Category: Business

The building of a regulatory sandbox for circular economy development in Vietnam was discussed at a forum held on June 12 by the Central Institute for Economic Management (CIEM) and the Programme for Sustainable Economic Development under the German Agency for International Cooperation (GIZ).

CIEM Director Tran Thi Hong Minh said the Prime Minister’s Decision 687/QD-TTg, issued in 2022, approving the plan on circular economy development in Vietnam is one of the country’s first important efforts to identify the road map, requirements, and orientations in this regard.

To soon develop a circular economy and benefit from it, it is particularly important to create momentum for businesses and investors to conduct digital transformation and invent circular economy models, especially in such potential sectors as agriculture, industry, energy, and construction material production, she noted.

Nguyen Anh Duong, head of the CIEM division for general studies, said a circular economy will provide an impetus for innovation and labour productivity improvement, which will help achieve economic prosperity, environmental sustainability, and social equality.

However, Vietnam is encountering considerable challenges, including natural resource depletion, environmental pollution, and climate change, which are becoming more complex amid the growing population, fast urbanisation and industrialisation, and slow transition.

Facing those challenges, the country needs to have a more serious view of sustainable development requirements, enhance its economy’s independence and self-reliance, and promote the resilience of supply chains. In particular, developing circular economy models is one of the important solutions and directions that many countries are adopting, Duong went on.

Minh said to give “vitality” to the policies on circular economy development, the traditional approach is necessary but insufficient, adding it is necessary to gain more momentum green recovery fostering efforts.

An important task in this regard is to build a decree on a regulatory sandbox for circular economy development. This decree is being drafted by the Ministry of Planning and Investment and will be submitted to the Government in the second quarter of 2023.

The early formation of a solid legal basis for circular economy development will also help implement relevant international cooperation commitments, she added.

With the facts pointed out and suggestions raised at the seminar, CIEM hoped to propose an effective regulatory sandbox and help complete the draft decree in the time ahead./.

Source: Vietnam News Agency

The retail prices of petrol remained unchanged while oil prices have been increased since 3 pm on June 12 in the latest price adjustment made by the Minister of Industry and Trade and the Ministry of Finance.

Accordingly, the price of RON-95 III stayed at 22,010 VND (0.94 USD) per litre, and E5 RON 92 is still priced at 20,870 VND per litre.

Meanwhile, the price of diesel oil increased by 80 VND to 18,020 VND per litre, kerosene price increased by 50 VND to 17,820 VND per litre while mazut price decreased by 170 VND to 14,710 VND per kg

At this price adjustment, the two ministries decided to extract 180-228 VND per litre from petrol prices and 200 VND from all kinds of oil for the petrol price stabilisation fund./.

Source: Vietnam News Agency

The Vietnam National Petroleum Group (Petrolimex) aims to achieve a pre-tax profit of over 3.2 trillion VND (139.1 million USD) this year, up 42% annually.

According to a document sent to the upcoming annual shareholders’ meeting 2023, Petrolimex set its revenue target at 190 trillion VND and the sales volume of petroleum products at 12.95 million cu.m, marking an annual decrease of 38% and 7%, respectively. It also plans to propose a dividend rate of 10% for this year.

Petrolimex said 2023 is considered a pivotal year in the implementation of its 2021-2025 production, trade and investment plan. However, the company continues its business operation while the global economic growth is predicted at about 2%, significantly lower than in 2022 and much lower than the pre-COVID-19 pandemic decade average.

Domestically, Vietnam’s GDP is projected to grow by some 6.5%, leading to potential increased consumption of petroleum products. However, the petroleum market is still forecast to face various risks.

To achieve the set targets, Petrolimex is focusing on a set of harmonious measures. Specifically, to ensure supply, it is following signed contracts with two domestic oil refineries, actively seeking sources for import at competitive prices and taxes, and building contingency plans in case domestic refineries fall into troubles.

Petrolimex will continue improving market forecasting, closely control sales activities, and make timely and concerted adjustments related to sourcing, logistics, inventory management, pricing strategies, and sales policies, in response to any unforeseen factors. The optimisation of cargo transportation routes from warehouses to petrol stations is also being pursued to improve its business efficiency. The calculation of targeted inventory days is being completed to ensure reasonable reserves and efficient resource allocation, thereby enhancing competitiveness.

With business support solutions, Petrolimex will closely follow petroleum trading mechanism according to Document 926/PLX-CSKD dated June 26, 2022. It will continue to enforce strict sales conditions for distributors to mitigate risks and losses. Petrolimex will develop a product strategy that ensures market coverage and effective business operations. Additionally, it will develop operational scenarios and sales strategies for potential uncertainties.

