Singapore’s digital economy thriving
Singapore’s digital economy accounted for 17.7% of the island state's GDP in 2023, up from 17.3% in the previous year, according to its Infocomm Media Development Authority (IMDA).
The IMDA reported on Tuesday that the value of Singapore's digital economy is made up of the added value of the information and communications sector, and value-added figures from digitalisation across the rest of the economy.
Singapore's digital economy grew at a compound annual growth rate of 11.2% from 2018 to 2023, almost doubling the nominal GDP growth rate over the same period, the IMDA noted.
Demand for high-quality human resources in the technology field continued to increase last year despite companies being more cautious in hiring.
The digital economy also promoted tech job growth, with the number of jobs rising by 3.4% year-on-year to 208,300 in 2023.
- Read More
Viettel, UAE’s Presight to boost Applied AI, digital transformation in Vietnam
Vietnam’s Viettel AI and the UAE’s Presight have agreed to jointly advance the development of Applied AI and digital transformation initiatives in Vietnam.
Companies - Wed, October 30, 2024 | 8:30 pm GMT+7
Vietnam utility EVN to build $277 mln transmission line to import power from China
State utility Vietnam Electricity (EVN) has got the go head to build the VND7,010 billion ($277.2 million), 500 kV Lao Cai-Vinh Yen line for transmission in the northwestern region and to import power from China.
Energy - Wed, October 30, 2024 | 8:09 pm GMT+7
Jack Ma-invested fund unloads Vietnam holdings worth $130 mln in Q3
China’s Tianhong Vietnam Market Stock Initiated Securities Investment Fund (QDII) saw outflows of around RMB930 million ($130.4 million) in the July-September quarter.
Finance - Wed, October 30, 2024 | 4:53 pm GMT+7
Private lender HDBank reports strong profit growth in 9 months
Ho Chi Minh City-based private creditor HDBank's pre-tax profit surged 47% year-on-year to VND12.65 trillion ($499.6 million) in the first nine months of this year.
Banking - Wed, October 30, 2024 | 4:42 pm GMT+7
Real estate M&As gather pace as local firms struggle with capital insufficiency, restructuring: experts
2024 is considered a vibrant year for mergers and acquisitions (M&A) in Vietnam’s real estate sector, as domestic property companies still face challenges related to capital and restructuring, according to experts.
Real Estate - Wed, October 30, 2024 | 4:14 pm GMT+7
Vietnam conglomerate Vingroup, UAE partner seek to build $3.5 bln data center
Vietnam’s leading conglomerate Vingroup and the Middle East-focused Benya Technologies will jointly explore opportunities to invest in a $3.5 billion data center in Vietnam.
Industries - Wed, October 30, 2024 | 3:43 pm GMT+7
Commonwealth Bank of Australia further sells 10% stake in Vietnam bank VIB
The Commonwealth Bank of Australia (CBA) has sold a further 10% stake in Vietnam International Commercial Joint Stock Bank (VIB).
Banking - Wed, October 30, 2024 | 1:17 pm GMT+7
Saudi Aramco seeks to invest in Vietnam, partner with Petrovietnam
State-owned Saudi Arabian Oil Group (Aramco), the world’s largest oil producer, is eyeing to invest in petrochemical-oil refining and petroleum distribution in Vietnam, said president and CEO Amin Hassan Nasser.
Energy - Wed, October 30, 2024 | 11:01 am GMT+7
Emirates seeks to expand presence in Vietnam
Emirates, the flagship carrier of the UAE, has signed two separate memorandums of understanding (MoUs) with Vietnam Airlines and Vietjet as part of the airline's efforts to expand its footprint in Vietnam.
Companies - Wed, October 30, 2024 | 10:02 am GMT+7
Brightening outlook for Vietnam steelmakers with real estate recovery, infrastructure development: analysts
While Q3 results among Vietnam’s steelmakers are a mixed bag of gradual recovery and continued losses, there are several factors pointing to a brighter outlook for the industry, analysts say.
Industries - Wed, October 30, 2024 | 8:00 am GMT+7
Former National Assembly General Secretary faces disciplinary action
The Party Central Committee’s Inspection Commission has proposed competent authorities take disciplinary action against Bui Van Cuong, who stepped down last week as the National Assembly’s General Secretary.
Politics - Tue, October 29, 2024 | 11:10 pm GMT+7
Indonesia aims to become Southeast Asia's EV production hub
Indonesia is actively seeking to boost investment in a bid to establish itself as a center for electric vehicle (EV) and battery production in Southeast Asia.
Southeast Asia - Tue, October 29, 2024 | 10:38 pm GMT+7
Singapore trials autonomous vehicles on public roads for cargo transportation
Singapore’s FairPrice Group (FPG) recently announced that it has become the first organization in the country to receive approval from the Land Transport Authority (LTA) for the final stages of trials to use autonomous vehicles (AVs) on public roads for cargo transportation.
Southeast Asia - Tue, October 29, 2024 | 10:37 pm GMT+7
Malaysia promotes green energy transition
The Malaysian Government has increased the National Energy Transition Facility Fund allocation to over RM300 million ($60.80 million) in the 2025 budget from only RM100 million this year.
Southeast Asia - Tue, October 29, 2024 | 10:35 pm GMT+7
Singapore spends $270 mln on AI infrastructure, human resources
Singapore’s National Research Foundation (NRF) will allocate $270 million to the National Supercomputing Centre (NSCC) in the next three years to train specialists and develop next-gen supercomputers in order to boost AI through supercomputing talent and infrastructure.
Southeast Asia - Tue, October 29, 2024 | 10:34 pm GMT+7
Vietnam gov’t removes curbs on retail investors in private bond offerings
The Vietnamese government has dropped initially drafted restrictions on retail investors of corporate bonds via private placements in a move to beef up the local stock market after recent financial scandals.
Finance - Tue, October 29, 2024 | 10:16 pm GMT+7