Wednesday "Vietnam News" Posted by Henig at KTFA 2-22-2023

KTFA:  Vietnam

Henig:  VNĐ7.4 trillion earmarked for rail infrastructure development this year

09:00 | 22/02/2023

Six projects worth over VNĐ7.4 trillion (US$310.46 million) are expected to begin this year serving railway infrastructure upgrade.

Of the five of these, using State capital for the middle-term public investment plan for the 2021-25 period, three with a total valued at more than VNĐ 3.1 trillion involved the Hà Nội-Vinh, Vinh-Nha Trang, and Nha Trang-Sài Gòn sections of the North-South railway. The upgrade of these sections, which are about 1,725km long in total, is scheduled to be completed in 2025.

Meanwhile, two others is to repair the northern rail station with some VNĐ476 billion and to upgrade the Đuống rail bridge with nearly VNĐ1.85 trillion.

The last of the six is for the upgrade of the Khe Nét mountain pass with a value of over VNĐ2 trillion partly sourced from official development assistance by the Republic of Korea via its Economic Development Cooperation Fund (EDCF).

Construction of the first railway in Việt Nam and Indochina with a length of 71km connecting Sài Gòn with Mỹ Tho was started in 1881. By 1936, the railway length increased nearly 37 times, with a total length of 2,600km across the three regions of the country.

Việt Nam’s railway, however, is lagging behind. Investment for it in many decades only accounted for about 3 per cent of the total investment from the Central budget for transport infrastructure projects.

Currently, Việt Nam’s railway network covers a total length of 3,162.9km, of which 2,703.2km are main lines, 459.7km of station’s inner lines and branch lines.

Yet its railway infrastructure is limited as the 1,000mm gauge lines still account for 84 per cent of the total railway length (2,656.2km). Việt Nam’s railway speed is only about 50-60km per hour for freight trains and 80-90km per hour for passenger trains.

Although railway freight has achieved some more positive results, the growth in rail freight transportation has seen a downward trend. The average annual growth rate of freight carried by the railway in the 1991-2000 period increased by 10.3 per cent. It was 2.3 per cent in 2001-2010 and 4.7 per cent in 2011-2019.

The volume of freight carried by railway in 1990 reached 2.3 million tonnes, then after 30 years, by 2020 was 5.1 million tonmes, while by road it was nearly 29 times more than in 1990, inland waterways were 20 times and airways 130 times.

Source: VNS   LINK

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Henig:  Last undersea Internet cable connecting Vietnam with the world breaks down

09:47 | 22/02/2023

The SMW3 cable, the last fully functional Internet cable of Vietnam, has encountered a problem on its S2.7 segment that connects with Singapore, an Internet service provider in the country said on February 21. ​

The SMW3 cable, the last fully functional Internet cable of Vietnam, has encountered a problem on its S2.7 segment that connects with Singapore, an Internet service provider in the country said on February 21.

This means all the five undersea cables connecting Vietnam with the world have been partly or wholly affected.

Earlier, AAG and APG suffered from serious failures and are now completely unable to carry the Internet traffic. Two others, IA and AAE-1, also recorded breakdowns and are only functional partly.

However, Vietnamese service suppliers said the failures on the five cables will not have great impact on the speed of Internet connection between the country and the world.

The SMW3 cable is outdated and going to be decommissioned, so it has not been used for fixed broadband Internet services, they explained, adding that the latest breakdown didn’t occur in the peak time, and they immediately carried out responding measures to reduce impact on the Internet speed.

Service suppliers are implementing the best measures to ensure users’ Internet access, they noted.

Source: VNA   LINK

Henig:  Nationwide production resumes after Tet holiday

13:00 | 21/02/2023

(VEN) - The Lunar New Year has gotten off to a good start with manufacturers resuming production in the expectations of improved performance and achievements.

New orders

After a week-long holiday over Tet, the Lunar New Year holiday marked in January, nearly all employees of the Vina T&T Group Joint Stock Company have returned to work with renewed energy.

Nguyen Dinh Tung, General Director of the Vina T&T Import-Export Trading Service Co., Ltd, said the company aims to grow by 30-40 percent this year compared to 2022. To that end, its Mekong Delta plants in Ben Tre and Tien Giang provinces resumed near-normal operations on the second day of the Lunar New Year. “The orders in early 2023 are rich for both export and domestic market. Export orders to markets such as China and the US are quite regular, while our fruit products also sell well at home,” Tung said.

At the Dong Nai Rubber Corporation, workers in some farms returned to exploit rubber latex on the fourth day of the holiday. In 2022, the company’s output reached more than 29.2 thousand tonnes, 18 percent higher than the plan.

More than 90 percent of workers at the Dai Dung Group’s factory in Ho Chi Minh City have resumed production in order to fulfill export orders to the US, Europe and Japan for the first and second quarters. Given the positive outlook for these export markets, the company expects to exceed 20 percent growth in 2023. "We focus on the Japanese, the US, and European markets and have already secured contracts from these customers,” a company representative said.

Meanwhile, the Trung An High-Tech Agriculture JSC in Can Tho Province had to operate throughout the Tet holiday because the company committed to deliver more than 30,000 tonnes of rice to Malaysia, Singapore, and the Republic of Korea in the first quarter of 2023.

Major targets

In order to get the year off to a productive start, the Garment 10 Corporation (Garment 10) organized several entertainment programs for its officials and employees. Than Duc Viet, General Director of Garment 10, said the corporation will seek new customers and markets, especially the Chinese market given the country’s very large and potential domestic demand.

Many units of the Vietnam National Coal and Mineral Industries Holding Corporation Limited (Vinacomin) also resumed production and business activities on the first working day after the holiday. On the first day of the Lunar New Year, Vinacomin’s plant loaded the first 41,000 tonnes of coal onto the Viet Thuan Star ship for transport to domestic markets. By the end of January, Vinacomin had produced 2.6 million tonnes of raw coal and sold 3.8 million tonnes.

The Thai Nguyen Iron and Steel Joint Stock Corporation has set a target of producing and selling over 780,000 tonnes of rolled steel, total revenue of VND15.826 trillion and employment and stable income for all its staff.

Nguyen Van Lam, Deputy Director of the Ho Chi Minh City Department of Labor, Invalids and Social Affairs, said 95 percent of workers at 1,361 enterprises returned to work on the sixth day of the Lunar New Year as planned.

Ha Duyen & Thu Huong   LINK

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Henig:  Turkey natural stone trade mission to Vietnam

15:55 | 21/02/2023

A B2B event to connect trade between Turkish and Vietnamese natural stone enterprises to create opportunities for Vietnamese businesses to approach international quality supplies.

Turkey is a country with abundant, rich and high-quality mineral reserves. This helps Turkey become one of the world's leading producers of building materials. According to 2022 static, Turkey's mineral exports reached $6.5 billion, up 6.5%, providing 80 out of 90 types of minerals in the world, including natural stones.

Natural stone exports account for the majority of Turkey's exports. Thanks to its generous nature, Turkey is known as the country with the richest natural stone resources, especially in marble, granite, limestone, onyx, travertine… Turkey has diverse natural stone designs, spread evenly in all segments from economy to luxury class. As a result, Turkey natural stone is exported to more than 200 countries, including major markets such as China, the United States, India, Middle East, European…

The typical characteristics of Turkish natural stone include: in terms of quality, there are absence of any cracks or defects; various colors, many options; capable of providing large block sizes; consistency in quality; beautiful pattern; naturally resistant to air pollution, abrasion and dirt.

In order to create opportunities for Vietnamese businesses to access international quality supplies, and at the same time create an environment for trade connection between Vietnamese businesses and leading Turkish suppliers, Istanbul Mineral Exporters Association (IMIB) and Minh Vi Exhibition and Advertisement Services Co., Ltd. (VEAS) jointly organized this Trade mission to connect businesses in the natural stone industry. The event will take place on 23rd, February 2023 at Sheraton Saigon Hotel, District 1, Ho Chi Minh City, Vietnam.

At this trade mission, 13 leading natural stone exporters from Turkey will come to Vietnam to meet with importers, distributors and retailers. In addition, participants will learn about export policies into Vietnam market.

Mai Ca   LINK

Tuesday "Vietnam Articles" Posted by Henig at KTFA 2-21-2023

KTFA: Vietnam: 

Henig:  Circular economy gains momentum back home

February, 21/2023 - 10:04

The circular economy would serve businesses well by enabling the efficient use of resources and facilitating their deeper involvement in the global supply chains.

HÀ NỘI — The circular economy has begun to gain traction in Việt Nam for its potential to optimise resource use, stabilise supply, and offer competitive advantage opportunities for businesses.

Phạm Minh Thiện, general director of Thanh Bình Company Ltd, revealed that his company's production process had been designed so that waste in one stage becomes fodder for another.

He said his company had bought land in the Tân Hồng region to grow a particular strain of rice, which can easily do without fertilisers, pesticides, and crop care. As such, the strain causes a minimal impact on the environment.

At harvest time, its straw is reused as a medium to grow mushrooms whereas its rice husk as a biomass fuel for export. Its rice bran is processed to produce bran oil and animal feed. The residue from this oil-making process is reclaimed to feed poultry.

"The global demand for these by-products is considerable. For instance, bran oil has become much sought after by Japanese traders," said Thiện.

The circular economy embraced by Thanh Bình Company Ltd has proved to be highly beneficial to its stakeholders, not only economically but also environmentally.

As a result of the sustainable farming practices, the soil cultivated by the company, which was contaminated previously by chemical substances, has been gradually improving in quality.

Nestlé Việt Nam Company Ltd is another name that has managed to incorporate the circular economy into its production. 

The company has put coffee grounds to good use by turning them into biomass, which is used to fuel its boilers. The ash left after the combustion will serve as a raw material for the production of bricks.

Coffee sludge is processed into microbial fertilisers to enrich the soil, whereas the steam from the boilers goes to the cooling towers for further reuse. Even the wastewater is not wasted: it will be recycled into A-standard clean water to close the production loop.    

Trần Thị Hồng Minh, head of the Central Institute for Economic Management, asserted that the circular economy would serve businesses well by enabling the efficient use of resources and facilitating their deeper involvement in the global supply chains.

She said the circular economy is no longer an option but an imperative for businesses because global customers have become more eco-conscious and willing to shift toward a more sustainable buying behaviour.

Vũ Kim Hạnh, chairman of the Association of Vietnamese High-quality Products, opined that the Government needs to take active steps to lay the groundwork for a broad-based transition to the circular economy.

The to-do list should comprise a long-term scheme for the transition and the entry into force of a sufficient number of legal documents that regulate the notion.

She also said the feasibility of the circular economy in the country would hinge on technological, institutional, infrastructural, and human resources factors.  

Nguyễn Thế Chinh, director of the Environmental Economic Policy Institute, underlined several obstacles in the way of businesses trying to embrace the transition.

The first obstacle involves advanced technology, which is not always readily accessible to a large number of businesses. Without advanced technology at their disposal, many businesses get stuck in their traditional linear way of production.

The second obstacle centres around the rigidity of domestic consumption habits. For instance, a wide range of consumers back home keep using plastic bags for their convenience and show a reluctance to shift gears, posing a setback for recyclable bags.

— VNS  LINK

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Henig: Cash flow waits to step in as interest rates fall

February, 20/2023 - 09:33

Banks’ reducing deposit interest rates is driving cash flow back to the stock market, but investors are advised to take a prudent approach.

HÀ NỘI - Banks’ reducing deposit interest rates is driving cash flow back to the stock market, but investors are advised to take a prudent approach.

The main factors that are expected to affect the market that investors need to pay attention to include inflationary pressure, exchange rates, the operation of monetary policy of the State Bank, interest rate fluctuations; risks associated with the corporate bond market; the first quarter business results reporting season as well as the 2023 shareholder meeting season.

The global stock market recently traded strongly as inflation in the US dropped rapidly and the Fed and other major central banks were entering the final stage of the interest rate hike cycle, while China is about to fully reopen the economy after a long blockade due to the COVID-19 pandemic.

Nguyễn Đức Anh, Director of Strategy and Macro, KB Securities Việt Nam, said that the recovery of the VN-Index in the three months before Tết was in line with macro changes. The risk of a deep correction from the current price range is not high, although profit-taking pressure may cause a strong shake-up.

Đinh Quang Hinh, Head of Macroeconomics and Market Strategy Department, VNDIRECT Securities Company, predicts that at the moment, many domestic macro factors are improving.

Exchange rate pressure has decreased significantly, leading to a strong return of foreign indirect investment inflows. Interest rates on government bonds have fallen sharply in the past month, which is an early indicator that the market interest rates for mobilisation and lending may soon be adjusted down.

Interest rates and exchange rates are always the factors that have a great impact on the trend of the stock market, when these factors improve, the pressure on the market is somewhat removed.

The market in the first half of 2023 still faces risks related to the decline in earnings of listed companies in the context of economic growth and slowing exports. In addition, difficulties in the corporate bond market and the real estate market have not been resolved.

According to VNDIRECT, macro factors are gradually improving, so it is less likely that the market will fall to a deeper bottom than the old bottom that was set in November last year around 900 points.

Bùi Văn Huy, Director of HCM City Branch, DSC Securities Company, said that the stock market might fluctuate to establish a medium-term bottom before forming a clear uptrend in the second half of this year. However, the zone of 950-980 points is a strong support zone, and is hard to be penetrated.

