"Iraq and Vietnam News" posted by Henig at KTFA Thursday 1-26-2023

KTFA:

Henig:  The Anti-Corruption Committee arrests the director of contracts and projects in Anbar Governorate

January 25, 2023

Baghdad / Obelisk: The Anti-Corruption Committee executed, on Wednesday, a judicial order and arrested the director of contracts and projects in Anbar Governorate, Anwar Al-Alwani.

A source told Al-Masalla that the intelligence partnered with the Anti-Corruption Committee and carried out the arrest warrant.

In the context, political analyst Azhar Shalal said that Anwar Al-Alwani is the owner of the largest corruption files and gambled with project funds looted from the Anbaris' sustenance.

Shalal added that he owns billions, all of which were stolen from the province's projects.  LINK

Henig:  Traders are beginning to implement an initiative that may end the dollar crisis in Iraq

|Today, 17:17 | Baghdad today-Baghdad

Today, Wednesday, the Diyala Chamber of Commerce revealed the existence of a "timid initiative" initiated by some merchants that may save Iraq from the dollar crisis.

The head of the Diyala Chamber of Commerce, Muhammad Mulla Jawad, said in an interview with (Baghdad Today), that "the dollar crisis is hitting the Iraqi markets hard, as it is an influential factor in determining the prices of about 90% of imported goods and materials directly, and it also pushes to suffocate the poor and the simple through Raising the prices of basic commodities, including food.

He added, "According to the information, there is a shy initiative adopted by some merchants to pay the costs of goods imported from neighboring countries in national currencies away from the influence and dominance of the US dollar," pointing out that "what happened, although it is very limited, but it may constitute a light at the end of the tunnel for a worthy strategy." The study by the Sudanese government by establishing mechanisms for the use of national currencies in import and export with neighboring countries according to fixed mechanisms.

He pointed out that "the adoption of national currencies will reduce the demand for the dollar by a very large percentage and push us to get out of its crises and its pressure on the markets," pointing to "the need to study this proposal and put it in legal contexts because the pressures that Baghdad is suffering because of the dollar are the same that are present in the capitals." other countries".  LINK

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Henig:  The Iraqi dinar tops the Arab currencies facing heavy losses against the dollar

|Today, 19:24 |

Baghdad today - follow-up

Today, Wednesday, a press report revealed that the Iraqi dinar topped 6 Arab currencies facing heavy losses against the dollar.

And a report followed by (Baghdad Today) stated that “six Arab currencies are facing severe losses against the US dollar. Observers’ expectations indicate that the main interest rate of the Federal Reserve Bank (the US central bank) may exceed five percent annually at the present time. But US lawmakers have begun to move More cautiously, after signs that the country's biggest inflation in decades was beginning to abate, they agreed to raise the central bank's interest rate by half a percentage point, pushing the target range for the Fed's benchmark interest rate up from 4.25 percent to 4.5 percent, higher. Average over 15 years, but this increase was less than what was announced in the recent period.

He added, "The world is closely watching the movements of the US Central Bank, as the United States is leading a global shift towards raising borrowing costs after years of low interest rates that followed the financial crisis, but Federal Reserve Chairman Jerome Powell said that the next increase in interest rates," It's still a significant increase historically and we still have a long way to go."

He continued, "In terms of losing Arab currencies against the dollar, and according to a statistic prepared by The Independent Arabia, followed by (Baghdad Today), the Iraqi dinar came at the top of the list. According to the data, the exchange rate of the dollar in the Iraqi market jumped by 10,890 percent, after the price of the dollar rose. The exchange of the dollar from the level of 1475 dinars at the beginning of 2022 to about 164,100 dinars at the present time, so that the US dollar gained about 160,615 dinars.

And he stated, “In second place, we find the Tunisian dinar, after the exchange rate of the US dollar jumped by 132.3 percent, as the exchange rate of the US green paper jumped from the level of 1.33 dinars at the beginning of last year, to about 3.09 dinars at the present time, so that the US dollar gained about 1.76.” Dinar".

He explained that "the Yemeni riyal came in third place after the exchange rate of the US dollar increased by 106.4 percent, after its price jumped from the level of 599 riyals at the beginning of 2022, to about 1236 riyals at the beginning of this year, so that the US dollar gained about 637 riyals." Until, “In fourth place, the Egyptian pound came after the exchange rate of the US dollar in the Egyptian market jumped by 89.45 percent. The exchange rate rose from the level of 15.74 pounds during the first quarter of last year, to about 29.95 pounds at the present time, to win the US dollar.” About 14.08 pounds.

He pointed out that "the Syrian pound came in fifth place, as the exchange rate of the dollar jumped during the last year's trading, by 85 percent. According to the data, the dollar exchange rate jumped from the level of 3,590 Syrian pounds at the beginning of last year, to about 6,640 pounds at the time." The current one, so that the American green paper will win about 3050 pounds.

While “the Lebanese pound came in sixth place after the exchange rate of the dollar rose by 27 percent. At the beginning of last year, the dollar was trading in the Lebanese market at the level of 40,000 pounds, but it jumped to the level of 50,800 pounds at the present time, so that the US dollar gained about 10,800 lira.

The US Central Bank will continue to raise interest rates

 In a recent research note, global economist Mohamed El-Erian said, "The Federal Reserve should raise interest rates by more than market expectations during its next meeting, with concern about a halt to the downward trend in inflation in the coming months." "Personally, I prefer a 50 basis point rate hike, because I think inflation will be stuck near four percent by the middle of this year," Allianz chief economic advisor added.

Most financial market expectations indicate that the Federal Reserve will raise interest rates by 25 basis points at its scheduled meeting on January 31 and February 1. The US Central Bank had reduced the rate of interest rate hikes at the last December meeting by about 50 basis points, after 4 consecutive increases by 75 basis points, to reach the range of 4.25 percent and 4.5 percent now.

El-Erian noted, "The Fed still faces a credibility problem, with the fact that market pricing of the monetary policy path runs counter to the Fed's larger message that it still has a lot of work to do to reach its inflation target of around 2 percent."   LINK

Vietnam:

Henig:  Bathing in coriander-filled water

25/01/2023

(VEN) - Boiling coriander and bathing in its fragrant water is a ritual cleansing for the Lunar New Year, which is believed to drown the misfortunates and impurities of the past.

Bathing in coriander-filled water is believed to wash off all unclean and impure acts and thoughts and is usually done on the last day of the old lunar year.

The plant is grown in medium to heavy soil. It can be harvested easily by hand without the need for tools. Harvesting is usually done on the last several days of the old lunar year.

Coriander is also highly valued in traditional medicine. According to the Oriental Medicine Association, coriander stems and seeds are medicinal herbs. The seeds are spicy, and bathing in mature coriander plants provides relief from colds. It also detoxes the body and prevents and cures measles.

Coriander cultivation has become a sustainable livelihood for people in a number of localities in the Hanoi suburbs, including Duong Xa, Kim Son, Le Chi, and Duong Quang communes in Gia Lam District, and Kim An Commune in Thanh Oai District, and elsewhere.

Le Thi Hieu, a farmer from Hoach An Village in Thanh Oai District’s Kim An Commune said that about five days before Tet, everyone in her family is busy with harvesting old coriander trees for sale, and her family’s 360sq.m. coriander garden has annually brought in significant revenue.

Another farmer, Nguyen Van Thanh, said villagers have replaced corn and some other crops with coriander, and each coriander crop lasts for two months and provides a sustainable income. Thanh said his family has been growing coriander for eight years, starting with a cultivated area of several hundred square meters, which has so far been expanded to more than 10,000sq.m.

The largest coriander flower garden in Vietnam is found in Tan Son Village in Thach Son Commune of Thanh Hoa Province’s Thach Thanh District. The 4-hectare field is the raw material growing area of the Befine company, an essential oil producer.

The health benefits of coriander may include its use in the treatment of skin inflammation, high cholesterol levels, diarrhea, mouth ulcers, anemia, and indigestion. The plant can also come handy for menstrual disorders, smallpox, conjunctivitis, skin disorders, and blood sugar disorders, while also benefiting eyesight.

Thanh Tam  LINK

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Henig:  Almost 3,000 tonnes of farm produce exported to China via Lạng Sơn's border gates

January, 25/2023 - 13:26

This year, the customs clearance of agricultural products at Lạng Sơn's border gates began earlier than in previous years, showing that China's demand for those products is increasing after the COVID-19 pandemic period.

HÀ NỘI - Exports of agricultural and fruit products, mainly dragon fruit and mango, reached almost 2,700 tonnes to China through Lạng Sơn Province border gates on January 24, the third day of the Lunar New Year.

They were the first farm produce exported to China via the Hữu Nghị border gate in the new lunar year.

This year, the customs clearance of agricultural products at Lạng Sơn's border gates began earlier than in previous years, showing that China's demand for those products is increasing after the COVID-19 pandemic period.

"On this Tết holiday, we arrange for officers to be on duty at customs lines, ensuring that goods are exported and imported in a convenient and fast way," said Trần Văn Nghĩa, deputy head of the Customs Office at the Hữu Nghị border gate, Lạng Sơn.

According to the notice at the border gates of Lạng Sơn Province, import and export goods registered before the start of the Lunar New Year festival would be cleared from January 24-27. Normal procedures at the border gates will resume from January 28.

VNS   LINK

KTFA Wednesday Night CC with Frank26 "Numbers" 1-25-2023

KTFA

Wednesday Night Confrence Call

Frank26:  1-25-23…….NUMBERS

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=7TeEe78mQJ0

"Vietnam News" posted by Henig at KTFA Wednesday 1-25-2023

KTFA:  Vietnam

Henig:  HCM City dwellers benefit from digital transformation

January, 25/2023 - 10:14

Thanks to adapting to digital transformation trends, residents in HCM City are increasingly enjoying technological conveniences in many aspects of life.

HCM CITY — Thanks to adapting to digital transformation trends, residents in HCM City are increasingly enjoying technological conveniences in many aspects of life.

Nguyễn Văn Tuấn, 52, a rental house owner in District 3, told Sài Gòn Giải Phóng (Liberated Sài Gòn) newspaper that he went to the police headquarters of Ward 12 to submit an application for temporary residence registration for a tenant.

After receiving his application, the ward officer guided him about the registration of a national public service account to submit online documents for the next time.

 “I now can sit at home and do it. The online service is both convenient and time-saving,” he said.

When high tide in the city exceeded the warning level, Nguyễn Hoàng Bạch Phụng, who works in District 1, often opens the UDI Maps application to get updates on the flood situation of the way back to her home on Phạm Hữu Lầu Street in Nhà Bè District.

“Besides providing updates on the current status the flooding, the application also helps users find a way to avoid flooded locations and even sends information and images about the flooded areas to warn people,” she said.

Before buying a house in Thủ Đức city’s Phú Hữu Ward, Lê Minh Nhựt had searched for information on housing planning at the website ttqh-thuduc.tphcm.gov.vn.

Being experienced in carrying out legal procedures related to real estate, he said: “The information on the website is quite reliable.”

In addition, people can look up information about the status of the application and they can be notified by text message about the amount to be paid, can pay online and receive the results by email or post on the website, he added.

Phạm Thị Hồng Loan, a resident living in an apartment building in Trung Sơn Residential Area in Bình Chánh District, said she will immediately send a message to Switchboard 1022 when her neighbours sing karaoke in the evening loudly.

“About an hour later, the authorised force came to remind the neighbour to turn down the loudspeaker not to disturb others,” she said.

City residents can report many issues, such as illegal construction causing environmental pollution, on five channels of the portal 1022, including call centre 1022, mobile app "Call Center 1022", portal https://1022.tphcm.gov.vn, email: 1022@tphcm.gov. vn, and the social network fanpage: https://www.facebook.com/1022.tphcm.gov.vn.

They can also report information to the district's online application. Most issues through these applications will be processed within about two hours of receiving them.

Trần Hữu Tài, chairman of the People's Committee of Ward 12 in District 3, said since the beginning of September last year, the ward has set up five groups to carry out digital transformation at the headquarters of the ward’s People's Committee, the police station and the neighbourhoods.

Police officers instructed group guides who will support residents to register for their accounts in the National Public Service portal and online administrative procedures.

The teams also help business households to use non-cash payment applications, and the Etax Mobile application to look up online taxpayer information, electronic tax transactions, and online tax payments.

Phạm Thị Thúy Hằng, vice chairwoman of District 3’s People's Committee, said before people had to spend four to six days receiving a business registration certificate after they submitted a full application.

“Thanks to the application of technology, time has shortened,” she said. The district can now return the results to people in just four working hours.

Additionally, the issuance of a tax code is done right after the business registration certificate is issued, so people can save an extra step of registering for a tax code.

For people who want to do birth, marriage, and death registrations, civil servants can look up the information on the system. If the information is legal and full, they will issue a certificate immediately, not letting people wait from one to three days as before.

District 10’s People's Committee chairwoman Nguyễn Thị Thu Hường said last year the district handled all of nearly 123,000 administrative records on time thanks to the application of technology.

The rate of applying for public services online is nearly 98 percent. More than 97 percent of people and businesses are satisfied with public online services.

Trần Hoàng Quân, director of the city’s Department of Construction, said the department will continue to use the SXD711 mobile App to complete work in the coming time.

Meanwhile, the city’s Department of Natural Resources and Environment is carrying out the programme "Digital transformation of natural resources and environment in the city" and the project "Building HCM City to become a smart city with natural resources – environment."

The department will also promote non-cash payments in the collection of fees and taxes with the aim of shortening the time for administrative procedures, creating favorable conditions for enterprises to pay taxes.

— VNS   LINK

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Henig:  Innovative start-ups in the e-commerce sector

January, 25/2023 - 08:29

E-commerce start-ups are becoming more and more popular and are considered relatively safe in the fields of innovative start-ups in Việt Nam today.

HÀ NỘI — E-commerce start-ups are becoming more and more popular and are considered relatively safe in the fields of innovative start-ups in Việt Nam today.

However, safety does not mean success because to succeed in a vibrant developing market requires effort and creative thinking.

Việt Nam is considered to have a lot of potential for start-ups in the e-commerce sector, with 72.1 million internet users, accounting for 73.2 per cent of the population, ranking 12th in terms of internet users globally by September last year.

Two years of the COVID-19 pandemic have changed the shopping habits of the majority of consumers, shifting from direct shopping to online shopping.

This is one of the important levers that create the amazing development of Việt Nam's e-commerce industry.

A report by the Ministry of Industry and Trade last year showed that the size of Vietnamese retail e-commerce market is estimated at US$16.4 billion, accounting for 7.5 per cent of the country's revenue from consumer goods and services.

The number of online shopping users reached 57-60 million people, accounting for 74.8 per cent of internet users, last year, of which the online shopping value of a Vietnamese person is about $260-285.

