China trade growth

Hanoi (VNA) - The EU-Vietnam Free Trade Agreement (EVFTA), to take effect shortly, is expected to make up for some of the losses Vietnam’s economy incurred during the COVID-19 pandemic, according to insiders. The Ministry of Industry and Trade (MoIT) said that amid a global economic crisis caused by the coronavirus outbreak, the EVFTA will play an important role in the recovery of the local economy. Echoing this, many experts said that although growth is unlikely to reach this year’s target, the trade deal with the EU will help buffer the downturn. They also believe the agreement will create opportunities for businesses to diversify markets and regain growth momentum. Vietnamese companies have long struggled to gain a foothold in the EU as they face rivals from countries with developed industries, especially China, and its product prices are usually 10-20 percent higher than those of identical goods from other countries. The EU is the world’s second-largest … [Read more...] about EVFTA to help cover some economic losses from pandemic

Hanoi (VNA) – Despite the COVID-19 pandemic’s impact, the wood industry still enjoyed 3.2 billion USD in exports in the first four months of 2019, up 6 percent year on year, thanks to businesses’ efforts to switch to online trading and find new markets. During the period, about 7 percent of members of the Handicraft and Wood Industry Association of Ho Chi Minh City (HAWA) had to halt operation while 51 percent cut output. About 45 percent of their employees were also laid off temporarily. However, HAWA members still earned more than 1 billion USD from timber and forestry product exports, rising by over 10 percent year on year. Of the value, over 698,000 USD was from wood product shipments, up 5.8 percent from a year earlier. Data from the Binh Dinh Department of Industry and Trade also shows that wood firms in the province also recorded a year-on-year increase of 13 percent in exports to about 188 million USD in the four months. Chairman of the Binh Dinh Forest … [Read more...] about Wood exports grow thanks to businesses’ activeness

VPBank targeted to increase its total assets by 12.7 per cent to VND425.1 trillion in 2020, customer deposits and valuable papers planned to reach VND299.7 trillion, an increase of more than 10 per cent and an outstanding loan of VND304.7 trillion, an increase of 12 per cent. The bank also targeted before-tax profit of VND10.2 trillion, down 1.1 per cent compared to 2019 while non-performing loans (NPL) ratio would be under 3 per cent. … [Read more...] about BUSINESS NEWS HEADLINES MAY 26