Economic growth by country

Illustrative image (Photo: businesstimes)   Singapore (VNA) – Southeast Asia’s GDP growth is likely to remain at 4.5 percent in 2020, amid high risks of a re-escalation in trade tensions between the US and China, according to the latest report produced by the British advisory firm Oxford Economics.   Friction between the two countries remains high and the bulk of imposed tariffs are unlikely to be lifted anytime soon, said Sian Fenner, Oxford Economics lead Asia economist. The region has recorded sluggish performance in the third quarter of 2019, with its GDP growth rising only 4.5 percent year-on-year. Export-oriented economies have suffered the worst blow from the ongoing trade conflict, with Singapore only narrowly avoiding a technical recession in the third quarter of 2019.  Due to the US-China trade war, trade uncertainty remains a key drag on manufacturing, exports and investment. The report expects the Philippines, Malaysia and Indonesia … [Read more...] about Southeast Asia’s GDP growth likely to remain at 4.5 pct in 2020

Construction company Becamex IDC Corp has been cautious about this year’s business targets. Photo batdongsan.com.vn   Compiled by Thiên Lý Construction company Becamex IDC Corp has been cautious about this year’s business targets. Its consolidated turnover target is only VNĐ1.226 trillion (US$53.3 million), or 96 per cent of last year’s figure, and after-tax profit target is VNĐ252 billion, only 8 per cent higher than last year. In a document already sent to the company’s shareholders ahead of the annual general meeting, its general director, Đỗ Quang Ngôn, explained the reasons for setting such moderate growth targets. He said the real estate market is facing an imbalance between supply and demand in certain segments, and credit to the property sector is drying up. Externally, the global economy is expected to see a lot of volatility this year and likely to have a strong impact on the Vietnamese economy, he said … [Read more...] about Companies follow Government lead, set cautious growth targets

Hosted by the city Department of Industry and Trade, the workshop was also attended by Chairman of the city People’s Committee Nguyen Thanh Phong and Deputy Minister of Industry and Trade Do Thang Hai. Speaking at the event, head of HCMC Institute for Development Studies Tran Hoang Ngan emphasized that major economic sectors which the city gives development priority to have no longer fitted the trend of Industry 4.0. If the city wants to maintain the growth momentum at over 7 percent in coming years, it needs to adjust priority industries as well as develop new industries to suit the trend. Specifically, pharmaceutical chemistry and plastics-rubber are sensitive to the environment and labor intensive, requiring large scale factories but not creating high added value. At present, the narrowing land fund in the city is rocketing rent. Hence, these two industries will suffer heavily competitive pressure. Other industries including garment and textile, leather and footwear, … [Read more...] about HCMC needs to adjust major industries: experts

A garment-textile factory in Vietnam (Photo: VNA)   Hanoi (VNA) – The Vietnam Improvement Programme has helped 82 garment-textile and footwear factories in Vietnam invest 37 million USD in efficient use of resources, thus saving 30 million USD per year, according to the International Finance Corporation (IFC). Over the last three years, the programme, initiated by the IFC – a member of the World Bank Group, has also helped those factories save a total of 4 million cu.m. of water and reduce 303,000 tonnes of green house gas emission a year. Effective use of resources and performance improvement have enabled Vietnamese businesses to attract new customers who seek suppliers meeting global sustainable standards. Country manager for Vietnam, Laos and Cambodia of the IFC Kyle Kelhofer said the measures not only save production costs but also raise competitiveness of domestic firms in the global supply chain. Vietnam is currently among the 10 largest garment-textile … [Read more...] about Firms benefit from programme on efficient use of resources

A booth displays Kiên Giang’s agricultural products on the sidelines of the Kiên Giang Investment Forum held in HCM City on August 13. — VNS Photo Xuân HươngViet Nam News HCM CITY —  The Cửu Long (Mekong) Delta province of Kiên Giang solicited investment in 64 projects at an investment forum held in HCM City on August 13. The projects are mainly in clean and high-tech agriculture, offshore aquaculture, shrimp farming in greenhouses, fishing and preservation of catches, farm produce processing, water supply and waste treatment, renewable energy, and tourism, Lê Thị Minh Phụng, deputy chairwoman of the provincial People’s Committee, said. Building infrastructure in industrial parks and clusters, sea and river ports, urban transportation, workers’ housing, construction of a 500-bed hospital together with a resort in Phú Quốc are some of the others, she said. The province has diverse … [Read more...] about Kiên Giang province seeks investors for 64 projects