Philippines could be hit worst in southeast asia by us china trade spat

Bangkok tops list of best cities in Southeast Asia (Photo: https://www. bangkok post.com/) Bangkok (VNA) – Bangkok of Thailand topped a poll of the top 10 cities in Southeast Asia, as voted for by visitors to the Travel Leisure website (travelandleisure.com). The website said there are endless reasons why Bangkok has long-reigned as the most visited city in the world -- and the metropolis is picking up just where it left off pre-COVID. The website this year also ranked Phuket and Samui first and second, respectively, on its list of "Best Islands in Southeast Asia". Government spokesman Thanakorn Wangboonkongchana said on July 4 that in the category of Best Cities in Southeast Asia 2022, Bangkok was followed by Singapore, Da Nang (Vietnam), Kuala Lumpur (Malaysia), Hanoi (Vietnam), Chiang Mai (Thailand), Hong Kong, Ho Chi Minh (Vietnam), Phnom Penh (Cambodia) and Jakarta (Indonesia). In the Best Islands in Southeast Asia 2022 category, Phuket and Samui filled the … [Read more...] about Bangkok tops list of best cities in Southeast Asia

Deputy Minister of Industry and Trade Do Thang Hai speaks at the forum (Photo: VNA) Mexico City (VNA) – A delegation of 23 Vietnamese entrepreneurs, led by Deputy Minister of Industry and Trade Do Thang Hai , attended the Vietnam-Mexico Business Forum in Mexico City on July 4, aiming to seek cooperation opportunities with the host country’s partners. Undersecretary for Foreign Trade in Mexico 's Secretariat of Economy Luz Maria de la Mora spoke highly of the bilateral economic and trade relations, affirming that Mexico considers Vietnam a strategic market in the Asia-Pacific region. She expressed her hope that the two countries’ authorised agencies will continue strengthening close coordination in the coming time and their businesses will effectively take advantage of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), contributing to promoting bilateral trade turnover as well as post-pandemic economic recovery. The official affirmed … [Read more...] about Vietnam, Mexico promote economic, trade, investment cooperation

The Ministry of Planning and Investment (MPI) reported last week by the Vietnam Electronic Industries Association (VEIA) that Apple has moved 11 factories from Chinese businesses in the supply chain to Vietnam, while other assemblers like Foxconn, Luxshare, Pegatron, and Wistron are ramping up production capacity in Vietnam. Do Thi Thuy Huong, general secretary of the VEIA, said that the electronic components manufacturing industry of Vietnam has its own advantages for those looking to relocate supply chains out of China to neighbouring countries. “A number of high-tech groups have been cultivating their projects in the northern provinces of Bac Ninh and Bac Giang, and they will also do the same in some other potential localities,” Huong said. Last week Sandeep Mehta, president of India’s Adani Ports & SEZ, announced on behalf of Adani Group that it would pour $10 billion into Vietnam. It is part of a $100 billion package that Adani Group would like to invest overseas. … [Read more...] about Electronics giants leading foreign investment bounce

Even though recovery across the South-East Asian region has been uneven with the Delta variant, most countries’ GDP including Singapore, Indonesia, Malaysia, the Philippines and Vietnam have risen back up to pre-pandemic levels – with the exception of Thailand, which is still at 2 percent below pre-pandemic levels as its tourism industry struggled with travel and mobility restrictions. It was noted that Vietnam was not particularly affected by the Delta variant wave, and hence did not experience large lockdowns that impacted its economy as much as Malaysia and the Philippines did. Singapore, on the other hand, was able to take advantage of the increase in demand for consumer electronics globally to increase its GDP growth by 7.6 percent last year. Across the region, there is a marked lag in the recovery of the services sector in terms of accommodation, food and retail, but that is expected to increase with the reopening of borders and easing of travel restrictions. However, China’s … [Read more...] about Vietnam’s economy to grow more than 6.5 percent in 2022

Pineapples are being processed for export at a Dong Giao Foodstuff Export JSC factory in Gia Lai Province. — VNA/VNS Photo Hong Diep Viet Nam earned US$27.88 billion from agro-forestry-fishery exports in the first half of this year (H1), up 14 per cent year-on-year despite the difficulties and impact of the world economic environment, according to the Ministry of Agriculture and Rural Development (MARD). Of the sum, exports of key farm produce and forestry products reached $11.37 billion and $9.1 billion, surging 8.8 per cent and 3 per cent year-on-year, respectively, fishery products hit $5.8 billion, up 41 per cent annually, while that of livestock reached $176 million, down 16 per cent, and production input topped $1.42 billion, up 65 per cent. Nine types of goods recorded an export revenue exceeding $1 billion in the period: coffee, rubber, cashew, fruit and vegetable, rice, tra fish, shrimp, wooden goods, and inputs for production. Items which saw increases in both … [Read more...] about Agro-forestry-fishery exports on track to surpass yearly target

Euro zone recession fears were exacerbated by concerns about an energy crisis in Europe and by Tuesday's data, which showed a sharp slowdown in business growth in June, following Monday's news of a seasonally adjusted May trade deficit in Germany versus expectations for a surplus. Oil prices suffered their biggest daily drop since March on growing fears of a global recession and lockdowns in China that could slash demand. Bipan Rai, North America head of FX strategy at CIBC Capital Markets in Toronto, cited signs of a looming energy crisis in Europe and economic concerns for the euro's tumble. "The threat of a recession in the euro zone is a more clear risk now relative to before," Rai said. The euro dropped by almost 1.8 percent against the dollar to $1.0236, its weakest level since December 2002. It was last down 1.48 percent against the dollar. Meanwhile the dollar index , which measures the greenback against a group of major currencies, was up 1.31 percent, after hitting … [Read more...] about Euro slumps to two-decade low, oil tumbles as recession fears intensify