• Skip to main content

Search

Just another WordPress site

Economy

Hanoi seeks to develop night economy

July 3, 2022 by vietnamlife.tuoitrenews.vn Leave a Comment

With the recent inauguration of many pedestrian streets, themed spaces, and night tours, authorities in Hanoi hope to give the city’s night economy a major boost.

Every evening at about 7:00 pm, Hanoi’s Old Quarter begins to bustle with tourists rushing between shops, food stalls, and entertainment venues.

The Old Quarter’s evening rush holds such a footing in Hanoian culture that nicknames have even been given to certain areas.

The intersection of Ta Hien and Luong Ngoc Quyen Streets, for example, is affectionately called ‘International Intersection’ while Ta Hien Street is known as ‘Beer Street,’ Gam Cau Street is known as ‘BBQ Street,’ To Lich street is called ‘Mixed Fruit Street,’ and Tong Duy Tan Street is dubbed ‘Food Street.’

Weekends in the Old Quarter are especially busy, with groups of tourists and locals gathering in the area for entertainment and food, art performance venues, and karaoke parlors.

The pedestrian street around Hoan Kiem Lake has also been a major contributor to the economic development of the area.

In the first three years since its launch in 2016, the number of international visitors to Hoan Kiem rose 13-22.8 percent each year, and the number of stores offering tourism services in the vicinity jumped by 594.

Hoan Kiem pedestrian street is busy on the weekends. Photo: Nam Tran / Tuoi Tre

Hoan Kiem Pedestrian Street is busy on the weekend. Photo: Nam Tran / Tuoi Tre

In 2022, the city opened two additional pedestrian spaces, Trinh Cong Son Street, which was reopened after nearly two years of closures due to COVID-19, and Son Tay Old Fortress in Son Tay Town.

According to Nguyen Dang Thao, director of the management board of Duong Lam Ancient Village-Son Tay Old Fortress, the ancient fortress welcomes about 10,000 visitors on normal days and up to 15,000 visitors on weekends and holidays.

Other popular night tourism products in Hanoi include the tour ‘Decoding Thang Long Imperial Citadel’ by the Thang Long – Hanoi Heritage Conservation Center, ‘Sacred Night – Glorious Vietnamese Spirit and Sacred Night 2: Live like Flowers’ at the Hoa Lo Prison relic site, and an art show named the Quintessence of Tonkin by the Tuan Chau – Quoc Oai tourism area.

Son Tay Old Fortress has four main gates. The gate in the south, called Tien, features a flagpole made of laterite. Photo: Ha Thanh / Tuoi Tre

Son Tay Old Fortress has four main gates. The gate in the south, called Tien, features a flagpole made of laterite. Photo: Ha Thanh / Tuoi Tre

Boosting Hanoi’s night economy

Hanoi is currently drawing up a pilot plan to develop the night economy in Hoan Kiem District.

The plan is expected to focus primarily on cultural, entertainment, culinary, shopping, healthcare, tourism, transport, finance, and banking services.

As per the plan, six spaces have been designated as the driving forces of the city’s night economy development, including the pedestrian space around Hoan Kiem Lake and the adjacent areas; pedestrian spaces in the Old Quarter; the Phung Hung – Gam Cau culture, service, and trade space; the Tong Duy Tan – Cam Chi night-time pedestrian and food street; and the area from Hang Khay – Trang Tien Streets to the Hanoi Opera House, which is expected be turned into a promenade in association with a shopping center.

In addition, the city plans to establish additional pedestrian spaces, including the Dao Ngoc-Ngu Xa food street in Ba Dinh District, a pedestrian street around Ngoc Khanh Lake in Ba Dinh District, a pedestrian space near Thien Quang Lake in Hai Ba Trung District, and a pedestrian street in a new urban area in the south of Ring Road No. 3 – Bitexco in Hoang Mai District.

The capital city also seeks to develop pedestrian spaces in the Bac An Khanh – Splendora Urban Area in Hoai Duc District and around the Temple of Literature in Dong Da District.

These spaces, when in place, are expected to attract a large number of visitors and contribute to the development of trade and services in surrounding areas.

Dang Huong Giang, director of the municipal Department of Tourism, said despite no specific policies to boost the nigh-time economy, the sector has become a vital part of the city’s socioeconomic development.

Night-time economic activities should be developed in areas with high potential for service, trade, and tourism development.

Hanoi should enhance the planning of spaces for night-time economic activities, such as night markets, areas for the exhibition of products of traditional craft villages, and markets for handicraft, Giang added.

She proposed that specific regulations on night-time economic activities, such as operation times, venues and eligible products, as well as measures to handle violations, should be worked out.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Filed Under: Vietnamese Culture Vietnam Life - Hanoi seeks to develop night economy, TTNTAG, seek development, developed definition economy, developed economies and developing economies, developed in economy, how immigrants contribute to developing countries’ economies, technological and economic development of economy, hanoi how many nights, how small business are helping in developing countries economy, hide and seek 5 nights at freddy's, emerging markets developing economies and advanced economies

Malaysia Digital shows country’s readiness to be at forefront of digital economy, says Annuar

July 3, 2022 by www.thestar.com.my Leave a Comment

KUALA LUMPUR: Malaysia Digital initiative, to be launched by Prime Minister Datuk Seri Ismail Sabri Yaakob on Monday (July 4), is a clear signal to the world that Malaysia is ready to put the country at the forefront of the digital economy.