The market's deep correction, if any, is an opportunity to buy in, according to Huy.

In the scenario where the general market adjusts significantly at the current price range, new cash flow can confidently join in.

However, Đức Anh said that the recent increase in the market was consistent with the macro changes and it would be difficult for the VN-Index to have a deep correction if there were no new negative impact factors.

The group of information technology, securities and public investment industries would be in attractive valuation areas for investors to consider disbursing.

Since the beginning of 2023, the market has clearly diverged, some stocks surged to historic peaks such as Phú Nhuận Jewelry (PNJ), Vietcombank (VCB), while there were still stocks that moved sideways in low areas such as Novaland (NVL) and Phát Đạt Real Estate (PDR).

Nguyễn Tuấn Anh, founder of Finpeace, said the current cash flow was at a low average level and belonged to professional investors, partly reflected in the continuous net buying of foreign funds. The market showed signs of waiting for more positive information from listed companies, especially before and after the 2023 general meeting of shareholders to clearly see the direction of the business, as well as the next developments from macroeconomic policy.

“At the beginning of this year, investors can still follow last year's focused groups such as banks, insurance, and electricity. However, from the end of the second quarter of this year onwards, investors should focus on high-growth business groups such as technology, retail, retail banking, and securities. In addition, investors can pay more attention to the ability to grow revenue and market share," he said.

After a generally difficult period, the market often shows businesses that suddenly reaches a high position thanks to sudden improvements in technology and product upgrades. The 2023 General Meeting of Shareholders is the best place for investors to define the difference in the growth orientation of listed companies, from which they will have a closer look at the business to make suitable investment decisions.

VNS   LINK

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Henig:  Thai largest retailer to pour over 1.4 billion USD in Vietnam

06:12 | 21/02/2023

Central Retail Corporation (CRC), the largest retailer of Thailand, has announced its biggest investment in Vietnam at 50 billion baht (1.45 billion USD) in the 2023-2027 period to accelerate its market presence in the country.

According to CEO of CRC Yol Phokasub, the firm sees Vietnam as a high-potential market that posted continuous economic growth. With CRC's strong foothold in the country, it has set a five-year roadmap to continue its expansion there, allocating 50 billion baht over a five-year period. The Vietnamese retail market, valued 49.7 billion USD, is expanding 10-125 each year.

The CRC invested more than 10 billion baht to expand its retail business in Vietnam during 2012-2022. It has more than 340 stores with a total gross floor area exceeding 1.2 million square metres across 40 provinces.

Olivier Langlet, CEO of Central Retail Vietnam, said that the company recorded rapid sales revenue growth in the country, rising from 300 million baht (8.7 million USD) in 2014 to 38.6 billion (1.12 billion USD) in 2021.

He said that Vietnam's economy continues to grow despite uncertainties, with GDP growth expected to increase by 6.7% and 7.2% in 2023 and 2024, respectively, compared with 3.5% a year in Thailand over the next two years. This will make Vietnam Southeast Asia's fastest growing market, he said.

Central Retail Vietnam wants to grow its food business nationwide to reinforce its leading position in Vietnam's hypermarket segment by rebranding and renovating 10 GO! branches and expanding Tops market and Mini go! branches by adding 8-10 outlets to better serve the needs of local consumers, he said.

The company vows to strengthen its fresh food category and the non-food category to drive customer traffic via renovation, in addition to preparing for new branch launches in the future, he underlined.

He said the firm plans to renovate 10-12 branches of Nguyen Kim, an electrical appliance chain, and add 3-5 new branches, including stores in its GO! malls.

Source: VNA   LINK

Henig:  Businesses back CPTPP expansion

06:00 | 20/02/2023

(VEN) - Export-driven firms and online sellers in potential member countries see accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as providing new e-commerce export opportunities and diversifying trade away from China. The CPTPP is one of the world's largest free-trade areas by gross domestic product (GDP).

In a 2020 survey of 269 Philippine and Republic of Korean (RoK) firms on their views about potential CPTPP accession, commissioned by a fellow at the Washington-based think tank Center for Strategic and International Studies, over 70 percent of exporters reported having heard about the CPTPP; of these, export-driven online sellers that already sell to the CPTPP market are especially enthused by CPTPP accession as a means to help secure new customers (45 percent), grow export sales (41 percent), diversify into new markets (39 percent), and sell more online (29 percent).

Philippine firms, in particular, believe that the agreement could also promote inbound and outbound investment. RoK firms are also enthusiastic about the CPTPP – even though the RoK already has 17 free trade deals that encompass 56 countries.

A substantial set – 43 percent of online seller-exporters and 29 percent of other exporters – also agree that it would be beneficial for their country to enter into a trade agreement that does not include China (as opposed to the 10-nation Regional Comprehensive Economic Partnership (RCEP) agreement, which both the RoK and the Philippines signed recently). While non-exporters in the RoK and the Philippines often do not know about the CPTPP, both non-exporters and exporters in these countries agree that the RCEP will not suffice for satisfying their growth aspirations. These data suggest that companies in prospective member countries are hungry for new agreements with better rules than the RCEP’s non-binding e-commerce provisions.

Advantages of membership

The UK, China and Chinese Taipei have already applied to join the 2018 agreement that brings together the Pacific Rim countries of Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. These countries’ combined economies represent 13.4 percent of global GDP, making the CPTPP one of the world's largest free-trade areas by GDP.

The surveyed firms in the Philippines and the RoK – and especially small online sellers that use data intensively – regard the CPTPP’s e-commerce provisions such as free data transfer, ban on server localization, promotion of consumer privacy and protection, and liberalization of services as especially beneficial for their businesses. Some 47 percent of online seller-exporters see the CPTPP’s provisions on free data transfer across borders as “very beneficial” for their businesses; 37 percent see self-regulation among businesses to manage data as “very beneficial”; and 35 percent find the CPTPP’s ban on server localization and the ability to store their data where they wish as “very beneficial,” with another 37 percent seeing this as “somewhat beneficial.” The survey also suggests that firms see the CPTPP’s commitment to protecting consumer privacy and shielding consumers from spam as important to the growth of their e-commerce sales.

The CPTPP is emerging as an attractive trade deal for many countries around the world. The interest in joining is motivated by several reasons, including (1) the rise of China’s share in the import baskets of both CPTPP members and nonmembers; (2) in the UK’s case, by a drive to operationalize its post-Brexit “Global Britain” strategy; and (3) as the indicative survey data suggest, by interest on the part of firms in such member economies as the RoK and the Philippines in CPTPP’s deep liberalization and high-quality e-commerce provisions to open new markets, set clear rules of the game for digital trade, and preempt data localization.

Japan and other members are urging the US to join the deal, which would make the CPTPP a powerful counterweight to China, attract further members, and significantly advance US interests. However, the Biden Administration has so far avoided such a move.

Tuyet Minh   LINK

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Henig:  Bank race in attracting demand deposits cools down

February, 21/2023 - 10:21

The race to lure demand deposits, or current account savings account (CASA), among banks seems to be decelerating as it is more difficult for banks to attract the cheap capital source in the context of high interest rates on term savings.

HÀ NỘI — The race to lure demand deposits, or current account savings account (CASA), among banks seems to be decelerating as it is more difficult for banks to attract the cheap capital source in the context of high interest rates on term savings.

Demand deposits at banks are mainly from customers’ payment accounts. Previously, due to low interest rates on term deposits, a number of customers did not pay much attention to transferring idle money in their payment accounts to term deposit accounts. Banks, therefore, raced to lure customers with many incentive policies to benefit from the low-cost capital source.

However, the trend has changed after interest rates for term deposits sharply surged to hit nearly 10 per cent per year, which has caused more customers to select term savings to get higher interest rates.

According to the Q4 2022 financial report of banks, up to 23 out of 28 banks, even big names, have recorded a decrease in CASA ratio in the last year.

Specifically, Techcombank, which topped in terms of CASA for many years, saw its CASA ratio decline sharply from 50.5 per cent at the end of 2021 to 37 per cent at the end of 2022.

Despite surpassing Techcombank to top the CASA list in 2022, Military Bank also reported a CASA decline from 44.6 per cent at the end of 2021 to 37.6 per cent at the end of 2022.

According to Techcombank, the CASA ratio dropped sharply because customers have tended to reduce cash holdings for investment or spending, but increase opening term savings accounts in the context of the global high interest rate environment, restricted liquidity of the banking system and negative sentiment on the real estate and bond markets.

However, Techcombank noted, the bank took measures to increase its term deposits to ensure capital, with Q4 2022 seeing a growth rate of 32.3 per cent in term deposits against Q3 2022.

Many other banks also recorded a sharp drop in CASA ratio in the past year such as KienlongBank (from 15.5 per cent to 4 per cent), VietABank (11.9 per cent to 4.1 per cent) and TPBank (23.3 per cent to 18 per cent).

However, there were still some banks recording an increase in CASA ratio in 2022 compared to 2021 such as VietinBank (with a slight increase of 0.1 percentage point to 20 per cent), PG Bank (with a 2.5 percentage point increase to 17.9 per cent), and Bắc Á Bank (with a 3.9 percentage point rise to 7.3 per cent).

Economist Đinh Trọng Thịnh told Việt Nam News that the term deposit interest rate has continuously increased, especially in the last quarter of 2022, while other investment channels such as securities, real estate, gold, and cryptocurrencies have been less attractive and continuing the downward trend for a long time.

“This was why cash flows look to long-term savings channels to enjoy high interest rates. As a result, the amount of demand deposits decreased sharply, and the input capital also became more expensive,” he said.

According to Thịnh, improving the CASA ratio, controlling capital costs, and concentrating resources to support firms and people to recover production and business are posing big problems for banks, especially in the context of interest rates being forecast to remain high in the first half of 2023. Because when interest rates are high, individual customers transfer their idle money into term savings instead of keeping them in current accounts. As for firms, high interest rates made it difficult for them to access bank capital, thereby they had to withdraw available cash to serve their operations.

According to experts of Vietcombank Securities Company (VCBS), the State Bank of Vietnam’s policy interest rates in 2023 may not increase further. After peaking in the first half of 2023, the rates will be flat and gradually cool down in the second half of this year.

Sharing the same view, Yuanta Vietnam Securities Company (Yuanta) believes as the interest rate on term deposits is still high and the liquidity of the banking system remains limited, the growth of demand deposits will be low in the first half of 2023. However, Yuanta expects the CASA ratio to improve further as deposit rates gradually cool down in the second half of this year.

Besides, Yuanta said in the context of rising interest rates, banks with the advantage of a high CASA ratio such as MB, Techcombank and Vietcombank will suffer less negative impacts on net profit margin than banks with a low CASA rate.

Meanwhile, SSI Securities Company’s experts are more optimistic as, based on data analysis, they forecast the CASA ratio will be affected adversely only in the short term and will recover in the near future.

— VNS        LINK

KTFA Monday Night CC "I had a Dream " by Frank26 2-20-2023

KTFA

Monday Night Conference Call

Frank26:  2-20-23… I HAD A DREAM

Frank26: The stage is set for the monetary reform!!!

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#

MORE ON THE "CURRENCY REFORM" ON WED YOUTUBE

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=05V_l6oEIsE

Monday "Vietnam News" Posted by Henig at KTFA 2-20--2023

KTFA: Vietnam

Henig:  MOF considers allowing businesses to pay bond interest in shares, realty products

February, 20/2023 - 07:34

The Ministry of Finance has proposed that the Government consider allowing enterprises to pay principal and interest of bonds in shares and real estate products.

HÀ NỘI - The Ministry of Finance has proposed that the Government consider allowing enterprises to pay principal and interest on bonds in shares and real estate products.

The Ministry of Finance (MoF) has just submitted to the Government a draft decree on trading private placement of corporate bonds in the domestic market and offering bonds to international markets.

The decree amends and supplements a number of articles of Decree 65 that amends and supplements Decree 153/2020/NĐ-CP.

Recently, some businesses, especially in the real estate group, have had difficulty paying their debt obligations due in 2023. They had to negotiate with bondholders to pay bond principal and interest with shares, or real estate products.

The Ministry of Finance proposed that the Government consider allowing the cases. If an enterprise cannot pay the bond principal and interest in cash, they can negotiate with investors to pay by other assets on the principle of complying with the provisions of civil law. This payment method must be approved by the bondholders and the enterprise must disclose information and take responsibility for the legal status of the assets used to pay the principal and interest of the bond.

To assist enterprises in mobilising capital for production and business activities and debt restructuring, the Ministry of Finance shall propose to the Government to allow previously issued bonds with an outstanding balance to be changed in expiration term, the maximum time is 2 years.

VNS  LINK

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Henig:  VN firms told to focus on social, environmental performance to enter German market

February, 20/2023 - 07:25

Vietnamese enterprises need to improve their social and environmental performance to secure their position in global supply chains, a seminar heard in HCM City last week.

HCM CITY — Vietnamese enterprises need to improve their social and environmental performance to secure their position in global supply chains, a seminar heard in HCM City last week.

Nguyễn Ngọc Sang, project manager of the German Business Incubator at the Delegation of German Industry and Commerce in Việt Nam (AHK Vietnam), said in recent years Việt Nam had been a popular investment destination for many countries, especially Germany.

AHK Vietnam was receiving increasing requests from German companies to find suppliers in Việt Nam, he said while speaking at the seminar on enhancing Vietnamese companies’ competitiveness in global supply chains through compliance with the German Supply Chain Due Diligence Act.

