Want to be in the loop?
subscribe to
our notification
Business News
SAIGON TO SUPPORT 600,000 PEOPLE LOSING JOBS TO COVID-19 WITH MONTHLY ALLOWANCE
HCMC authorities have pledged to use half the money earmarked for a pay raise for civil servants to support people losing jobs.
The Covid-19 epidemic has forced around 600,000 people in the city to stop working, Party Secretary Nguyen Thien Nhan said at a meeting on Thursday.
The city would pay each of them an allowance of VND1 million ($43) a month from the money allocated for the wage raise, he said.
"In this difficult time everyone should live more simply to not spread the disease to others and live more frugally to help other people."
It is not known yet if the promised salary hike will be deferred or rescinded.
Since being granted more financial autonomy by the National Assembly in 2017, Saigon has been spending parts of its revenues on increasing the salaries of its 130,000 officials and civil servants. Last year it spent about VND7.2 trillion.
Nhan called on the administration to work with businesses to determine if they should suspend operations "except for the food industry which must maintain production."
A decision for the transport sector would be made later after careful consideration since there is still travel demand from the public, he said.
The number of Covid-19 cases in Vietnam has gone up to 153, including 40 in HCMC. Another 8,852 people in the city are still at quarantine centers and 1,227 are isolated at home.
The pandemic has killed more than 24,000 people globally after spreading to 199 countries and territories.
Source: Vnexpress
Related News
![Card image cap](/uploads/Logo/Cathay%20%281%29.jpg)
EXPLORE HONG KONG WITH A COMPANION
From now until 19 August 2024, you can enjoy our exclusive Fly 2 Hong Kong offer on round-trip Economy flights from USD364^ for 2 persons, sponsored by Hong Kong International Airport. Bring along a travel buddy and experience together the excitement and charm of our vibrant home city.
![Card image cap](/uploads/news/Factory%201.jpg)
BUSINESSES INCREASE WISHES FOR SPECIALISED INDUSTRIAL PARKS
Data centres, industrial parks (IPs) reserved for high-tech production, and parks serving Chinese, the United States, Taiwanese, or Japanese investors are gradually being formed to welcome new funding waves, according to Truong An Duong, general manager of North Vietnam and Residential at Frasers Property Vietnam.
![Card image cap](/uploads/news/economic.jpg)
VIETNAM’S H1 ECONOMIC GROWTH QUITE IMPRESSIVE: ADB COUNTRY DIRECTOR
Country Director of the Asian Development Bank (ADB) for Vietnam Shantanu Chakraborty has expressed his impression of the Southeast Asian nation’s economic growth of 6.4 per cent in the first half of this year. The growth was mainly driven by strong trade recovery, where export grew by 14.5 per cent and import by 17 per cent over last year, he told the Vietnam News Agency. However, he said, the domestic segment remained sluggish.
![Card image cap](/uploads/news/Infrastructure13.jpg)
REAL ESTATE FIRMS AGGRESSIVELY RESTRUCTURING BOND DEBT
From the start of 2024 to July 5, the market saw 133 private placements and ten bond public offerings, totalling over VNĐ140 trillion. 65.6 per cent of this value was from the banking sector, while real estate bonds accounted for only 24.6 per cent, or over VNĐ34.5 trillion.
![Card image cap](/uploads/news/Eco2.jpg)
GOV’T UNVEILS ACTION PLAN TO ACCELERATE INDUSTRIALISATION
Vietnam aspires to become among the top three industrial powerhouses in ASEAN, with the industrial sector contributing over 40 per cent to GDP. The manufacturing and processing sector is expected to account for around 30 per cent of GDP, with a strong emphasis on high-tech products aiming for over 45 per cent of the sector's value. To further drive the economy, the service sector is projected to contribute over 50 per cent to GDP, with tourism alone generating 14-15 per cent.
![Card image cap](/uploads/news/Investment6.jpg)
VIETNAM ONE OF FASTEST-GROWING E-COMMERCE MARKETS IN SOUTHEAST ASIA
The report released on July 16 highlighted that the total GMV of Southeast Asia’s eight leading e-commerce platforms rose to $114.6 billion in 2023, up 15 per cent from 2022. The key drivers for the region's e-commerce GMV expansion in 2023 are Vietnam and Thailand, growing 52.9 per cent and 34.1 per cent on-year, respectively.