In addition, with a growth rate of 20 per cent per year, Việt Nam is also ranked by eMarketer, an American market research company, in the group of five countries with the world's leading e-commerce growth rate.

The booming e-commerce market has great potential, creating many opportunities for Vietnamese start-ups.

Starting a business in e-commerce is also in line with the Government's policy of promoting the development of the digital economy.

The legal framework for e-commerce activities is increasingly complete; start-ups are encouraged, and favourable conditions and open mechanisms created for development.

On the other hand, Việt Nam's e-commerce market is still quite young, so there is still a lot of room for Vietnamese start-ups.

In addition to many advantages, start-ups in the field of e-commerce also face many obstacles.

There is the high level of competition due to the very early participation of big names such as Shopee, Lazada, Amazon or Tiki and Sendo.

In addition, there are obstacles coming from an underdeveloped payment system, goods infrastructure, packaging, warehousing, goods rotation, customs clearance, and the lack of trust of a part of consumers when buying online.

However, the key point of an innovative start-up is an idea, in which difference is a decisive factor, so the challenge is not small coming from the start-ups themselves, requiring creativity and right-oriented thinking.

At the same time, they must find sustainable solutions to have new users and retain existing users.

Although there is no exact number of start-ups in the field of e-commerce, it is estimated that about 387 start-ups were formed and operated with certain success.

Compared to the development potential of Việt Nam's e-commerce, it is thought that this number is still quite modest.

Therefore, it is necessary to continue promoting start-ups, creating a vibrant market with healthy competition, contributing to making this field one of the key areas of the digital economy.

— VNS   LINK

Henig:  Urban planning, management to be focus in 2023: construction minister

January, 25/2023 - 09:23

Minister of Construction Nguyễn Thanh Nghị talks to Vietnam News Agency on the growth of the sector in 2022 and its priorities for 2023 and onwards, especially with regards to urban planning and management.

Minister of Construction Nguyễn Thanh Nghị spoke to Vietnam News Agency on the growth of the sector in 2022 and its priorities for 2023 and onwards, especially with regard to urban planning and real estate.

2022 is a year of many difficulties, but the construction industry has achieved good growth, all things considered. How do you evaluate the results of the construction industry achieved in the past year?

2022 is a year of recovery, a foundation year in the realisation of the goals of the Resolution of the 13th Party National Congress and the five-year socio-economic development plan 2021-26. But Việt Nam’s economy has had a lot of complex, unprecedented problems to deal with, with intertwining advantages and headwinds, while climate change and natural hazards continue to grow in intensity and unpredictability, and as the global economic and political situation are highly volatile.

In that context, with the attention and leadership of the Party, the National Assembly, the Government, the Prime Minister, the close coordination of central and local ministries, along with the efforts from workers, officials, employees and the business community in the whole industry, in 2022, the construction industry has overcome difficulties and challenges, met and even exceeded all the main goals and targets.

The industry recorded a growth rate of 8.17 per cent, significantly higher than the objective of 5.6 per cent. The urbanisation rate countrywide has hit 41.7 per cent, 1.2 per cent higher than 2021. The proportion of the urban population having access to clean water through a centralised water supply system reached 94.2 per cent, up 2.2 per cent compared to the year before.

The average floor space for each person in the country reached 25.5sq.m., up 0.5sq.m compared to 2021.

The effectiveness and efficiency of State management in the fields assigned by the Government are enhanced. At the same time, legal institutions in construction continued to be improved with higher quality, contributing to a more favourable, open, and strongly decentralised environment for the local governments.

Planning, architecture and urban development management activities continue to receive more attention and be implemented effectively. Construction investment management also witnessed positive changes, with the quality of the works basically under supervision. Inspection, examination, verification, design appraisal, acceptance testing and capacity management of construction entities is strictly carried out, contributing to the prevention of loss and waste.

While the construction material market has seen serious fluctuations, especially a spike in costs in the early half of 2022, thanks to many efforts from the Ministry of Construction and localities, the market has stabilised from the third quarter of 2022.

The real estate market logged growth in the first months of 2022, but slowed down in the second half of the year due to many difficulties, especially the shortage of supply, lack of social housing, housing for low- and middle-income people, difficulties in mobilising and accessing capital sources, while corporate bonds in real estate began to reveal serious shortcomings and risks.

Construction authorities and the Government are proposing many sets of measures to develop a healthy, stable real estate market in 2023.

On January 24, 2022, the Politburo’s Resolution No.06/NQ-TW on the planning, building, management and sustainable development of urban areas in Việt Nam towards 2030, with a vision to 2045, was released. This is the first time the Politburo has had a thematic resolution on urban management and development. How has the Ministry of Construction participated in the making of the resolution and how does it plan to implement this?

We welcome the resolution, it affirms the role of urban development in the development of the country, and it also lays out strategic orientations – accompanied by specific tasks – that need to be done from now until 2030.

The construction ministry has then worked with other ministries, agencies, and localities to build the Government’s Resolution No.148/NQ-CP – which was issued on November 11, 2022 – on the implementation of the Politburo’s resolution.

The Government has set out its vision, specific goals and 33 specific tasks, along with the focal agency and coordinating agencies, the time of completion and deliverables so that the Government, ministries, and local authorities could implement the overall and specific objective of the Politburo’s resolution.

In order for Politburo’s Resolution No.06-NQ/TW to be widely disseminated to cities’ authorities throughout the country, the Ministry of Construction has coordinated with the Central Economic Commission and the Party Central Commission for Education and Information to organise conferences on the resolution – the Việt Nam Urban Sustainable Development Forum, along with three symposiums, and the National Urban Conference in 2022.

The world economy is forecast to have many unpredictable developments, affecting the country's economy, including activities of construction enterprises and the real estate market. Could you please tell me, what orientations and solutions does the Ministry of Construction have for 2023 and the following years?

In 2023 and the coming years, the construction industry will continue to focus on three key breakthroughs identified for the 2021-2026 term of the industry, which are perfecting the legal institution on construction to strengthen state management, at the same time creating a favourable and open environment for people and businesses, further decentralisation (to local governments) to remove bottlenecks that hinder the development of the industry and the operation of enterprises.

In addition, the Ministry of Construction will focus on urban development planning and management, improve the quality of planning to match the mindset, vision, and forecasting while ensuring feasibility. We will exercise strict control in the stages of planning appraisal and adjustment, as well as strengthen local inspection and guidance activities, and rectify local authorities’ capacities and conduct in planning issues.

At the same time, legal regulations and management tools will continue to be perfected to strictly control the process of synchronous urban development – one that goes in tandem with industrialisation, modernisation, rural development, enhancing the competitiveness of urban areas, effectively using resources, especially resources from land, from urban space development.

— VNS   LINK

KTFA Members "Riots, Banking and More Iraq News" 1-25-2023

KTFA:

Henig:  Economist: Appointing al-Alaq is a positive step to gain the confidence of the Federal Reserve Bank and the US Treasury

Baghdad / NINA / - The economist, Hammam Al-Shamma', confirmed: The appointment of Ali Mohsen Al-Alaq as governor of the Central Bank of Iraq is a positive step for gaining the confidence of the Federal Bank and the US Treasury Department.

He told the National Iraqi News Agency / NINA /: The change of the former governor is a completely positive step because he made mistakes by giving some the lion's share in the transactions of buying and selling the currency.

Al-Shamaa added: The appointment of Ali Al-Alaq, who was an honest and honorable patriotic conservative, gained great confidence from the Federal Bank and the US Treasury Department, and with his wisdom and experience, things will be restored to the right place .

Yesterday, Monday, the Prime Minister, Muhammad Al-Sudani, dismissed the Central Bank Governor, Mustafa Ghaleb Makhaif, at his request. Ali Mohsen Al-Alaq was appointed to replace him.   LINK

Clare: Human waves storm Al-Rasheed and approach the Iraqi Central Bank.. Pictures

1/25/2023

The demonstrations that took place on Wednesday morning continue in front of the Central Bank of Iraq in the center of the capital, Baghdad, to demand the stability of the dollar exchange rate and to save the dinar from collapse.

Pictures taken by Shafaq News agency showed hundreds of demonstrators forming human waves, who were met by the security forces of the law enforcement forces.

The demonstration began in the morning, with the participation of hundreds of Baghdad residents, as well as others who came from various Iraqi governorates, starting from Al-Rusafi Square, to extend to the depth of Al-Rashid Street opposite the Arab Market, where the Iraqi Central Bank building and the Iraqi government banks complex are located. 

The demonstrators, who numbered about 800, became about 100 meters away from the Central Bank building, fortified with heavy security forces.

Shafaq News agency reporter stated that the Organizing Committee for the demonstrations near the Central Bank called on the demonstrators to withdraw from this afternoon, with a delegation sent to the Governor of the Central Bank to propose solutions with a specific time limit.

 The demonstrators are calling for an end to speculation in the dollar's exchange rates, urgent economic measures to be taken to restore the dollar's exchange rate within the official context, and to hold the corrupt accountable.

They also called, through loudspeakers, on Prime Minister Muhammad Shia'a al-Sudani to "go out to the people" and announce realistic measures to alleviate the crisis and restore prices to stability.

The demonstrators raised sarcastic demands, demanding that an artist intervene in resolving the issue "according to her relations with politicians," while some wrote on his banner that "politicians are covering up banking corruption and transfer companies."

Today, a spokesman for the Iraqi Ministry of Interior revealed, to Shafaq News agency, that a number of "unlicensed" exchange offices and banks dealing in the process of selling dollars outside the Central Bank's controls were closed. higher than the specified price.

Since November 2022, the exchange rate of the US dollar against the Iraqi dinar has witnessed a gradual increase, reaching its highest levels in recent days, as it exceeded the barrier of 165 thousand dinars per 100 dollars.

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Henig:  The overthrow of speculators and the street gives the central bank a week to save the dinar

January 25, 2023

The overthrow of speculators and the street gives the central bank a week to save the dinar

Baghdad - Qusay Munther

Protesters gave, during mass demonstrations in front of the Central Bank building on Al-Rasheed Street in central Baghdad, the new governor, Ali Al-Alaq, a week to save the dinar from collapsing. 

The demonstrators, who were met by the security forces of the law enforcement forces, withdrew after handing over their demands to the bank's administration. 

The demonstrations started yesterday morning, starting from Al-Rusafi Square, and extended to the depth of Al-Rasheed Street, opposite the Arab Market, where the bank building and the government banking complex are located. 

Eyewitnesses said that (the organizing committee for the demonstrations called on the protesters to withdraw after sending a delegation to the new governor to propose solutions with a specific time limit of one week to save the dinar from collapsing). 

During the protest, the demonstrators demanded an end to speculation in the exchange rates of the dollar, and urgent economic measures to be taken to restore the exchange rate of the dollar within the official context and to hold the corrupt accountable. 

Calling, through loudspeakers, (Prime Minister Muhammad Shia’a al-Sudani to go out before the people and announce realistic measures that alleviate the crisis and return prices to stability). 

The demonstrators raised banners, calling for the intervention of an artist in resolving the issue according to her relations with politicians, while some wrote on his banner that politicians are covering up bank corruption and transfer companies. 

While the governor, Ali Al-Alaq, directed the formation of an investigative committee regarding the fate of the soft trillion dinars initiative funds. 

Sources reported that (Iraq directed the formation of an investigative committee into the fate of soft loans that have been allocated to projects that serve the national economy). 

In turn, the spokesman for the Ministry of Interior, Khaled Al-Muhanna, confirmed that the security forces closed a number of unlicensed banking offices and banks that deal in the process of selling dollars outside the controls of the Central Bank. 

And he said in a statement yesterday that (these banks are buying the dollar at the official price from the auction selling the currency and selling it outside the controls at a price higher than the specified price). 

A force from the ministry arrested suspects of speculating at dollar exchange rates between Kirkuk and Erbil. 

The statement stated that (the ministry's detachments intensified their efforts to follow up the manipulators of the dollar exchange rates outside the controls and laws, and based on accurate information and the intensification of intelligence effort and careful work, a detachment of the Federal Intelligence and Investigation Agency was formed and an elaborate ambush was set up in the Darman joint control linking the Kirkuk-Erbil road, Where a vehicle was seized in which two suspects were trying to enter Kirkuk and they were carrying with them an amount of money amounting to 200 million dinars, category 25 thousand), and he added that (one of the defendants admitted that he is the owner of 4 Qi Card outlets in cooperation with a person who owns an exchange company, they are speculating in dollars, and that is through Selling the dollar to one of the people mentioned in the confessions and receiving the amounts in dinars from a bank in Erbil). 

Yesterday, Wednesday, the exchange rates of the dollar witnessed a rise in the local stock exchange. The sale of the dollar was recorded at 161 thousand dinars per 100 dollars, while the purchase price of the dollar was recorded at 160 thousand dinars per 100 dollars. 

In addition, Al-Zaman reviewed leaks circulated on social media, quoting experts regarding the current year's budget, in which it was stated that (the budget will be approved for an amount exceeding 200 trillion dinars, and it will include about 17 percent for the Kurdistan region, according to prior understandings discussed during the establishment of the State Administration Coalition, which It resulted in the birth of the government of Muhammad Shia’a, the Sudanese Sudanese)

And the experts confirmed that (the currency exchange rate will be fixed at 146 dinars against one dollar, and the price of a barrel of oil will be estimated at 70 to 60 dollars, and the budget will cover the salaries of the employees of the center and the region, in addition to providing financial cover for contract employees who The government was forced to contract with them).   LINK

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Clare:  An Iraqi delegation visits Washington to discuss the crisis of the rising dollar

2023-01-25

The Islamic Supreme Council, one of the forces of the coordination framework, revealed today, Wednesday, that an Iraqi delegation will soon visit the United States of America in order to discuss the high exchange rate of the dollar in Iraq.

The spokesman for the council, Ali al-Daffi, told Shafaq News agency, "A leading delegation from the Iraqi Ministry of Finance and the Central Bank of Iraq will visit the United States of America in the coming days in order to discuss the US Federal Reserve's policy and give an appropriate opportunity of time so that Iraqi banks can adapt and deal with the system." The new banker.

Al-Daffi stated that "the issue of fighting corruption, money laundering, and currency smuggling cannot be addressed with the stroke of a pen, but rather requires decisions and procedures," stressing, "We support fighting corruption and ending money laundering and currency smuggling from Iraq, but there must be a reasonable amount of time." So that the Iraqi government can follow up and implement these measures.

The US ambassador to Iraq, Alina Romanowski, says that the United States does not set the exchange rate for the dollar and has not imposed sanctions on new Iraqi banks.  

Romanowski said in a televised interview that Washington "continues a mechanism that took several years to strengthen the Iraqi banking sector to help it comply with the global banking system, and to ensure that the banking system is not used to launder the Iraqi people's money and smuggle it out of Iraq."