With its geographical location, Việt Nam is considered the gateway to Southeast Asia, a rapidly growing and dynamic region, according to Sang.

It is attractive to investors thanks to its low labour costs, high labour compliance, strong growth for many years, and open mechanism for attracting investment.

It has signed many trade deals, including the EU-Việt Nam Free Trade Agreement, which gets much attention from European investors, including German, and enterprises seeking to diversify their supply chains also prefer the country.

According to Nguyễn Tuấn, deputy director of the Investment and Trade Promotion Centre of HCM City (ITPC), said trade and investment ties between Việt Nam and the EU, especially Germany, have seen robust growth in recent years.

Germany is Việt Nam's largest trading partner in Europe, accounting for more than 19 per cent of its exports and acting as the gateway for Vietnamese goods to enter other European markets.

While productivity and quality standards remain key factors, international business partners are increasingly looking at social and environmental conditions when choosing suppliers.

To ensure exports to demanding markets, Vietnamese enterprises must comply with stringent regulations like the German Supply Chain Due Diligence Act (LkSG).

Lanh Huyền Như, project coordinator for Sustainable and Climate Resilient Supply Chains at AHK Vietnam, said the act, which came into effect in January this year, sought among other things to prevent child and forced labour and ban substances that are hazardous to people and the environment.

"The law requires German companies to establish appropriate and effective risk management for their supply chains and integrate it into all relevant business processes," she said.

Companies in Việt Nam could be indirectly affected by these regulations if they are part of a supply chain of a German company.

According to experts, while due diligence in supply chains and the resulting obligations are not new, these standards are becoming even more relevant, requiring more initiatives from businesses.

Understanding and putting these requirements into practice would lower risks and strengthen their competitiveness in the global supply chain, they said.

The seminar was held by ITPC and AHK Vietnam.

— VNS   LINK

Henig:  Pellets, chips to remain export growth drivers for wood industry in 2023

February, 20/2023 - 08:24

The wood processing industry has set itself a modest export target of US$17.5 billion for this year, an increase of just 2.5 per cent over 2022, due to unfavourable conditions in the global market, the Vietnam Timber and Forest Product Association said.

HCM CITY — The wood processing industry has set itself a modest export target of US$17.5 billion for this year, an increase of just 2.5 per cent over 2022, due to unfavourable conditions in the global market, the Vietnam Timber and Forest Product Association said.

Exports were worth US$16.9 billion last year, up 6.1 per cent from 2021, the lowest growth rate in recent years.

VIFOREST chairman Đỗ Xuân Lập said exports had been strong in the first half of last year, but orders had dropped sharply thereafter, and companies had gotten just a few orders this year.

“In the past exports would usually go up by 15-20 per cent in January, but there was no growth this year.”

The gloomy housing market due to monetary tightening and interest rate hikes globally to fight inflation had affected demand for furniture, he explained.

The industry has two main export product groups: highly processed products like furniture and intermediate goods like plywood, woodchips, lumber, joint board, and wood pellets, according to Lập.

Export of the second group rose strongly last year, with pellet and chip exports rising by 50-60 per cent and 35 per cent, and this product group is expected to again be the major export growth driver this year.

He also forecast furniture exports to gradually increase this year.

“Việt Nam’s furniture products are mainly exported to the US and European markets. Their economies will warm up, inflation is decreasing, and so demand for furniture will rise.”

The wood industry associations across the country were helping firms look for new customers, including by organising the Hồ Chí Minh Export Furniture Fair (HawaExpo 2023) from February 22 to 25, he said.

Nguyễn Quốc Khanh, chairman of the Handicraft and Wood Industry Association of HCM City and chairman of AA Corporation, said firms continued to export furniture to traditional markets such as the US, EU, Japan, and Korea but needed to expand to other markets too, he said.

Many of China’s traditional customers has shifted their orders to Việt Nam, which is a great opportunity, he said.

Khanh said AA Corporation, which provides custom furniture to luxury hotels and resorts world-wide, had got an order from a large hotel in Tel Aviv, Israel, the first order from this market.

Dương Minh Tuệ, sales director of Minh Dương Furniture Corporation, said her company had got many customers from the Middle East recently.

Customers there used to prefer classical designs or those reflecting their Islamic beliefs, and so Malaysian products were very popular there though also for their competitive prices, he said.

“The tastes of consumers there have changed. Younger generations accept higher prices and new designs. They come to Việt Nam to find products with nice designs and made from more expensive materials.

“The Middle East economy enjoys steady growth. Demand, especially among young customers, is very high. It is a market that Vietnamese enterprises should pay attention to.”

— VNS   LINK

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Henig:  5th denim, jeans exhibition to open in HCM City

February, 20/2023 - 08:33

The fifth edition of the Denimsandjeans.com Việt Nam exhibition with a theme of YOGIM will open in HCM City from March 1 to 2, with the participation of many big denim manufacturers from more than 10 countries.

HCM CITY — The fifth edition of the Denimsandjeans.com Việt Nam exhibition with a theme of YOGIM (Yoga and Denim) will open in HCM City from March 1 to 2, with the participation of many big denim manufacturers from more than 10 countries.

The two-day expo will take place at the Riverside Palace in District 4.

The expo, organised by the Việt Nam Textile and Apparel Association (VITAS) and Balaji Enterprises of India, will showcase the latest fashion trends and innovations in the global denim industry. 

The event will be quite attractive to retailers, fashion brands and textile companies from around the world, especially from the EU and the US.

It will offer a good opportunity for exhibitors to seek and establish partnerships.

It is expected to attract about 35 exhibitors and 1,200 visitors.

A YOGIM show will be held on the afternoon of March 1.

The highlight of the expo will be a “DENIM BAZAAR” area where Vietnamese fashion brands will display their innovative denim products, including recycled denim.

Six seminars will be held on the sidelines of the event, with discussions of international experts focusing on the future of denim supply, the denim supply chain for sustainable development, breakthroughs in the denim fabric industry with the help of innovative AI-based solutions, and the latest innovations in laundry chemistry.

Việt Nam has become one of the leading destinations for investors interested in the textile and garment industry.

The country exports more than 65 million pieces of denim every year.

— VNS     LINK

Some "Vietnam News" Posted by Henig at KTFA Sunday 2-19-2023

KTFA: Vietnam

Henig:  Shan Tuyet, tea as nature intended

06:00 | 19/02/2023

The Shan Tuyet tea trees on top of the mountains in Phin Ho region of Ha Giang Province have been silently witnessing the passage of time for centuries and starring as central characters in folk tales.

Shan Tuyet tea is very precious to the Red Dao people in Phin Ho. Trieu Mui Nghinh, a veteran resident of Thong Nguyen Commune in Hoang Su Phi District, has spent her whole life making the tea specialty, which has a slight bitter taste of tea leaves at first, but leaves a sweet after-taste.

Ly Mui Muong, Deputy Director of the Phin Ho Tea Cooperative, said Nghinh’s image was chosen to represent Phin Ho green and red tea, which has been recognized as national five-star One Commune One Product (OCOP) products.

Shan Tuyet tea grows completely naturally, without chemical fertilizers and pesticides. Currently, 10 percent of more than 4,000 hectares of Hoang Su Phi's tea area are certified organic. Some 140 hectares of Phin Ho’s Shan Tuyet tea are certified by the European Union (EU), reflecting the producers’ vision and efforts in the tea brand’s development. After being harvested, the leaves are dried and often hung above fire stoves for preservation.

Phin Ho Tea Cooperative is the first large-scale tea processing unit in Hoang Su Phi District. Its products are sold via a system of distribution agents in big cities like Hanoi, Da Nang, Ho Chi Minh City, and exported to a number of markets including China, Russia and some EU countries.

“Over the years, we have been strictly following three principles: Clean raw materials, meticulous processing at each stage and well-packed products with transparent information to create trust among consumers,” said Muong.

The efforts by Muong and her cooperative are gradually improving the lives of local residents, selling its products at advantageous prices in order to obtain the best possible incomes for farmers.

Probably a relic of past cultivation, wild tea trees continue to grow naturally in several of the northernmost provinces of Vietnam. Free from any human intervention other than harvesting, the broad leaves and deep roots give the teas an added depth rarely found in farm-grown equivalents. Although some trees may be as old as 800 years the typical age is believed to be between 80 and 200 years.

Viet Nga & Hoang Lan    LINK

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Henig:  Bình Định, a “hidden gem” for tourists

07:00 | 19/02/2023

With wild landscapes, clear and turquoise water at beaches and abundant cultural sites, the central province of Bình Định has become a rising star on central Việt Nam’s tourism map, said the vice chairman of the provincial People’s Committee.

Speaking at a conference to promote Bình Định tourism organised recently in Ho Chi Minh City, Lâm Hải Giang said the event aims to promote tourism in Bình Định to attract more local and international tourists.

Tourism is one of the five pillars of the province’s socioeconomic growth in the 2021-2025 period, he said.

The province aims to make tourism a spearhead economic sector with a goal of 8 million visitors by 2025, with tourism revenue contributing 20 per cent to the province’s GRDP.

Bình Định and HCM City have in recent years cooperated in tourism development with the former participating in a number of tourism events organised by HCM City, including the HCM City Tourism Festival, HCM City International Travel Expo, and the Southern Food Festival.

The conference was organised by the Bình Định Department of Tourism and HCM City Department of Tourism to strengthen cooperation in investment, especially in tourism development, between the two localities, according to Giang.

Last year, Bình Định received more than 4 million visitors and revenue of more than VNĐ13.1 trillion (nearly US$556 million).

“Maldives of Vietnam”

The Sydney Morning Herald called Quy Nhơn the “Maldives of Vietnam” with long, sandy beaches and crystal-clear water.

The town is considered one of the three tourism hotspots in the central region along with Đà Nẵng and Nha Trang.

It is blessed with a 42-kilometre coastline, diverse topography comprising mountains, forests, salt marshes, plains, lagoons, lakes, rivers, peninsulas and islands.

Travel magazine Lonely Planet also put Quy Nhơn on the list of top must-try experiences and must-visit places in Việt Nam.

Eo Gió (Windy Pass) and Kỳ Co beach are the most famous attractions in Quy Nhơn.

Eo Gió in Nhơn Lý Commune, 20km from the town, is situated between two tall rocky cliffs that drop straight into the clear waters of the sea below, giving it a beautiful crescent shape.

Kỳ Co beach is situated on Nhơn Lý Island, 25km away and a 20-minute boat ride from Quy Nhơn. On one side of Kỳ Co beach is the calm turquoise sea, and the other is magnificent rocky mountains.

The best time to visit Quy Nhơn is from January to August, when the weather is warm most of the time.

The fastest way to get there from Hà Nội and HCM City is by flight (only a one hour flight from Hà Nội and a one hour flight from HCM City).

Source: vietnamnews.vn    LINK

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Henig:  Bank lending rate hikes hurt businesses in HCM City

February, 19/2023 - 10:22

Lending interest rates have surpassed the 10 per cent mark, piling pressure on many businesses in dire need of funding, a conference has heard.

HCM CITY — Lending interest rates have surpassed the 10 per cent mark, piling pressure on many businesses in dire need of funding, a conference has heard.

Most rates were now above 10 per cent, Nguyễn Ngọc Hòa, president of the HCM City Union of Business Associations, told the conference held on February 17 to discuss solutions to promote the city's economic growth.

“High borrowing costs are a big challenge for businesses.”

Many find it very difficult to get loans, with banks claiming they have run out of credit quotas and demanding collateral that businesses often lack, according to Hòa.

The 2 per cent interest rate subsidy the Government is offering for enterprises, co-operatives and business households is not easy to get due to tortuous paperwork and inspections.

To meet the demand for funding and support financially constrained businesses, it is vital to cut interest rates and enlarge credit quotas.

"The Government needs to keep value-added tax rate at 8 per cent for all sectors until the end of this year," he recommended.

Lý Kim Chi, president of the HCM City Food and Foodstuff Association, said businesses in the food processing industry had seen steady growth and operated at peak capacity since the beginning of this year.

Some companies had export orders that could take several months to fulfil.

Amid the current two-digit interest rates, rising costs of raw materials, water and electricity, companies had been struggling to stabilise production and had little hope of making profits.

“Businesses need support in terms of interest rates to overcome challenges and expand their business, she added.

Đỗ Phước Tống, president of the HCM City Mechanical - Electrical Enterprises Association, said there were policies to extend credit to the industry at low interest rates, but it was extremely difficult and took much time to actually get a loan.

Some business owners had to sell their houses to repay loans and avoid defaults, he added.

Increasing signs of economic slowdown

A survey of enterprises by the city Union of Business Associations found that business activities had slowed down since the fourth quarter of last year.

Only a fifth of respondents reported an increase in revenues in the fourth quarter compared to a fourth the previous quarter.

The number of businesses paying average monthly salaries of more than VNĐ10 million (US$420) fell to 65 per cent from 80 per cent in the second quarter of 2022.

Some required their employees to work in shifts or go on furlough due to lack of orders.

In two of the main export markets for Việt Nam’s textiles and garments, the EU and the US, demand declined by 60 per cent and 30-40 per cent, according to the HCM City Association of Garment, Textile, Embroidery and Knitting.

Businesses’ inventories have risen by 20-25 per cent amid limited or no orders since the fourth quarter of last year.

