Vietnam, Hungary to deepen partnership with cooperation plan
HANOI: Vietnam and Hungary have agreed to advance their comprehensive partnership through several cooperation plan, Vietnamese Prime Minister Pham Minh Chinh and Hungarian President Tamas Sulyok announced during their official talks here on Thursday (May 29).
The Vietnam News Agency reported that the cooperation plan includes enhancing political trust through high-level exchanges and coordination at multilateral forums, boosting trade and investment ties with a target of US$2 billion in two-way trade, expanding development projects using Hungarian concessional loans, and promoting education, labour, and collaboration in nuclear energy, pharmaceuticals, and climate response.
The leaders also agreed to strengthen people-to-people exchanges and cultural cooperation, particularly by organising joint activities in 2025 to mark the 75th anniversary of diplomatic relations, the report added. - Xinhua
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BusinessToday
an hour ago
- BusinessToday
Vietnam Govt Goes On Cost-Cutting Measures, Asks Public To Be Thrifty
General Secretary of the Communist Party of Vietnam Central Committee To Lam has called on the public to promote a culture of thrift in daily life as part of the nation's broader efforts to combat wastefulness, Vietnam News Agency reported. In an article published on Sunday, he proposed the establishment of an annual national thrift day to further encourage and institutionalize this practice across society. As an example of effective cost-cutting, the Party chief highlighted the ongoing restructuring of the government apparatus, which began in late 2024. This includes the merger of provinces, the dissolution of certain district-level administrative units and the consolidation of commune-level units. These reforms are projected to save the State budget more than 20 trillion Vietnamese dong (770 million U.S. dollars) annually during the 2025-2030 period, with savings expected to exceed 30 trillion dong (1.2 billion dollars) per year from 2030 onward, he wrote. Related
The Star
an hour ago
- The Star
Chinese listing spree sparks revival hopes in Hong Kong stocks
HONG KONG: A wave of listings by Chinese companies is expected to reinvigorate trading activity in Hong Kong, with optimism growing that a robust pipeline of debuts will drive the broader stock market higher. First-time share sales in Hong Kong have raised HK$77bil this year through May, the most for the period since 2021, buoyed by a blockbuster offering by battery giant Contemporary Amperex Technology Co (CATL). The boom looks set to continue as companies that represent China's industrial ambitions and rising technological capabilities – such chipmaker Will Semiconductor Co and luxury carmaker Seres Group Co – prepare to debut on the Hong Kong exchange. While there is yet to be a meaningful pickup in turnover, the listings are a welcome development for a market that had been bogged down in recent years by low liquidity and a dearth of prominent new entrants to attract global capital. The Hang Seng Index remains 25% below its 2021 peak despite a 16% gain this year. 'The fundraising rush will be a boon for liquidity and finally make Hong Kong 'China's Nasdaq,' more so than any of the onshore growth boards, given the quality of the listings,' said Chen Da, founder of Dante Research. The arrival of high-profile Chinese companies, and the trading activity that brings, may revitalise stocks that had fallen into obscurity due to low turnover in the broader market, he said. Hong Kong has long been a gateway for global investors seeking exposure to mainland Chinese companies, which currently make up 70% of the Hang Seng Index's weighting. While this role has also left the city's stocks vulnerable to China-US tensions, strong performance by recent entrants shows investors believe the rewards of owning a slice of China's new-economy stocks outweigh the risks of volatility. Share prices for bubble tea makers Mixue Group and Guming Holdings Ltd, and toy manufacturer Bloks Group Ltd., have more than doubled since their Hong Kong debuts this year. The offerings are 'fundamentally reshaping the DNA of the market, representing a strategic upgrade for the city's market,' said Yang Ruyi, fund manager at Shanghai Prospect Investment Management Co. 'Hong Kong is rebranding from merely a China offshore market into a globally- watched benchmark pricing the new economy.' Tech stocks and those embodying new consumption trends could make up 50% of the weightings of the exchange's constituents in the coming years, she expected. To some market watchers, the burst of activity is evoking memories of the initial public offering (IPO) boom in the early 2000s that laid the groundwork for a near-300% rally in the Hang Seng Index over the four years through 2007. Zeng Wenkai, a fund manager at Shengqi Asset Management, draws parallels to the momentum that followed Tencent Holdings Ltd's 2004 debut, and sees valuations increasing by 20% across the board over the next year. In another potential boost, fast-fashion retailer Shein Group Ltd is considering switching its planned IPO to Hong Kong from London. The bullish sentiment is evident in the gains in Hong Kong Exchanges & Clearing Ltd, whose stock has rallied 36% this year. IPO proceeds could reach HK$160bil – this year and put Hong Kong back at the top perch globally, according to estimates by CGS International. Bing Yuan, a fund manager at Edmond de Rothschild Asset Management, said stellar listings by the likes of CATL and Jiangsu Hengrui Pharmaceuticals Co suggest companies with global footprints and strong governance standards tend to attract more interest from international investors. Despite the budding optimism, a meaningful boost to liquidity and a shift in global funds' perception of Hong Kong as an attractive destination may take time to materialise. There is also the risk of new listings diverting demand away from existing stocks and somewhat offsetting the boost to the broader market. There's little doubt though that a broader revaluation is underway. The Hang Seng Index is among Asia's best performers this year, thanks to an earlier rally driven by DeepSeek's artificial intelligence breakthrough and Beijing's economic support. The Hong Kong benchmark now trades at 10.3 times forward earnings estimates, above a three-year average ratio at around nine. 'The inclusion of H-share listings of A-share companies in major MSCI indexes could serve as a meaningful catalyst for both passive and active capital flows into Hong Kong,' said Gary Tan, portfolio manager at Allspring Global Investments. 'This is particularly significant for sectors such as tech and consumer, which remain underrepresented in Hong Kong relative to their growing importance in China's economic future.' — Bloomberg
New Straits Times
2 hours ago
- New Straits Times
Dubai's MBS Global eyes Johor for tech, finance investment expansion
KUALA LUMPUR: Dubai-based MBS Global Holdings, which manages over US$14 billion in assets worldwide, has expressed strong interest in positioning Johor as its next strategic investment hub in Southeast Asia. Johor Menteri Besar Datuk Onn Hafiz Ghazi said the state government held a high-level meeting with MBS Global on May 29, in Kuala Lumpur, where the firm outlined its investment appetite in key sectors such as digital technology, Islamic digital banking, green innovation and real estate. "MBS Global's interest is a strong signal of Johor's rising profile among global institutional investors. We view this as a potential catalyst for high-impact investments that can generate quality jobs and spur inclusive economic growth," he said. The firm is no stranger to ambitious ventures. Its recent US$8.8 billion investment to develop a blockchain-based financial hub in the Maldives is projected to create over 16,000 jobs by 2030. Onn Hafiz said Johor's appeal has been further strengthened by the Johor-Singapore Special Economic Zone (JS-SEZ) initiatives, which offer cross-border advantages and regional market access to international players. "The Johor government is committed to turning investment into real benefits for the people, not just in figures, but in the form of job creation, technology transfer and sustainable economic development," he said. MBS Global Holdings' potential entry aligns with Johor's strategy to attract future-driven industries and long-term capital. It is also in line with the state's economic blueprint.
