The nation’s consumer price index (CPI) in January rose 1.36 percent over the previous month and 7.62 percent over the same period last year. The General Statistics Office (GSO) reported that 10 out of 11 goods categories recorded increases of between 0.27 percent and 2.24 percent but post and telecommunication dropped by 0.11 percent. Goods and services posted an increase of 2.24 percent. This was followed by food and restaurant services (2.11 percent), housing and construction materials (1.66 percent), garments and footwear (1.24 percent) and beverages and tobacco (1.14 percent). Medicine and health care services was at the bottom of the list with an increase of only 0.27 percent. The increase in January’s CPI was attributed to the rise in prices of essential goods serving the traditional Lunar New Year festival (Tet), an increase in petrol prices of VND450 per litre and the announcement of bonuses for Tet by a number of enterprises, said economists. In … [Read more...]

The Hanoitimes - The US Department of Commerce (DOC) o­n March 23 announced Vietnam-US trade turnover of more than US$1,700 million in January, up US$300 million compared to the same period last year. Of the figure, the US earned an import turnover of nearly US$1,400 million while the country's export turnover to Vietnam reached more than US$330 million in January. Vietnam's garment and textiles posted the highest level, followed by footwear, wood products, machines, equipment and audio products. Aquatic products rank fifth among Vietnam's export items to the US. Of the US goods exported to Vietnam, cotton takes the lead in terms of value, followed by machines, mechanic equipment and spare parts. Iron and steel exports from the US to Vietnam also increased sharply in January US$ 430 million poured into Hanoi in first quarter US$427.7 million has been invested in Hanoi in the past three months, 19.7 times higher than last year's first-quarter figure, says the Hanoi Statistics … [Read more...]

*** Restrictions on smoking at public places will be imposed on January 1. Accordingly, inspectors from ministries, sectors and people’s committees at all levels will supervise the enforcement of this sanction. Punitive levels include warnings and paying a fine of VND50,000-100,000. *** Individuals having incomes from securities businesses will have to pay personal income tax. Tax payers can take one of two options provided by the General Department of Taxation: Paying a tax rate of 20 percent based on net profit or 0.1 percent based on the transfer price. *** One year after benefiting from the Government’s investment stimulus policy, as of January 1, automobile buyers will have to pay a 10-15 percent higher tax rate than that of several days ago, as the value added tax on automobiles will return to the previous level of 10 percent instead of 5 percent as in 2009. Meanwhile, registration tax rates of 10-12 percent will be applied this year instead of 5-6 percent last year. … [Read more...]

The Hanoi Times - The number of overseas arrivals to Vietnam in January reached about 416,000, an increase of 20.4 percent over the same period last year and 10 percent compared with December, 2009, reported the Vietnam National Administration of Tourism. Foreign tourists mainly come from Australia , Canada , the Republic of Korea , the United States , Japan and China . Of the total number of foreign holidaymakers to Vietnam this month, up to 59,000 were from China , a year-on-year increase of 94 percent. During the first month of 2010, a number of famous cruise ships such as Voyages of Discovery, Spirit of Discovery and Costa Classica have selected Vietnam as their holiday destination. The Saigon Travel Service Company (Saigontourist) o­n January 26-28 welcomed 2,000 tourists and crew sailing abroad liner Costa Classica, bringing the total number of international travelers the company received in January by sea to 6,000. VTP … [Read more...]

The industrial production value increased by 28.4 percent in January to VND62.79 trillion as a result of the country’s economic recovery, said Deputy Minister of Industry and Trade Bui Xuan Khu. The non-state economic sector maintained the highest growth rate of 31.1 percent. It was followed by the foreign-invested sector (29.1 percent) and the state-owned sector (23.1 percent). Electricity, coal, fuel and clothing experienced a sharp rise in production, Deputy Minister Khu added. He noted Da Nang city, Vinh Phuc, Phu Tho, Binh Duong and Quang Ninh led other localities in terms of industrial production growth rate ranging between 46.6 and 92.7 percent. As a result of economic stability, increasing investment in construction has caused a sharp increase in the prices of some construction materials. Cement value soared by 91.5 percent and steel by 61.5 percent. The apparel industry also encountered advantages in January with more contracts for domestic consumption and … [Read more...]