Nguyễn Văn Nên, Secretary of the city Party Committee, said administrative reform, digital transformation and investment promotion would be speeded up to boost the economy.

The city planned to restore its investment stimulus programme to help businesses access funding for production and expansion amid the economic uncertainty.

He called on the business community to strive to overcome challenges and inform the city People’s Committee if there are inappropriate policies that hinder economic growth.

—VNS    LINK

Henig:  Many foreign funds enjoy profits in January

February, 18/2023 - 13:14

After recording a difficult year with heavy losses in 2022, earlier this year a series of investment funds reported strong growth in profits.

HÀ NỘI — After recording a difficult year with heavy losses in 2022, earlier this year a series of investment funds reported strong growth in profits.

In the recently published January performance report, Pyn Elite Fund announced that the fund's investment performance reached 10.33 per cent. This is the highest level this foreign fund has ever achieved in January since pouring capital into Việt Nam 10 years ago.

As of January 31, 2022, the net asset value per certificate of PYN Elite reached more than 436 Euros. Assets under management (AUM) amounted to more than 759 million euros, equivalent to VNĐ19.24 trillion, an increase of 77 million euros, equivalent to an increase of VNĐ1.9 trillion compared to the end of 2022.

The top 10 largest investments in the portfolio, which account for 86.9 per cent, included 5 banking stocks and VNFinLead ETF fund certificates simulating financial groups of banking, securities, and insurance. VNFinLead ETF has had the third consecutive month in the top 10 largest investments of PYN Elite Fund.

Lumen Vietnam Fund also recorded a growth performance of 14.11 per cent in January. The above performance was achieved thanks to the fund's focus on allocating industrial, real estate and financial stocks. January 2023 was the highest-performing January since the fund started operating in Việt Nam in 2013.

Vietnam Enterprise Investment Limited (VEIL), a fund under Dragon Capital, also recorded a positive performance of 10.9 per cent in January.

According to VEIL, the performance improved thanks to a more positive domestic and global macro outlook. Domestically, the easing of monetary policy, allowing liquidity to return to the market, coupled with an impressive 8 per cent economic recovery in 2022, the highest growth rate in ten years.

The top 10 stocks of VEIL currently include Asia Commercial Bank (ACB), Vpbank (VPB), Mobile World Group (MWG), Hoà Phát Group (HPG), Vietcombank (VCB), FPT Corporation (FPT), Becamex IDC Corp (IDC), PetroVietnam Technical Services Corporation (PVS), Vinhomes (VHM) and Phú Nhuận Jewelry (PNJ).

Two other foreign funds including Vietnam Holding Limited and Vaneck Vectors Vietnam ETF also recorded positive performance in January 2023. Accordingly, Vietnam Holding Limited grew by 7.72 per cent and Vaneck Vectors Vietnam ETF recorded a yield of 9.09 per cent.

VNS     LINK

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Henig:  VN-Index to struggle at 1,060 points due to weak demand force

07:00 | 19/02/2023

The selling pressure was quite clear in the last trading session of the week as the market’s breadth inclined to the downside.

The market traded in different directions on the last trading of the week, with rising selling pressure weighing on investors' sentiment.

The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) ended slightly higher on Friday at 1,059.31 points, up 1.02 points, or 0.1 per cent.

However, on the Hà Nội Stock Exchange (HNX), the HNX-Index declined 0.89 points, or 0.42 per cent, to 209.95 points.

The selling pressure was quite clear in the last trading session of the week as the market’s breadth inclined to the downside.

Especially, 175 stocks on the HoSE decreased and 146 ticker symbols inched higher, while on the northern bourse, 88 stocks hit lower and 66 stocks finished up.

Liquidity of the two main exchanges remained at low levels and decreased slightly by 3 per cent compared to the previous session to a total of over VNĐ7.8 trillion (US$327.5 million). Of which, the matching value on HoSE was similar to the February 16 session of nearly VNĐ7 trillion.

The VN30-Index, which tracks the 30 biggest stocks on the southern exchange, dropped 1.54 points, or 0.15 per cent, to 1,053.72 points.

In the VN30 basket, 18 stocks went down, while nine settled higher, and three ended flat.

Leading the market’s bearish trend were manufacturing stocks, with the biggest loser being Masan Group (MSN), down 1.72 per cent.

It was followed by Hoà Phát Group (HPG) and Sabeco (SAB), down 1.41 per cent and 1.37 per cent, respectively.

Others stocks influencing the down risk were PV Gas (GAS), VPBank (VPB), Vinamilk (VNM), MBBank (MBB) and Petrolimex (PLX).

The market’s benchmark VN-Index pared losses and inched higher on gains in some large-cap stocks. Particularly, BIDV (BID) saw the greatest gain in market capitalisation of 1.78 per cent.

Meanwhile, foreign investors continued to be net sellers on the market. Of which, they net sold VNĐ12.28 billion on HoSE, while net bought a value of VNĐ9.56 billion on HNX.

Analysts from Saigon-Hanoi Stock Exchange (SHS) said that in a medium-long-term perspective, even if the benchmark VN-Index breaks below 1,050 to return to the medium-term downtrend, there are still two important support levels of 1,000 and 950 points. “Therefore, we still expect the VN-Index to form a medium-long term bottom of 950 points,” said SHS.

In the short term, SHS expected that it is highly likely that the market is moving in the recovery wave and is quite positive, especially after the past three consecutive recovery sessions, while for the medium term, the benchmark will enter the balance and accumulation zone after the recovery period.

Source: VNS    LINK

Saturday "Vietnam News" Posted by Henig at KTFA 2-18-2023

KTFA: Vietnam

Henig:  Viet Nam to issue e-passports in March

07:00 | 18/02/2023

The Ministry of Public Security and the Vietnamese diplomatic missions abroad will officially issue passports containing electronic chips for Vietnamese citizens from March 1, 2023.

An e-passport will be embedded with a microchip that stores the holder’s personal information, fingerprint scans, identification photo, and a digital signature.

The electronic chip is attached to the back cover of the passport. Languages used in the passport include Vietnamese and English.

Citizens who are at least 14 years old are eligible to apply for a passport with or without the electronic chip. The passports are valid for 10 years.

E-passport holders will be given priority by the foreign sides when considering and granting entry visas.

Vietnamese citizens who had been granted physical passports are allowed to use them until expiration dates without any requirement to shift to e-passports.

According to the International Civil Aviation Organization, more than 100 countries have already rolled out e-passports.

Source: VGP   LINK

Henig:  Central bank to prioritise credit for production, business in HCM City

13:08 | 18/02/2023

The State Bank of Vietnam’s (SBV) Ho Chi Minh City branch will continue to prioritise credit for production and business, especially in priority sectors, to boost economic recovery.

Nguyen Duc Lenh, deputy director of the SBV’s HCM City branch, said the credit flow would be directed to priority sectors while credit quality would also be improved.
Priority fields include agriculture, rural areas, exports, small and medium-sized enterprises, supporting industries, high-tech enterprises, and others.

Credit institutions must also ensure stable liquidity, safe banking operations, and strictly control credit from potentially risky areas, according to Lenh.

Credit growth in the city has focused on production and business to support economic recovery, accounting for 60-70% of the total outstanding loans, said Lenh.

Last December, the SBV lifted the credit growth target by 1.5-2 percentage points for 2022 from its earlier target of 14%, allowing lenders to lend an additional 240 trillion VND (9.7 billion USD).

Interest rates remain high

Economist Le Xuan Nghia, a member of the National Financial and Monetary Policy Advisory Council, said interest rates are still too high, despite the central bank calling on banks to cut lending rates to support enterprises.

Deposit interest rates at banks have surged to as much as 12% per year, pushing lending interest rates up to 15-16% a year, he said.

If the inflation rate is around 4%, the savings interest rates should be around 6-7% per year, he added.

Experts have predicted the deposit interest rate will remain high at least until June and that deposit rates would peak in the first half of 2023 with an increase of 1-1.5 percentage points.

Recently, the Vietnam Banks Association called on commercial banks to keep deposit interest rates at 9.5% or below to reduce lending interest rates.

Commercial banks started lowering deposit interest rates early this month and cut further last week, raising hope of a drop in lending rates.

SBV Governor Nguyen Thi Hong has constantly called on banks to cut operating costs and improve administrative procedures so as to reduce lending interest rates.

Expert Can Van Luc said enterprises should look to other capital mobilisation channels instead of relying too much on bank loans.

Source: VNA   LINK

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Henig:  Vietnam sees Russia as prioritised partner: NA official

07:12 | 18/02/2023

National Assembly Vice Chairman Nguyen Khac Dinh held talks with visiting First Deputy Speaker of the Federation Council of Federal Assembly of Russia (upper house) Andrey Yatskin in Hanoi on February 17, during which the host underlined that Russia is one of the prioritised and most important partners in Vietnam’s external policy.

National Assembly Vice Chairman Nguyen Khac Dinh held talks with visiting First Deputy Speaker of the Federation Council of Federal Assembly of Russia (upper house) Andrey Yatskin in Hanoi on February 17, during which the host underlined that Russia is one of the prioritised and most important partners in Vietnam’s external policy.

Dinh, who is also Chairman of the Vietnam - Russia Friendship Parliamentarians’ Group, affirmed that Vietnam always remembers and treasures the support that Russia has given to Vietnam in the past struggle for national liberation and current national development.

He said that Vietnam hopes to continue the substantial and effective cooperation with Russia in all areas for the interest of both sides.

Highlighting the high level of political trust between the two countries, Dinh spoke highly of the mutual support between the two sides at multilateral mechanisms, and thanked Russia for supporting Vietnam to run for a seat at the UN Human Right Council for the 2023-2025 tenure.

The host affirmed that Vietnam supports Russia’s active and constructive role in the region and the world, and is willing to help connect Russia and ASEAN.

He proposed that Russia consider the adjustments and upgrading of the free trade agreement between Vietnam and the Eurasian Economic Union (EAEU), towards giving more favourable conditions for bilateral partnership. The two sides should continue to work together to remove non-tarrif barriers in bilateral trade, especially in agriculture.

For his part, Yatskin, who is also head of the Russian Federation Council’s group for cooperation with the NA of Vietnam, expressed his delight at the strong trust between the two countries with resumed the exchange of delegations at all level after the COVID-19 pandemic, as well as the regular meetings and mutual support within the framework of multilateral cooperation mechanisms.

Regarding cooperation in the parliamentary channel, the two sides agreed that this is one of the important pillars in Vietnam-Russia relations. The relations among legislative bodies of the two sides have expanded even amid the pandemic, with telephone talks held between the Vietnamese NA leader and the Speaker of the Federal Council of Russia, and many bilateral meetings on the sidelines of multilateral inter-parliamentary forums, they said.

Both sides have actively implemented their cooperation agreement signed in 2012, they said, noting that parliamentarians of the two sides have maintained consultations and cooperation within inter-parliamentary forums such as the Inter-Parliamentary Union (UPU), the World Conference of Speakers of Parliament (WCSP), the ASEAN Inter-Parliamentary Assembly (AIPA), and the Meeting of Speakers of Eurasian Countries' Parliaments (MSEAP).

Dinh said that the 12-member Vietnam - Russia Friendship Parliamentarians’ Group hopes to strengthen relations with its Russian peer, contributing to promoting ties between the two parliaments and the two countries.

The two sides agreed to increase the exchange of delegations between the two legislatures and the sharing of legislative experience as well as mutual support at multilateral parliamentary forums.

They pledged to strengthen coordination in supervising the implementation of collaboration deals signed between the two Governments, and work closely with relevant agencies of both sides to organise activities to mark the 10th anniversary of the Vietnam-Russia Comprehensive Strategic Partnership, and the 100th year of President Ho Chi Minh’s arrival in Russia.

The two countries' legislatures should work together to create favourable conditions for the two Governments, as well as localities and businesses of both sides to boost their partnership, they said. The two friendship parliamentarians’ groups should also improve their connections to promote their role in strengthening ties between the two legislatures.

At the talks, Yatskin lauded Vietnam’s achievements in socio-economic development, especially the country’s success in maintaining economic stability and speeding economic recovery and growth during and after the COVID-19 pandemic.

Source: VNA LINK

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Henig:  Joint campaign launched to reduce plastic waste in Việt Nam's tourism sector

10:00 | 18/02/2023

A new campaign aimed at reducing plastic waste in Việt Nam's tourism industry was launched on Thursday, signalling the country's commitment to its sustainable development goals and environmental protection.

The joint effort is led by the Institute of Strategy and Policy on Natural Resources and Environment (ISPONRE) under the Ministry of Natural Resources and Environment, the Vietnam Tourism Association, and the United Nations Development Programme (UNDP) in Việt Nam.

The campaign encourages individuals and organisations in charge of cultural, sports, and tourism venues to reduce and eliminate single-use plastic and waste disposal. Tourists, visitors, and local communities are also advised to use environmentally-friendly products and technology.

According to ISPONRE's Deputy Director, Nguyễn Trung Thắng, while there are support policies for waste recycling, there is still a lack of specific guidelines on technology selection, solid waste treatment, national technical standards on recycling, and access to incentives stated in the 2020 environmental protection law.

To perfect the laws and policies on plastic waste management in Việt Nam, Thắng believes that there must be detailed regulations and guidelines on the roadmap to reduce the production and import of single-use plastic, non-biodegradable plastic packaging, plastic waste sorting, as well as on the extended liability of manufacturers on the packaging.

