Socialist oriented market economy

According to the World Bank, in the first two months, Vietnam’s exports expanded by 8.0%, FDI inflows amounted to US$2.5 billion, and retail sales rose by 5.4%. Though prospects remain favorable for the Vietnamese economy in the medium term, its GDP growth will be affected negatively by the novel coronavirus outbreak which is spreading globally. … [Read more...] about Vietnam economy resilient to global COVID-19 crisis: World Bank

A garment plant at the Pho Noi A Industrial Park in the northern province of Hung Yen. The World Bank predicts poverty rates could double among households in Vietnam linked to the garment industry – PHOTO: VNA HCMC – Vietnam is significantly exposed to the coronavirus pandemic and the ongoing turbulence in the global financial markets, but its economy remains resilient to external shocks in the first few months of this year, according to the World Bank. … [Read more...] about Vietnam’s economy remains resilient amid coronavirus pandemic: WB

Nguyễn Anh Đức, general director of Saigon Co.op, which owns the Co.opmart and Co.opXtra supermarket chains, said there are abundant stocks of rice, instant noodles, canned foods, water, egg, beef, toilet paper, and other products. … [Read more...] about Supermarkets, traditional markets remain open, assure supply is abundant

Phnom Penh (VNA) - Cambodia's economic growth is projected to slow sharply to 2.5 percent in 2020 due to the impact of the COVID-19 outbreak, according to a World Bank's report released on March 31. After consecutively attaining an economic growth of 7.1 percent in recent years, the bank's East Asia and Pacific Economic Update said the outbreak caused sharp decelerations in most of Cambodia's main engines of growth in the first quarter of 2020, including weakened tourism and construction activity. “Real growth is projected to slow sharply to 2.5 percent in 2020, but the growth rate will recover to 5.9 percent in 2021 under the baseline scenario,” said the report. It added that the unprecedented global shock triggered by the pandemic has significantly affected the country’s economy in all its major sectors: agriculture, tourism, garments, textiles and construction”. The situation was not helped when the European Union said it will withdraw 20 percent of its … [Read more...] about WB: Cambodia’s economy to slow down due to COVID-19

Indeed, Masan, the group that owns the VinMart and VinMart+ supermarket chains, believes that alongside ensuring supply sources of quality products remain in place, all of its retail stores have offered online or phone services, making it convenient for consumers to place orders and then subsequently have their items delivered. … [Read more...] about Businesses forced to adapt during COVID-19 crisis