Vietnam gains record trade surplusThe Saigon Times Daily A container vessel is loaded with cargo at Cai Mep Port in the southern province of Ba Ria-Vung Tau Province – PHOTO: LE ANH HCMC – Vietnam’s trade surplus in January-October reached an all-time high of US$7.2 billion, well above the full-year figure of US$2.1 billion for 2017, backed by the foreign direct investment (FDI) sector, according to the General Department of Vietnam Customs. Customs data shows that the total value of imports and exports as of late October amounted to roughly US$397 billion, of which the country exported goods worth more than US$202 billion, a 15.2% rise over the year-ago period. The FDI sector gained a staggering US$142.8 billion in export revenue, rising by 15% from a year earlier and accounting for nearly 71% of the country’s export value. In terms of markets, Vietnam gained a trade surplus with countries from the Americas and Europe while the country suffered a … [Read more...] about Vietnam gains record trade surplus
Rough trade records
Chinese Q3 growth hits nine-year low as debt, trade row drag
The reading will likely put pressure on Beijing to provide fresh support as investors grow increasingly concerned about the economic outlook, while the yuan and stock markets wallow at four-year lows. The world’s second largest economy expanded 6.5 percent on-year in July-September, National Bureau of Statistics figures showed, in line with an AFP survey but marking the worst performance since the start of 2009 at the height of the global financial crisis. It is also well down from the 6.8 percent and 6.7 percent in the previous two quarters but in line with Beijing’s target for the year. “Faced with an extremely complex environment abroad and the daunting task of reform and development at home,” China’s economic growth remained generally steady, said NBS spokesman Mao Shengyong. China is in the midst of a increasingly bitter trade row with the United States with both sides exchanging tariffs on billions of dollars worth of goods, fanning fears … [Read more...] about Chinese Q3 growth hits nine-year low as debt, trade row drag
Amazon delivers record quarterly profit
Amazon has reported record quarterly profits helped by a rise in online sales and demand for its cloud services. Profits hit a record $2.53bn (£1.9bn) in the three months to the end of June - about 12 times more than it made during the same period last year. Sales rose by 39% to $52.89bn, slightly less than analysts had been forecasting. Amazon's shares jumped more than 3% in after-hours trade. "It was a strong quarter," said chief financial officer Brian Olsavsky. "What I attribute it to is continued strength in some of our most profitable areas." At the firm's lucrative cloud services division, Amazon Web Services, sales were up nearly 50% year-on-year to $6.1bn. Amazon is also starting to attract more money from advertising. Revenue from the firm's "other" category, which includes advertising, more than doubled to about $2.2bn. Retail sales in North America were healthy as well, rising about 44% to almost $32.2bn. Recruitment slowed in the quarter. Amazon is also starting to … [Read more...] about Amazon delivers record quarterly profit
Tesla unveils Shanghai factory plans amid US China trade row
The Shanghai deal marks the biggest overseas foray yet for Tesla, which is looking to expand into global markets AFP/WANG ZHAO Musk said the plant, which has been in the works for a year, would eventually have an annual production capacity of 500,000 cars, and he hoped it would be "completed very soon." The announcement of the new Tesla venture comes as US companies face pressure from US President Donald Trump to keep manufacturing jobs at home, and as Beijing and Washington spar over terms of a trade in a fight that only last weekend significantly hiked the price of imported Teslas sold in China. Analysts noted that the announcement included no details about how much the plant would cost or how it would be financed. China already is the world's biggest electric car market and is expected to grow further due in part to favorable government policies for the environmentally-friendly vehicles. "Shanghai will be the location for the first Gigafactory outside the United States," Musk … [Read more...] about Tesla unveils Shanghai factory plans amid US China trade row
President’s visit to Japan expected to lift two-way trade
President Tran Dai Quang and his spouse at Haneda airport, Tokyo (Source: VNA) Hanoi (VNA) – President Tran Dai Quang’s State visit to Japan from May 29 – June 2 is expected to breath new life into bilateral trade in the near future. Since the establishment of the extensive strategic partnership for peace and prosperity in Asia in March 2014, Vietnam – Japan ties have thrived. According to the Ministry of Industry and Trade (MoIT), Vietnam’s exports to Japan hit 2.7 billion USD as of early March, up nearly 14.3 percent annually, mostly apparel (537 million USD), means of transportation (365.2 million USD) and machinery and equipment (259 million USD). During the period, the country spent 2.705 billion USD on imports from Japan, up nearly 17 percent annually, resulting in a trade deficit of roughly 5 million USD. Most imports were machinery and equipment (675 million USD); computers, electronics and spare parts (392 million USD) and iron and steel … [Read more...] about President’s visit to Japan expected to lift two-way trade
