Economy

  An assembly line of home electronic appliances at LG Electronic Việt Nam in the port city of Hải Phòng. Experts say foreign organisations have urged the Vietnamese Government to make private firms central to the country’s economic development. — VNA/VNS Photo Lâm Khánh HÀ NỘI — The Vietnamese economy will grow faster if private companies thrive, but development should be sustained, transparent and secure, heard a meeting on Wednesday. The meeting, named Midterm Vietnam Business Forum 2019, was organised by the Ministry of Planning and Investment and the World Bank in Việt Nam. According to the European Chamber of Commerce in Việt Nam (EuroCham), Việt Nam is a very attractive destination for both domestic and foreign investors. Many European companies have chosen to come to Việt Nam and expanded their operation as much as they can. As global trade tensions have continued longer than expected, … [Read more...] about Business environment needs strong Gov’t actions: VBF 2019

    A view of Cái Rồng Port in Vân Đồn Economic Zone. The province's plan would allocate VNĐ2.4 trillion from the provincial budget during the 2019-25 period to develop the EZ's infrastructure.  Photo enternews.vn HÀ NỘI — The People’s Committee of northeastern Quảng Ninh Province has released a plan to implement Prime Minister Nguyễn Xuân Phúc’s conclusions on the development of Vân Đồn Economic Zone (EZ) that would require more than VNĐ8.35 trillion (US$357.2 million) to expand its infrastructure by 2030. The plan aims to make Vân Đồn an economic hub of Việt Nam and get the city listed as one of the best places to live in the Asia-Pacific region. The provincial budget will allocate VNĐ2.4 trillion in the 2019-25 period for investment into infrastructure. The province has proposed supplementing this with VNĐ2.1 trillion from the State … [Read more...] about Vân Đồn Economic Zone lays out $357.2 million development plan

  Việt Nam is confronting a rapidly ageing population, tepid productivity and sluggish investment growth which weigh on the country’s medium-term growth potential. — Photo petrotimes.vn HÀ NỘI – Việt Nam would have to push ahead with bold reforms in institutions, human resources, infrastructure and innovation for better quality growth in the next ten years, experts have said. The Government is shaping a socio-economic development strategy for 2021-30 and a development plan for 2021-25. The next ten-year plan will focus on quality growth, targeting fast but green and inclusive development, and building a modern and integrated market economy. At a workshop on sharing ideas and opinions on Việt Nam’s new development strategy on Friday, Ousmane Dione, the World Bank Country Director for Việt Nam, pointed out both risks and opportunities for the country in the next decade. He said the increasing … [Read more...] about Việt Nam to shape growth strategy for next decade

  January - April budget revenue was up nearly 14 per cent, running a surplus. — Photo vneconomy.vn HÀ NỘI – State budget revenue in the January-April period was estimated at VNĐ517.8 trillion (US$22 billion), equivalent to 36.7 per cent of the Government’s planned figure for the year and up 13.9 per cent over the same period last year, according to the latest report from the Ministry of Finance. Domestic revenue totalled VNĐ424.96 trillion, or 36.2 per cent of the year’s plan. Revenue from crude oil was estimated at VNĐ18.3 trillion, a drop of 2.2 per cent over the same period last year with oil prices averaging $65 per barrel, down more than five per cent. Revenue from imports and exports totalled VNĐ73.9 trillion, up 17.3 per cent. The Ministry of Finance said positive economic development from the end of 2018 helped businesses maintain their growth momentum, thus increasing tax collection. The … [Read more...] about State budget revenue in January to April period up 13.9 per cent

    A customer shop at Co.opmart supermarket in Hà Nội’s Nguyễn Trãi Street. — VNS Photo Trương Vị   HÀ NỘI – Việt Nam recorded a year-on-year rise of 2.71 per cent in consumer price index (CPI) in the first four months of this year, the General Statistics Office (GSO) announced on April 29, marking the lowest rate of increase seen in three years.   The CPI in April was 0.31 per cent higher than in the previous month and 1 per cent higher than in December 2018, representing growth of 2.93 per cent year on year. The CPI growth in April and the average growth in the first four months this year showed the stability of Việt Nam’s economy even as the world faced price fluctuations and petrol price increases, said head of the GSO’s Department of CPI Đỗ Thị Ngọc. In April, some goods and services showed low levels of price growth due to the State Bank of … [Read more...] about Four-month CPI growth lowest in three years: GSO

