Nguyen Huy Trung, head of Foreign Affairs of Honda Vietnam, said that in accordance with Prime Minister Nguyen Xuan Phuc's directive on the prevention of the COVID-19 pandemic as well as the firm’s top priority on ensuring the health of all staff, Honda Vietnam has decided to halt production of automobiles and motorbikes. … [Read more...] about Honda Vietnam suspends production due to COVID-19
Covid 19 outbreak
When the epidemic is contained, investors’ confidence will return. They will withdraw money from shelter channels and pour money into risky assets. As the dollar will no longer be the shelter, the demand will decrease and the exchange rate will return to normal again. Meanwhile, foreign investors are selling shares in Vietnam. As they are buying dollars in large quantities to transfer money abroad, the dollar price has increased. … [Read more...] about Why has the US dollar price escalated?
According to the World Bank’s East Asia and Pacific Economic Update April 2020, Viet Nam is strongly positioned to benefit from numerous free trade agreements that are coming into force over the forecast period. In the first two months, its exports have expanded by 8%, FDI inflows amounted to US$2.5 billion and retail sales were up by 5.4%, the bank said, noting that while prospects remain favorable for the Vietnamese economy in the medium term, GDP growth will be affected negatively by the recent coronavirus outbreak, now a global pandemic. The WB cited preliminary estimates as suggesting that the rate of expansion of the economy could decline to about 4.9% in 2020. Over the medium term, growth is projected to rebound back to 7.5% in 2021 and converge at around 6.5% in 2022, reflecting an improved external demand and a firming of the services sector, as well as a gradual recovery in agricultural production, the WB added. It also suggested Viet Nam manage external risks by … [Read more...] about WB: Vietnam’s economy stays resilient to external shocks
The Vietnam Automobile Manufacturers Association (VAMA) recently reported on the difficulties facing local automobile firms, requesting tax extensions and a reduction in registration fees. According to VAMA, the impact of the pandemic has been exceptionally severe and has put firms at risk. … [Read more...] about Toyota Vietnam suspends production
As of Wednesday morning, Việt Nam had reported 212 infections. One of the five latest cases is a worker at Trường Sinh Company which provides catering services for Bạch Mai Hospital, and a female cook in Long Biên District who was in contact with the 163rd patient. — VNS … [Read more...] about Hà Nội on first day of nationwide social distancing