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| Illustrative Image (Photo: VNA) |
Nguyen Duc Lenh, deputy director of the branch, said the city always has favourable policy incentives that attract remittances, including tax and fee exemptions for recipients, and the availability of increasingly convenient methods for money transfer.
Besides, in the six first months of this year, domestic exchange rate and inflation remained stable in the context that many countries are still facing high inflation rates which significantly contributed to attracting the flows of the money to the country.
The amount of remittances from Asia and Africa has grown significantly over the same period last year, in which the money sent from Asia accounted for the highest proportion in the country, reaching 47% of the total to the city, up 14.4% compared to the previous quarter.
In order to continue to attract and maximise the utilisation of remittances, the city is developing a strategy to attract and promote resources in the city, striving to achieve a growth rate of the money transferred to the city of least 10% per year in the period until 2030.
According to a report by the World Bank and the Global Knowledge Partnership on Migration and Development (KNOMAD), Vietnam was among the top 10 countries receiving remittances in 2022.
Remittances to Vietnam increased by nearly 5% to 19 billion USD last year and are expected to rise by 3.6-4.5% this year.
Binh Duong to host Vietnam International Culture and Character Week 2023
Vietnam International Culture and Character Week, the first of its kind, is scheduled to take place at World Trade Center Binh Duong New City EXPO (WTC EXPO) in the southern province of Binh Duong from September 14 to September 17, reported the Voice of Vietnam.
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| Le Van Thai, deputy director of Binh Duong province’s Department of Culture, Sports and Tourism, speaks at the event. |
At a press conference held on July 19, Le Van Thai, deputy director of Binh Duong province’s Department of Culture, Sports and Tourism, said participants would be updated on modern educational trends and entertainment technology during the course of the event.
The function is jointly organized by the Korea Creative Content Agency (KOCCA) and the World Trade Center Binh Duong New City (WTC Binh Duong New City).
It aims to demonstrate the strategic relationship between Vietnam and the Republic of Korea (RoK), thereby promoting the creative service industry in Binh Duong province.
More than 120 booths of 60 Korean businesses, Vietnam, and other countries will exhibit products in the fields of education and entertainment.
Furthermore, the Vietnam - Korea Copyright and Iconic Characters Festival 2023 will be held as part of the event, with a contest held to design iconic characters. This will be a platform for young Vietnamese people to show creativity, whilst at the same time helping Korean and Vietnamese businesses to understand the uses of symbolic characters.
The winners during the event will go on to participate in furthermore trade promotion activities, Thai shared.
In addition, Learn & Play Festival 2023 is expected to attract about 10,000 children. They will participate in numerous activities with attractive gifts, helping children explore the world around them.
A wide range of activities will be launched, including a business connection programme, a Kpop contest, an iconic character parade, and cosplay shows.
Vietnamese goods to better penetrate UK market
When the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has the UK as a new member, more cooperation opportunities will open up for Vietnam and the European country, Vietnam News Agency quoted information from insiders saying that.
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| Illustrative image (Photo: VNA) |
With the signing of the protocol on the UK’s accession to the CPTPP last weekend, the number of CPTPP member states has amounted to 12.
The UK's entry is expected to raise the bloc’s gross domestic product (GDP) to nearly 16% of the world’s total from 12%. The CPTPP will be an additional agreement alongside the Free Trade Agreement (FTAs) that the UK is having with most member countries.
According to experts, investment between the UK and CPTPP member states is expected to hike thanks to terms that limit barriers and encourage more internal investment.
As of June, the UK recorded 530 foreign-invested projects worth over 4.26 billion USD in Vietnam, ranking 15th among the 141 countries and territories investing in the country. Last year, the European nation invested in 53 new projects valued at 64.3 million USD in Vietnam.
After the UK-Vietnam FTA officially took effect on May 1, 2021, two-way trade rose to 6.84 billion USD last year, up 3.4% annually. Of the figure, 6.07 billion USD was Vietnam’s exports to the UK, up 5.2%, resulting in a trade surplus of around 5.3 billion USD, higher than 4.8 billion USD recorded in the previous year.
On the back of the CPTPP, the two countries are seeing ample opportunities to soon achieve the target of 10 billion USD in bilateral trade. The Vietnamese agro-aquatic products, including fruits and vegetables, coffee, cashew nut, are to benefit the most. Several export items to the UK, which have not been granted tax exemptions based on bilateral agreements, will enjoy more favourable taxes under the CPTPP.
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| Illustrative image (Photo: vneconomy.vn) |
Meanwhile, products such as whisky and automobiles, which are among the 99% of the UK’s current exports to CPTPP countries, will qualify for tax exemptions. At the same time, the UK is likely to export more agricultural products, pharmaceutical materials, advanced equipment and technology to Vietnam.
CEO of the UK-based TT Meridian Ltd Thai Tran said Vietnamese farm produce such as durian, pomelo and Cao Phong orange have gradually conquered the UK market.
According to him, the UK has high requirements as it not only pays attention to prices but also environmental, social and governance standards.
Czech Republic to recruit Vietnamese workers
The Czech Republic wants to attract foreign workers, including those from Vietnam and the Philippines, to address its labour shortages, the Voice of Vietnam quoted Czech Minister of Labour and Social Affairs Marian Jurecka saying that.
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| Vietnamese workers have been hailed overseas for their high qualifications, industriousness and good performance. (Illustrative image). |
The lack of labour forces limits the possibility of the Czech Republic’s economic growth, and if approximately 200,000 jobs are added, the State budget will get an additional CKZ40 billion, said Jurecka at a press briefing after the first meeting of the Government Committee for Strategic Investments in Prague on July 18.
According to the labour minister, the Government needs to bring qualified foreign workers to the Czech Republic to fill the vacancies.
“We need to efficiently, safely and quickly recruit people from countries that are close to us in terms of culture and values,” said Jurecka, referring to countries the Czech Republic has traditional cooperation with like Vietnam and the Philippines.
In early June, the Czech government planned to increase the quota for recruiting foreign workers. In its October 2022 plan, the Government granted quotas to four Czech embassies in Vietnam, Thailand, the Philippines and Indonesia to recruit foreign workers. The number of permits for the Czech Embassy in Hanoi was 200 under the Key and Scientific Personnel programme./.