Romanowski also indicated that these procedures began two years ago with gradual implementation by Iraqi banks, according to an agreement between the US Federal Bank and the Central Bank of Iraq, adding that they are “designed to prevent and restrict money laundering, as suspending or postponing them leads to a rollback in the system.”

And the Iraqi currency lost about 10 percent of its value, says the Wall Street Journal in a report it published a few days ago, after procedures related to imposing compliance rules on the Central Bank of Iraq's dealings with currency dealers with regard to the US dollar. 

Under the new procedures, Iraqi banks are required to submit dollar transfers on a new online platform with the Central Bank of Iraq, which are then reviewed by the Federal Reserve Bank. 

US officials say the system aims to limit the use of the Iraqi banking system to smuggle dollars to Tehran, Damascus and money laundering havens across the Middle East.   LINK

Henig: Does "electronic payment" save the exchange rate of the Iraqi dinar?

 January 24, 2023

Against the inflated prices of basic goods and services in the Iraqi markets, the exchange rate of the dinar continues to decline against the dollar and foreign currencies, amid government attempts to deal with the recession, which economists describe as "the largest in decades."

With the aim of revitalizing the economic movement, stopping the fluctuation of the dinar exchange rate, and controlling the smuggling of dollars and foreign currencies from Iraq to Iran and other countries, the Iraqi government is seeking to activate the electronic payment system.

And a statement issued by the office of the Iraqi Prime Minister, Muhammad Shia'a al-Sudani, after the cabinet session, which was held last week, announced work to activate the electronic payment system, as of the first of next June.

According to the statement: "The Council of Ministers approved the recommendation of the Ministerial Council of Economy, which stipulated that the Central Bank of Iraq should facilitate the procedures for granting licenses to collect bank cards using points of sale (POS), and reduce commissions on banks and entities that use those devices."

The decision requires all governmental, non-governmental, and mixed departments, trade unions, associations, and all centers where amounts are collected, to open bank accounts and provide point-of-sale devices for electronic payment by bank cards.

Step by step

The economist, Salam Sumaisem, enumerates the steps to be taken by the Iraqi government to respond to the electronic payment system, namely: electronic outlets, filtering remittances, and monitoring import permits and credits.

In her interview with "Raise Your Voice," she points out that electronic payment reduces currency smuggling, but the problem goes beyond that, as she adds: "There are mistakes in the structure of the Iraqi economy. The issue is not exclusively related to the monetary authorities, which are the central bank and its relationship with the government. The issue is also related to The structure of the Iraqi economy and its dependence on imports and the need to remove the currency, which is the main problem, as well as the control of import companies, which are originally subsidiaries of banks that monopolize the dollar. These issues need structural solutions, not formal procedural solutions.

And she affirms: "The electronic automation of the outlets is an essential first step that must be followed by larger steps."

Since last November, the exchange rate of the dollar has risen against the Iraqi dinar, without the central bank's decisions being able to stop the decline in the dinar's exchange rate, which recently broke the barrier of 1,650 dinars against one dollar.

The Central Bank set the purchase price from the Ministry of Finance at (1450) dinars per dollar, and the selling price to banks at (1460) dinars per dollar, while the sale price to citizens was set at (1470) dinars per dollar.

opportunity for banks

The economist, Hammam Al-Shamaa, sees electronic banking as an opportunity to increase cash liquidity in banks, by enhancing deposits in exchange for withdrawals, and explains: "Customers do not withdraw money when they deal with merchants through credit cards."

In his interview with "Raise Your Voice", Al-Shammaa excludes any effect of electronic banking, which the government seeks to implement, on the fluctuation of currency rates in the Iraqi markets.

He explains in this regard: "If the relationship between the local currency and foreign currencies changes, up or down, the purchasing power of the monetary unit will differ, whether it is electronic or paper, and this confirms that there is no relationship between the exchange rate and electronic banking."

Imbalance

For his part, the Deputy Governor of the Central Bank of Iraq, Ammar Hamad Khalaf, described, in a statement to the official Al-Iraqiya news channel, the government's decision to activate electronic payment in all joints as "important support for the Iraqi bank and economy."

Khalaf continued, "The bank has been working to implement this service for years as a basic business strategy, to complement the salary settlement project that began years ago, and it supports reducing outlets for money exchange (cash) as a case that does not serve the Iraqi economy."

Although the economist, Khattab Omran Al-Daman, emphasized the importance of the electronic financial system in reducing cases of exploitation and increasing prices practiced by some retailers, its impact on the dollar exchange rates will remain limited, since the system will deal with transactions concluded in Iraqi dinars and not in US dollars.

And the guarantor adds to “Raise Your Voice,” “The high exchange rates of the dollar against the dinar is due to the imbalance between the demand for the dollar and the quantities offered of it in the Iraqi markets as a result of the controls that the Central Bank has begun to apply, and therefore the stability of the dollar exchange rates needs quick and organized efforts from the Central Bank.” To achieve a balance between the forces of supply and demand, by ensuring the flow of dollars to importers directly, without prejudice to measures to prevent smuggling of dollars and money laundering.   LINK

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Henig:  Oil prices are recovering again

Time: 01/25/2023 07:23:31

{Economic: Al Furat News} Crude oil prices rebounded, on Wednesday, thanks to hopes for a recovery in demand in China, the largest oil importer in the world, after easing the restrictions of Covid-19, after declining in the previous session due to concerns surrounding global economic growth.

Brent crude futures rose 59 cents, or 0.7 percent, to $86.72 a barrel by 0214 GMT, after falling 2.3 percent in the previous session.

West Texas Intermediate crude futures rose 46 cents, or 0.6 percent, to $80.59 a barrel, after falling 1.8 percent on Tuesday.

Economic concerns were exacerbated by a larger-than-expected build in US oil inventories, whose data was released after the market closed on Tuesday.

US crude inventories rose by about 3.4 million barrels in the week ending January 20, according to market sources, citing American Petroleum Institute figures on Tuesday. This represents three times the increase expected by Reuters in a preliminary poll conducted on Monday by about one million barrels.

Official data from the US Energy Information Administration will be released later on Wednesday.

Oil supply is supposed to remain stable over the medium term, as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, are expected to maintain their production quotas.

Five sources in OPEC + said yesterday, Tuesday, that the OPEC + committee is likely to endorse the current oil production policy for the group of producers when it meets next week, as there is a balance between hopes for an increase in Chinese demand and concerns about inflation and the global economy.  LINK

Some "Vietnam News" Posted by Henig at KTFA Tuesday PM 1-24-2023

KTFA: Vietnam

Henig:  Cashless payments continue to grow in popularity

January, 24/2023 - 13:23

Cashless payment and transaction channels are increasingly popular, with commercial banks, e-wallets and fintech companies promoting the application of technology for online payments.

HÀ NỘI — Using QR codes to process payments has been increasing in popularity over the past 12 months, and the trend shows no signs of slowing down.

Cashless payment and transaction channels are increasingly popular, with commercial banks, e-wallets and fintech companies promoting the application of technology for online payments.

Many customers now choose cashless payments, the most popular being a payment card, followed by scanning a QR code and transferring money.

Card payment sales at many goods and service suppliers have also increased significantly. Commercial banks and e-wallet companies said that cashless transactions are even more popular now than during the COVID-19 pandemic.

Ngô Trung Lĩnh, General Director of Viet Union Online Services Corporation, said its Payoo payment platform recorded increased cashless payment transactions in the post-COVID recovery phase last year.

New payment methods, such as e-wallets or QR code scanning, have grown significantly. Non-cash payment methods will continue to grow on last year, including QR codes.

"Enterprises are ready for infrastructure with low investment costs, bringing convenience to people when paying. The outstanding method that meets the above factors and is likely to explode next year is paying via QR codes," said Lĩnh.

With a mobile phone in hand, he added that they could open banking applications or e-wallets to choose a source of money to scan the code and make payments.

QR payments have even gone international. National Payment Corporation of Việt Nam (NAPAS) and Thailand’s National ITMX (NITMX) recently announced the completion of a retail payment connection using QR codes.

In the first phase of implementing this project, Thai tourists can scan VietQR codes to pay for goods and services at payment acceptance units of TPBank and BIDV.

Vietnamese tourists who are customers of TPBank and Sacombank can scan ThaiQR codes at nearly eight million payment points in Thailand.

NAPAS will continue to cooperate with NITMX to expand member banks to meet the demand of tourists in the two countries this year.

— VNS    LINK

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Henig:  Ministry of Transport considers upgrading Phù Cát Airport to international status

January, 24/2023 - 08:20

Located in the Phù Cát District, just 30 kilometres northwest of Quy Nhơn City, the airport has already been upgraded to meet the operational standards of larger aeroplanes such as the Airbus A320 and A321 in recent years.

 HÀ NỘI — The Ministry of Transport (MoT) is considering the feasibility and practicality of upgrading Phù Cát Airport in the central province of Bình Định to an international airport.

Located in the Phù Cát District, just 30km northwest of Quy Nhơn City, the airport has already been upgraded to meet the operational standards of larger aeroplanes such as the Airbus A320 and A321 in recent years.

In addition, the airport facilities have also received major upgrades to accommodate up to two million passengers a year to meet rising tourism demand in Bình Định and other neighbouring provinces.

Phù Cát was still classified as a domestic airport in the national air travel infrastructure development plan 2021-2030, with a long-term vision to 2050.

However, in recent years the airport has been given the green light to operate irregular international flights as the ministry looks to encourage Vietnamese and international airlines to establish additional flight paths that include the airport.

"The MoT will monitor the airport's demand and operations for a set period. Once all the requirements are met, the airport will be upgraded to international airport status," said a spokesperson from the transport ministry.

The ministry stressed the importance of strictly following international standards such as those set by the International Civil Aviation Organization (ICAO) in upgrading the airport's status, among which is the road infrastructure connecting the airport to nearby towns and national highway systems such as the 180-kilometres, four-lane Quy Nhơn-Pleiku Highway project, which will break ground in 2030.

Provincial authorities have been tasked with overseeing the highway's construction under a public-private partnership model. The highway will play a key role in socio-economic development in the southcentral region and the central highlands. VNS   LINK

Henig:  Digital growth and green growth need to be integrated: expert

January, 23/2023 - 11:22

Digital economy and green economy are the most important topics on the agenda of environmental policy and sustainable development in recent years. In this context, the integration between the digital economy and the green economy therefore leads to new models and creates opportunities for sustainable development

Over the past three years, the global economy has had to deal with three challenges: the pandemic causing the worst economic crisis since the Great Depression, inflation, and the more severe impact of climate change.

Fundamental changes are driving climate change and the digitisation of the economy, posing increasing challenges to the environment and sustainable development. Digital economy and green economy are the most important topics on the agenda of environmental policy and sustainable development in recent years. In this context, the integration between the digital economy and the green economy, therefore, leads to new models and creates opportunities for sustainable development.

Although the concept of “Green Growth” as a new growth path appeared much later than “Digital Growth” they are currently coexisting and will surely accompany for many decades to come. Besides the economic and social impact as a new growth source, the environmental impact of digital growth is receiving much more attention. The profound changes in the digital economy are having both positive and negative impacts on economic and social activities, especially on the environment.  

In summary, the environmental impacts of the digital economy are divided into four groups: impacts of the ICT sector, impacts of electronic applications, impacts of e-commerce and social and economic impacts from where policies and agendas that incorporate the environmental impact of the digital economy have been proposed. The consideration of the creative and dynamic use of digital growth and the digital economy for the benefit of not only economic, but also environmental and social values ​​has led to the concept of “digital growth sustainability” as a solution to environmental problems.

The coexistence and integration of digital growth and green growth at the macro level is shown in the extent and mechanism of the potential impact of internet development on total green productivity based on panel data showing the growth of the internet has a positive and significant role in promoting green total factor productivity. There is some empirical evidence that ICTs reduce carbon emissions and are a positive promoter of economic growth. Empirical results have also explored the impact of digital transformation on environmental pollution, arguing that the Internet of Things enables more resource-efficient manufacturing, improving recycling processes. Predictive studies show that the adoption of digital devices and programs can increase energy efficiency in various sectors and increasing investment in ICT can reduce energy demand quantity. The parallel development and interlinking between the digital economy and the green economy is not only of practical importance but also of great theoretical value, as it provides new evidence to decipher the “paradox of Solow productivity theory” in the traditional growth model, which still has no solution.

Green economy and digital economy are the most appropriate and mainstream developments in the current period, ensuring the goal of fast and sustainable development in the first half of the 21st century. Policymakers have recognised the need to prioritise the development of the digital economy to achieve the goal of green growth, unifying the view of global action to address the issues of climate change rather than just regionally or locally in economic growth strategies, including the digital economy. Accompanying the economic recovery, especially after the pandemic, with the increasing trend of the size and proportion of the digital economy in the traditional economy, related digital economic structures are expected to be new growth engines to address the uncertain future of the environmental crisis.

The digital economy has become an increasingly important contributor to the gross domestic product of countries, especially during the post-COVID-19 recovery. Assessing the environmental impact of the digital economy is particularly important because it provides the basis for defining and coordinating digital economic development policies with the environment, creating constructive collaboration between the digital economy strategy and the environment. Up to now, environmental policies and strategies have not been linked with economic and social development policies in general, and the digital economy, although recently there have been many efforts to take a closer look.

Viet Nam can become the second largest digital economy in Southeast Asia in 2025, while the country’s e-commerce market will draw more large-scale businesses. In China in 2020, the digital economy accounted for 40 per cent of GDP, while in Viet Nam in 2022 it is expected about 11-12 per cent, so the growth potential is huge. The strategic goal of Viet Nam's socio-economic development is for the digital economy to account for 20 per cent in the year 2025 and 30 per cent of GDP by 2030. The digital economy consists of three components: ICT digital, internet digital and the sectoral digital economy. The internet digital economy and the sectoral digital economy are two components that still have an extremely low share in GDP compared to the world average. These two components have a low "environmental" impact, so they need to be promoted in a strategy that integrates with the green economy.

Since COP26, Viet Nam has been seriously and swiftly taking action to realise its commitments as seen in the establishment of a national steering committee for implementing its pledges made at the conference, and the Prime Minister is head of this committee. Economic transformation is needed to reach net-zero greenhouse gas emissions by 2050, and the question of how these commitments can be met and the corresponding economic transformation managed becomes ever more central. The country is working hard to perfect the relevant legal framework, build detailed plans, measures, and roadmaps, and mobilise investment resources for climate-resilient infrastructure to carry out the commitments.

To exploit the potential for simultaneous development of the digital economy and the green economy, achieve the goals set out in the "National Strategy for the Development of the Digital Economy and Digital Society to 2025, with a Vision to 2030", and the "National Strategy on Green Growth for the period 2011-2020 and a Vision to 2050", it is necessary to implement a number of solutions to integrate the digital economy and the green economy as follows:

- Have the best preparation for the ability to integrate these development trends for leaders at all levels of state management agencies, sectors, localities and the business sector, especially small and medium enterprises. Along with that, sectors and localities need to integrate projects and activities to develop the digital economy with solutions to promote the implementation of the Green Growth Strategy.

