Based on such scenarios, the MIP is required to suggest specific measures to successfully achieve set targets, which should be reported to the government before June 20. While devising scenarios, regional and global economic situation, trade tension, fluctuation of oil prices should be taken into consideration, thus laying a foundation for the building of specific policies, he said. Prime Minister Nguyen Xuan Phuc at the meeting Ministers, government members, Chairs of municipal and provincial People’s Committees were urged to remove difficulties, cut administrative procedures to keep improving the business climate. Reiterating the need to curb inflation below 4 percent this year, he asked ministries, agencies and localities to closely track the market, especially farm produce and ensure the supply of key materials such as cement, iron and steel, and petrol. On speeding up public investment disbursement, he noted that those involved in not using capital in time … [Read more...] about PM asks for updating quarterly growth scenarios
Global markets update
High-quality products: Key to reaching out global market
Photo for illustration (Source: VNA) The event was jointly held by the Business Association of High-Quality Vietnamese Products and the Business Studies and Assistance Centre. Experts highlighted fundamental factors that Vietnamese firms should know to enter foreign markets and obtain sustainable development such as ensuring quality of products, developing brand names, and increasing value of materials. The adoption of innovation solutions in marketing and building geographical indications play a crucial role alike, they said. Executive Director of GS25 Retail Group of the Republic of Korea Ju Young Yun said Vietnam needs to ensure food safety and hygiene so that its products could be widely distributed in the foreign markets and meet the taste of customers. Additionally, businesses should build their own brand names by investing in design, label and origin of products, he said, adding this is the key to increasing the presence of made-in-Vietnam products in the global market. Le Viet … [Read more...] about High-quality products: Key to reaching out global market
Vietnam re-affirms resolve to fight IUU fishing at Seafood Expo Global
Representatives of the Ministry of Agriculture and Rural Development, VASEP and the Vietnamese Embassy in Belgium hold a press conference at the Seafood Expo Global on April 25 to update on Vietnam's efforts to fight IUU fishing (Photo: VNA) Brussels (VNA) – Vietnam’s resolve to fight illegal, unreported and unregulated (IUU) fishing has been reiterated by the country’s representatives at a press conference on April 25 at the Seafood Expo Global in Brussels, Belgium. The April 25 event aimed to update the press and European seafood importers on measures Vietnam is taking to combat IUU fishing, a problem on which the European Commission (EC) issued a yellow card warning to Vietnam last September. Nguyen Thi Trang Nhung, Deputy Director of the Department of Science, Technology and International Cooperation under the Ministry of Agriculture and Rural Development, said Vietnam has obtained positive outcomes in the issue. The most important outcome is the Law on … [Read more...] about Vietnam re-affirms resolve to fight IUU fishing at Seafood Expo Global
1,000 CEOs: sharing marketing strategy
Sharing their marketing strategies as well as their stories of success and failure in trading, the large-scale enterprises at 1,000 CEOs inspired small and medium-sized enterprises (SMEs), especially startups. Industry leading experts shared their thoughts on marketing strategy at the 1,000 CEOs meeting Their stories were shared by numerous CEOs at the 1,000 CEOs meeting organised by PDCA Training Consultant Co., Ltd. in collaboration with CEO K35 Group JSC in Hanoi on April 15. Being organised for the second time, the 1,000 CEOs event continued to open opportunities to connect with partners in the same sector, as well as suppliers. The trading environment has changed comprehensively, thus, enterprises also need to change, update the marketing strategy to suit with trend. The highlight of this event was that CEOs had the opportunity to listen to Stefan Reicherstorfer, former chief of marketing officer (CMO) of Unilever Global and current CMO of Tan Hiep Phat Beverage … [Read more...] about 1,000 CEOs: sharing marketing strategy
Government News 30/3 (Hourly Updated)
Parliamentary groups asked to foster Vietnam-Romania ties Vice Chairman of the National Assembly Uong Chu Luu receives Chairman of the Romania-Vietnam Friendship Parliamentary Group Simion Lucian-Eduard in Hanoi on March 29. Vice Chairman of the National Assembly Uong Chu Luu has said that friendship parliamentary groups of Vietnam and Romania should maintain meetings and increase the exchange of information and experiences, thus fostering economic, trade and investment ties between the two nations. Luu made the statement while receiving a delegation of the Romania-Vietnam Friendship Parliamentary Group led by its Chairman Simion Lucian-Eduard in Hanoi on March 29. Luu reiterated that Vietnam always wants to consolidate and develop the friendship and multifaceted cooperation with Romania. Vietnam appreciated Romania’s support for Vietnam’s past struggle for national independence and reunification as well as the current process of national construction and … [Read more...] about Government News 30/3 (Hourly Updated)
