Petrol price

HCM City (VNA) – The consumer price index (CPI) in the southern largest economic hub of Ho Chi Minh City increased 1.19 percent in February from the previous month, according to the city’s Statistics Office .

Among 11 groups of products and services in the CPI basket , the group of housing, electricity, water and construction materials had the highest price increase of 2.06 percent. This included a 13 percent hike in power price , 2.65 percent rise in water price, and 0.14 percent fall in housing rent due to the COVID-19 pandemic.

The prices of restaurant and catering services showed a big jump of 1.35 percent, with those of foodstuff growing 1.79 percent from January. The strongest surges in this group were seen in the prices of pork (5.28 percent), beef (2.36 percent), poultry (3.99 percent) and aquatic products (3.12 percent) due to high demand during the traditional Lunar New Year (Tet) holiday – the biggest traditional festival of Vietnamese people.

Moving in the same trend were groups of beverage and tobacco (0.41 percent), and garment, hats and footwear (0.35 percent).

Affected by the petrol price hikes on January 26 and February 25, transportation fees increased by 1.68 percent.

In contrast, the prices of medicine and medical services dropped by 0.05 percent, and those of the education group decreased by 0.01 percent.

The Statistics Office also said that the gold price went up by 1.1 percent while the price of US dollar expanded 0.02 percent as compared to January./.

VNA

The Hanoitimes – This is seen as a positive sign for the economy amid the current serious Covid-19 situation that is having negative impacts on enterprises’ operation.

The February number of enterprises temporarily leaving market declined by 80.1% against last month to nearly 3,600, while those waiting to complete the dissolution process also decreased by 53.5%.

Production of electricity equipment at A Chau Industry Company in Quat Dong Expansion Industrial Park. Photo: Thanh Hai

“These are positive signs for the economy amid the current serious Covid-19 situation that is having negative impacts on enterprises’ operation,” stated the General Statistics Office (GSO) in its monthly-report.

While the number of new business formation last month declined by 20.3% against January to 8,038, for which the statistics agency attributed the decline to the week-long Tet holiday in February, the total number in the first two months rose by 4% year-on-year to 18.100 with registered capital of a combined VND334.8 trillion (US$14.53 billion), up 52.2%.

Average registered capital per newborn enterprise was VND18.5 billion (US$803,000) during this period, up 46.4% year-on-year.

The government-run office informed that 11,000 enterprises resumed operations in the period, a decline of 7.6% inter-annually, bringing the total number of newly-registered and reinstated enterprises in the two-month period to 29,200.

Consumer spending rises 5.49%

The long Tet holiday break and the Covid-19 outbreak in a number of cities/provinces in February led to a decline of 5.4% month-on-month on the total retail sales of consumer goods and services to VND439.7 trillion (US$19.07 billion).

However, total consumer spending in the first two months remained positive with a growth rate of 5.49% year-on-year to VND904.5 trillion (US$39.24 billion).

8-year high cost of living

The consumer price index (CPI), the main gauge of inflation expanded by 1.52% against the previous month, the highest rise in a second month in the last eight years.

The end of the electricity charge subsidy scheme from Vietnam Electricity (EVN), the country’s sole power distributor, and higher food and transportation costs during the Tet holiday were seen as major factors leading to higher CPI growth, stated the GSO.

However, the CPI for the first two months declined by 0.14% year-on-year, leading to a modest growth of the core inflation by 0.64%.

The expansion of CPI in February was mainly thanks to a growth of 4% year-on-year in prices of housing and construction materials, contributing to 0.75% of the overall growth, followed by food and catering services (1.61%), and transportation (1.55%).

While the international gold prices as of February 24 declined by 2.7% against the previous month, as investors became more optimistic with global economic outlook, domestic gold prices continued the upward trend by an increase of 0.25% month-on-month in February.

The Hanoitimes – Although the ingredients to make this addicting dish sound fairly simple: ripe bananas, sugar, flour, turmeric powder, making banh chuoi requires the exceptional skills of a master artisan.

For a lot of Hanoians, banh chuoi (deep-fried banana) is the nostalgic food of childhood. Many of us would savor these crispy, slightly sweet snacks on the sidewalks as an after-school snack, or as a treat to send away the cold.

Street food stalls selling deep-fried bananas are ubiquitous in Hanoi. You can find them pretty much anywhere, but do keep in mind that they are open only in the afternoon. It makes a lot of sense actually, since rarely anyone wants something heavy and greasy in the morning.

A set of deep-fried bananas, along with sweet potato pancakes and corn pancakes. Photo: Thuy An.

Although the ingredients to make this addicting dish sound fairly simple: ripe bananas, sugar, flour, turmeric powder, making banh chuoi requires the exceptional skills of a master artisan. It’s not easy to achieve the golden ratio of the batter to produce a crunchy, delightful texture. And it’s equally tough to master the art of deep frying.