Specific regulations on incentives for recycling and reusing plastic waste, harnessing energy from the waste treatment process, and consuming post-processed products must also be established.

Economic tools such as adjusting the environmental protection tax could also aid in managing plastic waste.

UNDP representative Nguyễn Thị Thu Huyền stated that plastic waste pollution is a major global challenge due to its negative impacts on the environment, particularly on marine life.

Many countries worldwide have introduced initiatives to call for global actions on plastic pollution, taking into account legal compliance.

Prime Minister Phạm Minh Chính approved a project in August 2021 on the country's active participation in forming a global treaty on marine plastic pollution.

Hà Văn Siêu, deputy director of the National Administration of Tourism under the Ministry of Culture, Sports and Tourism, believes that the "Reducing Plastic Waste in Vietnamese Tourism Sector" project will help raise awareness among all levels and departments, businesses, locals, and tourists on the matter.

Initiatives and solutions to reduce plastic waste will be piloted at several restaurants, hotels, and tourist attractions in Ninh Bình and Quảng Nam provinces before being scaled to the national level.

The project has been granted funding from the UNDP's Global Environment Facility Small Grants Programme for operations in 2023 and 2024.

It will also help build, pilot, and issue criteria to recognise no-plastic tourism businesses, an action plan to reduce plastic waste in tourism, and an application on plastic waste management.

Regulations to reduce plastic waste in tourism were introduced in Decision No. 4216/QĐ-BVHTTDL, which promulgates the code of conduct for environmental protection in culture, sports, and tourism activities.

Source: VNS    LINK

Henig:  Repairs for undersea internet cables to last from March to April

Domestic internet service providers said on February 7 that the Network Operation Center (NOC) Services announced the repairs scheduled for three broken undersea cables that have resulted in slowed connections in Vietnam in the last few weeks.

VNA Wednesday, February 08, 2023 19:27  

Hanoi (VNA) - Domestic internet service providers said on February 7 that the Network Operation Centre (NOC) Services announced the repairs scheduled for three broken undersea cables that have resulted in slowed connections in Vietnam in the last few weeks.

Four out of five submarine internet cables connecting Vietnam and the world are simultaneously seeing issues, an unprecedented occurrence.

According to the plan, the disruption on the S6 line of the Asia Pacific Gateway (APG) cable will undergo fixes between March 22-27, while repairs on the S9 line will be conducted on April 5-9.

The ruptures on the Asia, America Gateway (AAG) will be repaired between March 30 and April 4.

Repairs for the 6,800km Intra Asia cable are slated for mid-March, as registration and licensing of ships for the maintenance of the line are still underway.

There is also a problem with the Asia-Africa-Euro 1 (AAE-1) cable near Hong Kong (China) but the NOC has not announced a repair timeline.

This means that internet connection quality between Vietnam and the world will only improve towards the end of March, even mid-April.

The only undersea cable that is still operating normally is the Southeast Asia-Middle East-Western Europe 3 (SMW-3), but this is an old cable with low capacity and does not contribute much to Vietnam's internet traffic to overseas servers.

There have been about 10 incidents on undersea fibre optic cables each year in the last decade. A representative of the Vietnam Internet Association said that incidents on fibre optic lines are not rare but also unpredictable.

Previously, when only one or two cable lines had problems concurrently, Vietnamese internet providers could quickly offload internet traffic between cable lines.

Currently, land-based internet cables cannot be upgraded quickly due to equipment limitations and other factors.

Troubleshooting on undersea fibre optic cables depends heavily on the severity of the problem, the weather at sea, the time it takes to get permission to access the waters of countries to carry out repairs, and many other factors. Therefore, instability and slow connection speeds will persist in the weeks to come.

Representatives of major network operators in Vietnam - including Viettel, VNPT and FPT - are committed to actively working with cable managers and international partners to quickly handle and ensure service provision for customers.

VNA   LINK

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Henig:  Chemical industry applies top technologies

06:00 | 17/02/2023

(VEN) - Enterprises in Vietnam’s chemical industry have applied new technical solutions and production methods, technological innovations and product diversification.

According to the Science and Technology Department under the Ministry of Industry and Trade (MoIT), many advanced technologies have been researched and applied into chemical industry production with good results. Specifically, production of superphosphate or fused phosphate fertilizers by Lam Thao Fertilizers and Chemicals JSC (LAFCHEMCO) has reduced coal and electricity consumption, emissions and noise, while also helping the company source raw materials, reduce production costs, and increase prestige by expanding exports to demanding markets.

A project by Pham Quang Tuyen of LAFCHEMCO adopting technological solutions for treating acid H2SiF6 to reduce environmental treatment costs was awarded first VIFOTEC (Vietnam Fund for Supporting Technological Creations) prize in 2017. Another project to improve the quality of fused phosphate fertilizer has met the domestic demand and export requirements to Australia, Japan, Malaysia, and more.

In processing and manufacturing rubber products, Da Nang Rubber Joint Stock Company has effectively applied results of research projects for the production of tires for bicycles, motorcycles and automobiles; while the Sao Vang Rubber JSC researched and manufactured tubeless inflatable aircraft tires – a completely new technology in Vietnam. Similarly, the Southern Rubber JSC has researched the production process of tubes for motorcycles and industrial vehicles using butyl rubber. The product has more dominant technical features compared to the same type of tires made of natural rubber in terms of air tightness, heat resistance, longevity as well as weight.

In the production of basic chemicals, Can Tho Fertilizer and Chemical JSC has successfully applied technology to produce Zeolite 4A products with 99 percent purity for detergent production, aquaculture, cosmetic chemicals, and industrial catalysts. Meanwhile, the Southern Chemicals JSC researched solutions to improve the efficiency of using excess heat from the sulfuric acid production chain to produce steam and hot gas, reducing the consumption of fuel oil (FO) and liquefied petroleum gas (LPG). In addition, the South Basic Chemicals JSC and Viet Tri Chemical JSC have researched and produced PAC (Poly Aluminum Chloride) products of high quality at low prices, which can compete with imported PAC products from China.

In the chemical pharmaceutical industry, too, various research results have been commercialized, launching products of the same quality as imported goods at competitive prices. These include Cebraton softgels produced by Traphaco JSC for blood pressure control; ASAKOYA sedative products by Mediplantex National Pharmaceutical JSC to treat insomnia, and Gac oil products of Vimedimex Medi – Pharma JSC.

By viewing science and technology as a fundamental factor for the growth and efficiency of production and trading activities, the chemical industry has renovated technologies, machinery and equipment, and improved its research capacity.

Quynh Nga   LINK

Saturday "Iraq News" Posted by Henig at KTFA 2-18-2023

KTFA:

Henig:  PRIME MINISTER CONFIRMS IRAQ'S DESIRE TO ENHANCE PROSPECTS FOR COOPERATION WITH BRITAIN

Friday, 17 February 2023 11:05 PM

Baghdad / National News Center

Prime Minister Mohammed Shia Al-Sudani affirmed Iraq's desire to enhance prospects for cooperation with Britain.

The Prime Minister's Office said in a statement received by the National News Coder that "Prime Minister Mohamed Shia Al-Sudani met at his residence in Munich, Germany, on Friday

British Foreign Minister James Cleverly, on the sidelines of his participation in the Munich Security Conference," noting that "the meeting reviewed bilateral relations and ways to develop them between the two countries, and discussed developments in the regional and international situation, as well as discussing strengthening cooperation and partnership frameworks in various economic, cultural and educational fields and sectors, and in the fields of energy and investment."

Al-Sudani stressed that "Iraq looked forward to balanced relations at the regional and international levels, and its desire to enhance the prospects of cooperation with Britain, and to exploit the available capabilities in order to build various economic partnerships, and pointed to the economic reforms adopted by the government program, which would advance the reality of Iraq and its development."

For his part, the British Foreign Secretary affirmed his country's commitment to everything that would enhance stability in Iraq, and affirmed his country's support for the economic development path pursued by the current government, towards further development and economic integration.   LINK

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Henig:  After meeting the Sudanese in Munich. Interpol to issue a special notice on financial crimes committed in Iraq

2023-02-17 11:16

Iraqi Prime Minister Mohammed Shia al-Sudani on Friday called on the Secretary-General of the International Criminal Police Organization (Interpol), Jürgen Stock, to visit Iraq, and discussed with him bilateral cooperation in the field of recovering funds and wanted persons.

This came during a meeting that brought them together on the sidelines of Sudani's participation in the Munich Security Conference, according to a statement by his office and reported to Shafaq News.

Al-Sudani stressed during the meeting that "the theft of public money is one of the most important challenges facing Iraq, and that combating corruption is among the priorities of the government program," noting that "the government's procedures require cooperation from the organization, especially in the issue of dealing with requests submitted regarding financial crimes."

Al-Sudani also explained that "the theft of public funds and the use of the global financial system to smuggle and launder money is a cross-border international crime, and has harmed Iraq, in addition to being one of the most important enablers of terrorism. He stressed that the return of those wanted for these crimes is one of the most important steps to deter this crime.

The Prime Minister referred to "the government's measures in securing the Iraqi borders and linking them to Interpol services fully, and called on the International Interpol Organization to provide support in the field of training and capacity building for cadres working at the headquarters and the offices of Interpol established at border crossings, as well as cooperation in the field of exchanging security information with member countries of the international organization, and in the field of supporting financial crimes investigations related to money laundering and terrorist financing, and the Financial Action Task Force (FATF)."

Al-Sudani expressed "Iraq's desire to make the most of the areas provided by Interpol, and to contribute to the dissemination of all blue and green notices for perpetrators of terrorist crimes, especially the information shared in Interpol's databases within the Foreign Terrorist Fighters Project."

The Prime Minister extended an invitation to the Secretary-General to visit Iraq at the earliest opportunity.

For his part, the Secretary-General of Interpol expressed the organization's readiness to cooperate with Iraq in urging countries to recover stolen funds, wanted and convicted in corruption cases, and pointed out that Interpol established a competent department a year ago, and will issue a special notice on financial crimes committed in Iraq.   LINK

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Henig:  SUDANI: THEFT OF PUBLIC MONEY IS ONE OF THE MOST IMPORTANT CHALLENGES FACING IRAQ

  Friday, 17 February 2023 10:05 PM   Baghdad / National

News Center Prime Minister Mohammed Shia Al-Sudani invited the Secretary-General of the International Criminal Police Organization (Interpol), Jürgen Stock, to visit Iraq.

The Prime Minister's Information Office said in a statement received by the National News Center that "Prime Minister Mohamed Shia Al-Sudani met on Friday with the Secretary-General of the International Criminal Police Organization Interpol Jürgen Stock."

During the meeting, Al-Sudani stressed that "the theft of public money is one of the most important challenges facing Iraq, and that combating corruption is among the priorities of the government program," noting that "the government's procedures require cooperation from the organization, especially in the issue of dealing with requests submitted regarding financial crimes."

"The theft of public funds and the use of the global financial system to smuggle and launder money is an international crime across borders, and has harmed Iraq, in addition to being one of the most important enablers of terrorism," al-Sudani said. "The return of those wanted for these crimes is one of the most important steps to deter this crime," he said.

The Prime Minister referred to "the government's measures in securing the Iraqi borders and linking them to Interpol services fully," calling on the International Interpol Organization to provide support in the field of training and capacity building for cadres working at the headquarters and the offices of Interpol established at border crossings, as well as cooperation in the field of exchanging security information with member countries of the international organization, and in the field of supporting investigations of financial crimes related to money laundering and terrorist financing, and the Financial Action Task Force (FATF).

He expressed Iraq's desire to make the most of the areas provided by Interpol and to contribute to the dissemination of all blue and green notices for perpetrators of terrorist crimes, especially the information shared in Interpol's databases within the Foreign Terrorist Fighters Project.

He extended an invitation to the Secretary-General to visit Iraq at the earliest opportunity. LINK

Henig:  Integrity reveals manipulation and waste of public money by tens of millions in Basra

2023-02-17 10:13

Shafaq News / The Federal Integrity Commission announced that it has carried out seizures of cases of manipulation of the names of volunteers to work within the teaching staff, embezzlement and waste of public money, fake receipts and disbursement operations worth tens of millions, most notably in a nuclear detection device contrary to the law in Basra Governorate.

"The Basra Investigation Directorate team has adjusted the priorities for the forms of the names of volunteers to work within the teaching staff and the date of their commencement issued by school administrations in the province and addressed to the Directorate of Education in it after it detected manipulation in it," the investigations department said.

The department indicated that "some school administrations manipulated the dates of commencement for the purpose of including job grades within (10,000) thousand grades allocated to Basra education, repeating the forms allocated to each school, and some administrations adding more than (30) names, contrary to the education instructions, which allocated (5) names for each school."

In the health departments, "the Directorate carried out three separate operations in Al-Sadr, Basra and Al-Fayhaa Educational Hospitals, in which (6) documents for the disbursement and purchase of medicines and medical supplies were seized at Al-Sadr Hospital without bringing offers and from offices outside the governorate with an amount of (62) million dinars, contrary to the instructions for implementing the Federal Budget Law, in addition to seizing (16) purchase documents for "kerosene" for the years (2017-2022) at Basra Hospital, amounting to (73,775,000) million dinars according to fake receipts attributed to private offices, as well as seizing ticket receipts. It was manipulated and falsified by ticket officials at Fayhaa Hospital."

