The adjustment of socio-economic targets is a big and unprecedented issue, because the targets set in the NA’s Resolution are concretised from the Resolution of the Party Central Committee. On the basis of the Government’s proposal, the decision on the adjustment of growth targets will be made by the competent levels, with the current political and legal bases taken into account. According to economic experts, the adjustment of GDP growth target and relevant macro targets in accordance with the new developments in the domestic and international socio-economic situations will create favourable conditions for the Government in its management work, towards realising the dual goal of successfully combating the pandemic and reviving the economy after the disease. … [Read more...] about BUSINESS NEWS HEADLINES MAY 30
Non cash payments to employees
- Prime Minister Nguyen Xuan Phuc stated last week that the government would provide some VND300 trillion ($13 billion) as a relief measure in financing for businesses hit hard by the COVID-19 pandemic, while ensuring sufficient capital to prop up the economy. PM Phuc reaffirmed that the Vietnamese government would put best effort to contain the virus and create preferential conditions for enterprises being alive. Previously, State Bank of Vietnam’s Deputy Governor Dao Minh Tu asked 20 banks to offer a minimum of 2-per-cent lending rate reduction to cushion cash-strapped businesses. … [Read more...] about Consumers risk higher defaults amid lending sector fluctuation
The Hanoi Department of Labor, War Invalids and Social Affairs has requested district People's Committees to screen 1.477 million employees eligible to receive the aids, of them 840,000 are people without labor contracts and have lost their jobs. Currently, the districts keep identifying the beneficiaries in accordance with the process and procedures. … [Read more...] about Latest Coronavirus News in Vietnam & Southeast Asia May 29
The Standard Chartered Bank reports that the increase in the basic interest rate is a good signal for the VND, but there are still some negative movements in the monetary flow. The balance of payment in the short term may continue to put pressure on the exchange rate between the VND and USD as the foreign direct investment (FDI) inflows are on the decline. Moreover, overseas remittance cannot help settle the country’s trade deficit. … [Read more...] about Increase basic interest rate – a good therapy for national economy
Bochmann: COVID-19 has completely halted tourism activities, not only in Vietnam but pretty much the whole world. I don’t think that people outside the tourism industry completely understand how big the disruption is and how many people this affects. It’s not just hospitality workers in hotels and travel/tour operators (which number in the thousands), but also the families that rely on them to fill their rice bowls at home. For every hotel worker, travel/tour operator, there are also about four merchants, suppliers, farmers, shop owners, and drivers that rely on tourists to come to Vietnam and holiday or conduct business meetings, conferences, and exhibitions. … [Read more...] about How should Vietnam prepare for post-pandemic tourism recovery?