- While accelerating the completion of an institutional framework suitable for the digital business environment, it is necessary to refer to and link to complete the framework to promulgate green technical norms, standards, and guidelines, complete and soon issue a set of green growth measurement indicators at the national level. It is necessary to add a number of green growth indicators to the system of socio-economic development indicators in general and the goals of digital economy and digital society development, to soon complete and apply the set of green growth indicators into the development of a five-year socio-economic development plan.

- In the plan to increase investment, especially public investment to synchronously upgrade essential and widespread infrastructure and digital services, it should be linked with the development of budget allocation and management plans serving the implementation of the green growth strategy. In addition, perfecting financial policies to support green growth in a reasonable and consistent manner, including taxes, fees, subsidies, support funds, sanctions, and green criteria.

- The government needs to strengthen environmental protection supervision and law enforcement, raise the cost of pollution emissions of enterprises, and force enterprises to improve the level of green innovation, improve systems and infrastructure and related mechanisms to encourage green innovation and raise the sense of social responsibility.

- Enterprises implementing digital transformation need to proactively seize opportunities, optimise business models, deploy digital technology integration, promote the development of production and business solutions based on digitisation, participate more effectively in the global supply chain, improve management capacity suitable for new production, business, and cooperation models. In the process of digital transformation and green innovation, it is necessary to take advantage of reducing internal and external costs, promoting the division of professional labour in enterprises, strengthening the link between digital transformation and green innovation in business plans, improve social responsibility, contribute to promoting the spillover effects of digital transformation and green technology innovation. — VNS

* Prof. Trần Thọ Đạt is the Chairman of Academic Board, National Economics University   INK

KTFA Members "Tuesday News" 1-24-2023

KTFA:

Clare:  Deputy regarding the exemption of the governor of the Central Bank: The dollar will fall and the authoritarian claws of corruption will be removed

01/23/2023

Representative Mahmoud Al-Qaisi considered, on Monday, the decision to dismiss the governor of the Central Bank, as it will remove the tentacles of corruption that are controlling the bank.

Al-Qaisi said in a tweet on Twitter, followed by Mawazine News: "We urge the prime minister to take deterrent measures against the corrupt, who want to exhaust the Iraqi economy."

He added, "The dismissal of the governor of the central bank will remove the tentacles of corruption that dominate the central bank, and will contribute to reviving the Iraqi dinar."
And he concluded his tweet by saying: “The dollar will drop.”  LINK

Henig:  Finance Minister: Iraq possesses the requirements of a strong economy

MONDAY, 01-23-2023, PM 9:20

Today, Monday, the Minister of Finance, Taif Sami, confirmed the endeavor to activate bilateral agreements between Iraq and various international financial institutions that support the establishment of a balanced and sustainable financial and economic system.

This came, during the Minister of Finance’s chairmanship of an expanded meeting to follow up on the paragraphs of implementing the ministerial program submitted by the government program team in the General Secretariat of the Council of Ministers, and in the presence of the Undersecretary and the general managers therein, according to a statement by the Ministry and received by the Noon news agency.

According to the statement, the meeting witnessed a discussion of "the objectives of the quarterly financial plan for the year 2023, and the basic clauses that involve developing the economy and controlling cash flows and services in various sectors, in order to achieve the basic goals included in the ministerial curriculum in the financial and economic aspects."

The meeting continued, studying the most important requirements for implementing the government program according to the vision for the years (2023-2025), which are related to investment plans, spending doors, maximizing the revenue side outside the oil sector, and other visions consistent with the criteria for the advancement of the national economy.

Sami said, according to the statement, that "Iraq possesses the requirements of a strong economy, and that the Ministry of Finance is moving steadily towards an optimal implementation of economic goals during the next stage, embodied in enhancing opportunities to attract investment, advancing infrastructure projects, and correcting the course of fiscal policy in light of the current economic challenges, as well as Activating bilateral agreements between Iraq and various international financial institutions that support the consolidation of a balanced and sustainable financial and economic system.

LINK

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Zeeman:  the best thing iraq can do is to depeg  fully from usd also stop the petro dollar and get back all the money the ust is holding imo

Henig:  Deputy: 3 difficult American conditions for Iraq will delay the reduction of the dollar

 Baghdad today-Baghdad

A member of the Parliamentary Defense Committee, Waad Qaddo, spoke today, Monday, about 3 American conditions for sitting at the dialogue table with the Iraqi government regarding the dollar.

Qaddo told (Baghdad Today), "The Americans are calling for the development of a new agreement that defines the tasks of the soldiers of the international coalition and enhances their legality in being on our lands as one of the most important conditions through which it is possible to start a dialogue with the Commander-in-Chief of the Armed Forces, Muhammad Shia'a al-Sudani, about the dollar."

Qaddo added, "The Americans also stipulate dialogue on the Iranian file and the file of the resistance factions before sitting at the dialogue table," considering that "Iraq is not a nominal occupation, but our economy is restricted and it is difficult for the Iraqi negotiator to return the dollar to its normal price and stop its rise quickly."

And he added: "Important steps taken by the Sudanese Prime Minister, Muhammad Shia'a, and other decisions he will take to punish some banks to stop any further rise in the dollar." LINK

Henig:  IMO: Oh, most DEFINITELY trying to interfere now. Will be unsuccessful, but still at it.

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Henig:  The fluctuation of the exchange rate of the Iraqi dinar overthrows the governor of the central bank

January 23, 2023

Baghdad - time

On Monday, the Iraqi Prime Minister, Muhammad Shia'a al-Sudani, dismissed the governor of the Central Bank from his position, "based on the His request, ”Al-Sudani announced in a press conference, at a time when the exchange rates of the Iraqi dinar are witnessing Against the dollar, unprecedented volatility.

Never before has an Iraqi official in a sovereign position voluntarily relinquished his position.

About two months ago, the exchange rate of the Iraqi dinar continues to decline, while the official fixed exchange rate is 1470 dinars against one dollar, the exchange rate in the market reached 1620 on Sunday, according to the official news agency, That is, the Iraqi currency lost about 10 % of its value.

On Monday, the leader in the coordination framework, Jamal Hassan, revealed that the Prime Minister had issued direct directives to activate the most important Economic adjustment tools, to control the rise in the price of the dollar.

Hassan said in an interview with the local information site, "The recent dollar crisis gave a clear picture of the danger Speculation and the existence of whales seeking to create chaos in the national economy through manipulation of exchange rates to achieve Profits and pushing prices up without caring about the seriousness of what is happening to the lives of millions.

He added, "The Prime Minister issued direct directives to activate the economic security system and its detachments move immediately from In order to contain speculation and carry out arrests against those who monopolize the dollar and push its exchange rates up,” he pointed out That «this step will be circulated to the rest of the Iraqi provinces». And he considered that «activating the economic security system is a decision that is the first of its kind after 2003

Experts attribute the decline in the exchange rate to Iraq's start to comply with international rules in money transfers, which affected supply The dollar is in the market, while Washington politicians are responsible for this decline.

In light of this decline in the Iraqi currency, Al-Sudani announced during a press conference on Monday, “A request has been approved President of the Central Bank exemption and President of the Commercial Bank of Iraq for retirement referral ».

He added, “Managements known for their experience, ability and integrity, and their vision, have been assigned to confront this problem with measures Quick will have a clear impact on exchange rates ».

Also, the official news agency reported, quoting a government source, that Al-Sudani “ decided to relieve the governor of the Central Bank, Mustafa Ghaleb Mukherif was removed from his position at his request.” And “Ali Mohsen Al-Alaq was assigned to manage the Central Bank By proxy.”

And Sudanese referred the director of the Iraqi Trade Bank, Salem Jawad Al-Jalabi, to retirement, and “assigned Bilal Al-Hamdani to run the bank.” In addition to his duties, ”according to the official news agency.

The fluctuation of the dinar is linked to the start of Iraq's compliance with some of the standards of the international transfer system (Swift). Iraqi banks have applied it since mid-November to access Iraq's dollar reserves in the states United.

Iraqi banks must now record “their transfers (in dollars) on an electronic platform, check the requests … and the reserve is established.” The Federal Reserve examines it, and if it has doubts, it will stop the transfer,” said the advisor to the Iraqi Prime Minister For financial affairs, the appearance of Saleh told AFP.

And the Federal Reserve has refused, since the implementation of the restrictions, “80 % of requests” for financial transfers to Iraqi banks According to Saleh, due to doubts about the final destination of those funds being transferred, he said.

In the meantime, the Iraqi authorities have taken measures, including facilitating the financing of private sector trade in dollars through banks In Iraq, opening outlets for selling foreign currency in government banks to the public for travel purposes.

On Sunday, Al-Sudani decided to take a number of additional measures to limit the decline in the exchange rate, including “opening.” A new window for selling foreign currency to small merchants through the Trade Bank of Iraq” and “Central Bank financing of the bank Iraqi Trade ( TBI ) with an additional amount of 500 million US dollars for the purpose of opening letters of credit for small traders And being satisfied with the initial invoice and the account number of the last beneficiary of the credit.

LINK

Henig:  Economists: the Iraqi dinar crisis may push the Central Bank to issue new money

 Baghdad today - follow-up

Today, the Iraqi government is facing fears of its inability to provide the salaries of employees, retirees, and social welfare subscribers, who number about 10 million people, for whom about six trillion Iraqi dinars are allocated.

Today, Tuesday, the newspaper (The Independent Arabic) wrote a report followed by (Baghdad Today), in which it said that “the restrictions imposed by the US Federal Bank on the Central Bank of Iraq in the dollar file, and the start of introducing the Iraqi financial transfer within the “Swift” system, caused a series of crises. It led to a contraction of the Iraqi market and a decline in the purchasing power of most Iraqis during the past weeks.

She added, "The Iraqi economy depends almost entirely on Iraqi oil sales in US dollars, which are transferred through the Iraqi Ministry of Finance to the Central Bank, which sells them to banks to obtain the Iraqi dinar."

The report said, "In the absence of any other resource other than oil to bring in the dollar in conjunction with the absence of real economic activity or other revenues for the Iraqi government from taxes, fees and investments, obtaining the Iraqi dinar will become very difficult, and Baghdad may be forced to use alternatives, which will cause an increase." inflation rates in the country.

He explained, "Since the fall of Saddam Hussein's regime in 2003, successive Iraqi governments, under pressure from the parties participating in the political process, opened the door wide for appointments in Iraqi state departments as an important part of their campaign for elections, which raised the number of workers in the public sector from 850,000." 2003 to four million employees, workers, wage earners, and contractors who earn about 43 trillion Iraqi dinars ($29 billion) annually, in addition to millions of retirees and those covered by social care, bringing the number to about 10 million people, according to the Iraqi Ministry of Planning.

And financial expert Muhammad Dagher believes that "the Central Bank of Iraq will resort to issuing new money from the dinar to meet its needs of paying employee salaries, if its sales continue in this way," while noting that "the central bank currently has enough local currency."

Dagher said, "The issue of salaries is a red line that cannot be touched, and if we do not get Iraqi dinars through the dollar sale window, the Central Bank of Iraq must issue new money."

Dagher ruled out that salaries would be distributed in US dollars instead of dinars if an Iraqi dinar was not available at the Central Bank, due to national and other economic considerations represented in the possibility of price increases.

He stressed that "the central bank has a reserve of local currency and can maneuver it and meet the needs."

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the Central Bank of Iraq has temporary alternative procedures for absorbing liquidity, which are in the study phase and awaiting implementation, but he did not disclose these procedures.

And the specialist in economic affairs, Safwan Qusay, said, "Iraq suffers from a deficit of four trillion dinars per month as a result of the decline in dollar sales, while he referred to a set of solutions to bridge the deficit, including the issuance of bonds in Iraqi dinars."

Qusai said, "The currency selling window decreased at a rate of 130 million dollars per day, by about 200 billion dinars, which will lead to a decrease in the possibility of obtaining the Iraqi dinar to meet the requirements of the operational and investment budget." 

Qusay added, "The US federal wants to improve the economic situation of the Iraqis and create job opportunities. The more we raise the level of investment spending with international companies, the more we will get a dollar and convert it into Iraqi dinars to spend on these projects."

And Qusay indicated that the amount of the monthly deficit amounts to 2.5 billion dollars, that is, about four trillion Iraqi dinars, and therefore we need 50 trillion dinars annually, up to ($ 34 billion), stressing that what is now available to the Iraqi ministries and the Central Bank is less than this number, which will mean that the government You will be in trouble for the next six months.

He pointed out that there are more than 70 trillion dinars (47 billion dollars) with the Iraqis, and it is possible to withdraw part of it to fulfill the obligations by selling the state’s lands and properties in Iraqi dinars, and issuing dinar bonds, which contributes to absorbing the surplus dinars.   LIN 

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Clare:  The President of the Republic: The budget will be approved soon

01/24/2023

President of the Republic Abdul Latif Jamal Rashid received today, Tuesday, a number of ambassadors of Asian countries, in addition to the Russian ambassador to Iraq.

According to a statement by the Presidency of the Republic, which Mawazine News received, the President of the Republic indicated "the importance of expanding ways of cooperation between Iraq and their countries (ambassadors) in a way that achieves the aspirations of the people for progress and prosperity."

Rashid shed light on "what Iraq is going through today from a new era, an Iraq without terrorism, violence and wars," noting that "this is a message that I hope you will carry to your countries."

He stated, "Nineveh governorate and all other governorates are experiencing security stability after some of them suffered from the domination of terrorism. Service and health institutions are currently in a good position, as they provide services to citizens. Likewise, the capital, Baghdad, is stable and safe."

He stressed, "Our relationship with our neighbors is good, and we have good relations with Turkey, and at the same time we have outstanding issues related to borders and our water share, and we hope that these matters will be addressed in a way that strengthens relations between the two countries."

The President of the Republic touched on his participation in the Davos Economic Conference, pointing out that "presidents, leaders and politicians expressed during their meetings their desire to establish strong relations with Iraq. The same was the case when attending the climate summit in Sharm el-Sheikh and the Arab summit in Algeria, where the presidents expressed their support for Iraq in its efforts to consolidate Security and stability".

He added, "The current Iraqi government has a comprehensive program to raise the standard of living and services," pointing out that "the budget will be approved soon, and we have programs to solve the housing problem, and strategic plans to build the industrial city and complete the large port of Faw project and others for oil and gas production."

And on the relationship between the federal government and the Kurdistan region, Rashid stressed that "the relations between the two sides are good, and there is a common desire to develop radical solutions to outstanding issues in accordance with the constitution and the law."

