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Vietnam’s economy has been firm on the recovery track, with the GDP growth in the second quarter at 7.72% year-on-year, the highest second-quarter growth since 2011. Based on Vietnam’s economic performance in the first six months of the year and expectations for the remainder of 2022, the Ministry of Planning and Investment (MPI) expected the economic expansion rate may hit 7% this year, 0.5 percentage points higher than the Government’s target of 6.5%. Minister of Planning and Investment Nguyen Chi Dung at the meeting. Source: VGP MPI Minister Nguyen Chi Dung forecast at the monthly Government meeting held today [July 4]. According to Dung, Vietnam’s economy has been firm on the recovery track with the GDP growth in the second quarter at 7.72% year-on-year, the highest second-quarter growth since 2011. This lifted the overall six-month GDP growth to 6.42% year-on-year, higher than the 5.74% rate in the same period of 2021, and equivalent to the … [Read more...] about Vietnamese Gov’t targets GDP growth of 7% in 2022

At a Monday ceremony on this year's amnesty, Nguyen Van Long, Deputy Minister of Public Security, said criminals that "violated economic management orders and misused their positions" must "complete their civil responsibilities" before they could be considered for amnesty on National Day (Sep. 2) this year. This is the second year in a row that Phuc would grant amnesty, and also the second where those accused of corruption must have compensated for their crimes before they could be considered for amnesty. Vietnam has had six amnesty occasions from 2009 to 2016, with around 90,000 prisoners released early. Those eligible for this year's amnesty on National Day are those serving timed sentences, those who've had life sentences reduced to time sentences, and those who've had their prison sentences suspended. Prisoners to be considered for amnesty must have good behavior and served at least half their sentences or at least 15 years. Monetary compensation is also an additional … [Read more...] about Corruption accused must pay full compensation for amnesty consideration

Vietnamese firms shipped just US$509-million worth of goods to China through the border, a 87 percent dive year-on-year, according to customs data. Imports from China dropped by 52.5 percent to $3.64 billion. China’s zero-Covid strategy and tightened control of cross-border movement have had the biggest effect on trade, the Ministry of Industry and Trade said. Lack of transport, logistic and cross-border trade infrastructure worsened the situation, it added. Though trading through key border gates in the northern provinces of Lao Cai and Lang Son has resumed, customs clearance has yet to return to pre-pandemic levels. At Lang Son’s Tan Thanh Border Gate, Vietnam’s main point for fruit export to China, only 100 vehicles get customs clearance a day, a third of the pre-pandemic level. The ministry has warned that the border congestion could escalate if no measures are taken. China was Vietnam’s largest partner last year, with bilateral trade reaching $166 billion. Vietnam … [Read more...] about Vietnam-China border trade slumps on Covid restrictions

During the second quarter of 2022, European business stakeholders' confidence in Vietnam's investment environment declined slightly, according to the Business Climate Index (BCI) released by the European Chamber of Commerce in Vietnam (EuroCham) and conducted by YouGov Vietnam. Following a first-quarter rise, the BCI dropped 4.4 points in the second quarter to 68.8 points. In contrast with earlier in the year, compounding factors such as the continuing war in Ukraine, commodity price spikes, and the ripple effect of China's zero-COVID policy have dampened expectations among Vietnam's European business community. Although the BCI has fallen, it remains 7.6 points higher than in the fourth quarter of 2021, when it measured 61 points. Vietnam's potential growth is also being viewed with less favour by European business leaders. About 60 per cent of respondents predicted that the Vietnamese economy would stabilise or improve in the third quarter of 2022, compared with 69 per cent who … [Read more...] about European FDI continues to flow into Vietnam amid economic uncertainties

Passion fruit is among Vietnam’s top 10 fruits with the highest export earnings. China’s customs have authorized the import of passion fruit from Vietnam from July 2022, the first time for this kind of fruit, which is listed among Vietnam’s top 10 fruits with the highest export earnings. The fruit would be shipped through the Pingxiang border gate, Dongxing City, Guangxi Province, China. Passion fruit is one of Vietnam's top 10 fruits with the highest export earnings. File photo Chinese customs asked Vietnamese agencies to meet regulations on production management and phytosanitary, the Global Good Agricultural Practice (GlobalGAP) and the Vietnamese Good Agricultural Practice (VietGAP). Vietnam’s Ministry of Agriculture and Rural Development (MARD) is in charge of supervising the quality and connecting exporters. Over the past five years, Vietnam’s export of passion fruit has seen a rise of more than 300% in terms of quantity and value, listing Vietnam … [Read more...] about China starts importing Vietnam passion fruit

Frozen shrimp production at a factory in the Mekong Delta province of Hau Giang. (Photo: SGGP) The country earned more than $3.2 billion from aquatic exports in the second quarter of 2022, an increase of 36 percent from the same period last year. According to VASEP, shipments of shrimp picked up 7 percent – a quite modest pace – to total $450 million as a result of input shortages. Though, the sector experienced a strong growth of 33 percent in H1 to bring home $2.3 billion, accounting for 40 percent of the total seafood exports. Several producers have raised the shipments of high value-added processed shrimp products, instead of raw ones, to major markets like Japan, the US and the EU as a way to address input shortages. Exports of lobster posted a record-high 30-fold surge year-on-year to $130 million. High inflation coupled with the Russia-Ukraine crisis have brought big opportunity for Tra fish from Vietnam this year. Sanctions on imports of Russian-caught whitefish in … [Read more...] about Aquatic exports spike 40 percent in H1