The headquarters of the State Bank of Vietnam (Source: State Bank of Vietnam) Hanoi (VNA) – The State Bank of Vietnam (SBV) said on May 30 that it will continue to coordinate with relevant Vietnamese ministries and agencies regarding the US Department of Treasury’s issues of concern, in the spirit of cooperation. The central bank made the statement after the US department released a monitoring list on May 29 of major trading partners that merit close attention to their currency practices, which includes Vietnam. The bank will also continue managing the monetary policy to control inflation, stabilise the macro economy, spur economic growth appropriately, and manage the forex rate flexibly in line with developments of both domestic and foreign markets, as well as characteristics of the Vietnamese economy, so as to not create unhealthy competitive edge in international trade. On May 29, the US treasury department issued its Semiannual Report on Macroeconomic and … [Read more...] about Central bank to continue managing monetary policy
Foreign trade policy 2015 20
HCM City solicits foreign-invested firms’ support to develop economy
Delegates on the sidelines of a meeting between HCM City leaders and executives from foreign enterprises in HCM City last Saturday. — VNS Photo Xuân HươngViet Nam News HCM CITY — HCM City has called on foreign-owned enterprises to further contribute to its development by sharing their experience, ideas and technologies as well as investing in large projects. Speaking at a meeting between city leaders and executives from foreign companies in HCM City last Saturday, Nguyễn Thiện Nhân, Secretary of the city Party Committee, said the city’s economy expanded by 8.3 per cent last year to VNĐ1,330 trillion (US$57 billion). It had attracted $7.39 billion worth of FDI, up 15 per cent and accounting for 22 per cent of the country’s total to remain the leader. “The city deeply appreciates the contributions of foreign-invested companies to its socio-economic development.” Over the years the city had made efforts to … [Read more...] about HCM City solicits foreign-invested firms’ support to develop economy
Vietnam RoK MoU targets US$100 billion in trade
(VEN) - During her recent visit to the Republic of Korea (RoK), National Assembly Chairperson Nguyen Thi Kim Ngan witnessed the signing of a memorandum of understanding (MoU) on an action plan to achieve the US$100 billion bilateral trade target set for 2020 in a balanced manner. Impressive results Trade between Vietnam and the RoK has increased by 87 times, from US$0.5 billion in 1992 to US$43.6 billion in 2016, with breakthroughs achieved since the free trade agreement between the two countries took effect on December 20, 2015. In 2016, bilateral trade grew 19.1 percent compared with 2015, and in 2017 compared with 2016, the growth was 41.7 percent. In 2016, the RoK was Vietnam’s third largest trading partner. In 2017, it surpassed the US to rank second, after China, with bilateral trade reaching US$61.7 billion. Notably, in 2009, Vietnam and the RoK set a US$20 billion target for bilateral trade in 2015, but the achieved result was US$36.5 billion. In 2013, the two … [Read more...] about Vietnam RoK MoU targets US$100 billion in trade
Remittances to Viet Nam could fall due to US policies
The remittances come to Viet Nam mainly through four channels – banks, currently accounting for 72 per cent, economic organisations, customs agencies, and the postal system. — Photo vnexpress.net Overseas remittances to Viet Nam are expected to decline mainly due to global factors. Analysts said they include US President Donald Trump’s anti-immigrant policies, the US Federal Reserve’s policy of raising interest rates and the US-China trade war. Statistics from the United Nations Development Programme show that 60 per cent of the remittances to Viet Nam comes from the US while Europe accounts for around 20 per cent. Other major sources are China, South Korea and Japan. The remittances come to Viet Nam mainly through four channels – banks, currently accounting for 72 per cent, economic organisations, customs agencies, and the postal system. Overseas Vietnamese living in the US, Canada, Germany and France account for the most remittances. HCM City is … [Read more...] about Remittances to Viet Nam could fall due to US policies
Real estate in HCM City holds great appeal for foreign investors
Phu My Hung Urban Area in District 7 of HCM City (Photo: VNA) HCM City (VNA) – The flow of foreign direct investment (FDI) into real estate in Ho Chi Minh City has followed the same trend as with the FDI movement into the country, with the property sector always among the top FDI recipients in recent years. HCM City has taken the lead in FDI attraction over the last three decades since Vietnam opened its economy to the world, and real estate is one of the sectors receiving most foreign investment. Among major deals recently, Lotte Group of the Republic of Korea has finalised procedures to invest 20.1 trillion VND (855.6 million USD) in a project named Thu Thiem Eco Smart City in the Thu Thiem New Urban Area in District 2. Also in this urban area, the Empire City Tower project with total capital of 1.2 billion USD is now under construction and expected to complete in 2022. It is invested by a joint venture of two Vietnamese companies and the Denver Power Ltd of the UK. … [Read more...] about Real estate in HCM City holds great appeal for foreign investors