, as it is able to absorb the masses of the unemployed, in addition to strengthening the Iraqi dinar, and not relying on oil, which in the event of a drop in its prices, there will be great repercussions on the lives of citizens."

Akkab continued, "Tomorrow there will be a meeting with the Prime Minister's advisor to develop some solutions to address the imbalance we have."

Earlier, the Iraqi Finance Minister, Taif Sami, revealed that the draft federal budget law for the year 2023 included a fixed exchange rate for the dollar at 1450,000 dinars.   LINK

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Clare:  Abdul Hassan Al-Shammari to / NINA /: I do not worry about the stability of the local currency, with the large reserves of the dollar and gold

 1/01/2023

The economic expert, Abdul Hassan Al-Shammari, confirmed that he is not concerned about the stability of the local currency, with the large reserves of the dollar and gold.

He told the National Iraqi News Agency ( NINA ) that what happened during the last period of the rise in the dollar against the local currency was caused by a lack of supply and an increase in demand for it.

Al-Shammari added that external factors stand behind this rise, including Iraq's payment of dues to Iran in the national currency, which is around 3-5 trillion dinars.

He explained that these sums were pumped into the Iraqi market in one way or another to buy dollars in light of Iran's need for foreign currency more than the Iraqi dinar to revitalize its tired economic situation.

Al-Shammari stressed that with these factors in addition to others, there is no fear or concern for the Iraqi dinar in light of the presence of large reserves of dollars and gold, in addition to that the continuous flow of foreign currency from the export of oil in particular.   LINK

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Clare:  Parliamentary agreement on the legislation of the oil and gas law

Baghdad-INA  2023-01-01 

The Kurdistan Democratic Party announced today, Sunday, an agreement to legislate the oil and gas law, while noting that the law will solve one of the most prominent outstanding problems between Baghdad and Erbil.
 
"Both Kurdish parties have their interests, and the dispute between them is a very natural issue, provided that the differences do not affect the interests of the Kurdistan region," said Majid Shankali, a representative of the party, in a statement.

He added, "The best way is the dialogue, to reach a formula of understanding between the two parties, and go to Baghdad unified to resolve contentious points, especially the region's share of the budget," noting that "everyone agrees on the oil and gas law, and it will be legislated during the coming period."  LINK

Paulette:  Huuuuuge.......WE always believed the Kurds would never agree until the last minute......Waiting for it to be legislated  

KandG:  Hi Paulette - MANY over MANY years, including Frank of course, have said when this bad boy gets signed - we have a rate VERY soon after.  Thanks for your post!!  IMO

Clare:  What is meant by currency float? What are its advantages and disadvantages?

2022-12-27

The floating currency is intended to leave the value of a country's currency to supply and demand when compared to another currency. There are millions of traders around the world buying and selling currencies, which helps determine their value for others.

The floating exchange rate is determined by these daily interactions between traders. If investors By buying the US dollar heavily, it is likely that its value will rise against other currencies, and this means that more dollars will be needed to purchase the same number of goods from abroad.

The author, Mohamed Abdel-Khaleq, an economic analyst,

how does the currency floating system work?
The basis of the currency floating system is supply and demand. If the supply is greater than the demand, the value of the currency will decrease. On the contrary, if the demand is greater than the supply, its value will increase.

In the short term, the float can be affected by factors such as speculation, natural disasters, and political news, for example: elections can often lead to periods of negative sentiment if an extremist party has a chance to grab power.

As for the long term, it is inclined A floating exchange rate in the forex trading market indicates volatility based on economic performance For the country and its balance of trade, if the economy is performing poorly it tends to see less investment from abroad, this means that less demand is made for the currency and thus exert negative pressure on its value.

The trade balance is the net of what a country exports and imports, so if a country imports more than it exports it has a net flow of its currency, this is because it demands more goods from other countries than those countries demand from them domestically, in return, the country sends more of its currency to abroad, thus increasing the market supply and decreasing its value.

Theoretically, a flotation mechanism can help countries recover from recession. This is because their currency tends to weaken as a result of poor economic performance. In turn, exports become more competitive because they are cheaper in the international market. This can help provide a boost to local exporters. At the same time, imports become more expensive. This may make goods more expensive in the short term but has the potential to boost alternative domestic suppliers who become relatively cheaper.