Communications and Multimedia Minister, Tan Sri Annuar Musa (pic), said that countries which took the opportunity to make adjustments, in terms of mechanisms and capabilities, to face the new digital economy ecosystem after the Covid-19 pandemic would be at the forefront of global races and competitions.

“It is fitting for the Malaysian Digital Economy Corporation (MDEC) to focus not only on appreciation (to digital economy industry players), but also to focus further, with a new emphasis starting from now for the next 25 years.

“It is apt for us to launch the programme tomorrow; an initiative that symbolises our country’s commitment to address and master this new ecosystem,” he said when addressing the Malaysia Digital Industry Awards presentation ceremony, in conjunction with the MDEC Silver Jubilee celebration.

Malaysia Digital is an enhanced and revamped programme at the country’s leading digital economy agency, MDEC, succeeding MSC Malaysia, which has been in operation for 25 years.

Filed Under: Uncategorized Malaysia Digital, MDEC, Annuar Musa, Ismail Sabri Yaakob, Malaysia Digital Industry Awards, News, The Digital Economy Bill, digital economy, malaysia economy, digital readiness, Digital Economy Bill, ready stock clothes malaysia, The Digital Economy, digital economy act, digital economy forum, malaysia digital economy corporation

China’s digital economy more than quadruples in past decade

July 4, 2022 by www.thestar.com.my Leave a Comment

BEIJING, July 3 (Xinhua) — China’s digital economy logged rapid expansion in recent years, with its scale increasing from 11 trillion yuan (1.65 trillion U.S. dollars) in 2012 to over 45 trillion yuan in 2021, official data showed.

The proportion of the digital economy in China’s GDP rose from 21.6 percent to 39.8 percent in the period, according to the Ministry of Industry and Information Technology.

China has sped up digital infrastructure construction. By the end of May, the country had built the world’s largest and technologically advanced network facilities, covering prefecture-level cities with fiber-optic networks and having 1.7 million 5G base stations.

The country has also accelerated the integration of big data, cloud computing and artificial intelligence with such sectors as energy, medical care, transportation, education and agriculture.

In 2021, the value-added output of major electronic information manufacturers rose 15.7 percent year on year, hitting a record high in a decade, while the revenues of software and information technology services as well as internet and related services also registered double-digit growth, said the ministry.

Filed Under: Uncategorized NA, News, The Digital Economy Bill, digital economy, Digital Economy Bill, The Digital Economy, digital economy act, digital economy forum, Digital Economy and Society Index, Digital Economy news, malaysia digital economy corporation, digital economy comcast

Argentine president scrambles to replace economy chief after Guzman exit

July 3, 2022 by www.thestar.com.my Leave a Comment

BUENOS AIRES (Reuters) – Argentine President Alberto Fernandez held meetings and telephone calls on Sunday morning as he scrambled to find a new economy minister, official sources said, after the exit of ally Martin Guzman.

“No news,” a government spokesperson told Reuters on Sunday morning.

Guzman, 39, submitted his resignation late on Saturday amid rising tensions within the ruling Peronist coalition of how to handle economic crises that have been exacerbated by Russia’s invasion of Ukraine and sky-high inflation.

Fernandez has yet to publicly address the resignation of Guzman, a moderate who had served as economy minister since the president took office in late 2019 and was the driving force behind major debt restructurings.

Guzman was key to sealing a new $44 billion deal with the International Monetary Fund (IMF) this year to replace a failed 2018 program, as well as other major debt restructurings with local and international creditors.

Fernandez’s choice for Guzman’s successor will be an important signal for the direction his government will take on economic policy over a tightly controlled foreign exchange market, ongoing debt deals and trade. Argentina is a major export of soy, wheat and corn.

Guzman had come under fire from the militant wing of the ruling coalition around powerful Vice President Cristina Fernandez de Kirchner, which has been pushing for more state spending to support hard-hit Argentines.

He had been balancing that pressure with the need to cut a deep fiscal deficit, which had become tougher amid soaring energy import costs that have hit foreign currency reserves.

“We are facing a complex political crisis, deepened by the fight for power,” said Rosendo Fraga, a political analyst.

(Reporting by Jorge Otaola; Editing by Adam Jourdan)

Filed Under: Uncategorized NA, News, why president is commander in chief, president best economy, 8 chief roles of the president, economy under democratic vs republican presidents, economy under presidents, outspoken world bank chief economist romer exits, vice president replaced president, xi argentine president, president d'argentine, eu exit preparedness mhclg regional events for chief officers

What are the sanctions on Russia and are they hurting its economy?

