Hanoi (VNS/VNA) - Fitch Solutions have revised up its 2020 real GDP growth forecast for Vietnam slightly to 3 percent, from 2.8 percent previously. Vietnam’s real GDP was reported to grow by 0.4 percent year-on-year (y-o-y) in the second quarter of this year, its weakest since the series began in 2000, mainly due to a sharp slowdown in manufacturing growth and a contraction in services. “Given that Vietnam appears to have contained the COVID-19 outbreak domestically, we expect manufacturing and services growth to stage a recovery over the second half of 2020,” the ratings agency said in a report released on July 1. That said, the extent of recovery in manufacturing will be capped by weak external demand in a global recession, while a controlled reopening of borders only to ‘foreign experts, high-level workers and investors’, according to the Prime Minister on June 25, will continue to hamper a recovery in tourism-related services such as retail, … [Read more...] about Fitch Solutions revises up Vietnam’s 2020 GDP growth
The proposal on resuming trade relations with 17 economies, important partners which make up 90 percent of foreign investment, 80 percent of international trade and 80 percent of travelers to Vietnam, has been made by the HCM City Party Committee Secretary Nguyen Thien Nhan. … [Read more...] about How should Vietnam reopen to other economies after COVID-19?
Jakarta (VNA) – Indonesia’s retail sales index shrank by 20.6 percent in May, the biggest reduction since 2008, mostly due to plunging clothes sales and cultural and recreational spending, according to a survey by the Bank Indonesia (BI). The contraction was deeper than the 16.9 percent recorded in April, following the introduction of large-scale social restrictions (PSBB) in April and May to curb the spread of COVID-19. The central bank projected the drop to slow to 14.4 percent in June thanks to higher sales of food and beverage, as well as vehicle fuels, as the country gradually reopened its economy. According to the survey, spending on clothes and recreational services in May fell by 74 percent and 53.7 percent on year, respectively. The Indonesian government expects full-year growth to reach only 1 percent under a baseline scenario or to contract 0.4 percent under a worst-case scenario. Indonesia recorded its lowest GDP growth in 19 years in the first quarter at … [Read more...] about Indonesia’s retail sales plunge to lowest point since 2008
A National Assembly delegation inspects plans for an irrigation system in Ben Tre Province. — Photo www.sggp.org.vn A National Assembly delegation headed by Vice Chairman Phung Quoc Hien last week met with province authorities to discuss water security, and drought and saltwater prevention, and went on a field trip to see the Kenh Lap Reservoir and Kenh Lap Water Treatment Plant in Ba Tri District and Ba Lai Dam in Binh Dai and Ba Tri. … [Read more...] about Ben Tre seeks $10.7m for building reservoirs as water shortage looms
A National Assembly delegation headed by Vice Chairman Phùng Quốc Hiển last week met with province authorities to discuss water security, and drought and saltwater prevention, and went on a field trip to see the Kênh Lấp Reservoir and Kênh Lấp Water Treatment Plant in Ba Tri District and Ba Lai Dam in Bình Đại and Ba Tri. … [Read more...] about Bến Tre seeks $10.7m for building reservoirs as water shortage looms