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Bank employees count money at a transaction office (Photo: VietnamPlus) Hanoi (VNA) – Although credit shrank in September, with outstanding loans in the economy dropping by 23 trillion VND (over 1 billion USD) amid the complex COVID-19 situation, the entire banking system still recorded credit expansion of 7.42 percent over last year as of October 7. At present, since most provinces and cities nationwide have eased social distancing rules and enterprises have begun resuming operations, credit is hoped to post positive growth in the fourth quarter. Breakthroughs expected Recently, many commercial banks have been granted credit limit extensions by the State Bank of Vietnam (SBV), depending on their situation. Some even had their credit growth ceilings increased to over 17 percent. This will give them more room to provide loans for businesses to recover operations, especially in the peak credit season at the year-end. Some banks have had credit growth limits raised … [Read more...] about Credit growth expected to recover in new normal

The children of workers in the Long Hậu kindergarten (Photo courtesy of the firm) Hanoi (VNS/VNA) - The disruption caused by the pandemic to production in industrial parks (IPs) and export processing zones (EPZs) is leading some to suggest a radical overhaul in the way in which these areas operate in the future. Experts said the practical application of more people-orientated models of work will help factories in IPs and EPZs across the country, enhancing productivity competitiveness, saving costs and protecting the environment. Hoang Quang Phong, Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), quoted data from the Ministry of Planning and Investment (MPI) when saying: “Vietnam has 575 IPs and EPZs in 61 provinces and cities.” Phong added that they are home to thousands of local and international businesses from 122 countries and territories around the world. However, many of these bases lack social infrastructure meaning they are failing to … [Read more...] about People-orientated solutions needed in future industrial parks

Foreign ship arrivals in Vietnam’s seaports rise 30 percent The number of foreign ship arrivals in Vietnam’s seaports topped 59,100 in the first 10 months of 2021, up 30 percent year on year, according to the Vietnam Maritime Administration. Most of the foreign vessels are small ones, with capacity of less than 200 DWT, operating in the northern province of Quang Ninh. Meanwhile, the number of Vietnam-flagged vessels rose slightly, by 3 percent, with more than 52,500 arrivals. In contrast, arrivals by inland waterway vehicles declined by 6 percent to 292,300 as a result of the COVID-19 pandemic’s impacts. The number of river - sea compatible ship (VR-SB) arrivals at seaports in Vietnam stands at 40,558, equivalent to last year’s level. The Vietnam Maritime Administration said total cargo throughput at Vietnamese seaports exceeded 588 million tonnes during the reviewed period, up 3 percent from a year earlier. In particular, the volume of container goods grew … [Read more...] about VIETNAM BUSINESS NEWS NOVEMBER 25

Stable, sustainable export market The trade pact was signed by 10 ASEAN members and their five partner countries, including China, Japan, the Republic of Korea, Australia and New Zealand on November 15, 2020 on the sidelines of the 37th ASEAN Summit chaired by Vietnam. Once it is ratified by all signatories and takes full effect, RCEP will cover a market of 2.2 billion people (accounting for about 30 percent of the world’s population), have a total gross domestic product (GDP) of US$26.2 trillion (representing 30 percent of the global GDP) and become the largest free trade area in the world in terms of population size. According to the Ministry of Industry and Trade, the RCEP agreement is expected to multilateralize free trade agreements that ASEAN has signed with partner countries, harmonize commitments and regulations in the trade pacts, maximize economic interests, particularly rules of origin and trade facilitation, and strengthen regional supply chains and economic … [Read more...] about Vietnamese business urged to gear up for largest global trade deal

The hybrid event aims to respond to Vietnam Corporate Culture Day (November 10) and the “Building the Vietnamese business culture” campaign initiated by the Prime Minister. Its first session will see academics discussing and telling stories about acculturation and values guiding economic recovery from the corporate culture perspective. The second session will focus on “corporate culture vaccine at the time of COVID-19” which highlights the significance of corporate culture in the face of economic fallout from COVID-19. Speakers will be leaders of many major corporations in Vietnam. The forum is organised by the Party Central Committee’s Information and Education Commission; the Ministry of Industry and Trade; the Ministry of Culture, Sports and Tourism; the organising board of the “Building the Vietnamese business culture” campaign; the Central Committee of the Ho Chi Minh Communist Youth Union; and the Vietnam Chamber of Commerce and Industry (VCCI). Attendees can visit … [Read more...] about Culture & Business Forum 2021 to take place this weekend

November CPI up 0.32 percent The Consumer Price Index (CPI) in November was up by 0.32 percent compared to October, according to the General Statistics Office (GSO). It was driven by the hikes of prices of petrol and gas across the globe, as well as consumer goods and services in localities in the new normal. Among 11 groups of main commodities and services, nine experienced rising prices. In the first 11 months, the CPI went up 1.84 percent compared to the same period last year, the lowest level since 2016, attributed to the fuel price hikes by 30.32 percent year-on-year, after 20 adjustments. Housing and construction materials posted a year-on-year expansion of 6.8 percent and education grew 2.44 percent. Meanwhile, foodstuff inched down 0.52 percent and electricity prices dropped 1.06 percent against the same period last year. As COVID-19 prompted travel restrictions, air ticket prices fell 21.39 percent while travel package slipped 2.42 percent. Core inflation in … [Read more...] about VIETNAM BUSINESS NEWS NOVEMBER 28