After trying various food stalls, let me introduce you to one of the hidden gems of Hanoi. Settled in Van Chuong street, this food stall has a simple set-up. You’ll find two large pans full of scorching hot oil, a giant bowl of batter mixture, and some racks that serve to cool down the pancakes and to display them at the same time. While there are spaces for you to sit and savor the hot, fragrant pancakes right away, bánh chuối is often a take-away item. So, you won’t find a lot of people who actually stay and eat.

The owner skillfully cooks three different types of pancakes at the same time. Photo: Thuy An.

The key ingredient is obviously the banana. Not all kinds work, actually. The owner uses ladyfinger bananas ( chuoi Su ), a variety of short and small bananas that tastes much sweeter and is more fragrant than the more popular Cavendish cousin. It’s important to use ripe bananas as well, since they’re at their sweetest. The blacker and more wrinkled the peel, the better.

To make banh chuoi , the owner cuts the bananas in half and presses them gently into flat slices using a wooden handle. She then swiftly dips the banana slides one-by-one into the secret batter mixture and fries them to perfection in piping hot oil. Different from other stalls that solely rest the freshly-fried pancakes on a cooling rack, the owner, after cooling the pancakes down, adds another step and actually puts them in a mini oven so that they stay crisp and crunchy.

Different from other stores, the pancakes here are put into a mini oven to preserve the freshness and crispiness. Photo: Thuy An.

The owner confides that she always threw away old oil that had been used several times for frying at the end of the day, and used new oil to maintain the excellent taste of the pancakes. “Everyone in my family has to eat at least two to three fried pancakes per day”, she added.

Usually, deep-frying banh chuoi in old oil gives it an off-putting brown-yellow color and a greasy taste and burnt smell. On the other hand, the fried pancakes here have a bright, appetizing golden color and a signature crunchy texture of foods that are fried in new oil. I also love how she only fries the pancakes when ordered.

Another special point about banh chuoi here lies in its crunchy outer shell. When putting the banana slices into the frying pan, the owner makes sure that each layer is thinly and evenly spread, so that the banh chuoi doesn’t become too dense and the exterior stays airy and crunchy. It is, in fact, very satisfying to bite into since you will be able to taste both the batter and the sweet, soft banana stuffing.

In addition to banh chuoi , the owner also sells sweet potato pancakes and corn pancakes. They are equally scrumptious and worth a try. The sweet potatoes are shredded finely so that when fried, they are cooked evenly and give you a crunch in every bite. Meanwhile, the corn pancakes are made of sweet, juicy corns and can bring you a harmony of flavor and texture.

Banh chuoi is a delicacy that is loved not only among children and teenagers, but also among adults. It’s quite cheap, priced at VND6,000 VND only. So, whenever you’re craving a snack, I hope I’ve given you enough reasons to give it a try.

Address: Opposite of 320 Van Chuong, Dong Da District

Opening hour: 1pm – 7pm

Price: VND6,000 per piece

The Hanoitimes – The daily turnover in Vietnam’s stock market has been extremely high for the last several months, said the head of independent Finish fund manager Pyn Elite Fund.

Vietnamese listed companies’ first quarter earnings reports in April will indicate strong earnings growth for many businesses in the year 2021.

Petri Derying, portfolio manager of Finland-based Pyn Elite Fund. Source: arvopaperi.fi

Petri Derying, portfolio manager of Finland-based Pyn Elite Fund, wrote in a note, discussing the prospect of Vietnam’s economy this year.

“Covid crisis is still slowing down many economies, but it is likely, that in the year 2021 we will see strong growth globally due to last year’s poor numbers,” said Derying.

According to Derying, there is already evidence of the robust growth in Vietnam’s exports in the first six weeks of the year with a turnover of US$38.57 billion, up 36% year-on-year.

“These numbers indicate very strong growth for the whole year, while the strongest growth was in exports to China,” he said.

Meanwhile, the daily turnover in Vietnam’s stock market has been extremely high for several months already, Derying added.

“The turnover and the spike we’ve seen in VN-index are thanks to the local investors,” he stated, noting in January the foreign investors were net sellers for US$74 million.

However, in February the tide turned and the foreign investors have been net buyers for US$62 million. “We expect this trend to continue,” he concluded.

In early February, Derying stated the year 2021 “looks very good for the Vietnamese stock market”, saying the economy is ready to achieve a record expansion, the listed companies’ earnings growth will surprise on the positive side, and stocks are priced attractively.

Pyn Elite Fund expected the Vn-Index to soon reach 1,800 points, thanks to the companies’ earnings growth forecasts, the strong outlook of the Vietnamese economy and the opportunities presented by the modernization of the stock market.

If the earnings grow as expected, the stock market’s P/E ratio would be in the range of 15–16 to equal index level of 1,800 points. Even thereafter, Vietnam’s economic growth will surely support even higher valuations and index levels, it added.

The Finnish fund believed that the Vietnamese stock market can surprise investors with a “big year” of returns during the 2020–24-time frame.