Vietnam’s economy set to thrive with new dynamics Vietnam reaped notable achievements in 2018, with economic growth hitting a record high of 7.08%, putting Vietnam on the list of Asia’s fastest-growing economies. New economic dynamics are expected to drive Vietnam forward in 2019 and help it achieve its 5-year plan targets by 2020. Vietnam risks lagging behind in the next decade if it can’t maintain its annual growth of more than 7%. In the government’s recent meeting, Prime Minister Nguyen Xuan Phuc said Vietnam is determined to create more breakthroughs across all fields this year in order to fulfill the 5 year-plan and 10-year strategy. One of the government’s biggest challenges will be helping economic hubs like Ho Chi Minh City and Da Nang revive their growth. Associate Professor Dr. Nguyen Duy Khuong of Singapore’s Lee Kwan Yew School of Public Policy told VOV "It’s important for Vietnam to create a firmer foundation of international … [Read more...] about BUSINESS NEWS IN BRIEF 15/2
Refinance 15 years
Vietnam’s exports forecast to hit US$239 billion this year
Deputy Minister of Industry and Trade Do Thang Hai released the information at a regular press briefing held by the Ministry of Industry and Trade (MoIT) in Hanoi on October 17 regarding the state of industrial production and trade activities during the first nine months of the year, and what further solutions can be implemented before the end of the year. The Index of Industrial Production (IIP) in the reviewed period grew by 10.6% over last year’s corresponding period, the highest growth enjoyed since 2012.Export turnover increased by 15.4% to US$178.91 billion, exceeding the 10% target set for the first 9 months of the year. Notably, up to 26 export commodities recorded an export value of over US$1 billion, including 8 items bringing in over US$5 billion and a further five commodities grossing in excess of US$10 billion. Major commodities that made a significant contribution to the country’s export growth include telephones and their components(US$36.13 billion, up … [Read more...] about Vietnam’s exports forecast to hit US$239 billion this year
Petrol price sees steepest hike in a year
The prices of E5 RON 92 and RON 95 increased by VND 675 and VND 577 per liter respectively as from 3:00 pm on October 6, according to requirements by Inter -Ministries of Finance and Industry and Trade. Accordingly, retail prices of E5 RON 92 and RON 95 are sold at no more than VND 20,906 and VND 22,347 per liter. Meanwhile the prices of diesel and kerosene increased VND 485 and VND 403 per liter. Their current ceiling prices are VND 18,611 and VND 17,086 per liter. The price of mazut is VND 15,964 per kg, an increase of VND 752. The two ministries explained that the cost of refined petroleum products was increased 15 days ago. In Singapore, crude oil price was US$92.5 per barrel versus US$86.823 the previous price. The two ministries also decided to keep the use of the price stabilization fund for petroleum. Usage of the fund for E5 RON 92 increased VND 1,563 per liter; RON 95 was VND 700; while diesel and kerosene were VND 400 and VND 300 per liter. … [Read more...] about Petrol price sees steepest hike in a year
BUSINESS NEWS IN BRIEF 15/8
Over VND96 trillion of G-bonds mobilised The State Treasury of Viet Nam has raised a total of VND96.251 trillion (US$4.13 billion) via auctions of Government bonds at the Ha Noi Stock Exchange (HNX) since the beginning of the year. At an auction this week, the State Treasury mobilised VND3.95 trillion from five-year and seven-year bonds worth VND500 billion each and 10-year bonds and 15-year bonds worth VND2 trillion each. The interest rate of bonds increased slightly. Bonds with 10-year maturity raised VND1.55 trillion with an annual interest rate of 4.53 per cent, up 0.03 percentage points from the previous auction on August 1. A sub-session auction of 10-year bonds drew VND600 billion with the yearly interest rate of 4.53 percent. Those with a 15-year term attracted VND1.2 trillion with an annual interest rate of 4.81 per cent, up 0.03 percentage points in comparison with the rate of the previous auction on July 25, 2018. As much as VND600 million was mobilised … [Read more...] about BUSINESS NEWS IN BRIEF 15/8
Challenges facing Viet Nam in ensuring energy security
Viet Nam needs an enormous amount of energy to feed its development, but relying on coal and hydropower is not the answer, and with new measures still at an early stage, experts are concerned about the future. Viet Nam’s demand for energy rises by an average 9.5 per cent year-on-year in the last 15 years, reaching 13 per cent increase in 2006-11 and 11 per cent in 2011-16 period. According to Viet Nam Energy Outlook 2017 report released last September, imported energy could account for 37.5 per cent of its total supplies in 2025 and more than half (58.5 per cent) in 2035. Vietnamese economy has transformed itself from an agrarian economy which relied primarily on traditional biomass fuels, to a modern mixed economy, one of the fastest growing ones in the world, resulting in rapid changes in the energy sector. According to the Electricity and Renewable Energy Department under the Ministry of Industry and Trade (MoIT), oil, coal, natural gas, hydropower and non-commercial biomass … [Read more...] about Challenges facing Viet Nam in ensuring energy security