June 27, 2022 by www.bbc.co.uk Leave a Comment

  • Published
    6 days ago

Share page

About sharing

Related Topics

  • Russia-Ukraine war

Russia is reported to have missed a deadline to make a debt payment, because of sanctions imposed on it.

Since Russia invaded Ukraine a wide range of measures have been announced, to limit its ability to pay for the war.

What are sanctions?

Sanctions are penalties imposed by one country on another, to stop it acting aggressively, or breaking international law.

They are among the toughest actions nations can take, short of going to war.

How is Russia being sanctioned?

Western countries have targeted wealthy individuals, banks, businesses and state-owned enterprises.

Financial measures

Russia is believed to have defaulted on a debt for the first time since 1998 , after missing a key deadline.

It has the money to make a $100m (£81m) payment, but sanctions made it impossible to do so.

It follows a series of measures taken against its financial institutions.

The US has barred Russia from making debt payments using the $600m it holds in US banks, making it harder for Russia to repay its international loans.

Russia’s central bank assets have been frozen, to stop it using the $630bn (£470bn) of reserves it has in foreign currencies.

Major Russian banks have been removed from the international financial messaging system Swift , which will delay payments to Russia for its oil and gas exports.

The UK has excluded key Russian banks from the UK financial system , frozen the assets of all Russian banks, barred Russian firms from borrowing money, and placed limits on deposits Russians can make at UK banks.

  • Russia’s economy buckles up for a bumpy ride

Oil and gas

Russia is thought to have earned nearly $100bn (£82.3bn) from oil and gas exports during the first 100 days of the war.

Sanctions targeting its exports have been announced:

  • The European Union (EU) says it will ban all imports of oil brought in by sea from Russia by the end of 2022
  • The US is banning all Russian oil and gas imports
  • The UK will phase out Russian oil imports by the end of 2022
  • Germany has frozen plans for the opening of a major gas pipeline from Russia
  • The EU said it will halt Russian coal imports by August

The EU is less keen to impose sanctions on Russian gas, because it relies on it for about 40% of its gas needs.

In March, it said it would reduce gas imports by two-thirds within a year, but has not agreed further action.

  • Can the world cope without Russian oil and gas?

Targeting individuals

The US, EU, UK and other countries have sanctioned more than 1,000 Russian individuals and businesses. These include wealthy business leaders – the so-called oligarchs – considered close to the Kremlin, including former Chelsea FC owner Roman Abramovich .

Superyachts linked to sanctioned Russians are also being targeted.

Russian government officials and family members have also been sanctioned. Assets belonging to President Putin and Foreign Minister Sergei Lavrov are being frozen in the US, EU, UK and Canada.

The UK has also stopped the sale of “golden visas” , which allowed wealthy Russians to get British residency rights.

What other sanctions have been imposed?

Other measures include:

  • A ban on the export of dual-use goods – items with both a civilian and military purpose, such as vehicle parts – by the UK, EU and US
  • A ban on all Russian flights from US, UK, EU and Canadian airspace
  • An import ban on Russian gold
  • A ban on the export of luxury goods to Russia
  • The UK has imposed a 35% tax on some imports , including vodka

Many international companies have either suspended trading in Russia, or withdrawn altogether. They include McDonalds, Coca-Cola, Starbucks , and Marks & Spencer .

Are the sanctions hurting Russia?

A deep recession is expected and Russia’s economy is expected to shrink by 10% in 2022.

Supermarket shelves in Moscow are still pretty full, BBC Russia editor Steve Rosenberg reports , although some imported items are no longer available.

A person shops at a supermarket in Moscow on April 6, 2022

Getty Images

Russia’s economy in numbers*

  • 17.1% Annual inflation in May

  • 8-9% Retail trade set to fall this year

  • 83.5% Car sales fall in May 2022

  • 7.8% Official forecast of fall in Russian GDP in 2022

  • 30% Unofficial forecast of GDP collapse by IIF

*Official sources: Akort; economy ministry; AEB; Rosstat

International sanctions would have caused economic collapse if they’d come out of nowhere, Chris Weafer of Macro Advisory in Moscow told the BBC. But because Russia has experienced sanctions since 2014, it has been able to make some adjustments.

How has Russia reacted?

Russia has banned exports of more than 200 products , including telecoms, medical, vehicle, agricultural, electrical equipment and timber.

It is blocking interest payments to foreign investors with government bonds, and banning Russian firms from paying overseas shareholders.

And it has stopped foreign investors who hold billions of dollars worth of Russian investments from selling them.

Related Topics

  • Russia-Ukraine war
  • International sanctions
  • Russia
  • Economic sanctions
  • Russia economy

Filed Under: Uncategorized Europe, why sanction russia, how to sanction russia, trump sanctions russia, overview us sanctions russia, exxon sanctions russia, counter sanctions russia, sanctions russia crimea, sanctions russia eu, sanctions russia ukraine, how sanctions affect russian economy

Copyright © 2022 Search. Power by Wordpress.
Home - About Us - Contact Us - Disclaimers - DMCA - Privacy Policy - Submit your story