In turn, the ambassadors of the countries affirmed, "their countries' keenness and desire to consolidate the bonds of relations to include all levels and in a manner that achieves the hopes and aspirations of the peoples for development and prosperity."  LINK

KTFA Monday Night CC "What I Say.....You're Fired" 1-23-2023

KTFA

Monday Night Conference Call

WELCOME EVERYONE TO OUR MONDAY CC WITH FRANK

Frank26:  1-23-23……WHAT I SAY……YOU’RE FIRED!!!

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=59I6ro7AtSc

"Vietnam News" Posted by Henig at KTFA Monday 1-23-2023

KTFA:   Vietnam

Vietnamese economy greatly open, full of vitality: Chinese ambassador

January, 21/2023 - 15:23

In terms of trade ties, the ambassador said despite impacts of the COVID-19 pandemic, bilateral trade in the first 11 months of last year exceeded $210 billion, and the whole year’s figure is expected to surpass the $230 billion recorded in 2021, which is a highly encouraging result.

HÀ NỘI — Chinese Ambassador to Việt Nam Xiong Bo has highlighted the significance of the Lunar New Year (Tết) festival, the comprehensive strategic cooperative partnership between the two countries, and their cooperation prospects for 2023.

In an interview granted to the Vietnam News Agency on the occasion of New Year 2023, he quoted late Vietnamese President Hồ Chí Minh as saying that Việt Nam and China are “both comrades and brothers”.

 “We are comrades who share the same sense of purpose and also close brothers,” the ambassador said, stressing the profound meaning of the word “brothers” thanks to cultural similarities, including Tết customs, between the two peoples.

Xiong found Tết, a traditional festival of the Vietnamese and Chinese peoples, and the two countries’ Tết celebrations highly similar. Whenever the Lunar New Year comes, the Tết atmosphere will spread across Hà Nội, from big streets to small alleys, bringing about close and familiar feelings to him through similar customs: family reunion with year-end parties and New Year visits to pagodas.

However, there are also some differences as 2023 is the Year of the Rabbit in China but the Year of the Cat in Việt Nam.

The rich histories and special traditional cultures of China and Việt Nam have contributed to the Eastern culture and civilisation, according to the diplomat. Likewise, New Year celebration customs in Japan and the Republic of Korea are also part of the Eastern culture, and it is necessary to treasure and further bring into play the role of the Eastern culture in the world's civilisation.

Mentioning Việt Nam’s economic recovery results in 2022, Ambassador Xiong highly valued the GDP growth of over 8 per cent, the highest in the region and the world, saying the Vietnamese economy is now full of vitality, attractive to foreign investors, and boasts vibrant external economic activities with trade value topping US$700 billion.

He held that the abovementioned achievements were attributable to the clear-sighted leadership by the Communist Party of Việt Nam (CPV), headed by General Secretary Nguyễn Phú Trọng, and the Government along with efforts by the Vietnamese people.

The economy of Việt Nam had been comprehensively integrating into the world and now had great openness, he went on.

Regarding the COVID-19 combat, the diplomat said the Party and Government of Việt Nam had effectively combined the pandemic fight with socio-economic development and obtained great successes. In the most trying times of the pandemic, the country made all-out efforts in promoting vaccination and seeking vaccine supply sources, including from China.

In its capacity, China provided 52 million COVID-19 vaccine doses, including 7 million doses in non-refundable aid, for Việt Nam, helping set up a line of defence against the pandemic amid the most trying times in Việt Nam.

In terms of trade ties, the ambassador said despite impacts of the COVID-19 pandemic, bilateral trade in the first 11 months of last year exceeded $210 billion, and the whole year’s figure was expected to surpass the $230 billion recorded in 2021, which was a highly encouraging result.

A highlight of relations between the two Parties and countries last year is the official visit to China by CPV General Secretary Nguyễn Phú Trọng in late October.

The visit had great influence, Xiong affirmed, adding that leaders of the two countries once again reached strategic common perceptions and agreed that Việt Nam and China would support each other along their path to socialism, stay steadfast in the strategic leadership by the two Parties’ top leaders, and advocate cooperation in all fields.

During the trip, the two sides also adopted a joint statement of extreme political significance that touched upon many areas and created favourable conditions for the two countries to continue cooperation in different spheres, including economy and trade.

China and Việt Nam hold good conditions for strengthening partnerships in investment, economy, and trade since they share a borderline and boast highly complementary advantages, according to the ambassador. China supports businesses with good strength, reputation, and high technology coming to Việt Nam to invest in potential areas such as developing digital economy, green economy, and new energy.

China is ready to enhance economic, trade, and policy cooperation with Việt Nam, the diplomat said, noting his country may fully resume air routes connecting with Việt Nam this year so as to facilitate bilateral mobility and economic activities.

Speaking highly of Việt Nam’s efforts to combat corruption and negative phenomena, Xiong underlined the similar policies and determination of the Communist Party of China and the CPV in this regard.

He underlined that General Secretary Nguyễn Phú Trọng and the CPV Central Committee had attached great importance to the corruption combat. Việt Nam had taken drastic actions with a strong resolve and dealt with many law-violating cadres. The CPV had also issued many documents and unceasingly perfected regulations to augment the corruption fight.

The ambassador applauded Việt Nam’s establishment of anti-corruption steering committees at the central and provincial levels. He noted China was ready to cooperate with Việt Nam in corruption prevention and control in line with the common perceptions between their top leaders.

In the interview, he offered greetings to the Vietnamese people and expressed his hope that in the New Year, Việt Nam would obtain brilliant achievements in socio-economic development under the leadership of General Secretary Nguyễn Phú Trọng and the CPV Central Committee.

— VNS   LINK

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Henig:  Việt Nam values development of friendship with Portugal: PM

January, 19/2023 - 13:13

PM Chính suggested both sides facilitate visits, especially those at high level to raise mutual understanding and political trust, as well as fully and effectively tap existing cooperation mechanisms and build new ones to step up collaboration in promising areas that match their interests.

HÀ NỘI — The Vietnamese Government always values the development of traditional friendship with Portugal, Prime Minister Phạm Minh Chính told Portuguese Minister of Foreign Affairs João Gomes Cravinho during a reception in Hà Nội on Wednesday.

PM Chính suggested both sides facilitate visits, especially those at high level to raise mutual understanding and political trust, as well as fully and effectively tap existing cooperation mechanisms and build new ones to step up collaboration in promising areas that match their interests.

On multilateral cooperation, he proposed working closely together and offering mutual support at multilateral forums and international organisations, making active contributions to dealing with regional and global issues.

About economic ties, the host asked Portugal to create favourable conditions for Vietnamese farm produce to navigate the country. He wished the two nations would continue taking advantage of opportunities from Việt Nam-EU Free Trade Agreement to raise two-way trade, toward lifting it to US$1 billion in the near future.

On the occasion, he suggested Portugal soon approve the EU-Việt Nam Investment Protection Agreement (EVIPA) to facilitate fair and win-win investment relationship between the two nations, urge the European Commission’s early removal of yellow card warning on Việt Nam’s aquatic products to meet interests of Portuguese and EU consumers as well as ensure livelihoods for hundreds of thousands of workers in the Vietnamese aquaculture industry.

Cravinho, who is on Việt Nam visit from January 17-19, affirmed that Portugal always considers Việt Nam an important partner in the region and expects to further develop all-around ties with the country.

He agreed to enhance collaboration in fields of Portugal’s strength and Việt Nam’s demand such as marine economy, maritime, renewable energy, circular economy and digital transformation.

The FM vowed to continue realising contents of Việt Nam-Portugal tourism cooperation agreement and sharing experience in tourism development, boost sport exchanges, particularly football training and increasing scholarships to students specialised in tourism management, and discuss the signing of labour cooperation deals.

He expressed his support for Vietnamese PM’s proposals related to joint work to fight climate change toward fulfilling goals set at the 26th United Nations Climate Change Conference.

Portugal will create favourable conditions for Vietnamese community living in the country, open the market for Vietnamese farm produce and have a say with the EC on the IUU yellow card, he said.

Regarding the South China Sea (known in Việt Nam as the East Sea) issue, host and guest underscored the importance of maintaining peace, stability, security, safety and freedom of navigation and overflight in the South China Sea, settling disputes by peaceful means in line with international law, especially the 1982 United Nations Convention on the Law of the Sea (UNCLOS).

— VNS   LINK

Henig:  Politburo resolutions give boost to regional growth

January, 21/2023 - 10:11

The Politburo issued six resolutions on socioeconomic development and defence safeguarding six regions, a judicious move to optimise each area's potential and promote national development.

In 2022, the Politburo issued six resolutions on socio-economic development and ensuring national defence and security in six key regions, a necessary and judicious move to optimise each one’s potential and promote national development.

The 13th National Congress of the Communist Party of Việt Nam held in early 2021 devised the socio-economic development strategy for 2030 with a vision to 2045. Accordingly by 2030, Việt Nam will have become a developing country with modern industry and upper-middle income, and a developed and high-income country by 2045.

The strategy also identified the direction for the development of the regions – fully capitalising on each region’s advantages in terms of infrastructure, natural conditions, geopolitics, geography, and human resources, along with enhancing connectivity within each region to help participation in global value chains and create new development spaces.

The six resolutions were made for six regions: the midland and mountain region of the North; the Red River Delta, the North Central and Central Coast region, the Central Highlands, the eastern region of the South (or Southeast), and the Mekong River Delta.

Each region has its own characteristics, potential, advantages, and challenges. To utilise their potential, aside from common development policies, it is necessary to issue specific and appropriate policy for each region.

Regional development

Developing regions is a consistent policy of the Party to fully tap into the advantages of regions and localities nationwide to serve socio-economic development, ensure security, and improve people’s lives.

As soon as the resolutions were passed, the Politburo and the Party Central Committee’s Secretariat held conferences to study and publicise the issues among ministries, sectors and localities.

Addressing those events, Party General Secretary Nguyễn Phú Trọng stressed the resolutions’ importance, noting the foremost task of effectively implementing them to translate guidelines and policies into reality.

He emphasised that in addition to being aware of the resolutions’ purpose, it would be important to guarantee high consensus across the whole country at all levels; understand that this is the responsibility of the entire political system; deal with the relationship between regional and national development; and promote consensus on the importance of regional connectivity.

The building, issuance and implementation of the six resolutions hold great necessity for realising the goals set in the Resolution of the 13th National Party Congress, including turning Việt Nam into a developing country with modern industry and upper-middle income by 2030 and a developed and high-income country by 2045.

Northern midland, mountain region

The first resolution on regional development issued by the Politburo was Decree No 11-NQ/TW on orientations for socio-economic development, ensuring national defence and security of the Northern midland and mountain region by 2030, with a vision to 2045.

The Northern midland and mountain region consists of 14 provinces.

Earlier in 2004, the Politburo issued a resolution on the region’s development direction to 2020. After nearly two decades, major changes have been made. However, the region’s potential has not been fully tapped.

The region is still classified among poverty-stricken areas with a slow growth pace.

Decree No 11-NQ/TW targets turning the Northern midland and mountain region into a green, sustainable and comprehensive development zone and a role model of green development for the whole country.

About half of the provinces in the region are expected to be at a medium development level by 2045.

Other targets include preserving and promoting the cultural identities of ethnic minority groups, enhancing the quality of life, ensuring national security, building a strong Party system, and strengthening solidarity among ethnic groups.

Investing in socio-economic infrastructure and human resources will be the two driving forces of the region’s development, focusing on traffic infrastructure attached to economic corridors and training high-quality labour forces.

Mekong River Delta

The Politburo’s resolution on the Mekong River Delta’s development was issued on April 2, 2022.

The Mekong River Delta is home to 13 provinces.

As a rice- and fruit- producing centre, the region has maintained economic growth at a medium rate with an increasing proportion of industry and services.

Several processing centres for agricultural and fishery products with advanced technology have been established in the region. It has also focused on the marine economy, developing fisheries into a spearhead economic sector.

According to Resolution 13, by 2045, the Mekong Delta’s development will be “comprehensive, ecological, civilised and sustainable, preserving the cultural identity of the community living by the river”.

The Mekong Delta will become a sustainable, dynamic and highly efficient agricultural economic centre of the country, the Southeast Asia region and the world.

To realise these targets, the region will develop a system of agricultural centres, economic corridors and infrastructure systems to adapt to climate change and develop marine and tourist economies.

Southeastern region

Home to HCM City and five central-level provinces, the Southeastern region contributed 32 per cent of GDP in 2020. The region’s income per capita in 2020 was the highest nationwide.

In 2020, the Gross Regional Product of the Southeastern region increased by almost five-fold compared to 2005 and 2.6 times compared to 2010, exceeding the target.

The Politburo’s resolution on developing the Southeastern region was issued on October 7, 2022.

By 2030, the region will become a dynamic development area with a high economic growth rate and the country’s driving force of growth. It is set to become a developed region with strong economic potential and a modern economic structure by 2045.

It will become a hub of science–technology, innovation, logistics and high-tech industry, as well as an international financial centre of the Southeast Asian region and the world.

HCM City will serve as a nucleus and a magnet for growth in the region.

Central Highlands

With five provinces, the Central Highlands has a strategic position in terms of economy, politics, culture, society, environment, national defence, security and foreign affairs.

The Politburo resolution issued on October 6, 2022, pointed out that development of the Central Highlands region must find a balance between economy, culture, social development, and protection of natural resources and environment, associated with national defence, security and foreign affairs.

The key target of regional development is to restructure the economy and turn it into a green economy, with a circular economy as the focus.

The region will shift from agricultural production to an agricultural economy based on high-technology applications and digital transformation.

The Central Highlands will also focus on protecting, restoring and developing forests and improving local residents' livelihoods associated with them.

The development of renewable energy, the agricultural product processing industry and the mining and processing industry of bauxite and aluminium are key for the region.

The region is set to develop tourism hubs and products linked with the cultural identity of local ethnic minorities.

The resolution also highlights the close association between the Central Highlands with the Southeastern region and Central coastal provinces.

The Central Highlands will speed up the connection with major economic centres of the country, with countries in the Mekong Sub-region, ASEAN, especially within the Greater Mekong Sub-region Cooperation, and the Development Triangle Area (Việt Nam-Laos- Cambodia).

North Central and Central Coast region

The North Central and Central Coast region consists of 14 provinces from Thanh Hóa to Bình Thuận.

Positive changes have been made in the region over the past 20 years.

With dynamic development, the region has played an important role in the international cooperation and integration of the country. However, it still has several growth indicators lower than the national average.

The Politburo resolution issued on November 3, 2022 identifies the strategic position and role of the North Central and Central Coast region.

The resolution highlights that the region needs to make more drastic and innovative changes for rapid and sustainable development to fully tap the potential of every locality and the whole region.

The region needs to shorten development gaps among localities to improve the capabilities and incomes of local residents so that the region will catch up with other developed regions. This is a key task for local authorities.