The growth rate of import-export turnover between the two countries increased with an average of more than 16 percent per year, whereas the growth rate of Vietnam’s goods export to the United States market grew sharply from US$ 14.24 billion in 2010 to US$ 47.53 billion in 2018, pushing trade balance in 2018 to reach a surplus of nearly US$34.8 billion, equaling to 73.2 percent of Vietnam's export value to the US market. According to the General Department of Vietnam Customs’ statistics, the total value of 10 largest Vietnamese commodity groups exported to the US market in 2018 reached US$ 40.58 billion, accounting for 85.4 percent of the total value of exports to the United States. Textiles and garments earned US$ 13.7 billion, footwear brought US$ 5.82 billion, cell-phones and components reached US$ 5.41 billion, wood and wood products gained US$ 3.9 billion.  There were nearly 7,200 Vietnamese enterprises exporting goods to this market in 2018, an increase of 7.6 … [Read more...] about Vietnam’s goods export to US increases sharply

Staples posting encouraging export turnover growth included machinery, equipment and parts, textiles and garments, telephones and components. The domestic sector experienced a positive turnover rise of 14 percent, accounting for 53.3 percent of the city’s total export value in two month period, the office said. The two-month performance was a good signal for the city’s economy in the context of the country witnessing an export turnover reduction of 1.3 percent in January compared to the same month last year, Director of the municipal Department of Industry and Trade Le Hong Thang told kinhtedothi.vn. However, Thang said it would not be easy for the capital to reach its target of raising export value by between 7.5 percent and 8 percent this year. The director attributed the situation to strong fluctuations in the global financial and monetary markets and a stretched trade war between the US and China. In order to achieve the export target and facilitate the … [Read more...] about Hanoi earns US$ 2.24 billion from exports in two months

At the working session, Vice Minister of the Agriculture and Rural Development Tran Thanh Nam and former Chinese Ambassador to Vietnam Hu Qianwen witnessed a signing ceremony of Memorandum of Understanding between the Vietnam Southern Food Corporation (Vinafood 2) and the Food Valley of China on exporting 70,000 tons of ordinary rice and 30,000 tons of glutinous rice to Chinese market. In addition to rice, export of Vietnamese fruits including durian, avocado and mango is highly appreciated by FVC. Representative of FVC said that Vietnamese enterprises would send information to FVC enterprises so that they could pay a visit to Vietnam to do research as well as instruct technical standards to facilitate export activities when China gives a green light to the product imports. Besides that, FVC will support the Vietnamese enterprises to improve science and technology in production as well as processing. BY THANH HAI- Translated by Huyen Huong Tags: Food Valley of China (FVC) … [Read more...] about Vietnam to export 100,000 tons of rice to China

Intermix’s leader Huynh Kim Chi said this is the first Intermix plant being built in the Mekong region with total investment capital of up to VND 800billion. The plant is expected to be completed in 2019 and put into operation in 2020. CONG PHIEN –Translated by T.Van Tags: ​The Mekong Delta province of Hau Giang People’s Committee has granted investment license to build the Intermix Mekong Plant for the Internix Joint Venture … [Read more...] about Hau Giang grants license to VND 800bln Intermix plant

Dai Phong has two hi-tech wheat flour production factories with total capacity of 2 tons of rice per day (equal to 123,000 tons of wheat flour per year). It has cooperated with Japan to set up Intermix Joint Venture. Representative from the association said through the working visit, the city’s enterprises worked with the company to become Dai Thanh’s distribution agents. T.HAI –Translated by K.L … [Read more...] about HCMC & Can Tho enterprises develop new distribution channel