The department pointed to "the seizure of exchange transactions for the dispatches of employees of the General Company for the Production of Electric Power in the South / Commercial Affairs Department, whose total amounts disbursed amounted to (56,056,000) million dinars, after investigations proved that most of the receipts allegedly issued by hotels in Baghdad are fake receipts."

She added that the nuclear detector device was seized in the Nuclear Physics Research Laboratory at the College of Science at the University of Basra, and it was purchased, despite the absence of administrative orders to do so, pointing out that it was purchased for (38,000,000) million dinars and not entered into the main store of the college, because it violated the required specifications.

In Abu al-Khasib, the original file of a property owned by the Sunni Endowment Office was seized in the city's real estate registration note because a group of people disposed of it and sold it without legal justification, despite the existence of judicial decisions to annul all real estate restrictions made on it and return it to the state.     LINK

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Henig:  JPMorgan: Oil will exceed $100 a barrel in this case

Economy News - Baghdad

JPMorgan analysts said in a note on Friday that Brent crude prices are unlikely to exceed the $2023 per barrel mark this year unless major geopolitical developments occur, amid prospects that the OPEC+ group will increase supply and Russian flows will recover by mid-<>.

According to the note, the OPEC+ group, which includes members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers including Russia, is unlikely to defend the eighty dollar level and therefore will not need to reduce production quotas this year.

She said the bloc could instead add 400,<> bpd to output.

Saudi Energy Minister Prince Abdulaziz bin Salman said on Thursday that the current OPEC+ agreement to cut production target by two million barrels per day will remain in place until the end of the year.

JPMorgan analysts said that with Russian production expected to fully recover by June, and high price levels preventing the United States from buying back to boost its strategic petroleum reserves, the gap between the balance of supply and demand is likely to narrow.

Brent crude futures are trading near $84 a barrel on Friday and are heading for a weekly decline amid expectations that any tightening monetary policy in the United States could undermine demand.

JPMorgan maintained its estimate of oil demand growth from China, the biggest importer, at 770,<> bpd.

Analysts expect China to import record volumes of crude in 2023 due to increased demand for fuel, mainly due to the recovery of movement and travel after the lifting of Covid-19 restrictions    LINK

Friday "Vietnam News" Posted by Henig at KTFA 2-17-2023

KTFA:  Vietnam

Henig:  Đà Lạt plans to open casinos, new night market at tourist destinations

07:00 | 17/02/2023

Đà Lạt has proposed to Lâm Đồng Province that the city open food markets, new night markets, and casinos in the Valley of Love and other tourist destinations as part of its night-time economy development project.

The Đà Lạt People’s Committee plans to open a musical park at a city flower garden, and a food market in the area of Trần Lê and Hoàng Văn Thụ streets. Business hours of cafes, cinemas, and shopping centres will be lengthened to increase sales.

In the period of 2023 to 2030, a 1,600-metre walking street on Trần Quốc Toản Street will be opened. A new, modern night market located in the city’s Light Park will also replace the current one on Nguyễn Thị Minh Khai Street.

There will be different programmes and activities in each location to stimulate local demand and tourism.

The city also proposed to let Thành Công Lâm Đồng Tourism Joint Stock Company develop a night-time economy complex, including shophouses and casinos at the Valley of Love and other destinations.

The city’s night-time development project aims to reduce heavy traffic in the city centre, exploit the potential local economy, and bring positive changes to its tourism.

Source: vietnamnews.vn    LINK

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Henig:  Vietnamese collector successfully purchases royal seal

07:00 | 17/02/2023

Authorities are carrying out procedures for the repatriation of the seal to Việt Nam in accordance with the laws of both nations.

A Vietnamese collector from the northern province of Bắc Ninh has spent €6.1 million (US$6.5 million) purchasing the Nguyễn Dynasty imperial seal from a French auction house.

According to the Ministry of Culture, Sports and Tourism, the purchaser of the gold seal is Nguyễn Thế Hồng, Chairman of Bắc Ninh Antiquities Association. He has covered all the expenses for negotiating with Millon Auction House with regard to the seal’s authenticity and repatriation, under the timely sponsorship of the Vietnamese Government and relevant ministries, branches and agencies.

The contract to purchase the seal was signed with Millon on January 13 in France. Authorities are carrying out procedures for the repatriation of the seal to Việt Nam in accordance with the laws of both nations. It is expected to return at the end of April.

Hồng is a real estate businessman. He also established the Nam Hồng Royal Museum in Từ Sơn District, Bắc Ninh Province, which displays the artifacts he has collected, from bronze antiques and ceramics to wooden furniture.

One item in his collection, the Đông Sơn Bronze Jar dating back between 2,200 and 2,300 years ago, was recognised as a national treasure in January.

In November last year, Việt Nam announced that the negotiation for the seal’s return had been successful "in the spirit of consensus and understanding between the two sides and the friendly cooperation relationship between Việt Nam and France".

On October 19, Millon announced its auction of 329 antiquities, including two dating back to the Nguyễn Dynasty – a golden seal made in 1823 and a golden bowl made under the reign of King Khải Định (1917 - 1925). The auction of the seal was deferred twice by the Paris-based auction house due to "the strong interest of the Vietnamese State", as they announced on their website.

According to the French auction house, the gold square seal is 10.4 centimetres high and weighs 10.78 kilograms. It was passed down from the second king of Nguyễn Dynasty, Minh Mạng (1791-1841) to its last, King Bảo Đại (1913-1997).

Its handle is in the form of a coiled dragon with a raised head. The dragon's forehead is engraved with the word Vương (Emperor) which symbolises the emperor's supreme power, and each of its legs has five claws. The phrase Hoàng Đế Chi Bảo (Treasure of The Emperor) appears on the imperial seal.

Việt Nam’s Department of Cultural Heritage has confirmed that the seal is authentic.

According to Dr. Phan Thanh Hải, Director of the Department of Culture and Sports of Thừa Thiên-Huế Province, a member of the National Heritage Council, the Hoàng Đế Chi Bảo gold seal is extremely valuable in terms of culture and history.

"That a private collector has spent all the money to purchase and bring the artifact back home is really a good sign in the process of socialising heritage conservation and promotion activities," he told Thanh Niên (Youth) Newspaper.

Source: vietnamnews.vn   LINK

Henig:  Horticultural, floricultural technology expo attracts 200 brands

February, 16/2023 - 14:55

HortEx Vietnam 2023, the fifth international exhibition and conference for horticultural and floricultural production and processing technology in Việt Nam, will be held in HCM City’s Saigon Exhibition and Convention Centre from March 1 to 3.

HCM CITY — HortEx Vietnam 2023, the fifth international exhibition and conference for horticultural and floricultural production and processing technology in Việt Nam, will be held in HCM City’s Saigon Exhibition and Convention Centre from March 1 to 3.

The exhibition has attracted nearly 200 exhibitors from 25 countries and territories, including Belgium, mainland China, Egypt, France, Germany, Greece, India, Israel, Italy, Japan, the Netherlands, New Zealand, Singapore, South Korea, Spain, Sweden, Taiwan, Thailand, Turkey, the UK, and the host Việt Nam, with those from Egypt and the UK attending the show for the first time.

There will be national pavilions of the Netherlands, Turkey, Taiwan, and Việt Nam. This year, the Netherlands is a “partner country” at the expo, with the participation of 30 Dutch companies under the Netherlands pavilion organised by the Netherlands Embassy in Hà Nội.

In addition to showcasing equipment and technologies for the vegetable, flower and fruit industries, the expo will feature seminars, a fruit and vegetable export forum, Grower Talks, B2B business matchmaking, a flower showcase, a premium fruit showcase and other activities.

To facilitate farmers to have access to new technologies and products from all over the world, the organising committee will provide free shuttle buses for delegations of 40 people or more from provinces to visit the exhibition and attend the seminar.

HortEx Vietnam has become the largest professional meeting place in Southeast Asia for businesses and experts in horticultural and floricultural industry, and helps Vietnamese businesses access advanced technology in the world and expand export markets, said Nguyễn Bá Vinh, director of Minh Vi Exhibition & Advertising Services Company Limited (VEAS), one of the expo’s organisers.

Jointly organised by VEAS, Nova Exhibitions BV Company (Netherlands), and China Great Wall International Exhibition Co., Ltd, the exhibition is expected to attract 8,000 trade visitors.

Đặng Phúc Nguyên, general secretary of the Vietnam Fruit and Vegetables Association, said Việt Nam has the potential to become one of the major fruit exporters for the world. The country has an area of 1.2 million hectares of fruit growing, with total output of about 12 million tonnes a year.

Vegetables and fruit export revenue is over US$3.5 billion per year, he said.

— VNS   LINK

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Henig:  US, Việt Nam to counter wildlife trafficking through sea ports

09:27 | 16/02/2023

The growing demand for endangered, exotic, and protected wildlife drives a global illegal market, valued at more than US$20 billion per year.

Ninety per cent of the world trade is seaborne and an estimated 72-90 per cent of illicit wildlife volumes are trafficked through maritime transport, meaning detecting and intercepting wildlife shipments at maritime ports is critical.

The figures were revealed on February 14 at a workshop on ‘Strengthening inspection, detection, investigation and handling illegal wildlife trade through seaports', co-hosted by the Management Board for Forestry Projects under the Ministry of Agriculture and Rural Development (MARD); the General Department of Việt Nam Customs, United Nations Office on Drugs and Crime (UNODC), US Department of State, USAID. The conference draw the participation of customs representatives from major seaport authorities in HCM City, Hải Phòng, Đà Nẵng, Quy Nhơn and TRAFFIC.

The workshop provided participants with information on the maritime cargo inspection and screening procedures to control and detect wildlife trafficking, including the Customs Container Control Programme, technology interventions to improve detection rates, including new x-ray innovations supported by USAID and the US Department of State, and new guidelines on wildlife trafficking adopted by the International Maritime Organisation.

Examples of interdepartmental, international, and cross-sector coordination and cooperation in countering wildlife trafficking, opportunities and the latest trends of this transnational crime were also highlighted.

“Wildlife trafficking is a cross-border, transnational crime. We focus on capacity building and supporting stakeholders of Việt Nam, including customs and port authorities, to effectively and responsibly enforce international treaties,” said director of the Management Board for Forestry Projects (MBFP), Đỗ Quang Tùng.

Thought to be the world’s largest known ivory seizure, in March 2019 Việt Nam Customs seized over nine tonnes of ivory at Đà Nẵng port. The seizure represents over 1,000 elephants and brought the amount of ivory seized in Việt Nam since 2004 to over 70 tonnes.

“Countering wildlife trafficking is a global priority for the US Government. USAID supports interagency collaboration, transboundary cooperation, and reforms to policies and practices to ensure transnational wildlife crime is prevented,” said Annie Wallace, director of Office of Climate Change, Energy and Environment, USAID Việt Nam.

Participants highlighted opportunities to strengthen the detection and interception of wildlife trafficking cases after a tour at Đà Nẵng port.

"Wildlife trafficking is a growing concern globally, threatening not only biodiversity but also ecosystems vital for climate change mitigation, domestic and international economies. Investigating and intercepting the perpetrators of this illegal trade is a challenge, requiring coordination and collaboration between enforcement agencies and the maritime shipping industry. Through USAID’s Saving Threatened Wildlife project, we aim to change the perception that trafficking wildlife to Việt Nam is a low risk, high reward activity," said Michelle Owen, Chief of Party - Saving Threatened Wildlife, WWF.

Supported by USAID and implemented under the Ministry of Agriculture of Rural Development (MARD) by WWF, TRAFFIC and ENV, the Saving Threatened Wildlife project supports efforts to counter wildlife trafficking.

USAID partners with MARD to assist Việt Nam’s customs and seaport authorities to use technology to counter wildlife trafficking.

USAID’s Saving Threatened Wildlife project, implemented by WWF, convened agencies to discuss tools and technology that combat wildlife trafficking through improved detection and interception at maritime ports.

Source: VNS   LINK

Henig:  Market extends rallies on back of bank stocks

February, 17/2023 - 05:18

The index claimed back nearly 20 points after falling for fourth straight session due to strong selling pressure.

HÀ NỘI — Shares settled higher on Thursday, boosted mainly by banking stocks while foreign investors continued to run away from the market.

The market's benchmark VN-Index gained 10.09 points, 0.96 per cent, to end the day at 1,058.29 points. The index claimed back nearly 20 points after falling for the fourth straight session due to strong selling pressure.

The market's breadth was positive as the number of stocks adding points outnumbered those performing negatively. Specifically, 251 ticker symbols advanced, while 61 stocks went down.

However, liquidity declined over the previous session.

The index's rallies were thanks to gains in large-cap stocks, especially in the banking sector. The VN30-Index, tracking the 30 biggest stocks on the southern bourse, increased by 11.92 points, or 1.4 per cent, to 1,055.26 points.

Twenty-six stocks of the VN30 basket rose, while only two declined. And two stocks stayed flat.

On the Hà Nội Stock Exchange (HNX), the HNX-Index also inched higher on Thursday. It closed the trading session at 210.84 points, an increase of 2.87 points, or 1.38 per cent.

During the session, more than 70.1 million shares were traded on HNX, worth more than 1.2 trillion (US$473.1 million).