Red River Delta

The latest Politburo resolution on regional development for the Red River Delta issued on November 23, 2022. The region consists of 11 central-level provinces and cities, divided into two sub-regions: northern and southern.

The northern sub-region, known as the northern key economic region, has seven provinces and cities. The southern sub-region consists of four provinces.

In 2015-20, the regional growth rate reached 7.49 per cent per year, higher than the national average.

In 2020, the region’s economic development contributed 29.4 per cent of the national GDP. The GRDP per capita in 2020 was VNĐ103.6 million, 1.3 times higher than the national average.

According to the Politburo resolution, the Red River Delta is set to develop sustainably, at a rapid pace, with a focus on economic structure and preservation of national cultural identity.

The region will develop modern industry, services and high-tech, with an organic, green, circular, and agricultural economy of high value.

The region is expected to be a hub of high-quality education and training, a leading science-technology centre, and to lead the country in innovation, digital economy and society, with modern socio-economic infrastructure and a focus on smart and highly connected cities.

Long-existing problems such as pollution, traffic congestion and flooding are to be solved.

The capital Hà Nội will be developed into a modern civilised city, becoming the centre and driving force for regional and national development, striving to be on par with other capital cities of developed countries in the region.

By 2045, the Red River Delta will be a major regional and global economic and financial centre and the country's leading hub of culture, education-training, science-technology, innovation, and public healthcare, while having a modern and smart socio-economic infrastructure.

— VNS   LINK

KTFA Members "Monday Iraqi News" 1-23-2023

KTFA:

Clare:  WS & FRANK TOLD US WEEKS AGO THIS "COULD" HAPPEN IF GHALEB DID NOT GET THINGS DONE FAST ENOUGH ...  TONIGHT WILL BE A VERY GOOD UB2B! IMO

Clare:  After dismissing him, the governor of the Central Bank, the Sudanese hints at a decrease in the exchange rate of the dollar

01/23/2023

The Prime Minister, Muhammad Shia Al-Sudani, relieved the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, from his post, due to the continued rise in the exchange rate of the dollar and the bank’s inability to curb it.

Al-Sudani assigned former bank governor Ali Mohsen Al-Alaq to manage the central bank by proxy.

The Prime Minister also referred the Director of the Trade Bank of Iraq to retirement and assigned Rabal al-Hamdani to manage the Trade Bank of Iraq in addition to his duties.

Al-Sudani commented on the changes by saying: "The departments that have been assigned to the Central Bank and the Trade Bank of Iraq possess skills and will work to reduce the rise in exchange rates."

It is noteworthy that the Iraqi dinar lost about 10 percent of its value, as the Wall Street Journal says in a report it published a few days ago, after “mysterious” procedures for many, related to the imposition of compliance rules on the Central Bank of Iraq’s dealings with currency dealers in relation to the dollar. American.
Under the new procedures, Iraqi banks are required to submit dollar transfers on a new online platform with the Central Bank of Iraq, which are then reviewed by the Federal Reserve Bank.
US officials said the system aims to limit the use of the Iraqi banking system to smuggle dollars and launder money across the Middle East.

The exchange rate of the dollar in the local markets has been increasing for days, reaching 1,600 dinars per dollar, or slightly less than that, and sometimes exceeding it.LINK

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Clare:  Iraqi PM replaces heads of central bank, trade bank

1/23/2023

ERBIL, Kurdistan Region - Iraq’s prime minister on Monday replaced the heads of the country’s central bank and trade bank after issuing a number of decisions to control the unstable dinar-dollar exchange rate the night before.

Iraqi state media reported that Prime Minister Mohammed Shia’ al-Sudani had dismissed Mustafa Ghalib Makhif of his post as the head of the Iraqi Central Bank “upon his own request” and had named Ali Mohsen al-Alaq as an interim head of the central bank.

Sudani also decided to change the head of the Trade Bank of Iraq, appointing Bilal al-Hamdani as the interim head following Salem Jawad al-Chalabi’s mandatory retirement.

The decisions from Sudani come after he issued a set of decisions on Sunday to control the fluctuation of the Iraqi dinar’s exchange rate.

The exchange rate of one USD reached 1,670 IQD in the currency markets of Iraq and the Kurdistan Region on Friday, continuing the massive depreciation of the Iraqi currency in recent weeks.

Some of the decisions taken to control the fluctuation included financing the Central Bank of the Trade Bank of Iraq with an additional $500 million to open credits for small merchants, opening a new foreign currency selling window for small traders by the Trade Bank of Iraq, authorizing the import of goods for companies registered with the trade ministry, and facilitating the import procedure.

The depreciation of the Iraqi dinar has been attributed to the New Year holidays, the closure of banks, as well as pressure from the United States.

Iraq’s foreign minister Fuad Hussein told Rudaw on Friday that an Iraqi delegation will visit Washington in early February and will discuss the exchange rate fluctuation with US officials.

In December of 2020, Iraq’s central bank announced devaluing the country’s currency in an effort to combat a national liquidity crisis and bring in much-needed cash to the government’s coffers.

The devaluation of the dinar struck the public hard as government employees get paid in dinar, and they would be able to afford less with their salaries given that many imported goods are paid for in dollars.

LINK

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Clare:  Al-Shammari: The government's decision towards the dollar is bold... and reveals a commitment to the new central bank governor

1/23/2023

A member of the Political Bureau of the National Wisdom Movement, Fadi Al-Shammari, said that the Iraqi Central Bank Governor, the agency {Ali Al-Alaq} pledged to restore the exchange rate of the dollar against the Iraqi dinar “within a short period.”

Al-Shammari said in a tweet on Twitter: "Bold decisions taken by the government to restore control and balance of the currency price after recent market speculation, including changing the management of the Central Bank and supporting providing merchants with the official price in various commercial sectors."

He added, "The new governor's pledge is to restore the exchange rate within a short period, and I estimate that it will only take weeks."

Today, the Prime Minister, Muhammad Shia'a al-Sudani, relieved the governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, from his post, due to the continued rise in the dollar exchange rate and the bank's inability to curb it.

Al-Sudani assigned former bank governor Ali Mohsen Al-Alaq to manage the central bank by proxy.

The Prime Minister also referred the Director of the Trade Bank of Iraq to retirement and assigned Rabal al-Hamdani to manage the Trade Bank of Iraq in addition to his duties.   LINK

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Clare:  An almost complete halt to the circulation of the dollar in the local markets

1/23/2023  Information/Baghdad..

On Monday, directors of banking offices in Diyala revealed a near-total cessation of circulation of the dollar in the markets.

Al-Malooma correspondent said that most of the exchange offices have now stopped trading the buying and selling of the dollar due to the state of instability and the fluctuation of buying and selling in the absence of a fixed standard for determining the exchange rate at the present time time.

And he added, that the change of the director of the Central Bank of Iraq this morning contributed to pushing the market to a partial decline in the exchange rates of the dollar, with the presence of arrests in the exchange offices in Baghdad.

He pointed out that the fear of losing is what prompted office owners to hesitate in buying and selling dollars in Baghdad and the provinces, with information that a return to the previous exchange rate is possible within days.

The currency markets in Iraq witnessed a slight decrease in the exchange rates of the dollar, as the purchase prices recorded 160 thousand for every 100 dollars, with the decision to exempt the director of the Central Bank of Iraq.    LINK

Clare:  Iraqi delegation to discuss dinar-dollar exchange rate with Washington

1/22/2023

ERBIL, Kurdistan Region - Iraq’s prime minister is in talks with the US regarding the unstable dinar-dollar exchange rate and a delegation will be sent to Washington for the matter, the Iraqi foreign minister said on Sunday.

“We are meeting daily with Prime Minister Mohammed Shia’ al-Sudani and the economic committee to resolve this situation which has to do with the Iraqi Central Bank,” Fuad Hussein told Rudaw, adding that the premier has already spoken to the US regarding the matter.

“Prime Minister Mohammed Shia’ al-Sudani is in talks with the US to increase the value of the Iraqi dinar in comparison to the dollar, and we will visit Washington soon,” he added.

The exchange rate of one USD reached 1,670 IQD in the currency markets of Iraq and the Kurdistan Region on Friday, continuing the massive depreciation of the Iraqi currency in recent weeks.

The depreciation of the Iraqi dinar has been attributed to the New Year holiday, the closure of banks, as well as pressure from the United States.

In an interview with Rudaw earlier this month, Hussein said that there are many reasons behind the drop in dinar value, among them is the US Federal Bank overlooking the flow of dollars in Iraqi market, which has led to a lower amount of dollars being released into the market by the Iraqi central bank.

In December of 2020, Iraq’s central bank announced devaluing the country’s currency in an effort to combat a national liquidity crisis and bring in much-needed cash to the government’s coffers.

The devaluation of the dinar struck the public hard as government employees get paid in dinar, and they would be able to afford less with their salaries given that many imported goods are paid for in dollars.

The devaluation of the Iraqi dinar is a step taken towards reform and creating a “financial balance” and will revive the economy, former Finance Minister Ali Allawi said at the time.

In mid-August of last year, a member of the parliament’s finance committee said the dinar-dollar exchange rate will be fixed for the next five years. LINK

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Henig:  Economist: CBI's procedures are slow..and it must use its tools to raise the value of the national currency

Baghdad / NINA / The economic and political analyst, Jalil Al-Lami, considered: The Central Bank's measures regarding the dollar crisis are slow. Stressing that the CBI must use its tools to raise the value of the national currency.

He told the National Iraqi News Agency (NINA): What is happening now is that the supply of the dollar has decreased, which led to an increase in prices, and this is a natural economic result, indicating that the Central Bank of Iraq had to negotiate with the US Federal Reserve to make the procedures slower than what happened because what happened caused a shock to the commercial market in Iraq.

Al-Lami added: Now things have become difficult and more complicated, because the US Federal Reserve believes that it will not back down, and the Central Bank of Iraq is not capable of change. Therefore, the situation is likely to remain the same in terms of affecting the commercial markets.

He stressed: In this case, the Central Bank must use its tools to control the dire economic situation by providing the local currency in the commercial markets in light of the decline in sales of the Central Bank of Iraq by issuing new category money to fill the shortage in the commercial markets, as well as automating banking operations.   LINK

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Henig: :  Al-Sudani: Government agencies are serious about carrying out economic reforms

January 22, 2023

Baghdad / Obelisk: Prime Minister Muhammad Shia' al-Sudani affirmed, on Sunday, the government's seriousness in carrying out economic reforms.

Al-Sudani's office stated, in a statement received by Al-Masalla, that he chaired a meeting with the Federation of Iraqi Chambers of Commerce, which was devoted to discussing the reasons for fluctuations in the exchange rate of foreign currency in the Iraqi market and its impact on citizens, and to develop decisive solutions in this regard.

The meeting was attended by the governor of the Central Bank of Iraq, and the general managers of border crossings, tax, customs, and trade fairs.

And based on the directives of the Prime Minister, and what was presented at the meeting, several decisions were taken to stabilize the exchange rate, prevent manipulation, and limit damage to the national economy, most notably:

1- Opening a new window for selling foreign currency to small traders through the Trade Bank of Iraq (TBI).

2- Financing the Central Bank of the Trade Bank of Iraq (TBI) with an additional amount of $500 million for the purpose of opening documentary credits for small merchants, and being satisfied with the initial invoice and the account number of the last beneficiary of the credit.

3- Launching the import of goods and merchandise for companies registered with the Companies Registration Department at the Federal Ministry of Trade of all types of companies and factories registered with the General Directorate of Industrial Development and investment projects of all kinds duly licensed by investment commissions, scientific offices duly registered, individuals and offices registered with the Iraqi Chambers of Commerce (included with the condition import license or not included).

4- Facilitating import procedures, reducing the requirements for opening documentary credits, and canceling the notification of the General Authority for Taxes to impose delay fines on importers and the rest of those charged with the General Authority for Taxes.

5- Involving the Chambers of Commerce and the Federation of Industries in the sessions of the Ministerial Council for the Economy, representing the private sector.

6- This meeting is held on a weekly basis, following up developments, implementation of decisions, and adding the aforementioned bodies to attend the meeting.

7- Adding the Real Estate Registration Department to this meeting, as well as the Registrar of Companies, Industrial Development, the Investment Authority, and the Rafidain and Rasheed Banks.

During the meeting, the Prime Minister stated that the responsibility to face fluctuations in the local market is a shared responsibility, with an ethical and patriotic dimension, and everyone must respond to it, whether in the private or public sector.

Within the framework of Al-Sudani's directives to reduce the financial, administrative and routine burdens on citizens, Al-Sudani stressed the need to review the work of the General Tax Authority, and that its work be in accordance with the standards of integrity and the law, and stressed that the government will not tolerate any harm that the citizen may be a victim of.

Al-Sudani expressed the seriousness of government agencies in carrying out economic reforms and addressing the deterioration and regression caused by wrong decisions in previous years.   LINK

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Henig:  Al-Mousawi _Understandings between Baghdad and Erbil to pass the oil and gas law

Baghdad / NINA / - A member of the Oil, Gas and Natural Resources Committee, Zainab Jumaa Al-Mousawi, confirmed today, Saturday, that there is a parliamentary effort to approve the oil and gas law soon.

Al-Moussawi said in a statement: "The adoption of the law soon in the House of Representatives will be a radical solution to the dispute over oil wealth between Baghdad and Erbil, and it will regulate all energy files throughout Iraq."

Al-Moussawi added, "There are understandings between Baghdad and Erbil to approve the oil and gas law to take advantage of paragraphs that support the exclusive powers of the federal government regarding oil and gas in Iraq."LINK

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Clare:  Dollar Crisis.. Calls To Protest In Front Of The Central Bank Next Wednesday

01/22/2023

The “Patriot Awareness” movement confirmed its support for the central protest against the high dollar, while calling for its organizations and formations to come down next Wednesday, at twelve o’clock in the afternoon, in front of the headquarters of the Central Bank in the capital, Baghdad.  LINK

"Vietnam News" Posted by Henig at KTFA Sunday 1-22-2023

KTFA: Vietnam

Henig:  Colours of Vietnamese economy in 2022 and 2023 outlook

January, 22/2023 - 07:36

In 2022, Việt Nam has emerged as a stronger, more resilient economy. It recovered strongly from the low "base" two years ago to shine a light in a world of challenges and uncertainties.

Võ Trí Thành*

Despite the negative impact of the COVID-19 pandemic, Việt Nam has seen an economic growth trajectory different from the general picture of the world economy over the past years.

In 2020, when the pandemic started causing devastating effects on a global scale, Việt Nam was among the few economies with positive growth (2.9 per cent) while major economies of the world witnessed a severe recession. In 2021, bucking the world’s strong recovery, the economy’s growth rate only reached 2.6 per cent.

