The Hanoitimes - The Party chief has boasted of results of the ongoing anti-corruption campaign. All the 12 socio-economic goals set for Vietnam this year are likely to be met or beaten, with the economy poised to expand 6.6-6.8%, reaching US$240.5 billion at the year-end, General Secretary of the ruling Communist Party Nguyen Phu Trong said last weekend. General Secretary of the ruling Communist Party Nguyen Phu Trong speaks at recently-concluded Central Committee plenum. Photo: Nhat Bac/VGP “Growth quality has been increasingly improved. Macro-economic fundamentals have remained stable. Inflation has been controlled, with consumer prices continuing to grow less than 4%,” the Party chief said at his closing remarks of the eighth plenum of the Central Committee. The country’s GDP advanced 6.98% in the first three quarters this year, and the consumer price index (CPI) rose by 3.57% in the period, according to official data. He went on to say that … [Read more...] about Vietnam’s economy set to grow 6.6-6.8% this year: Party chief
Price ceiling consumer surplus
SCB signs deal with three Hong Kong banks Saigon Joint Stock Commercial Bank (SCB) and three Hong Kong banks on Monday signed a co-operation agreement on syndicated credit financing. Under the agreement, SCB, Hang Seng Bank Limited, Chong Hing Bank Limited and The Bank of East Asia Limited committed to support financial investment and ensure a stable financing source for Union Square Company Limited, which operates in the field of real estate. The signing was made within the framework of an investment development co-operation event held by the Viet Nam Chamber of Commerce and Industry (VCCI) in co-ordination with Hong Kong Trade Development Council (HKTDC) in HCM City on Monday. Also at the event, the four banks signed a strategic agreement for comprehensive and long-term co-operation in exchanging experience on investment and financial management, increasing business relations, conducting research and investment, and especially providing credit to local and foreign … [Read more...] about BUSINESS NEWS IN BRIEF 26/8
Many companies are still unaffected by FX movements but may face troubles in the future, Photo: Le Toan FX taking toll on businesses Despite the devaluation of the VND against the USD in recent months, businesses in Vietnam with exposure to FX rates said that they are immaterially affected by such movement in the short term. The daily fixing reached a new high of VND22,686 a dollar at the start of last week, up VND10 against the closing rate of the previous week. The FX rate at commercial banks then climbed to as high as VND23,364 a dollar last Wednesday, on a 3-per-cent trading band that bounded the ceiling rate at VND23,366 and floor rate at VND22,004 a dollar for the day. For Taiwanese-invested enterprise Vietnam Fortress Tools JSC (Fortress), which manufactures garden tools and wooden toys, the recent development of the FX rate could in fact help reduce the company’s input prices in the short term. “Some of our input costs, in this case the price of steel imported … [Read more...] about FX rates could boost inflation
The consumer price index jumped by 2.22 per cent in June and 4.6 per cent from a year earlier, a seven-year high, the General Statistics Office (GSO) reported. — Photo thoibaonganhang.vn The rest of this year is likely to be a difficult period for the economy meaning challenges for the Government in achieving the targets set for the year. The problems include a weakening of the dong against the dollar and rising inflation, interest rates and public debt, and the Government will be walking a tightrope in terms of monetary policy. The consumer price index jumped by 2.22 per cent in June and 4.6 per cent from a year earlier, a seven-year high, the General Statistics Office (GSO) reported. Inflation in the first six months of the year was up to 3.29 per cent. GSO experts attributed the sharp increase in inflation in recent months to the rise in prices of several major products and services. Of 11 major categories of goods and services, nine saw prices increasing. Transportation … [Read more...] about Trillion đồng question: to tighten monetary policy or not?
Other factors include characteristics of each sector, population aging, gender equality and gap in retirement age between men and women. He also noted that a retirement age adjustment is linked to ensuring long-term balance of the Social Insurance Fund. Under the resolution adopted by the Party Central Committee at its recent plenary meeting, retirement age will be adjusted from 2021 in a cautious way under a road-map. Depending on each special sector, retirement age could be lengthened or cut by five years. Deputy Prime Minister Vuong Dinh Hue Hue added the legislature will discuss thoroughly before deciding on the issue. As regards salary reform for officials and cadres, members of the armed forces and workers, Hue said the issue is of public concern so synchronous measures should be taken, including streamlining personnel on State payroll, promoting manufacturing to increase State budget collections, preventing loss of revenue to the State budget and exercising … [Read more...] about Deputy PM clarifies retirement age increase, salary reform