Of the top five stocks dominating the market trend, there were three bank stocks, led by BIDV (BID) with a gain of nearly 2.3 per cent. The other two stocks were Vietinbank (CTG) and VPBank (VPB), up 2.77 and 1.74 per cent, respectively.

Hòa Phát Group (HPG)'s and Vingroup (VIC)'s positive performances also lifted the market's sentiment.

On the other hand, foreign capital continued to exit the market as foreign investors net sold VNĐ109.54 billion on the main southern exchange HoSE. They net bought VNĐ16.72 billion on HNX.

VNS   LINK

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Henig:    Attracting green investment in southeast region

06:00 | 16/02/2023

(VEN) - Sustainable development orientation is on the rise, helping Vietnam remain competitive and advance its green economy. Ho Chi Minh City and the southern provinces of Binh Duong, Dong Nai, and Ba Ria-Vung Tau are developing strategies to boost "green" foreign direct investment (FDI) in the region.

Leaders in attracting FDI

Attracting foreign direct investment is a major Party and State policy that contributes to the achievement of socioeconomic development goals. With the existing advantages and appropriate investment attraction plan, provinces in the southeast are leading the country in terms of FDI attraction in the country.

After more than 30 years of attracting FDI, Ho Chi Minh City has become the economic, financial, commercial, science-technology and innovation hub of the area and the country. The city has attracted US$55.8 billion in FDI, accounting for 12.7 percent of the country's total. It has efficiently utilized 18 export processing zones, industrial parks, and high-tech zones, contributing to economic growth, exports, state budget revenue, and country-wide employment.

Binh Duong Province has made significant strides in attracting FDI by concentrating on solutions to improve the investment climate and consistently enhancing competitiveness. As a result, Binh Duong attracted US$3.1 billion in 2022, nearly double its goal. Binh Duong has so far attracted 4,082 FDI projects worth a total of US$39.7 billion from 65 countries and territories, with a rapid investment growth in high technology, environmentally friendly, less labor intensive and high added value sectors.

Dong Nai Province has attracted 1,551 investment projects worth almost US$33 billion from 43 nations and territories. The Republic of Korea, Chinese Taipei and Japan have become the biggest foreign investors in Dong Nai. According to Nguyen Thi Hoang, Vice Chair of the Dong Nai Province People's Committee, FDI inflows are crucial to the province's socioeconomic growth and contribute to the economic restructuring of the industrial sector.

Ba Ria-Vung Tau Province drew more than US$1.3 billion in FDI in 2022, bringing the total to over US$30 billion in 446 FDI projects, placing it fourth in the country in FDI attraction.

Green capital attraction

Many communities in the southeast are keen to attract green-oriented foreign direct investment in order to meet the demands of sustainable development. Ho Chi Minh City People's Committee Chair, Phan Van Mai, has stated that the city will prioritize industrial development based on high technology and a digital economy, with an emphasis on developing industries that have a high science and technology content. The city's export processing zones and industrial parks are undergoing a gradual transition toward high-tech industrial parks.

Notably, in March 2022, Binh Duong Province began development of the Vietnam- Singapore Industrial Park III (VSIP III) on an area of 1,000 hectares, with total capital of more than VND6.4 trillion to attract green FDI. Following the global trend, this industrial park was developed and funded with a focus on sustainability.

The trend of sustainable development, or green industry, is becoming clearer than ever in Vietnam. Vo Van Minh, Chair of the Binh Duong Province People's Committee, affirmed that the province is focusing on developing green industry and industry with high added value. Similarly, in order to be ready to welcome hoped-for green FDI investment, Dong Nai and Ba Ria-Vung Tau provinces are also changing policies to prioritize high-tech and sustainable projects.

High-quality foreign investment capital to green Vietnam’s economy is crucial given the growing interest of developed nation consumers not only in product design and quality, but also in eco-friendly goods. Therefore, the growth of green industries becomes an essential aspect in Vietnam's investment competition.

Thanh Minh    LINK

Some "Vietnam News" Posted by Henig at KTFA Thuesday 2-16-2023

KTFA: Vietnam:

Hanig:  Minister asks India to open market for farm produce

February, 16/2023 - 07:44

Việt Nam hopes India will speed up the opening of its market for Việt Namese farm produce and fresh fruit, Minister of Industry and Trade Nguyễn Hồng Diên proposed during his reception of Indian Ambassador to Việt Nam Sandeep Arya in Hà Nội on Tuesday.

HÀ NỘI — Việt Nam hopes India will speed up the opening of its market for farm produce and fresh fruit, Minister of Industry and Trade Nguyễn Hồng Diên proposed during his reception for Indian Ambassador to Việt Nam Sandeep Arya in Hà Nội on Tuesday.

Highlighting that Việt Nam is rich in tropical fruits, but only dragon fruit has reached the Indian market, Minister Diên asked for the Indian diplomat’s support in hastening the import licensing process for Vietnamese fruits, initially longan, pomelo, rambutan and durian, and then for others such as avocado, coconut, watermelon and strawberry.

The Vietnamese official raised concerns about India's policy measures in recent years, including those against peppercorn, cashew nuts and incense sticks of Việt Nam, underlining that the measures may hinder trade activities between the two sides.

He suggested that the Indian ambassador convey these concerns of Việt Nam in particular and ASEAN countries in general to relevant authorities, while seeking suitable solutions on the basis of regulations and commitments in a multilateral framework, ensuring the legitimate interests of all parties.

Diên hailed the role of the ambassador in promoting the partnership between the two countries, especially in trade, industry and energy. He expressed his hope that the diplomat will make greater contributions to the growth of the Việt Nam-India comprehensive strategic partnership in the time to come.

Both sides shared delight at the expanding bilateral economic, trade and investment cooperation over the years, with India becoming the largest investor and trade partner of Việt Nam in the South Asian region.

Two-way trade reached only US$15 billion in 2022, up 13.6 per cent year on year but accounting for only 2 per cent of the total trade of Việt Nam and the world, they noted.

They held that with the sound political and diplomatic relations, high cooperation potential and large international scale of both sides, there is still room for both sides to further promote their bilateral trade.

Diên asked for India’s close coordination in preventing the disruption of the supply and production chain in the region and the world.

The two sides should increase trade promotion programmes and activities to connect businesses of the two countries, the Vietnamese minister said.

For his part, Ambassador Sandeep Arya said that Việt Nam is the most important trade partner of India among the ASEAN countries, and the Vietnamese and Indian economies can supplement each other. Việt Nam is also India’s important partner within its Indo-Pacific Vision and Act East Policy, he said.

He spoke highly of the economic cooperation potential between the two countries, especially in renewable energy, oil and gas, information technology, digital economy and pharmaceuticals, which will lead to abundant collaboration opportunities between the two sides at present and in the future.

The diplomat agreed with measures to strengthen the bilateral economic and trade ties proposed by Diên, especially those on preventing the disruption of supply chains, strengthening trade promotion and expanding the trade of farm produce.

Regarding India's trade-restrictive policy measures, Ambassador Sandeep Arya pledged that he will discuss the issue with relevant Indian agencies to seek positive solutions.

As both sides are preparing for high-level visits in 2023, they should promptly deal with existing problems in bilateral economic and trade partnership, he underlined.

He agreed to organise the next meeting of the Việt Nam-India joint sub-committee on trade cooperation in New Delhi in the first half of 2023 before the organisation of the Việt Nam-India Joint Committee’s meeting and visits of leaders of the two countries this year.

— VNS   LINK

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Henig:  SBV to prioritise credit for production, business in HCM City

February, 16/2023 - 10:22

The State Bank of Việt Nam’s (SBV) HCM City branch will continue to prioritise credit for production and business, especially in priority sectors, to boost economic recovery.

HCM CITY — The State Bank of Việt Nam’s (SBV) HCM City branch will continue to prioritise credit for production and business, especially in priority sectors, to boost economic recovery.

Nguyễn Đức Lệnh, deputy director of the SBV’s HCM City branch, said the credit flow would be directed to priority sectors while credit quality would also be improved.

Priority fields include agriculture, rural areas, exports, small and medium-sized enterprises, supporting industries, high-tech enterprises, and others.

Credit institutions must also ensure stable liquidity, safe banking operations, and strictly control credit from potentially risky areas, according to Lệnh.

Credit growth in the city has focused on production and business to support economic recovery, accounting for 60-70 per cent of the total outstanding loans, said Lệnh.

Last December, the SBV lifted the credit growth target by 1.5-2 percentage points for 2022 from its earlier target of 14 per cent, allowing lenders to lend an additional VNĐ240 trillion (US$9.7 billion).

Interest rates remain high

Economist Lê Xuân Nghĩa, a member of the National Financial and Monetary Policy Advisory Council, said interest rates are still too high, despite the central bank calling on banks to cut lending rates to support enterprises.

Deposit interest rates at banks have surged to as much as 12 per cent per year, pushing lending interest rates up to 15-16 per cent a year, he said.

If the inflation rate is around 4 per cent, the savings interest rates should be around 6-7 per cent per year, he added.

Experts have predicted the deposit interest rate will remain high at least until June and that deposit rates would peak in the first half of 2023 with an increase of 1-1.5 percentage points.

Recently, the Việt Nam Banks Association called on commercial banks to keep deposit interest rates at 9.5 per cent or below to reduce lending interest rates.

Commercial banks started lowering deposit interest rates early this month and cut further last week, raising hope of a drop in lending rates.

SBV Governor Nguyễn Thị Hồng has constantly called on banks to cut operating costs and improve administrative procedures so as to reduce lending interest rates.

Expert Cấn Văn Lực said enterprises should look to other capital mobilisation channels instead of relying too much on bank loans.

— VNS    LINK

HenigL   VN-Index to increase by over 20 per cent this year: VinaCapital

February, 16/2023 - 09:43

The rally in Vietnamese stocks still has a long way to go, with the consensus expecting the VN-Index to increase by over 20 per cent this year, Michael Kokalari, chief economist at investment fund VinaCapital, has said in a recent report.

HCM CITY — The rally in Vietnamese stocks still has a long way to go, with the consensus expecting the VN-Index to increase by over 20 per cent this year, Michael Kokalari, chief economist at investment fund VinaCapital, has said in a recent report.

The index surged by 10.3 per cent in January, driven by an easing of concerns about the credit crunch and corporate bond market, which were the main reasons for a 33 per cent fall in 2022, and by a resurgence in foreign buying.

The 10 per cent increase outpaced the 4 per cent average in Asian emerging market peers (Thailand, Indonesia, Malaysia and Philippines) though admittedly the low-base effect was in play since the decline in Việt Nam’s stock market last year was much greater.

The biggest contributor to the increase was an average 15 per cent rise in the prices of bank shares, which accounted for nearly half of the index’s gains.

It was due in part to an easing of concerns that corporations (especially property developers) will face challenges rolling over or redeeming US$13 billion worth of maturing bonds this year, which could have created significant issues for banks, which hold nearly $10 billion worth of bonds.

“Notwithstanding all of the above, we also see some evidence that the rebound in bank share prices was also driven by a rotation out of the best performing stocks in 2022 and into the worst performing stocks,” Kokalari said.

Over half the stocks that drove the increase in January were among the 20 that pulled the index down the most last year, and those 20 contributed a third of the market’s increase, he said.

Foreign inflows rebounded in November-January, partly because the market’s valuation had reached its lowest level in nearly ten years, with a P/E ratio of below 10x. Foreign investors bought $1.3 billion of stocks in November-January, including $179 million in January alone.

The stock that foreigners bought the most in January was steel producer Hòa Phát Group (HPG). Foreigners are hopeful that China’s reopening would also lead to a revival of construction in that country and that Việt Nam’s Government would follow through on its ambitious plans to increase infrastructure spending by 50 per cent this year (to $30 billion), Kokalari said.

Finally, a modest decline in the value of the US dollar/DXY Index helped boost Asia emerging stock markets in January, another factor that helped drive the VN-Index higher, he added.

“We remain cautiously optimistic that the Vietnamese market will move higher in 2023, even after the strong start.

“We also believe that while many of the stocks that drove the market higher in January will be decent performers this year, much of this year’s performance will come from stocks that did not have a very strong January, and that select mid- and small-cap stocks will be very attractive the next 12 months.”

He said stock selection will continue to be important this year because 2023 will not be a simple beta rally. Active managers like VinaCapital have an opportunity to outperform the VNI and deliver a better risk-adjusted return, he said.

— VNS   LINK

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Henig:  Bình Dương Province attracts second most FDI in Việt Nam

February, 16/2023 - 09:23

Bình Dương Province as of the end of 2022 has attracted more than 4,082 foreign direct investment (FDI) projects with nearly US$40 billion of registered funds, ranking it among the top two provinces in the country in FDI attraction, just after HCM City.

BÌNH DƯƠNG — Bình Dương Province as of the end of 2022 has attracted more than 4,082 foreign direct investment (FDI) projects with nearly US$40 billion of registered funds, ranking it among the top two provinces in the country in FDI attraction, just after HCM City.

HCM City and Bình Dương were the leading localities in FDI attraction in 2022 with $3.94 billion and $3.14 billion, respectively.

According to the Ministry of Planning and Investment's (MPI) Foreign Investment Agency, the southeast region will continue to be the major FDI magnet of the country in 2023. This year, the country may lure about $36-38 billion in FDI.

