Vietnam’s economy set to thrive with new dynamics Vietnam reaped notable achievements in 2018, with economic growth hitting a record high of 7.08%, putting Vietnam on the list of Asia’s fastest-growing economies. New economic dynamics are expected to drive Vietnam forward in 2019 and help it achieve its 5-year plan targets by 2020. Vietnam risks lagging behind in the next decade if it can’t maintain its annual growth of more than 7%. In the government’s recent meeting, Prime Minister Nguyen Xuan Phuc said Vietnam is determined to create more breakthroughs across all fields this year in order to fulfill the 5 year-plan and 10-year strategy. One of the government’s biggest challenges will be helping economic hubs like Ho Chi Minh City and Da Nang revive their growth. Associate Professor Dr. Nguyen Duy Khuong of Singapore’s Lee Kwan Yew School of Public Policy told VOV "It’s important for Vietnam to create a firmer foundation of international … [Read more...] about BUSINESS NEWS IN BRIEF 15/2
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Vietnam’s equity market to thrive in 2019
Analysts and securities firms are hoping Vietnamese shares will perform better in 2019, but there are still many challenges that will clearly weigh on market sentiment. (Photo: vnexpress.net) Hanoi (VNS/VNA) - Analysts and securities firms are hoping Vietnamese shares will perform better in 2019, but there are still many challenges that will clearly weigh on market sentiment. The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HOSE) finished last year at 892.54 points. Compared to 2017’s end, it has fallen total 9.31 percent. The benchmark index started soaring on January 22, 2016 at 522.24 points and it took the VN-Index more than two years to touch its all-time high of 1,204.33 points on April 9, 2018. In the first three months of the year, the VN-Index was one of the top three best-performing equity indices in the world. A similar pattern was also seen in the performance of the Hanoi Stock Exchange’s HNX Index, which hit its record high of 138.02 points on … [Read more...] about Vietnam’s equity market to thrive in 2019
Vietnam equity market to thrive in 2019
Analysts and securities firms are hoping Vietnamese shares will perform better in 2019, but there are still many challenges that will clearly weigh on market sentiment.– Photo vnexpress.net The benchmark VN-Index on the Ho Chi Minh Stock Exchange finished last year at 892.54 points. Compared to 2017’s end, it has fallen total 9.31 per cent. The benchmark index started soaring on January 22, 2016 at 522.24 points and it took the VN-Index more than two years to touch its all-time high of 1,204.33 points on April 9, 2018. In the first three months of the year, the VN-Index was one of the top three best-performing equity indices in the world. A similar pattern was also seen in the performance of the Ha Noi Stock Exchange’s HNX Index, which hit its record high of 138.02 points on April 6 after having gained substantially by 87 per cent since January 22, 2016. But in the last eight months, the two indices of the Vietnamese equity market have disappointed many investors … [Read more...] about Vietnam equity market to thrive in 2019
Viet Nam equity market to thrive in 2019
Analysts and securities firms are hoping Vietnamese shares will perform better in 2019, but there are still many challenges that will clearly weigh on market sentiment.– Photo vnexpress.net Analysts and securities firms are hoping Vietnamese shares will perform better in 2019, but there are still many challenges that will clearly weigh on market sentiment. The benchmark VN-Index on the Ho Chi Minh Stock Exchange finished last year at 892.54 points. Compared to 2017’s end, it has fallen total 9.31 per cent. The benchmark index started soaring on January 22, 2016 at 522.24 points and it took the VN-Index more than two years to touch its all-time high of 1,204.33 points on April 9, 2018. In the first three months of the year, the VN-Index was one of the top three best-performing equity indices in the world. A similar pattern was also seen in the performance of the Ha Noi Stock Exchange’s HNX Index, which hit its record high of 138.02 points on April 6 after having … [Read more...] about Viet Nam equity market to thrive in 2019
BUSINESS NEWS IN BRIEF 2/9
Agro-forestry-fishery exports generate 25.7 billion USD in 8 months The agro-forestry-fishery sector raked in 3.13 billion USD from exports in August, raising the total value in the first eight months of this year to 25.7 billion USD, up 7.3 percent year-on-year. According to the Ministry of Agriculture and Rural Development, the best performers in the period included rice, fruit and vegetables, key forestry products and seafood. Exports to major markets like the Association of Southeast Asian Nations (ASEAN), the Republic of Korea (RoK), China, the US and Japan increased significantly over the past eight months. The country exported about 4.4 million tonnes of rice worth 2.2 million USD between January-August, up 6.8 percent in volume and 22.1 percent in value from the same period last year. In August alone, 441,000 tonnes valued at 209 million USD was shipped abroad. China remained Vietnam’s largest rice importer, making up 24.7 percent of the market … [Read more...] about BUSINESS NEWS IN BRIEF 2/9
BUSINESS IN BRIEF 13/6