Việt Nam has emerged as a stronger, more resilient economy over the past years. It recovered strongly from the low "base" two years ago to shine a light in a world of challenges and uncertainties.

The country’s gross domestic product grew at 8.02 per cent in 2022, the fastest pace over the past 25 years, backed by retail sales (reflecting final consumption), investment (especially FDI disbursement), and impressively increased exports.

We, however, cannot rest on our laurels. Global economic and political uncertainties, challenges and difficulties that have appeared since the end of the third quarter last year are likely to remain for this year. There are several factors that need to be taken into account.

First of all, aggregate demand is driving growth. Total retail sales last year increased by 19.8 per cent thanks to domestic consumption and tourism exceeding 2019 levels before COVID-19.

This increase will be difficult to maintain for this year when outbound tourism accelerates (actually seen by the end of last year), unless the attraction of international tourism is highly effective (it did not reach the target of attracting five million foreign visitors last year, and was much lower than 18 million visitors in 2019).

In late 2021 and early 2022, Việt Nam had high hopes that public investment would be the driving force for post-pandemic recovery. That's not to mention a two-year Socio-economic Recovery and Development Programme from 2022-2023 with support money amounting up to VNĐ350 trillion (US$15.4 billion), approved by the National Assembly from the beginning of 2022.

Investment disbursement and programme implementation were, however, slow despite a little improvement in the fourth quarter of 2022. By the end of November, less than 60 per cent of the public investment plan had been implemented. About VNĐ60 trillion from the economic recovery and development package was actually spent. Private investment was also stagnating; except for foreign direct investment (FDI) disbursement which was quite good, reaching nearly $19.7 billion, an increase of 15.1 per cent compared to 2021.

Building public confidence, promoting public investment disbursement and the Recovery and Development Programme will have great implications for growth in 2023 and beyond.

Commodity exports last year also had a 10.6 per cent jump, fetching more than $372 billion. The downward trend was clearly seen when in the first nine months of the year, exports surged by 17.3 per cent. The significant drop in orders of manufacturing and processing firms in the last three months indicated an uncertain and lacklustre future.

In the last quarter of last year, S&P Global Vietnam Manufacturing Purchasing Managers Index declined to below the crucial break-even point of 50. In November and December, it hit 47.4 and 46.3 respectively, down from 50.6 in October. This indicates that Việt Nam’s manufacturing sector can be in a contraction.

This is understandable when inflation in key markets, including the US and EU, was stemming consumer spending. In addition, as Fitch Solutions suggests, a likely rebound in demand from China after its zero-COVID policy was eased and the country reopened its economy on January 8 will not be enough to offset the impact of a further weakening in global demand.

Lessons learned during the pandemic such as closely monitoring the situation, being flexible in product transformation, taking advantage of FTAs, diversifying markets/partners, transforming governance methods, even restructuring, still have the same value.

The recovery and development programme has taken into account macro risks (inflation, public debt, financial speculation). But until the second quarter of 2022, the financial-monetary pressure was fully recognised. The pressure had been mounting since the end of the third quarter. Average inflation was low, but inflation still rose rapidly compared to the same period in the previous year. Consumer prices in December increased by 4.55 per cent from a year earlier.

The VND/USD exchange rate in October depreciated nominally by 8.9 per cent. The State Bank of Việt Nam was forced to widen exchange rate band from 3 per cent to 5 per cent and raise the operating interest rate twice, 1 percentage point each time. Little liquidity is left for economic recovery due to maturity mismatch problem in banking system and monetary tightening. Market confidence was eroded when many legal violations were discovered, further heightening stock and corporate bond market volatility.

Looking to the bright side, it can be said that many positive expectations are not baseless.

Many forecast that the world economy and many of Việt Nam's main partners will experience a mild recession. The US economy may have a soft landing and China's economy this year will grow better than last year (4.4 per cent compared to 3.2 per cent) due to easing the zero-COVID policy and stabilising the real estate market.

Financial-monetary pressure from outside is likely to ease. The Fed's policy will be more dovish, both in terms of intensity and frequency of interest rate hikes. High global inflation will peak and gradually decline this year. Liquidity tension in the Vietnamese financial and monetary market at the beginning of December last year was relieved by the central bank lifting the credit room by 1.5-2 percentage points. Monetary policy response led to the ease of pressure in foreign exchange market. At the end of 2022, nominal depreciation of VND/USD exchange rate was down to only about 3.5 per cent.

Disbursement of public investment and the recovery programme is expected to be accelerated. Along with it, substantial improvement in the investment environment and a commitment to structural reform will restore market confidence, thereby boosting investment and consumption.

Last but not least, Việt Nam still has a lot of potentials to attract quality FDI, especially when FDI flows to each country are highly selective and often characterised by comparative advantage, business environment, market connectivity and access (such as FTAs), trust in cooperation, and the guarantee of intellectual property rights.

It is believed that the ratio of realised FDI capital to registered capital increased from 54.3 per cent to 82.3 per cent between 2019 and 2022, and the rising proportion of FDI destined to high-tech and high value-added activities are signs that Việt Nam is capturing an increased part of global value-added manufacturing. This would be great growth momentum for the country in the future by creating jobs and making spillover effects to the whole economy.

In a world full of uncertainties and challenges, it is very necessary to "rethink, redesign, rebuild", and "take actions more decisively, wisely and flexibly” as stated by the Prime Minister.

Hopefully, Việt Nam can continue its path to success in 2023 like what it generally did last year. VNS

*Võ Trí Thành is a senior economist at the Central Institute for Economic Management (CIEM) and a member of the National Financial and Monetary Policy Advisory Council. A doctorate in economics from the Australian National University, Thành mainly undertakes research and provides consultation on issues related to macroeconomic policies, trade liberalisation and international economic integration. Other areas of interest include institutional reforms and financial systems. He authors Việt Nam News column Analyst’s Pick.   LINK

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Henig:  Industry and trade sector drives development

06:00 | 22/01/2023

(VEN) - Minister of Industry and Trade Nguyen Hong Dien, a member of the Central Committee of the Communist Party of Vietnam, spoke with Vietnam Economic News about the 2022 industry and trade sector achievements and its 2023 plans.

Could you tell us about the industry and trade sector’s 2022 achievements and contributions to Vietnam's economic development?

In 2022, despite major adverse impacts and the COVID-19 pandemic, Vietnam experienced strong economic recovery and reached its macroeconomic targets.The country maintained macroeconomic stability, ensured major economic balances and reached high gross domestic product (GDP) growth.

The industry and trade sector contributed significantly to those achievements by realizing or exceeding targets set by the National Assembly and the Government. Vietnam reached an Index of Industrial Production (IIP) of nine percent (almost double that in 2021), and a 21-percent increase in total retail sales of goods and service revenues (almost triple the 8-percent target). In the first 11 months of 2022, the country’s budget revenues were 16.1 and 17.4 percent higher than the target and the same period of 2021, respectively.

Industry continues to be a major driving force of the country’s economic growth. Vietnam has maintained its leading position among countries and territories in terms of international trade while ensuring smooth supply chains of goods for the domestic market. The Ministry of Industry and Trade overcame difficulties and suggested solutions to ensure petroleum supply.

Vietnam has renovated trade promotion and improved the operational efficiency of its trade offices abroad.

The industry and trade sector has ensured sufficient power supply for people’s daily life and production in the post-pandemic period, contributing to production resumption and economic recovery.

Implementation of free trade agreements (FTAs) that Vietnam has signed contributed to the country’s foreign trade, while trade remedies reached outstanding achievements, protecting domestic production and markets.

Vietnam reached a record high foreign trade value of US$732.5 billion (up 9.5 percent from 2021) and exported US$11.2 billion more than it imported in 2022 (almost triple that in 2021), contributing to the country’s trade balance, foreign reserve, and interest rate and macroeconomic stability. This is the seventh year in a row that Vietnam has logged a trade surplus.

What were 2022 domestic market highlights?

In the post-pandemic period, the domestic market has recovered quickly and has done better than it did in the pre-pandemic period.

Domestic trade and shopping demand have grown well, while consumption stimulation programs, including trade promotion events, were held simultaneously throughout localities nationwide. Supply-demand connection was implemented efficiently, while goods prices were kept relatively stable, and domestic manufacturers were connected with leading distributors nationwide.

In 2022, Vietnam's e-commerce market value was estimated at US$16.4 billion, accounting for 7.5 percent of the country's sales of goods and service revenues. With an annual increase of 20 percent, Vietnam was ranked fifth among countries worldwide in terms of e-commerce growth by eMarketer.

The industry and trade sector are assisting businesses in different localities to promote supply-demand connections and find new product sources. Many large distribution systems have increased goods stockpiles and launched trade promotion programs to meet the growing demand for goods in the final weeks of the lunar year.

What are the industry and trade sector’s 2023 tasks, targets and solutions?

In the context of the complicated and unpredictable international situation, the Ministry of Industry and Trade will focus on the following key tasks.

The ministry will further efficiently follow and realize guidelines and policies of the Party and the State, especially those related to industrial and trade development, renovate and improve institution building (focusing on industrial development and policies), prepare action plans for and realize socioeconomic development and investment environment and national competitiveness improvement, while keeping eye on international and domestic situations to suggest relevant responses.

The sector will accelerate its restructuring based on science, technology, innovation and digitalization, speed up key infrastructure projects, simplify administrative procedures for new production and mining projects, provide suggestions for international economic integration, especially policies on foreign direct investment (FDI) attraction in the industry and trade sector, encourage FDI enterprises to support, transfer technology and share management expertise with domestic enterprises, and form supply chains of materials, improving the competitiveness of Vietnamese enterprises and their participation in global production and supply chains.

The ministry will consistently and efficiently implement free trade agreements, increase cooperation with potential neighboring markets, and assist localities and businesses to expand and diversify markets, supply chains, imports and exports, and focus on branding and sustainable export development.

Other tasks and solutions include developing domestic trade, combining traditional with modern trade, efficiently exploiting the potential of the country’s 100 million domestic consumers, closely monitor supply, demand, prices and markets of essential commodities, improve market inspection and control, combat smuggling, trade fraud, origin fraud, and unfair competition, better trade remedies, ensure a healthy and equal business and production environment for enterprises, and protect production and consumer interests in compliance with international commitments.

The sector will strengthen administrative disciplines, improve management and administration efficiency, innovate working styles and methods, accelerate administrative reform to encourage investors, producers and traders, promote information technology application, and continue building its e-government.   LINK

Henig:  Company bosses share outlook on economy in 2023

January, 22/2023 - 09:39

2023 is predicted to be a tough year due to various factors like inflation, high interest rates and the Ukraine-Russia conflict. But companies in Việt Nam say they have various strategies in place to overcome the challenges. Việt Nam News reporter Thu Ngân asks senior executives at a number of companies about the strategies and where they think the Vietnamese economy and their own sectors are headed.

2023 is predicted to be a tough year due to various factors like inflation, high interest rates and the Ukraine-Russia conflict. But companies in Việt Nam say they have various strategies in place to overcome the challenges. Việt Nam News reporter Thu Ngân asks senior executives at a number of companies about the strategies and where they think the Vietnamese economy and their own sectors are headed.

Trang Bùi, General Manager Cushman & Wakefield Vietnam

The mild recession in the last quarter of 2022 will continue into the first quarter of 2023. Việt Nam has gone through four real estate cycles, and Cushman & Wakefield anticipates that the real estate industry will go through the current economic downturn more quickly than in previous crises, allowing for recovery in the real estate market in the second half of 2023. In the process of working with domestic and foreign investors, we have noticed there is still strong demand for residential, industrial, retail, and logistics properties.

The major office-based organisations appear to be especially reticent about the hybrid workplace strategy and are taking more time to properly understand its impact on the organisation. Next year we estimate about 140,000 square metres of new grade A & B office space will enter the HCM City market, and this is expected to ease tension related to rents and supply.

The Government is focusing on regulating middle renting and encouraging home ownership in combination with a strong push for social housing. Increasing housing stock in the mid- and lower-priced sectors should promote flow and be a crucial link in the housing stock between social and owner-occupied housing. Therefore, even in 2023 we expect the housing market to remain under tension.

Despite an uncertain economic outlook, retailers continue to seek new physical retail space on sought-after high streets. Investor portfolios are being optimised through relocation and consolidation. This leads to relatively stable retail rents, especially in larger shopping cities. The demand for logistics real estate has remained high despite the current tight market situation and restrictions on new project developments due to the shortage of lands, building materials and administrative support. We forecast the industrial sector will become the next market leader in 2023.

Cushman & Wakefield’s business in Việt Nam has grown considerably in recent years, and 2022 marked our 15th year in Việt Nam.

We have a stable and growing business in Southeast Asia and Việt Nam is an integral part of this growth trajectory. Despite some volatility in the market, our regional and local leaders are excited by the bright prospects of the Việt Nam’s property market.

Kiệt Phạm, Vice President & Country Head of Zoomcar Vietnam

Being open to global trade, Việt Nam's economy is greatly influenced by the international context. There are many forecasts of an economic recession in 2023, but in my opinion we will not quite see a recession next year, though growth will be lower than in 2022. The pandemic is basically under control, and even though the war between Russia and Ukraine will continue to cause unpredictable fluctuations in food and energy prices, we are prepared and have countermeasures in place. Businesses should not lose trust in our economy.

In Việt Nam, we have done very well in controlling the pandemic as well as inflation, thanks to the great efforts from the Government and authorities at all levels. Besides, we have a very strong domestic market with nearly 100 million people, which is a great driving force for the development of the local economy in terms of consumption, investment and tourism. Earlier, Việt Nam's economy was mostly relying on exports and FDI, but that has changed. We are a developing country with a flourishing domestic market, grown and mature local businesses, a young population, and a growing middle class. We can completely rely on our inner strength to grow the economy.

This also bodes well for the services sector. According to market research by Mordorintelligence, Việt Nam's car rental market was valued at US$463 million in 2021 and is expected to reach $884 million in 2027 with a compounded annual growth rate of about 14 per cent in the period from now to 2027. On the other hand, the car ownership rate in Việt Nam is now reaching 23 cars per 1,000 people, which is still low compared to the region, while demand for transportation is high. These are bullish factors for the self-driving car rental industry in Việt Nam.

Despite the great potential, Việt Nam’s car-sharing market also faces challenges. A big challenge is the perception of car owners who still consider their vehicle first and foremost as a great asset that they don’t want to rent. But in fact, an owned car is also a liability, as its value decreases over time. We always tell our hosts that the car is an investment that they should optimise for the best benefit. 

Besides that, the self-driving car rental service relies too much on seasonal occasions and typical use cases of leisure trips due to the legacy of traditional car rental practices such as: high deposits, lengthy and inconvenient renting process, and high pricing.