Petrolimex also focuses on developing a selective network of franchisees, expanding the network of petrol stations, especially along highways, main roads, provincial routes, and major cities. It keeps up with new directions in developing petrol stations according to new standards that are modern, convenient and able to enhance customer experience, such as the pilot model of truck service stations. Petrolimex conducts research and development to introduce feasible new services, and enhances the application of technology to optimise operational efficiency and commercial advantages at petrol stations./.

Source: Vietnam News Agency

The communication campaign of the Bangko Sentral ng Pilipinas (BSP) for the PHP1,000 polymer banknote was recognized recently by the International Association for Currency Affairs (IACA) at the 2023 Excellence in Currency Award in Mexico City. The campaign for the PHP1,000 polymer bill was named “Best New Currency Public Engagement Program,” the BSP said in a news release over the weekend. The award is conferred on institutions for exceptional initiatives designed to inform stakeholders about new banknotes or coins using multiple communication platforms, media, or formats. The BSP’s PHP1000 polymer banknote public engagement program edged out finalists from the Royal Canadian Mint and the Central Bank of Barbados. With the tagline ‘smarter, cleaner, and stronger,’ the BSP’s communication campaign highlights the advantages and benefits of polymer against paper banknotes. ‘Smarter’ because polymer banknotes can accommodate more sophisticated security features against counterfeiting; ‘cleaner’ because bacteria and viruses die faster on polymer due to its smoother surface; and ‘stronger’ because polymer lasts at least two to five times longer than paper banknotes, which also helps reduce printing costs over the long run. The central bank conducted stakeholder consultations and disseminated information via social media, webpages, press releases, roadshows, training sessions, and audiovisual presentations to generate public awareness and appreciation of the polymer banknote launched in April 2022. In 2022, the bill was chosen Banknote of the Year by the International Bank Note Society. The polymer banknote was likewise a finalist for IACA’s 2023 Best New Banknote or Banknote Series award, which was given to Bank Indonesia’s 2022 Rupiah Banknote Series.

Source: Philippines News Agency

Chair of the ASEAN Business Advisory Council (ASEAN-BAC) Arsjad Rasjid has said that the close partnership between ASEAN and Japan over the past 50 years will accelerate the strengthening of economic integration and the establishment of a free trade area, and enhance competitiveness in the global market.

In his statement on June 10, Arsjad stated that the ASEAN-Japan partnership will accelerate liberalisation and facilitate trade in goods, services, and investment in the region.

Japan remains a trusted dialogue partner of ASEAN, Arsjad said, adding that Japan, as an ASEAN strategic partner, will work together with ASEAN-BAC to create a stronger platform that supports Micro, Small, and Medium Enterprises (MSMEs) to innovate collectively through technology and adapt to dynamic changes.

Arsjad and the ASEAN-BAC delegation are in Tokyo as part of the Indonesian leadership roadshow for ASEAN-BAC in 2023. Previously, Arsjad also conducted roadshows in Malaysia, the Philippines, Singapore, Vietnam, Cambodia, Brunei, Myanmar, Laos, and the UK.

In addition to his meeting with Japanese Minister of Economy, Trade, and Industry Nishimura Yasutoshi, the ASEAN-BAC delegation is scheduled to engage in dialogues with business association leaders, including the Japan External Trade Organization (JETRO), SME Support Japan (SMRJ), Economic Research Institute for ASEAN and East Asia (ERIA), Japan Association of Corporate Executives (Keizai Doyukai), Japan Business Federation (Keidanren), ASEAN Japan Centre, MUFG Bank, Japan Chamber of Commerce (JCCI), Asia Zero Emission Community (AZEC), and PayPay./.

Source: Vietnam News Agency

Canada’s unemployment rate rose to 5.2 percent in May, marking a 0.2 percentage point increase from the previous month. This is the first uptick in nine months, as reported by the country’s statistical body on Friday. The country’s unemployment rate remained unchanged at 5 percent for five consecutive months, before recording in May the first increase since August 2022. The unemployment figure came higher than the market expectation of 5.1 percent. Overall employment was almost unchanged in May, with a decline of just 17,000, or 0.1 percent, Statistics Canada said in a statement. That figure also came against the market estimates of a 23,000 increase, after the North American economy added 41,000 jobs in April. “Employment growth has moderated in recent months and monthly increases averaged 33,000 from February to April. This followed strong employment gains totaling 326,000 from September 2022 to January 2023,” it added. The participation rate, which is the proportion of the population that is employed, was down 0.1 percentage point to 65.5 percent in May. Average hourly wages, annually, increased by 5.1 percent in May.

Source: Philippines News Agency