Economic growth of vietnam

The pace of export will depend on the recovery of the global economy and the competitiveness of Vietnam’s export staples. Export activities would play a key role for the local economy in years to come, said Chief Economist at the Vietnam Institute for Economic and Policy Research (VEPR) Pham The Anh at the launch of the annual Vietnam economic report 2021 today [July 29]. Production at Rang Dong Company. Photo: The Hanoi Times “The pace of export growth, however, is largely dependent on the recovery of the global economy and the competitiveness of Vietnam’s export staples.” Anh also noted the three growth scenarios for Vietnam this year, with the GDP growth of 4.5-5.1% the most likely one, much lower than the 6% target set by the National Assembly and 1-1.5% percentage points lower than VEPR’s previous forecast in the first quarter. “This scenario is based on the assumption that Vietnam is able to contain the pandemic by the late third quarter, and the … [Read more...] about Exports remain key role in Vietnam’s economic growth

Illustrative photo (Source: VNA) Hanoi (VNA) – Vietnam ranks 39th among 160 countries and territories, and third in the Association of Southeast Asian Nations (ASEAN) in logistics performance index ( LPI ), heard a workshop held by the Ministry of Industry and Trade (MoIT) on July 30. The country is also placed among the top emerging markets with a growth rate ranging from 14-16 percent, Deputy Minister of Industry and Trade Tran Quoc Khanh said. The official highlighted in an increase in the number of logistics firms, and improved logistics services, saying they are the outcomes of efforts made by both businesses and the Government. Tranh Thanh Hai, Deputy Director of the MoIT’s Agency of Foreign Trade , said Vietnam’s total export-import revenue in the 2010-2020 period tripled the value recorded earlier. The logistics sector plays a significant role in the national economic development, including export-import activities, goods circulation at home and … [Read more...] about Vietnam ranks third in logistics performance index in ASEAN

Vietnam’s economy could take a few positives out of the pandemic and stay competitive in the long run. Vietnam is becoming more attractive during the current global pandemic climate, and therefore, its economic outlook is positive in long term. The manufacturing sector remains a key component of Vietnam's economy. Photo: The Hanoi Times Dau Anh Tuan, director of the Legal Department under the Vietnam Chamber of Commerce and Industry (VCCI), gave his view in a conference held on July 29 on the Vietnamese economy prospects in the final months of 2021. “The pandemic makes many multinationals realize that they should not focus on a certain country, sector or location as an outbreak would disrupt the entire production chain,” Tuan said. Tuan expected there would be a global shift in investment from one country to another, in which Vietnam would emerge as an attractive destination as it has been a part of a series of free trade agreements (FTAs). Another … [Read more...] about Vietnam becomes more attractive in long-term

July retail sales plunges nearly 20% due to COVID-19 Total retail sales of goods and services shrank 8.3 percent month-on-month in July to 14.84 billion USD as a result of restrictions induced to stem the ongoing COVID-19 outbreak. Total retail sales of goods and services in the first seven months of this year exceeded 121 billion USD, up 0.7 percent year on year. The Ministry of Industry and Trade is formulating specific plans to stimulate consumption and sustainably develop the domestic market./. Vinamilk posts record high net revenue in Q2 2021 The Vietnam Dairy Products JSC – Vinamilk, the largest dairy company in Vietnam, posted a record high in net revenue of 15.71 trillion VND (682.57 million USD) in the second quarter of 2021, a year-on-year rise of 1.4 percent, according to its financial report. The figure also rose by 19.2 percent compared to the previous quarter. The company’s after-tax profit exceeded 2.86 trillion VND in the period, a year-on-year … [Read more...] about VIETNAM BUSINESS NEWS JULY 31

Illustrative image (Photo: VNA) New Delhi (VNA) – Vietnam and India are emerging as economic powers in the region that will make a difference in the post-pandemic times, The Economic Times cited Indian Ambassador to Vietnam Pranay Verma as saying. The ambassador was speaking at a recent webminar on global trade and investment opportunities for Indian industry in Vietnam organised by India’s PHD Chamber of Commerce and Industry (PHDCCI). Vietnam and India have emerged as global trade partners due to their policy initiatives and increase in their trade and investments, he said. While applauding PHDCCI’s diligent efforts in fostering business and trade relations of India with other countries of the world, Verma discussed challenges faced in Vietnam related to disruption in production, supply chain, logistics, and many more yet at the same time arising of new opportunities in areas of technology, business practices, trade relations, diversifying partners and trade baskets. … [Read more...] about Indian newspaper: Vietnam emerging as post-pandemic economic power in region

Delivery drivers should be allowed to continue work during the stay-at-home period to eliminate obstacles facing the transportation of goods and avoid disrupting the supply chain, the Ministry of Information and Communications (MIC) suggested. The suggestion was made by Mr. Pham Anh Tuan, Deputy Minister of Information and Communications, suggested at a meeting with the Ministry of Industry and Trade (MOIT) on July 27. The meeting was held in light of the latest resurgence of Covid-19 currently leaving a negative impact on daily activities and disrupting the supply chain of essential goods, reported Thanh Nien newspaper. Tuan said that continuing delivery services could help ensure the implementation of the dual task of fighting the coronavirus and achieving economic growth. Besides, he requested that MOIT coordinate with and create favorable conditions for postal service providers to get involved in the transportation and delivery of goods, especially giving … [Read more...] about Delivery drivers should be allowed to continue working: MIC