We believe that overall local consumers still do not fully understand the benefits of car-sharing platforms like Zoomcar, which are convenience, much better security/safety protection, affordability and transparency. In the initial days, the Zoomcar team had to meet and talk to car owners individually, convincing them of the benefits of the platforms for both car owners and users in Việt Nam. Thanks to the non-stop efforts and the team's hard work, we have gradually won the trust of Vietnamese users. 

Despite a difficult 2022, Zoomcar Vietnam achieved the remarkable milestone of closing in on breakeven at the transaction level after just one year of operation.

In our first year, there were zero major accidents/incidents in the tens of thousands of bookings served. We also secured strong positive feedback from guests who love the experience of using Zoomcar as well as from hosts who have been earning extra income from their idling cars.

In 2023, we will continue to stay laser-focused on improving our products and services. We plan to expand to Hà Nội and then Đà Nẵng. This will bring us a step closer to our mission of creating localised solutions that address pressing challenges linked to urban mobility in Việt Nam. Our goal is that by the end of 2023 Zoomcar will be the largest self-driving car rental e-commerce platform in Việt Nam. This is quite a challenging goal, but I strongly believe we can do it.

Dane Fort, CEO of FLG Vietnam

The forthcoming inflationary environment impacts every business like ours in Việt Nam as it puts pressure on our costs and pressure on our members' and potential members' discretionary spending. 

Still, we have seen similar pressures before, and the key to weathering the storm is the same now as it was then: sound financial management practices. We demonstrated this during the global financial crisis of 2008 and more recently during COVID-19 pandemic. Some of our competitors have failed to do so, and we see them starting to falter now - with some of the boutique gyms in the fitness sector proving unable to continue to attract and service their members in this environment, and some of the larger companies in fitness either closing their doors or drastically scaling back expansion plans.  

Conversely, we are launching a new brand which we think fits the tighter times well with California Active. It replaces our Jetts brand with an affordable entry point to Cali's services as well as an upgrade path to broader Cali membership, and this is one key way that we are adapting our business to ensure we have competitive service offerings for the market against a backdrop of reduced spending and higher inflation.  

In the end, the key to success in 2023 is going to be focusing on what we have always done best: providing an amazing member experience nationwide to people looking to improve their health and improve their lives - and doing so at a scale, which no one else in our industry can rival.

— VNS   LINK

Some "Vietnam News" Posted by Henig at KTFA 1-21-2023

KTFA: Vietnam

Henig:  Vietnam’s top 10 socioeconomic developments in 2022

06:00 | 21/01/2023

(VEN) - Vietnam overcame difficulties induced by COVID-19 and achieved significant economic growth in 2022. Vietnam Economic News has compiled a list of the country’s 10 most outstanding socioeconomic developments of the year.

1. GDP grows an estimated 8.02 percent – a 10-year record

According to a General Statistics Office of Vietnam report, Vietnam’s gross domestic product (GDP) reached US$409 billion, an estimated increase of 8.02 percent compared with 2021 – a record annual GDP growth of the 2011-2022 period.

The economy grew in all three major sectors: agro-forestry-fishery: 3.36 percent; industry and construction: 7.78 percent; and services: 9.99 percent.

2. Inflation kept under control

While the world was struggling with growing inflation, Vietnam successfully curbed the domestic inflation rate at lower levels compared with most other countries in the region. The consumer price index (CPI) grew 3.15 percent compared with 2021, with the core inflation rate curbed at 2.59 percent (the National Assembly-set target was below four percent).

Vietnam’s inflation control efforts were praised by international organizations and experts.

3. FDI attraction reaches nearly US$27.72 billion

Vietnam attracted nearly US$27.72 billion of foreign direct investment (FDI) through new projects, capital increases of ongoing projects, capital contributions and stock purchases by foreign investors.

Foreign investment covered 19 of 21 sectors of the Vietnamese economy, focusing on processing and manufacturing industries, real estate, and electricity generation and distribution. Currently, 108 countries and territories invest in Vietnam. Singapore takes the lead with nearly US$6.46 billion, accounting for 23.3 percent of total FDI in Vietnam; the Republic of Korea ranks second with nearly US$4.88 billion; and Japan ranks third with more than US$4.78 billion.

4. Major policies foster economic growth

Resolutions adopted by the Communist Party of Vietnam had a significant impact on Vietnam’s socioeconomic situation.

These include Resolution 18-NQ/TW on further efforts to accelerate institutional and policy improvements, aiming to enhance the effectiveness of land use management, and striving to turn Vietnam into a high-income developed country; Resolution 19-NQ/TW on agricultural and rural development until 2030, with a vision to 2045; Resolution 20-NQ/TW on further innovation and development of the collective economy in the new period with a vision to 2035 and 2040; and Resolution 06/NQ-TW regarding sustainable urban development until 2030, with a vision to 2045.

5. Import-export value hits record, with strong trade surplus increase

Total import-export value reached an estimated US$732.5 billion, an increase of 9.5 percent compared with 2021. The export value was estimated at about US$371.5 billion, up 10.6 percent (the target set by the National Assembly and the Government was eight percent).

The list of goods with export value exceeding US$1 billion each consisted of 39 products, an increase of four products compared with 2021. These included nine products with export value of more than US$10 billion each, an increase of one product compared with 2021.

Trade surplus reached US$11.2 billion, marking 2022 as the seventh consecutive year of Vietnam’s trade surplus.

6. Vietnam ranks fifth among e-commerce markets worldwide

The Vietnamese e-commerce market continued to develop and has become an important distribution channel. In 2022, the market value reached an estimated US$16.4 billion, accounting for 7.5 percent of total consumer goods and services’ sales nationwide. With an annual growth rate of 20 percent, Vietnam was listed by eMarketer among the world’s five fastest-growing e-commerce markets.

7. Outstanding results of external relations

This was a busy year for Vietnam’s external relations, after two years of interruptions due to COVID-19. Party Chief Nguyen Phu Trong’s visit to China in late October following the success of the 20th National Congress of the Communist Party of China was of special significance. President Nguyen Xuan Phuc visited Singapore, the Republic of Korea, Indonesia, and attended APEC 2022 meetings in Thailand. Prime Minister Pham Minh Chinh visited the US, Cambodia, European countries, and attended ASEAN summits and related summits in Cambodia. National Assembly Chair Vuong Dinh Hue visited Laos, the Philippines, Australia and New Zealand. External relation activities continued strengthening Vietnam’s position and role in the international arena.

8. Effective control of COVID-19

This was considered the most impressive success resulting from major efforts of the Vietnamese people, the political system and particularly the health sector. The government changed its pandemic prevention policy toward safe, flexible adaptation to and effective control of COVID-19, aiming to protect at a maximum level people’s health and minimize new infections and deaths. It also promoted socioeconomic recovery and development and ensured social security.

9. Vietnam hosts SEA Games 31

The 31st Southeast Asian Games (SEA Games 31) took place in Vietnam from May 12-23, 2022, following a delay due to COVID-19. The images of stadiums and sporting events attended by mass audiences impressed athletes and international friends.

The Vietnamese delegation came in first, with 205 gold medals, 125 silver medals and 116 bronze medals, making it the event champion for the first time in 19 years. The number of gold medals won by the Vietnamese delegation doubled that of the delegation that ranked second, Thailand. Vietnamese athletes broke SEA Games records in swimming, bike racing, and weightlifting. Both men and women’s football teams won gold medals.

10. Vietnam reopens for domestic, international tourism

On March 15, 2022, Vietnam reopened its borders to resume tourism after almost two years. The United Nations World Tourism Organization listed Vietnam among the countries with the most open tourism policies.

The Vietnamese tourism sector has prepared to serve visitors and adapted to post-pandemic changes in demand.  LINK

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Henig:  AMRO revises Việt Nam's 2023 GDP upward despite regional slowdown

January, 21/2023 - 07:54

In its January update, AMRO estimated ASEAN+3 growth for 2023 at 4.3 per cent, down from the 4.6 growth in the previous projection.

HÀ NỘI — Việt Nam’s GDP growth in 2023 has been adjusted upward to 6.8 per cent in the ASEAN+3 Macroeconomic Research Office (AMRO)’s January Update, up from 6.5 per cent in its October report.

This is in contrast to its downward projection for most economies in ASEAN+3.

In its January update, AMRO estimated ASEAN+3 growth for 2023 at 4.3 per cent, down from the 4.6 growth in the previous projection. The region’s growth in 2022 was also revised down from 3.7 per cent to 3.3 per cent. The downward projection is mainly due to the continuing weakness of Plus-3 economies, especially China, where growth has become much weaker.

China’s 2022 growth was estimated at 3 per cent and is forecast to grow by 5 per cent in 2023 (down from the 5.3 per cent in October projection).

Việt Nam’s economy meanwhile was projected to expand 8 per cent in 2022.

The 2023 growth outlook for ASEAN is forecast down from 4.9 per cent to 4.8 per cent, a slowdown compared to the 5.6 per cent growth of 2022.

According to AMRO, the drag on economic activity from aggressive monetary policy tightening in the United States and the Eurozone will be felt more fully this year, translating to softer export orders for the ASEAN+3.

However, the ongoing resumption of tourism — especially with the return of Chinese tourists — will provide a much-needed boost to growth.

“With recession risks still haunting the United States and Europe, China’s economic reopening cannot come at a better time for the region,” said AMRO Chief Economist Hoe Ee Khor. “China’s stronger economy will support regional activity while the border reopening will boost intraregional tourism.”

China’s economy is expected to rebound strongly, reflecting the removal of containment measures and reopening of its economy.

Inflation is moderating across ASEAN+3, tempered by sustained policy tightening by central banks and easing global supply chain bottlenecks. Oil prices have reverted to almost pre-pandemic levels, reflecting weaker global demand. Prices of key agricultural commodities — although remaining relatively high due to the prolonged war in Ukraine — have fallen from their 2022 peaks.

Việt Nam’s inflation is predicted to come in at 3 per cent in 2023 (down from 3.2 per cent in the previous forecast). Inflation for the ASEAN+3 region was revised down from 6.3 per cent in 2022 to 4.5 per cent in 2023, and for ASEAN at 5.4 per cent in 2023 from 7.7 per cent in 2022.

— VNS   LINK

Henig:  Đà Nẵng to build duty-free zone

January, 21/2023 - 09:36

Đà Nẵng’s people’s committee has submitted a plan for a duty-free zone.

ĐÀ NẴNG – Đà Nẵng’s people’s committee has submitted a plan for a duty-free zone.

The area will cover 151ha at the end of Bà Nà-Suối Mơ Road – 30km southwest of the centre and near the Bà Nà Hills resort.

The city’s planning and investment department said the zone, which was sent to the ministry of planning and investment for review, would include a trade complex, with entertainment sites, duty-free shops, a logistics hub, warehouses, healthcare services, an R&D centre, international education centre, medical school and exhibition centre.

It said the project would be completed by 2027.

The department said the free-duty zone would attract investors with land-rent exemptions for three years of construction, and another 11 years land-rent free in the operation of investment projects.

Investors would also enjoy a 10 per cent tax rate for 15 years, a four-year tax exemption and a 50 per cent cut in income tax for the following nine years.

Despite ranking top in the Provincial Sustainable Development Index in 2021, Đà Nẵng is still seeking economic growth and investment in the post-COVID-19 period as the city’s key tourism industry has not yet fully recovered.

The city said the zone would be a magnet for global trade and service providers and developers.

The first downtown duty-free shop was launched at the beach-front Crowne Plaza Đà Nẵng resort in Ngũ Hành Sơn District at the end of last year.

The city plans to raise more than VNĐ7.9 trillion ( $316 million) for public investment projects in 2023.

— VNS   LINK

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Henig:  Developing mechanical industry top priority for VN

January, 20/2023 - 14:43

Developing the country's mechanical industry sector is a top priority for Việt Nam in the coming decades, said industry insiders and experts.

HÀ NỘI Developing the country's mechanical industry sector is a top priority for Việt Nam in the coming decades, said industry insiders and experts.

While the sector's technical capacity has made leaps and bounds in recent years, gradually becoming a major supplier for highly advanced domestic industries, a key issue remained as it has not been able to utilise economies of scale to bring down costs and further integrate into the global supply chain.

Đỗ Quang Hòa, leader of a mechanic team in one of many factories located in the northern industrial hub of Bắc Ninh Province said his company's biggest fear is not having enough work.

It usually takes a huge amount of investment to build a factory, set up machines, and train skilled mechanics, he said. Not having enough work makes everything expensive for the company and hurts its ability to compete in the market.

In addition, small and medium-sized companies such as Hòa's were almost entirely dependent on larger companies. It has resulted, according to him, in mechanical firms willing to sell at lower-than-cost prices just to maintain production.

He said it's likely the single most important hurdle to overcome for hundreds of mechanical companies in Việt Nam, holding them back from reaching their full potential.

Hòa's opinions echoed a report on the sector by the Ministry of Industry and Trade last year, in which the ministry highlighted major barriers to overcome for mechanical firms including higher set-up costs, longer cashflow cycles, advanced technologies, and very high cost of training.

In addition, the sector's products were typically difficult to sell compared to consumer products. The difficult environment resulted in just a handful of Vietnamese brands, which were mostly small-to-medium in size, unable to compete with larger international brands even with home-ground advantages.

The ministry said the sector's major weaknesses were subpar product quality and a lack of core technologies. In the absence of large mechanical firms, capable of leading and improving the industry's standards, Vietnamese firms have been falling behind in the research and development game, leaving them entirely dependent on foreign inventions and technologies.

According to the ministry, the country's domestic mechanical firms only accounted for 32 per cent of Việt Nam's market share. In addition, they accounted for even less share in the sector's output value at just 18 per cent and declining by the year, showing major shortcomings and limitations in their operations.

To add insult to injury, the government has been slow, or inefficient, in implementing support policies to speed up the industry's growth, according to the Vietnam Association of Mechanical Industry (VAMI).

VAMI urged the government to play a more active role in supporting Vietnamese firms including lowering the barrier of entry to participate in domestic projects and setting a quota for made-in-Vietnam products, to be used in such projects.

"We have observed a lack of collaboration and connection among governmental ministries, science and technology institutes, and universities in training a skilled workforce for the sector." said a spokesperson from VAMI.

The association said while many State-owned companies enjoy key advantages such as infrastructure, financial capital and skilled workers, management has often been found inadequate, causing waste and inefficiencies.

Meanwhile, private-sector companies lacked a clear development path and often failed to communicate or collaborate with their peers, leading to several firms investing in producing the same products, with little added value to compete with imported rivals.

Huỳnh Quang Nhung, deputy director-general of THACO Industries, one of the country's leading mechanical companies, said most Vietnamese firms have not met the standards to supply parts to major manufacturers operating in Việt Nam.

"Our approach to solving this issue is to actively seek capable partners, which allows us to not have to invest in parts they can already make. Our job is to build a strong brand, find new markets and come back to work together with them to grow." Nhung said.

VNS   LINK