Bình Dương has estimated its gross regional domestic product (GRDP) growth rate at 8.01 per cent and GRDP per capital at VNĐ170 million ($7,100), according to the provincial People’s Committee.

Bình Dương's total import and export turnover hit nearly $61.5 billion, of which, exports reached $35.7 billion, up 9 per cent year-on-year, resulting in a trade surplus of $10 billion. Total social investment capital reached over VNĐ154.5 trillion, up 12.9 per cent year-on-year.

Denmark was the biggest investor of Bình Dương with $1.32 billion, followed by the Netherlands with $609 million, and China at $258 million.

Preben Enef, general director of LEGO Vietnam Technology Co. Ltd. (Denmark), which is investing $1.3 billion in a toy factory in Bình Dương, appreciated the support from leaders of the province as well as ministries for the construction of the project.

The locality’s post-pandemic recovery and development efforts have also gained applause from the Republic of Korea Chamber of Commerce (KOCHAM) office in Bình Dương and the European Chamber of Commerce (EUROCHAM) in Việt Nam.

In recent years, Bình Dương has spent large amount of money to improve road infrastructure to enhance transport connectivity with HCM City and nearby provinces, develop concentrated industrial zones and attract workers from provinces and cities around the country.

Early this year, Secretary of the Bình Dương Party's Committee Nguyễn Văn Lợi directed departments and relevant units to speed up the construction and upgrade progress of National Highway 13 from six lanes to eight lanes to improve the connectivity of the province and HCM City.

National Highway 13 not only plays the role of the "backbone" traffic axis of the province's transport system, but is also an arterial route connecting HCM City to Bình Phước and the Central Highlands provinces.

The province also plans to expand and upgrade the Mỹ Phước - Tân Vạn expressway and provincial highways No. 743, 747B and 746, which will improve transport to Đồng Nai Province and HCM City.

The upgrade of Mỹ Phước - Tân Vạn expressway is one of the key projects because it connects urban areas and industrial parks, and opens up a freight corridor along the North - South backbone axis parallel to National Highway 13.

This will create favourable conditions for access to Cái Mép - Thị Vải Port in Bà Rịa-Vũng Tàu Province and the Long Thành International Airport in the future, according to the construction department.

The widening of major roads such as National Highway 13 and Mỹ Phước - Tân Vạn between concentrated industrial zones has eased travel to ports.

The province is always looking to develop transport infrastructure to help ship goods to other provinces and abroad.

It plans to further improve transport connectivity by developing waterways and, in the future, create a rail link to transport goods to ports in HCM City and Đồng Nai Province.

— VNS   LINK

KTFA Members "Thursday Iraq News" 2-16-2023

KTFA:

Clare:  Al-Sudani leaves Iraq for Germany

2/16/2023

The Prime Minister, Muhammad Shia' al-Sudani, left Iraq today, Thursday, heading to Germany, at the head of a high-ranking government delegation, to participate in the 59th Munich Security Conference.

The President of the Kurdistan Region of Iraq, Nechirvan Barzani, is also scheduled to participate in the Munich Security Conference, which will be held on the 17-19 of February.

According to information obtained by Shafaq News Agency, the President of Kurdistan Region, Nechirvan Barzani, will participate in the fifty-ninth Munich Security Conference, which will be held from February 17 to 19, with the participation of 45 presidents and prime ministers to discuss global political and security issues, and 100 defense and foreign ministers will also participate in the conference. And internal to various countries of the world, as well as dozens of leaders, prominent global personalities, security and terrorism experts.

The President of the region, Nechirvan Barzani, the French President, the Secretary of NATO, the President of the European Union, and a large American delegation that mostly includes members of Congress, in addition to a Ukrainian delegation and many international delegations, organizations and global strategic and political centers, will participate.

Both Iran and Russia will not participate in the conference, according to conference chairman Christoph Heusgen, who stated that Russia has no place in the conference because it has been proven to have committed war crimes in Ukraine, adding that Iran will also not participate in the conference this time for violating human rights principles, and a number of people will participate instead. opposition figures.    LINK

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Henig:   Parliamentarian calls for speeding up the adoption of the oil and gas law: it will regulate the relationship between Baghdad and Erbil

 3 hours ago

A member of the House of Representatives, Mohammed Saadoun Al-Sudani, on Wednesday, called for the need to speed up the adoption of the oil and gas law, and while stressing that the law will regulate the relationship between Baghdad and Erbil, he indicated that Kurdistan is required to abide by the decisions of the Federal Court.

Al-Sudani said in a press interview seen by Taqadum that "the issue of oil and gas is one of the most prominent outstanding problems between Baghdad and Erbil, as a result, everyone must resort to the decisions of the Federal Court."

He added that "the judiciary has proven more than once the unconstitutionality of the sale and export of oil by the region without returning to the federal government."

"The oil and gas law assumes speeding up its legislation in order to solve this problem," the member of the House of Representatives said, calling on the regional government to "abide by the decisions of the federation and the constitution, which stand at the same distance from everyone."

"The oil and gas law will regulate the relationship between the region and the center and will put the dots over the letters," al-Sudani said.   LINK

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Clare:  Q&A: Iraqi Foreign Minister Discusses US Ties, Currency Issues, Iran Policy
February 15, 2023

WASHINGTON — 

Iraqi Foreign Minister Fuad Hussein is visiting Washington this week to discuss with U.S. officials the country’s faltering currency and a new money-tracking program aimed at cracking down on money laundering.

In an interview with VOA’s Kurdish Service, Hussein discussed his country’s strategic relations with the United States, the presence of foreign troops in Iraq, and Iran's influence in the country, among other issues.

Hussein said his team discussed the sharp decline of Iraq’s currency against the U.S. dollar, an issue that has been tied to Iranian money laundering.

"The Central Bank of Iraq has taken a number of measures that appear in this regard, and I think the currency rate is slowly stabilizing,” he said.

Hussein, who previously served as minister of finance, said a system has been set up in which the United States and Iraq can monitor where money goes.

"Under the new system, it will be more difficult for dollars to move without the knowledge of the Iraqi government and the U.S. Treasury," he said, adding that “a mechanism has been put in place to regulate the outflow of dollars” from Iraq.

U.S. officials recently met with Iraqi officials in what they called an attempt to discuss “reforms” in Iraq’s banking sector and “a mutual commitment to anti-money laundering and countering the financing of terrorism.”

Brian E. Nelson, undersecretary of the U.S. Treasury for terrorism and financial intelligence, met with Central Bank of Iraq Governor Ali al-Allaq in Istanbul earlier this month.

In a statement, the Treasury Department said Nelson praised Iraq’s “steadfast dedication” to improving its compliance with international standards “and offered continued cooperation in modernizing the banking sector.”

Following a meeting last week with Hussein, U.S. Secretary of State Antony Blinken vowed to work with Iraqi officials “to strengthen Iraq’s economy, its integration, reintegration in the region in ways that make a material difference in the lives of the Iraqi people.”

This interview has been edited for clarity and brevity.

VOA: One of the main purposes of your visit to Washington is discussing the rate of the Iraqi dinar against the dollar. Have you reached any conclusions?

Fuad Hussein, Iraq's foreign minister: Our main reason for coming here is to strengthen ties, especially in the fields of finance and economy, and one of these issues is related to the currency. I think the discussions we had with the U.S. Treasury and the Federal Reserve have reached a good conclusion. The Central Bank of Iraq has taken a number of measures that appear to have support, and I think the currency issue is slowly stabilizing.

VOA: One of the concerns of the United States is that dollars do not go from Iraq to the countries in the region, especially Iran. What steps has the Iraqi government taken to prevent this money from going to Iran?

Hussein: Iraqi society buys everything from abroad, from agricultural materials to food and medicines, and industrial goods. If you look at Iraq's trade or its trade balance with other countries, you will see that everything comes from abroad. The Iraqi market and the Iraqi government spend a lot of dollars on this. So, the dollar going abroad is fine if it is related to trade. And in fact, most of this is related to trade. However, there was no mechanism on how the dollar would be issued from the central bank, who would receive it from the Iraqi market and how it would go abroad. Now, a mechanism has been established to regulate the movement of the dollar. This mechanism slowly controls the outflow of dollars through smuggling or for other purposes.

VOA: With Iran's obvious influence in Iraq, can this method prevent dollars from entering Iran through Iraq?

Hussein: We have not come to say that the dollar should not enter this country or that. We have come here to regulate the situation of the dollar in the Iraqi market. When it is regulated in the Iraqi market, this means that dealing with the U.S. dollar will be normal. Some of the dollars that went to some countries in the past were actually our problem — a problem related to the system in Iraq. But with this new system, it will be more difficult for dollars to go elsewhere without the knowledge of the Iraqi government and U.S. Treasury. With this system of the central bank, the entire U.S. Treasury and the Federal Reserve are allowed to monitor it.

VOA: Did the Americans make demands of you, or did you make any demands of them?

Hussein: We met many officials of this country. They discussed many issues, ranging from politics and the economy to oil, gas, electricity and the investment of U.S. companies in Iraq. They had some comments about their Iraqi policy, and we have reached an agreement on most of the issues that were raised. They support us, and we understand some areas of their policy. In the currency field, there is a good understanding by the Americans of the policy pursued by the Central Bank of Iraq.

VOA: What are some of the other issues that you have not agreed on?

Hussein: We have not come here to agree on everything. They have their own policies. For example, they have their own policy towards Russia, and they have their own policy towards Iran. For us, Iran is a neighboring country, and we treat it differently. This is a reality.

VOA: Baghdad and Washington have a strategic partnership. But some Iraqi factions have been demanding that foreign troops withdraw from Iraq. Does that include U.S. forces?

Hussein: U.S. forces that are still in Iraq obviously need to stay there for Iraq’s security and military interests. But let me make something clear: These are not combat forces. Based on a mutual agreement, these American troops advise and train the Iraqi army and the [Kurdish] peshmerga forces. They have also been helping us with intelligence sharing, especially with regards to ISIS [Islamic State] terrorists.

This story originated in VOA’s Kurdish Service.   LINK

Henig:  Integrity announces the execution of an arrest warrant against defendants who embezzled 3.5 billion dinars

WEDNESDAY,15-02-2023,PM 10:54

The Integrity Commission announced on Wednesday the execution of an arrest warrant against defendants who embezzled about 3.5 billion dinars.

The authority said in a statement that "the operation, which was carried out under a judicial warrant, was able to implement a team from the Commission's Investigation Directorate in Baghdad to execute the arrest warrant issued against a treasurer in the Industrial Bank, and an employee in the State Real Estate Department, for embezzling an amount of (3,428,000,000) billion Iraqi dinars."

She explained that "the defendants embezzled the amount under (33) instruments written by the Industrial Bank for the order of the State Real Estate Department," noting that "the instruments are related to a public auction related to real estate belonging to the Ministry of Finance, where the team was able to seize the instruments after the treasurer admitted that he submitted - in agreement with the representative of the State Real Estate Department - to issue the absence of need for the instruments;

In its statement, Al-Nazaha noted "organizing a fundamental report of the operation, and presenting it with the defendants and the seized exhibits to the judge of the Rusafa Investigation Court, which is competent to consider integrity cases, who decided to arrest them in accordance with the provisions of Article 315 of the Iraqi Penal Code, and after believing the statements of the defendants, arrest warrants were issued against other defendants."  LINK

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Henig:   Integrity: Seven years in prison for the assistant manager of Rafidain Bank branch in Khalidiya

3 hours ago

The Federal Integrity Commission announced the issuance of an adversarial verdict against the assistant manager of the Rafidain Bank branch in Khalidiya, sentencing seven years in prison for harming public funds.

The Investigations Department of the Commission, while talking about the case investigated by the Commission's Investigation Directorate in Baghdad and referred it to the judiciary, reported that the Rusafa Criminal Court, which is competent to hear integrity cases, issued an adversarial sentence sentencing a seven-year prison sentence against the former assistant manager of the Rafidain Bank branch in Khalidiya, "credit officer", against the background of issuing (6) letters of guarantee in the amount of (3,411,000,000) billion dinars, without following the required mechanism when issuing letters of guarantee.

She went on to explain that the details of the case indicate that the defendant issued (6) forged letters of guarantee in collusion with the former branch manager, at the request of two trading and general contracting companies Ltd., for the benefit of a company affiliated with the Ministry of Industry and Minerals merged with the State Company for Copper and Mechanical Industries, indicating that the issuance of letters of guarantee was without following the required mechanism when issuing them, which is to take commissions and insurances, while taking sufficient guarantees to cover the amount of the guarantee.

The Chamber pointed out that the court, after reviewing the evidence obtained in the case, represented by the statements of the legal representative of the bank who requested the complaint against the defendant and the minutes of the administrative investigation, reached sufficient conviction of her negligence, and issued a verdict against her, based on the provisions of Article (340) of the Iraqi Penal Code.

On the twenty-second of last January, the Authority announced the issuance of a decision to sentence (in attendance) by the Rusafa Criminal Court, to imprisonment for a period of (15) years and a fine of (10) million US dollars on the assistant director of Rafidain Bank / Khalidiya branch, as a result of transferring, transferring and legitimizing the proceeds of the embezzlement crime that it carried out from the bank's funds.   LINK

Wednesday Night KTFA CC "CBI is Determined!!" 2-15-2023

KTFA

Wednesday Night Conference Call

Frank26:  2-15-23…..CBI IS DETERMINED !!!

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=Jyp8uL6g0BY