Budget deficit 1 trillion

Vietnam posts trade deficit of US$1.31 billion in first half of April

April 22, 2021 by vov.vn

The department indicated that the nation had an import-export turnover of approximately US$27 billion, of which exports and imports reached US$12.65 billion and US$13.96 billion, respectively.

Throughout the reviewed period, the two groups of imported goods with a revenue of over US$2 billion consisted of computers, electronic products and components with US$2.82 billion, along with machinery, equipment, tools and spare parts with more than US$2 billion.

With regard to ongoing export activities, four categories of goods with a turnover of billions of US$, included computers, electronic products and components with US$1.84 billion, phones and accessories with US$1.82 billion, machinery, equipment, tools and spare parts with more than US$1.45 billion, along with textiles and garments with US$1.2 billion.

Since the beginning of the year to April 15, the country’s total export turnover recorded a surge of 26.8% to over US$90 trillion compared to the same period from last year, equivalent to an increase of US$19.23 billion, while imports soared 29.1% to US$89.5 billion on-year, equivalent to a rise of approximately US$20.2 billion.

Throughout the reviewed period, Vietnam’s total import-export turnover reached US$180.5 billion, with the country maintaining a trade surplus of roughly US$1.5 billion.

Nation records trade deficit of US$250 million in first half of January

January 21, 2021 by vov.vn

In line with these figures, the country exported goods worth a total of US$12.9 billion while spending US$13.15 billion on imports. Indeed, export turnover throughout the reviewed period increased by approximately US$2 billion, equivalent to over 18.3%, an increase which can be considered highly impressive compared to the growth rate of 7% seen during the same period last year.

During the first half of January, the nation had four groups of goods with export turnover reaching over US$1 billion, with the new category of machinery, equipment, tools and spare parts enjoying robust growth in export turnover, grossing US$1.45 billion, representing a sharp increase of 72% compared to the same period from last year.

The remaining three commodity groups also maintained a turnover of over US$1 billion, including phones and accessories, computers, electronic products and components, garments and textiles, of which phones and components were export items with the largest turnover of US$2.86 billion.

Import turnover also saw a rise of some US$2.2 billion compared to the same period from last year, equivalent to an increase of more than 19%.

NA leader applauds finance & budget committee’s contributions during 14th tenure

April 22, 2021 by en.vietnamplus.vn

National Assembly Chairman Vuong Dinh Hue addresses the meeting with the Committee for Financial and Budgetary Affairs on April 22 (Photo: VNA)

Hanoi (VNA) – Chairman of the National Assembly (NA) Vuong Dinh Hue had a working session with the parliament’s Committee for Financial and Budgetary Affairs in Hanoi on April 22, highlighting the committee’s significant contributions to the success of the 14th NA.

The top legislator said that the committee has shown good performance in making and revising laws on financial and budgetary issues such as the law on public asset management, the law on public debt management, and the amended law on public investment.

It has also assisted the NA and the NA Standing Committee in exercising supervision in key areas like borrowed capital and financial funds.

Hue also noted the outstanding outcomes in the committee’s diplomatic activities such as the establishment of a cooperation mechanism with its counterpart committees of Laos, Cambodia, and Myanmar, expressing his hope that this mechanism will be maintained and then expanded to the entire ASEAN.

He asked the Committee for Financial and Budgetary Affairs to build on its achievements to push ahead with reforming and improving its operational efficiency, build lawmaking programmes with a long-term vision as requested in the documents of the 13th National Party Congress, and promote relevant agencies’ accountability.

Regarding pressing issues, the NA Chairman demanded the committee focus on the medium-term public investment plan, the five-year financial plan, and the investment in national target programmes./.

VNA

Tien Giang targets 160.64 million USD in key construction investment

April 22, 2021 by en.vietnamplus.vn

Hung Vuong Road in My Tho city of Tien Giang province (Photo: VNA)

Tien Giang (VNA) – The Mekong Delta province of Tien Giang plans to mobilise over 3.7 trillion VND (160.64 million USD) in public investment capital this year, Director of the provincial Department of Planning and Investment Nguyen Dinh Thong has said.

