A worker operates a yarn processing line at Best Pacific Vietnam Co. Ltd at the Vietnam-Singapore Industrial Park (VSIP) in the northern province of Hai Duong. (Source: VNA) Vietnam has now integrated more deeply into the global economy thanks to the strong development of its manufacturing sector, said economist Chidu Narayanan at Standard Chartered Bank. The country has one of the most open economies in Asia, with a trade-to-GDP ratio surging to 300 percent, so it heavily depends on global demand, he explained. … [Read more...] about Standard Chartered Bank: Vietnam’s 2020 economic growth to fall to 3.3 pct.
Economic growth of vietnam
However, similar to the second quarter, if the pandemic continues to plague the world, Vietnam’s economy could face even more hardships. Currently, the economy is open with heavy reliance on imports and exports, so obtaining high growth rates in the last quarters proves to be unrealisable unless the pandemic is successfully contained. … [Read more...] about Stronger actions needed for economic rebound
Minister of Agriculture and Rural Development Nguyen Xuan Cuong said that companies should carefully prepare to meet the EU requirements and avail of opportunities from the EVFTA. In the case of Trung An Hi-Tech Farming JSC, which is looking to increase rice exports to the EU, the ministry will provide further guidance about the potential seeds, production processes, and requirements. The ministry can even seek special mechanism for some exporters to help Vietnam fulfill the EVFTA requirements as well as ensure product quality. … [Read more...] about VIETNAM’S BUSINESS NEWS HEADLINES JULY 7
Hanoi asked to focus on 5G development, telecoms firms link up The Ministry of Information and Communications has asked the capital city of Ha Noi to invest in 5G ecosystem development and make the city a regional network security centre to help bring digital economic growth rate of the city to 30%. … [Read more...] about Vinsmart launches first Vietnamese-made 5G-enabled smartphone
“Local businesses are the primary engines of job creation, which drive the national economy. With the COVID-19 situation, IFC’s support will enable us to extend financial relief to our local clients,” IFC quoted Gary Tseng, CEO of Phu My Hung, as saying. … [Read more...] about IFC lends Ho Chi Minh City-based property firm $75mn to recover from COVID-19