Vietnam’s economy set to thrive with new dynamics Vietnam reaped notable achievements in 2018, with economic growth hitting a record high of 7.08%, putting Vietnam on the list of Asia’s fastest-growing economies. New economic dynamics are expected to drive Vietnam forward in 2019 and help it achieve its 5-year plan targets by 2020. Vietnam risks lagging behind in the next decade if it can’t maintain its annual growth of more than 7%. In the government’s recent meeting, Prime Minister Nguyen Xuan Phuc said Vietnam is determined to create more breakthroughs across all fields this year in order to fulfill the 5 year-plan and 10-year strategy. One of the government’s biggest challenges will be helping economic hubs like Ho Chi Minh City and Da Nang revive their growth. Associate Professor Dr. Nguyen Duy Khuong of Singapore’s Lee Kwan Yew School of Public Policy told VOV "It’s important for Vietnam to create a firmer foundation of international … [Read more...] about BUSINESS NEWS IN BRIEF 15/2
15 year refinance
BUSINESS NEWS IN BRIEF 8/11
Petrol prices see steep fall on November 6 The retail prices of petrol fell sharply from 3pm on November 6 following the latest adjustments by the Ministry of Finance and the Ministry of Industry and Trade. Accordingly, the price of E5 RON 92 declined 1,082 VND to trade at a maximum of 19,600 VND per litre, and RON95 dropped 1,138 VND in its price to a maximum of 21,065 VND per litre. Meanwhile, the price of diesel 0.05S went down 67 VND per litre to 18,644 VND. The prices of kerosene and mazut 180CST 3.5S remain unchanged and should not be higher than 17,086 VND and 15,694 VND per litre, respectively. The Ministry of Industry said that RON 92 was sold at an average of 78.7 USD per barrel globally half month ago, down nearly 9 USD from the previous period. Those of RON95 and diesel 0.06S were 80.52 USD per barrel and 92.27 USD per barrel, respectively. The price of Ethanol E100, which is used as the basis to calculate the price of biofuel E5 RON 92 after the elimination of petrol RON … [Read more...] about BUSINESS NEWS IN BRIEF 8/11
Vietnam’s exports forecast to hit US$239 billion this year
Deputy Minister of Industry and Trade Do Thang Hai released the information at a regular press briefing held by the Ministry of Industry and Trade (MoIT) in Hanoi on October 17 regarding the state of industrial production and trade activities during the first nine months of the year, and what further solutions can be implemented before the end of the year. The Index of Industrial Production (IIP) in the reviewed period grew by 10.6% over last year’s corresponding period, the highest growth enjoyed since 2012.Export turnover increased by 15.4% to US$178.91 billion, exceeding the 10% target set for the first 9 months of the year. Notably, up to 26 export commodities recorded an export value of over US$1 billion, including 8 items bringing in over US$5 billion and a further five commodities grossing in excess of US$10 billion. Major commodities that made a significant contribution to the country’s export growth include telephones and their components(US$36.13 billion, up … [Read more...] about Vietnam’s exports forecast to hit US$239 billion this year
Petrol price sees steepest hike in a year
The prices of E5 RON 92 and RON 95 increased by VND 675 and VND 577 per liter respectively as from 3:00 pm on October 6, according to requirements by Inter -Ministries of Finance and Industry and Trade. Accordingly, retail prices of E5 RON 92 and RON 95 are sold at no more than VND 20,906 and VND 22,347 per liter. Meanwhile the prices of diesel and kerosene increased VND 485 and VND 403 per liter. Their current ceiling prices are VND 18,611 and VND 17,086 per liter. The price of mazut is VND 15,964 per kg, an increase of VND 752. The two ministries explained that the cost of refined petroleum products was increased 15 days ago. In Singapore, crude oil price was US$92.5 per barrel versus US$86.823 the previous price. The two ministries also decided to keep the use of the price stabilization fund for petroleum. Usage of the fund for E5 RON 92 increased VND 1,563 per liter; RON 95 was VND 700; while diesel and kerosene were VND 400 and VND 300 per liter. … [Read more...] about Petrol price sees steepest hike in a year
Government News 29/8
Permanent gov’t members discuss socio-economic performance Prime Minister Nguyen Xuan Phuc at the event Prime Minister Nguyen Xuan Phuc chaired a meeting of permanent government members in Hanoi on August 28 to discuss the recent socio-economic performance, State budget, and public investment. Participants listened to a 2018 report on socio-economic performance and State budget, as well as a socio-economic development plan and State budget estimate for 2019. In light of the past achievements, all 12 targets for 2018 are expected to be met. They gave opinions on the mid-term report on socio-economic development and State budget, a public investment plan for 2016-2020, and the national finance-budget plan for 2019-2021. Concluding the meeting, the PM asked the Ministry of Planning and Investment, the Ministry of Finance, and the Government Office to acquire suggestions and refine reports to submit to the government at the upcoming monthly meeting. He … [Read more...] about Government News 29/8