The country imported roughly 2,500 automobiles, down 77.3 percent against the previous month, the GSO reported. In December 2009 alone, 11,000 automobiles totalling US$192 million were imported. Last year, the country recorded imports of roughly 76,300 automobiles, worth more than US$1.17 billion, up 49.4 percent and 12.6 percent respectively from 2008, the GSO said. The sharp decrease in January 2010 is attributed to the impact of the Government’s decision to remove tax incentives from the auto industry. After months of enjoying a VAT and car registration discount, car buyers now have to pay additional charges that are estimated to increase the cost of buying a car by roughly 10-12 percent. General Director of Toyota Vietnam, Akito Tachibana, says that the domestic automobile market would suffer from increasing costs in the first few months of the year. However, it was expected to rebound at the end of the year so that total sales would match those of last year, he adds. It is … [Read more...]

The Hanoitimes - The January Consumer Price Index (CPI) in Hanoi surged 1.68 percent month o­n month, according to the Hanoi Statistics Office.The index was up 12.36 percent over the same period of last year with rises seen in 10 out of 11 groups of commodities. During the month, except for post and telecom services, all other groups of commodities saw a rise in prices from a month earlier. The prices of garment, headwear and footwear, housing, safe water, electricity, fuel, construction materials, household utensils and appliances, medicines, medical services, transport, culture, tourism and entertainment services slightly increased, by between 0.03-1.1 percent. Meanwhile, charges of the restaurant and catering service group and drinks and tobacco group sharply rose by 2.8 percent and 2.5 percent, respectively. Most worthy of note, in the restaurant and catering services group, food posted the strongest price rise of 3.56 percent. Economic experts attributed the price hike of … [Read more...]

Chinese President Hu Jintao will make a state visit to the White House on January 19, including a state dinner that night, White House Press Secretary Robert Gibbs announced Wednesday. It will be the third state visit that President Barack Obama has hosted since taking office in January 2009. It reciprocates Obama's state visit to China in November 2009, according to the statement from Gibbs. "President Hu's visit will highlight the importance of expanding cooperation between the United States and China on bilateral, regional, and global issues, as well as the friendship between the peoples of our two countries," the Gibbs statement said. CNN … [Read more...]

CPI rose by 1.68 percent in Hanoi and 1.01 percent in HCM City in January and the figures were 1.83 percent and 1.61 percent, respectively, in the previous month. The General Statistics Office said CPI rises of between 0.36 percent and 2.89 percent were seen in 10 groups of commodities. The education group recorded the strongest rise of 2.89 percent, followed by foodstuffs and restaurant services, 2.47 percent. The index of garment and textiles and footwear rose by 1.81 percent and food and drinks and medicine, 1.67 percent, due to people’s increasing demand for warm clothes and food for the traditional Lunar New Year (Tet). During the month, the value of domestic gold and the US dollar declined by 0.05 percent and 0.32 percent, respectively, from December. Vietnam Plus … [Read more...]

The revenue from Vietnam’s exports reached US$6 billion in January, up over 18 percent from the same period last year thanks to higher priced commodities, said the General Statistics Office on January 27. Rubber exports reached US$337 million, a rise of 46.5 percent in volume and 146 percent in value while oil and gas exports increased by 23.7 percent in volume and 58 percent in value. Fisheries exports also rose by 30 percent in value, reaching US$400 million. However, even with a modest growth of just over 10 percent, garments were still the country’s biggest currency earner, raking in US$900 million. Compared to the previous month in 2010, total export turnover decreased by 20 percent due to a global drop in trade during the new year holidays. Also in January, the turnover of imports was US$7 billion, up 15.5 percent, a drop of US$1 billion and accounting for 16.67 percent of total export turnover. The foreign invested sector contributed 3.17 billion USD to the … [Read more...]