Vietnamese trade offices pave way to potential markets
(VEN) - Overseas Vietnamese trade offices have significantly contributed to paving the way for Vietnamese goods to potential discerning markets. Deputy Minister of Industry and Trade Tran Quoc Khanh praised their initiative in collecting updated information about the markets, as well as economic, trade and investment policies of foreign countries. Vietnamese trade counselors abroad met in Hanoi on February 7 Overcoming hurdles Australia is one of the markets that have seen impressive growth of Vietnamese exports. Nguyen Thi Hoang Thuy, Vietnamese Deputy Consul-General and Head of the Vietnamese Trade Office in Australia, said Australia is a market of great potential that applies no import quotas and its import taxes on most kinds of goods range from 0-5 percent. However, this market has strict requirements for imported goods, especially in terms of food safety and animal quarantine. “Despite difficulties, trade between Vietnam and Australia reached … [Read more...] about Vietnamese trade offices pave way to potential markets
Big global demand brings opportunities for Vietnam’s wood industry
Visitors to the Vietnam International Furniture and Home Accessories Fair 2018 that opened in HCM City on March 7 (Photo: VNA) HCM City (VNA) – Wood processing and export businesses of Vietnam hold many opportunities to expand market and increase export value in the time ahead, experts said at a workshop in Ho Chi Minh City on March 7. Huynh Van Hanh, Vice Chairman of the Handicraft and Wood Industry Association of HCM City, said there is huge room for the wood processing and export sector of Vietnam to develop in the years to come. Aside from the strong growth of the domestic property market, the global demand for furniture wood and the trade of wood items this year are predicted to rise by 3.5 percent and 4 percent, respectively. Helmut Merkel, Editor-in-chief of German magazine MOBELMARKT, said the wood consumption demand is increasing, focusing on products with design and colour close to nature. The demand for wood kitchen utensils is also big, accounting for 28 … [Read more...] about Big global demand brings opportunities for Vietnam’s wood industry
IMF raises global growth forecast
(Photo: rte.ie) The global economy is now expected to grow 3.9% this year and next, two-tenths higher than predicted in October. However, in an update of its World Economic Outlook, the IMF added that US growth will likely start to weaken after 2022 as temporary spending incentives brought about by the tax cuts begin to expire. The tax cuts will likely widen the current US deficit, strengthen the US dollar, and affect international investment flows, said IMF chief economist Maurice Obstfeld. The IMF said global economies are recovering simultaneously and at a stronger pace, and will get at least a short-term boost from the US tax cuts. Nearly all the forecasts for 2018 and 2019 were revised upward compared to the previous estimate. However, the IMF warns that exuberant financial markets could be due for a reversal. … [Read more...] about IMF raises global growth forecast
Vietnam to soon qualify for emerging market status
Updated at Saturday, 30 Dec 2017, 12:46 The Hanoitimes - The Vietnam Stock Index increased 46.9 percent year-to-date as investors bought into the country`s rapidly-growing economy. The country is technically still classified as a frontier market by MSCI, but has been working on improving accessibility to foreign investors as it tries to get an upgrade to emerging market status. Besides encouraging local companies to publish updates in English, the government has also moved to privatize state-owned firms. A majority stake in Sabeco, Vietnam's largest brewer, auctioned off earlier this month was won by a unit of Thai Beverage. Vietnam is expected to qualify for emerging market status. "The sale of some state-owned enterprises should help lower Vietnam's rising national debt and also attract significant foreign direct investment," Chetan Sehgal, director of global emerging markets and small cap strategies at Templeton Emerging Markets Group said. "At this stage, Vietnam … [Read more...] about Vietnam to soon qualify for emerging market status
A successful year of Vietnam in global economic integration
Updated at Friday, 29 Dec 2017, 16:22 The Hanoitimes - 2017 marks a successful year of Vietnam’s economy integrating in global economy. According to the Doing Business Report 2018 – Reforming to Create Jobs released by the World Bank, Vietnam was ranked 68th out of 190 economies, up 14 places compared to the previous year in 2017 (ranks 82 out of 190 economies). Vietnam has been a decisive factor in many free trade agreements. Vietnam economy is among countries improving the most across three or more Doing Business topics in 2016/2017, implemented regulatory reforms making it easier to do business. Specifically, Vietnam has improved 8 out of 10 performance indicators with 39 reforms in recent 15 years. In the Doing Business Report 2017, Vietnam is placed at 82nd out of 190 economies with score of 63.83, up 9 places compared to 2016. This year Vietnam’s rank is in the fifth among ASEAN countries, after Singapore (2nd rank globally), Malaysia … [Read more...] about A successful year of Vietnam in global economic integration