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Permanent Deputy Prime Minister Phạm Bình Minh has paid courtesy call to Japanese Prime Minister Kishida Fumio during the trip to Japan to attend the International Conference on the Future of Asia. — VNA/VNS Photo HÀ NỘI — During the visit to Japan, Permanent Deputy Prime Minister Phạm Bình Minh has paid courtesy calls to Japanese Prime Minister Kishida Fumio and several other Japanese high-ranking officials on May 26-27. During the meetings, Deputy PM Minh said Việt Nam always considers Japan as an extensive, reliable, and important strategic partner, hoping that the two sides would continue to implement important agreements and common understandings obtained during the official visits of PM Phạm Minh Chính and PM Kishida Fumio, contributing to the promotion of bilateral relations. The Deputy PM emphasised that as the two sides are reopening with the COVID-19 situation under control, Việt Nam and Japan must continue to exchange high-level delegations, especially through … [Read more...] about Vietnamese Deputy PM calls for investment from Japan in meeting with PM Kishida

Party General Secretary Nguyen Phu Trong (R) and then US President Donald Trump witness the signing to increase the order to 200 aircraft in 2019. (Photo courtesy of Vietjet Air) Hanoi (VNA) – Chairman of the National Assembly Vuong Dinh Hue has congratulated Vietjet Air and Boeing on their agreement on the restructuring and continuation of the contract to purchase 200 Boeing 737 aircraft, at the meeting with Boeing’s Senior Vice President Michael Arthur. The agreement was reached during Prime Minister Pham Minh Chinh’s official visit to the US and United Nations for the ASEAN-US Special Summit held in Washington D.C. Vietjet’s contract with Boeing is one of the significant deals contributing to the countries’ bilateral trade balance and has been forged through three US Presidencies with important strides following diplomatic and economic development milestones between the two countries in the recent years. In 2016, Vietjet Air ordered 100 Boeing aircraft in the … [Read more...] about Vietjet, Boeing reach agreement on 200-aircraft contract

S&P forecast Vietnam’s GDP will grow 6.9% in 2022 before settling closer to its long-term trend of growing 6.5%-7% from 2023 onward. S&P Global Ratings on May 26 raised its long-term foreign and local currency sovereign credit ratings on Vietnam to 'BB+' from 'BB'. S&P expects Vietnam's economy to continue its upward trend. Source: S&P The rating agency also affirmed the country’s short-term rating at ‘B’ with a stable outlook. “The stable outlook reflects our expectations that over the next 12-24 months, Vietnam's economy will continue to recover from the challenges posed by the pandemic over the past two years. This will support the external position and rein in fiscal deficits,” it noted. S&P added it could raise the ratings if Vietnam's institutional settings improve considerably, in ways that augment policy predictability and transparency. Such favorable changes in the policy environment could bolster investor confidence in the … [Read more...] about Vietnam’s long-term credit rating upgraded to “BB+”: S&P

Garment production for export at Kim Dung Textile and Garment Company in District 12, Ho Chi Minh City. (Photo: SGGP) Dependence on imported raw materials Ms. Nguyen Thi Tuyet Mai, Deputy General Secretary of the Vietnam Textile and Apparel Association, said that the total number of enterprises participating in the textile and garment sector in Vietnam, including foreign and domestic enterprises, is more than 7,000. Of which, only 18 percent of them produce fabric materials, 12 percent produce yarn, 2 percent produce other materials, and the rest are garment enterprises. This fact has put the textile industry in front of the challenge of unstable growth due to its dependence on imported raw materials. Currently, each year, Vietnam imports 100 percent of cotton with an estimated value of US$3.2 billion and 60 percent of fabric with an estimated value of $14 billion. The US is the largest cotton and fabric import market of Vietnam, followed by China, Japan, South Korea, and … [Read more...] about Vietnamese textile-garment industry strong but not stable

Illustrative image (Photo: VNA) HCM City (VNA) – Vietnam raked in an estimated 4.5 billion USD from exporting aquatic export s in the first five months of 2022, up over 44.5 percent over the same period last year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). Despite various challenges and difficulties caused by the COVID-19 pandemic and global changes in the last two years, Vietnamese seafood enterprises have seized opportunities to expand exports, and won orders with much higher prices than those in 2021. The positive results were attributed to the recovering and booming demand in many markets, the shortage of supply, and the increasing inflation in many countries. Vietnamese seafood processors and exporters have fully tapped advantages from the high inflation of the US market, China’s zero-COVID policy, and the strongly recovering demand in the European market to increase their exports to foreign markets. Notably, exports of shrimp, … [Read more...] about Vietnam’s seafood exports enjoy strong surge despite challenges