Advantages of floating the exchange rate

1. Stability in the trade balance

 The trade balance is the difference between what a country imports and what it exports. It may also be known as "net imports". This is an important economic aspect because it is a component of a country's economic output.

A floating exchange rate allows for more stability in this region as the currency is volatile. When a currency depreciates it means that exports become cheaper to the rest of the world. This provides a boost to the balance of trade between countries as they can export more because they are relatively cheaper than their competitors.

By contrast, when a country sells a large number of goods abroad and has a positive trade balance, its currency is likely to strengthen, meaning that other countries will start to find it more expensive to import from that country. In turn, countries may look where Another about cheaper goods, which negatively affects the exchange rate.

2. Stability of inflation
One of the main drawbacks of a fixed exchange rate is that countries will naturally “import” higher prices, so the benefit of floating is that hyperinflationary countries will experience a depreciation of their currency, and this will then help offset the inflationary effect on other countries.

3. Decrease in foreign exchange reserves
By working under a system of floating exchange rate, the central bank in the country no longer needs large reserve currencies to stabilize the exchange rate, under the system of fixed exchange rate central banks need a wide range of currencies, and this means that if Needed to strengthen its currency it will sell foreign reserves thus increasing other supply in the market and lowering the value.
Instead, under a system of floating exchange rates, that same money can be used in a way that benefits the broader economy.

4. Independence
under a fixed rate system shall operate central banks For different countries in line with each other, for example: if a country raises interest rates to deal with inflation other central banks will need to respond, this is because what happens in one country is likely to affect monetary conditions in another country.
When currencies are linked to the dollar, changes in the value of the dollar will have an impact on the value of other currencies. In contrast, these countries are subject to the feelings of the US Federal Reserve Bank and its monetary policy. By contrast, floating the exchange rate allows countries to decide on their monetary policy. Without focusing only on other countries.

5. Fewer speculative attacks
When a currency is artificially forced to stay at a fixed level, there is often bubbles in market activity. Investors know that a currency is undervalued, but with a fixed exchange rate central banks struggle to maintain the exchange rate. Constant.

There is a point where the countries currency remains stagnant, but the fundamentals appear to be undervalued or overvalued, this opens the door to speculative attacks on the currency as it seeks to make some easy money, and this in turn can lead to drastic shifts in the foreign exchange market which can cause great distress to national economies.
In contrast, a floating exchange rate is constantly changing reflecting a wide range of underlying conditions ranging from inflation to economic performance, so the exchange rate is largely in line with its underlying value.

Disadvantages of floating the exchange rate

1. Exacerbation of economic issues Countries
may face economic difficulties at home, there may be excessive inflation rates, economic stagnation or poor job opportunities, all of which can play a role in the foreign exchange market.
As a result of the flotation, investors look at the basic features of the economy to determine its value, and these basics include economic indicators such as growth and inflation, so when these indicators perform poorly, they are likely to lose value against other currencies.

The float also has the potential to drive the economy down as a weak currency puts pricing pressures on its imports, so for countries that import heavily they may face higher prices that will likely reduce consumer demand.

2. Possible volatility
One of the main problems with a flotation is that it can create volatile conditions for companies and countries, a sharp depreciation in the value of a currency can greatly affect the dynamics of its economy, imports become significantly more expensive which puts pressure on value-adding exporters, moreover Companies that import raw materials will see higher prices as a result.
If the economy is formed in such a way that imports are a major component, it may struggle more during periods of currency weakness.

By contrast, countries such as export-led China may benefit, since most of their business is focused on exporting their goods become cheaper abroad and thus Increased demand and improved economic conditions at home.

3. Weak monetary policy
excuses flotation system The central bank has the responsibility of maintaining its currency peg, instead, it has the autonomy to pursue its monetary policy and economic agenda.

This is a two-sided coin. On the one hand, a well-managed monetary system can take advantage of this freedom, and on the other hand, mismanagement can lead to hyperinflation and financial crisis.
Many countries have tried to work their way out of debt by floating the currency, but the result has always been excessive levels of inflation and a bad credit rating. Instead, countries that may struggle to manage their monetary policy are better off having a fixed exchange rate.   LINK

KandG:  Very interesting to see an article such as this - WHY would you ever talk about about a float - to educate the Iraqi citizens maybe? - maybe you have just told on yourself on what are doing??  BET Frank covers this one in the next conf call IMO - any takers on this bet LOLOLOL