President’s upcoming visit to Japan expected to lift two-way trade
President Tran Dai Quang and his spouse at Haneda airport, Tokyo (Source: VNA) Hanoi (VNA) – President Tran Dai Quang’s State visit to Japan from May 29 – June 2 is expected to breath new life into bilateral trade in the near future. Since the establishment of the extensive strategic partnership for peace and prosperity in Asia in March 2014, Vietnam – Japan ties have thrived. According to the Ministry of Industry and Trade (MoIT), Vietnam’s exports to Japan hit 2.7 billion USD as of early March, up nearly 14.3 percent annually, mostly apparel (537 million USD), means of transportation (365.2 million USD) and machinery and equipment (259 million USD). During the period, the country spent 2.705 billion USD on imports from Japan, up nearly 17 percent annually, resulting in a trade deficit of roughly 5 million USD. Most imports were machinery and equipment (675 million USD); computers, electronics and spare parts (392 million USD) and iron and steel … [Read more...] about President’s upcoming visit to Japan expected to lift two-way trade
Vietnam plays active role in GMS trade, investment cooperation
Hanoi (VNA) – Vietnam has proactively participated in trade and investment cooperation activities in the Greater Mekong Subregion (GMS), which comprises Cambodia, China’s Yunnan and Guangxi provinces, Laos, Myanmar, Thailand and Vietnam, over the past 25 years. Vietnamese Prime Minister Nguyen Xuan Phuc (C) and heads of delegation of the GMS countries (Photo: VNA) The successful hosting of the 6th GMS Summit (GMS-6) and the 10th Cambodia-Laos-Vietnam (CLV) Summit on Development Triangle Area (CLV-10) in Hanoi from March 29-31, 2018 demonstrated Vietnam’s contributions to regional economic cooperation mechanisms. Key achievements A unique characteristic of GMS cooperation is that member countries share land borders, which is convenient for land transport connectivity and economic corridor development. Vietnam holds key nodes in three GMS economic corridors: the Southern Coastal Corridor (GMS-SCC) which links Thailand to southern Vietnam via Cambodia; … [Read more...] about Vietnam plays active role in GMS trade, investment cooperation
Stock market sees last minute trading frenzy
Specifically, the first half of December witnessed excessive share sales conducted by foreign funds, mostly through the cyclical trading of exchange-traded funds (ETFs).In the third week of December, foreign funds purchased a total of 38.7 million shares worth VND1.11 trillion ($48.9 million), roughly VND1.067 trillion ($47.05 million) of which were traded on the Ho Chi Minh City Stock Exchange (HSX), including the purchasing record of nearly VND524 billion ($23.1 million) worth of HPG stocks. Notably, the shares of Saigon Beer-Alcohol-Beverage Corporation (Sabeco) recorded numerous sales, especially after the recent $5-billion auction carried out by the Ministry of Industry and Trade (MoIT).Besides, foreign funds’ net buying on the Hanoi Stock Exchange (HNX) surged by 51 per cent over the third week compared to the second week.In the first trading session of the last week of 2017, foreign funds concentrated on selling the shares of Novaland Investment Group, taking home over … [Read more...] about Stock market sees last minute trading frenzy
Stocks ease off three losing sessions
Stocks ease off three losing sessionsKim Ngan HCMC – The VN-Index of the HCMC exchange closed up by over two points (0.31%) at 653.53 on December 7 after three consecutive sessions of losses despite the poor performance of many blue chips. Stock traders changed hands 130.47 million shares worth a combined VND2.7 trillion (US$123.6 million), up slightly from the session earlier. Of them, put-through transactions accounted for 26.5 million shares valued at VND776 billion. After dropping below 648 points in a few minutes of trading, the main index quickly got back into positive territory and saw little volatility in the rest of the session, according to a Viet Capital Securities Company report. Brewery SAB jumped 7% on its second day of trading. It is the fifth biggest company on the southern exchange by market capitalization, comprising 6.4% of the VN-Index. Bottom fishers gobbled up EIB, prompting it to end at the ceiling price, after the bank has fallen 32% since May … [Read more...] about Stocks ease off three losing sessions
Stock losses extend
Stock losses extendKim Ngan HCMC – Multiple stocks, including heavyweight VNM, dropped further on the HCMC exchange on September 7, causing the VN-Index to edge down 0.39% at 661.28 points, the fourth losing session. Investors changed hands nearly 106.5 million shares worth a total of VND2.8 trillion (US$128 million) with matching transactions making up a majority at 88 million shares valued at VND2.5 trillion. According to Dau tu Chung khoan newspaper, dairy stock VNM, which has been put in the basket of stocks used for calculating the FTSE Vietnam Index by exchange traded fund (ETF) FTSE, will likely be added to a similar basket of EFT VNM. VNM has seen foreigners’ acquisitions over the past three months with its stock price soaring to a record high of VND156,000 a share on August 31. However, foreign investors stepped up selling this stock in the past three sessions. Foreigners on September 7 sold roughly 2.8 million VNM shares. Its matching transactions amounted … [Read more...] about Stock losses extend