Macroeconomic stability

Vo Tri Thanh *Vo Tri Thanh Consumption – one of the key drivers of Viet Nam's growth in 2022 – is showing signs of deceleration. The General Statistics Office (GSO)'s data showed Viet Nam's total retail sales of goods and services in November increased 17.5 per cent year-on-year to an estimated VND514.2 trillion (US$20.9 billion) after a 17.1 per cent growth a month earlier which was the slowest pace since April. The latest figure marked the 12th straight month of expansion in the retail sector as consumption continued to rise despite ongoing cost pressure. Ending November, the total retail sales of goods and services leapt 20.5 per cent year-on-year to VND5.18 quadrillion ($219 billion) while it decreased 5 per cent in the same period of 2021; if excluding the price factor, the growth rate was just 16.9 per cent (down 6.8 per cent in the same period of 2021). However, the 11-month figure this year represented a 14.9 per cent increase compared to 11 months of 2019 – the … [Read more...] about Slower consumption and prospect of growth in 2023

After the State Bank of Vietnam extended the credit growth limit by 1.5-2 percentage points to 15.6-16% this year, the bank should operate reasonably with focus on investment, exports and consumption, he said at a meeting on fiscal, monetary and macroeconomic policies on Tuesday. The banking system needs to ensure liquidity and stability and find the balance between exchange rate and interest rate and between controlling inflation and promoting growth. Banks need to review property projects that are eligible for loans; and come up with policies to support buyers of social housing. The PM said that only when people put their money into banks can lenders grow. The central bank therefore needs to re-evaluate its policy to support companies with loans. Vietnamese markets are stabile again, he said, adding that market confidence is growing even though the fluctuating global economic situation remains complicated, unpredictable and risky. The stock market is healthy again, he said, … [Read more...] about Let credit flow into investment, exports, consumption: PM

In his keynote speech at the AVPI in the headquarters of RMIT University in Melbourne city, Victoria state, on December 2 (local time), Chairman Vuong Dinh Hue said the establishment and operation of the AVPI thus far reflect Australia’s increasing attention to Vietnam, at a time when the  two countries are entering a new phase of more robust and substantive development in terms of bilateral relations. The AVPI has convened many diverse discussions on policy issues, and connectivity among businesses and localities from both sides, he said, hoping that the AVPI will soon become a leading research centre on Vietnam in the region, and serve as an incubator for ideas on the means to further strengthen the Vietnam - Australia ties in the next five decades. Introducing his speech themed “Enhancing Australia-Vietnam strategic partnership for peace, stability, cooperation and development,” N.A. Chairman Vuong Dinh Hue shared his thought on three items, namely the situation in the region … [Read more...] about N.A. Chairman addresses Australia – Vietnam Policy Institute

Meeting the Australian minister, National Assembly Vuong Dinh Hue underlined the importance of the education and training cooperation in the Vietnam – Australia relations, expressing his hope that the Australian side will share experience in university autonomy and governance, business-university connection, entrepreneurship and innovation. With more than 30,000 Vietnamese students in Australia, education cooperation not only contributes to Vietnam's human resources development and Australia's economy, but also helps promote cultural connection and friendship between the two nations, he said. Chairman Vuong Dinh Hue suggested the Australian side pay attention to promoting bilateral education and training cooperation in various forms, provide more scholarships to Vietnamese students, and organize forums for enhancing connectivity among Vietnamese and Australian universities and educational institutions. Clare said he is looking forward to a visit to Vietnam in 2023 to discuss … [Read more...] about National Assembly Chairman meets Australian minister, parliamentarians

GDP Deputy Director Major General Nguyen Van Gau and VWU Chairwoman Ha Thi Nga co-chaired the event. The conference was held via a virtual format and connected to 18 major units in the whole military. The central report and opinions at the conference agreed that over the past five years, the cooperation programs between the two sides have been implemented comprehensively with practice results, making an important contribution to the completion of political tasks of all agencies, units and localities, as well as the good implementation of Party and political work in the military and the women's work in the current context. Several outstanding outcomes are mobilizing troops and VWU members and all people to well implement the Party's guideline and the State's policies; strengthening the solidarity and closeness between military units and local agencies and socio-political organizations at all levels in developing economy, culture, society, as well as in hunger eradication and … [Read more...] about Military unit and Women’s Union to enhance collaboration

In late October, IPP Air Cargo cancelled its application to launch what would have been the nation’s first cargo airline, although the company had already completed the procedures to lease four Boeing Converted Freighters 737 800BCF. Jonathan Hanh Nguyen, chairman of the airline’s parent company Imex Pan Pacific Group (IPPG), told VnExpress that global air cargo demand was declining due to current turmoil. "We have decided to end our plan to avoid causing more damage to carriers that are already incurring losses," he said, adding that the company aimed to reinstate the plan when the market stabilizes. Last week, Lufthansa announced plans to launch its first direct flight from Frankfurt to Hanoi. The carrier had previously run two flights per week from Germany to HCMC before diverting operations to Thailand. CCO Ashwin Bhat said his airline could not ignore the Vietnamese market, where 30% of exported items are electronics and high-tech goods, Thanh Nien reported. … [Read more...] about Vietnam firm reluctant to launch cargo flights, foreign carrier eager