Da Nang sets economic goals towards 2030 The central city of Da Nang aims to have the GRDP growth of 9 – 11 percent and GRDP per capita ranging between 7,000 USD and 9,000 USD for 2018 – 2030. The goals were mentioned at a workshop held by the municipal People’s Committee on June 11 to discuss the city’s development by 2030 with a vision towards 2045. The workshop gathered urban planners, economists and policy makers both at home and abroad. These experts shared hands-on experience from a number of local and foreign cities to give leaders of Da Nang a broader view of the city’s advantages, competitiveness, capacity to expand urban spaces in tandem with development of public transport, and how to build policies and raise capital for infrastructure development and develop the city sustainably. To meet the achievements, Da Nang plans to achieve strong economic growth with breakthroughs by promoting Industry 4.0 and international integration; develop a … [Read more...] about BUSINESS IN BRIEF 13/6
BUSINESS IN BRIEF 30/3
Vietnam Airlines marks new step in Russian market The first flight using Boeing 787-9 Dreamliner aircraft of national flag carrier Vietnam Airlines arrived at Domodedovo airport in Moscow, Russia, on March 27 (local time). Speaking at the welcome ceremony, Chief Representative of Vietnam Airlines in Russia Le Thanh Dung said the airline is striving to meet demand of passengers in Russia, adding that the airlines will operate new routes linking Vietnam and Russia in the future. Meanwhile, Vietnamese Ambassador to Russia Ngo Duc Manh congratulated Vietnam Airlines on using Boeing 787-9 Dreamliner for the Hanoi-Moscow air route, contributing to the enhancement of the partnership between Vietnam and Russia, especially in tourism and people-to-people exchanges. Boeing 787-9 Dreamliner can carry up to 311 passengers and saves 20 percent of fuel compared to previous generations of aircraft. Vietnam Airlines was recognised as a 4-star airline for two consecutive years in 2016 and 2017 by the … [Read more...] about BUSINESS IN BRIEF 30/3
India rice rates gain as Bangladesh keeps up purchases, Vietnam ends flat run
Rice prices gained this week in India as Bangladesh continued to lap up the staple grain from its neighbour, while prospects of deals with the Philippines saw rates climb for the first time in three weeks in a relatively quiet Vietnamese market. In Vietnam, benchmark 5 percent broken rice rose to $400 a ton, free-on-board (FOB) Saigon, ending a three-week flat trend within the $390-$395 range, and boosted by prospects of deals with the Philippines, traders said. “Prices edged up on market talk that the Philippines would invite tenders to buy 250,000 tonnes at the end of January,” a trader in Ho Chi Minh City said. However, trading remained thin due to depleted stocks in the world’s third-largest rice exporter, while Vietnam’s major winter-spring crop would be ready only by the end of February, traders said. Vietnam plans to sell close to a 23 percent stake in the country’s main rice exporter Vinafood II through an initial public offering. Top exporter … [Read more...] about India rice rates gain as Bangladesh keeps up purchases, Vietnam ends flat run
India rice rates gain as Bangladesh keeps up purchases; Vietnam ends flat run
Rice prices gained this week in India as Bangladesh continued to lap up the staple grain from its neighbour, while prospects of deals with the Philippines saw rates climb for the first time in three weeks in a relatively quiet Vietnamese market. Top exporter India’s 5 percent broken parboiled rice prices rose by about $2 per tonne this week to $423-$427. Traders from Bangladesh are aggressively buying new-season crop since prices in Bangladesh are still elevated, said an exporter based in Kakinada in the southern state of Andhra Pradesh. India’s rice exports likely jumped 22 percent in 2017 to a record 12.3 million tonnes as Bangladesh ramped up purchases after flooding damaged its crops. As of the end of December, farmers in India had cultivated winter-sown rice on 1.88 million hectares, 44 percent higher than a year earlier. Prices were also higher in another major Asian exporter, Thailand, with the country’s benchmark 5 percent broken rice gaining to $395-$410, … [Read more...] about India rice rates gain as Bangladesh keeps up purchases; Vietnam ends flat run
BUSINESS IN BRIEF 9/1
Vingroup, T&T to develop urban railway projects in HanoiThe government of Hanoi City has proposed the Prime Minister allow Vingroup and T&T Group to develop three urban railway projects which the city plans to complete by 2025, Tuoi Tre newspaper reports.The two domestic investors will use their capital to make pre-feasibility studies for these projects.When the projects were announced, many investors expressed interest in Hanoi. However, only Vingroup and T&T Group have registered to take part.Both of them proposed implementing the projects in the build-transfer (BT) format. Particularly, Vingroup registered to build the 38.4-kilometer metro line No. 5 which connects Van Cao and Hoa Lac and metro line No. 2 from Tran Hung Dao to Thuong Dinh with a length of 5.9 kilometers. Meanwhile, T&T Group is keen on metro line No. 4 connecting Me Linh, Sai Dong and Lien Ha, and measuring 54 kilometers in length.The two investors said they would use their own finances to study the … [Read more...] about BUSINESS IN BRIEF 9/1