Of the figure, the local budget will fund nearly 3 trillion VND, while the remainder will come from the State budget.

Local authorities are set to roll out 189 key constructions in the fields of education and vocational training, health care, population and family planning, transport, agriculture, irrigation and aquaculture, and the national target programme on building new-style rural areas , including works remaining from last year.

Since the start of this year, the province has disbursed close to 998 billion VND in public capital, reaching nearly 27 percent of the target, of which 936.5 billion VND was from the local budget.

For prompt disbursement, contractors are asked to speed up the construction of remaining works and those for the programme building new-style rural areas.

In addition, the province will bolster transparency, inspections, and supervision at all levels and by local people, and spare no effort in tackling corruption, losses and wastefulness as well as detecting and strictly handling violations by collectives and individuals regarding public investment ./.

VNA

Davipharm’s first High Potency Drugs Zone opens in Binh Duong

April 22, 2021 by ven.vn

In November 2017, Adamed Pharma, a Polish pharmaceutical and biotechnology company, acquired the controlling stake in Davipharm, one of the fastest-growing pharmaceutical companies in Vietnam. This is the largest-ever direct private Polish investment in Vietnam.

With over 10 million US dollars invested by Adamed by the end of 2020, Davipharm’s production plant in Binh Duong, Vietnam’s first HP Zone for the production of oncological drugs in solid forms, is an important milestone in terms of investing in high-quality. This will be followed by EU-GMP certification later this year as a continuation of the company strategy focused on raising standards of drug production.

Michal Wieczorek, CEO of Davipharm, said: “The HP Zone in Davipharm answers the needs of Vietnam’s Ministry of Health, providing high-quality oncological drugs to Vietnamese patients. It will also increase the role of domestic drug manufacturers in optimizing the state budget, improve patient safety, and provide medicines to treat some of the most common diseases in Vietnam.

“Currently, eight out of ten people in Vietnam die from non-communicable diseases (NCDs), including cancers. This is also why Davipharm decided to be the first domestic drug manufacturer to become a partner of the Ministry of Health (MoH) in the prevention, early detection, and treatment of NCDs in Vietnam. We are proud to support MoH’s project ‘Vietnamese people giving priority to using Vietnamese drugs’”.

According to new regulations from Vietnam’s Ministry of Health, as well as guidelines from the World Health Organization (WHO), European Medicines Agency (EMA) and Pharmaceutical Inspection Co-operation Scheme (PIC/S), the production of certain products containing hazardous substances must be run at separate premises meeting specific criteria.

Davipharm’s portfolio includes 28 high potency (HP) drugs, among them oncology drugs for treatment of breast cancer, leukemia, pancreas, colorectal, stomach, cervix, prostate and lung cancer and glioblastoma.

The company has the capacity to produce batches from 15kg to 100kg with an annual output of five hundred million units of HP drugs. The total capacity of the factory is 1,800 million units a year.

My Phung

Vinh Hoan’s profit falls 14% in Q1 on higher freight costs

April 22, 2021 by bizhub.vn

Vinh Hoan’s processing plant. — Photo vneconomy.vn

Vinh Hoan Corporation (VHC) posted a loss of 14 per cent in profit after tax despite a gain of 27 per cent in gross profit.

In the quarterly financial report, VHC said that its net revenue increased 9 per cent year-on-year to over VND1.78 trillion in the first quarter. The gross profit also posted a gain of nearly 27 per cent to nearly VND273 billion.

During the period, its revenue from financial activities fell 31.6 per cent against the same period last year to VND37.6 billion, while sales expenses and general and administrative expenses rose sharply.

Of which, sales expenses rose 130.5 per cent year-on-year to VND89.5 billion, and general and administrative expenses were 20 per cent higher than that of last year.

Higher costs led to a fall of 14 per cent in VHC’s profit after tax to VND131 billion in the first quarter.

The company said that the loss was due to higher expenses, which mainly were freight costs.

In a recent report prepared for the 2021 Annual General Meeting, VHC set consolidated revenue of VND8.6 trillion in 2021, up 22 per cent year-on-year, with profit after tax declining 3 per cent to VND700 billion. — VNS