Vietnam retail report

A COVID-19 vaccination site in Hanoi (Photo: VNA) Tokyo (VNA) - The Executive Board of the International Monetary Fund (IMF) has highly valued Vietnam’s policy support to cushion the impact of COVID-19 in tandem with successful maintenance of fiscal, external, and financial stability and an impressive vaccination rollout. In a press release following a recent consultation with Vietnam, the IMF Executive Board said a recovery is underway and high frequency indicators point to stronger momentum going into 2022, with rising retail sales, industrial production, and firm entry. Growth is expected to reach 6% in 2022 as activity normalisation continues and the programme for recovery and development is implemented. However, the recovery of the labour market is lagging as underemployment remains high. While inflation has recently picked up due to rising commodity prices and supply-chain disruptions, it remains well below the central bank’s inflation ceiling. The Executive Board … [Read more...] about IMF hails Vietnam’s moves to cushion COVID-19 impacts

Over 50 works by modern Vietnamese masters from the early generation of École des Beaux-Arts de l'Indochine (Indochina School of Fine Arts) will be showcased at Sotheby’s first exhibition in Vietnam - Timeless Souls: Beyond the Voyage – Hồn Xưa Bến Lạ. As well as the first exhibition in the country held by the leading arts brokers in the world, the public event is also one of the largest Indochine Art exhibitions ever staged in the country. Taking place from July 11–14 at Park Hyatt Saigon, HCM City, the non-selling exhibition features over 50 works by Lê Thị Lựu (1911 – 1988), Lê Phổ (1907 – 2001), Mai Trung Thứ (1906 – 1980) and Vũ Cao Đàm (1908 – 2000), the four renowned early generation graduates from the École des Beaux-Arts de l'Indochine, who migrated to France in early 20th century. Fillette aux Nattes avec Son Panier de Fleurs (Girl with Mats and Her Basket of Flowers) by Lê Thị Lựu. With a mission to foster cultural dialogue between artists and the … [Read more...] about Sotheby’s presents its first exhibition in Vietnam

Vietnam's economy is predicted to grow by 6.9% this year, according to the latest Vietnam At A Glance report by HSBC. (Photo: VNA) HCM City (VNA) – HSBC has raised its forecast for Vietnam’s economic growth this year to 6.9%, from the previous prediction of 6.6%, which is possibly the fastest pace in the region. In the Vietnam At A Glance report in July, HSBC Global Research noted that decreasing risks posed by the Omicron variant and eased restrictions have paved the way for Vietnam to return to the normality. Thanks to widespread recovery, the country recorded an impressive GDP growth rate of 7.7% in the second quarter compared to the same period last year. The service sector, which has suffered from severe economic impacts, have bounced back strongly while manufacturing has continued growing and exports hit historic highs. However, the growth forecast for 2023 was revised down to 6.3% from 6.7% due to growing risks, especially in the energy sector, according to the … [Read more...] about HSBC upgrades Vietnam’s growth forecast to 6.9%

Vietnam and Russia affirmed the role of each country in the other’s diplomacy and in the global forums. Russian Foreign Minister Sergei Lavrov told Vietnamese top leaders that Vietnam is one of Russia’s important and trustworthy traditional partners in Asia-Pacific. General Secretary of the Communist Party of Vietnam Nguyen Phu Trong and Russian Foreign Minister Sergei Lavrov in Hanoi on July 6. Photos: VNA, Baoquocte Lavrov stressed the view at meetings with General Secretary of the Communist Party of Vietnam Nguyen Phu Trong, Prime Minister Pham Minh Chinh, and Foreign Minister Bui Thanh Son in Hanoi on July 6. “Naturally, our friendship and our solidarity are based on deep historical roots,” Lavrov said at the meeting with Prime Minister Pham Minh Chinh, Russia News Agency reported. The Russian FM expressed his hope that the two countries will continue making efforts for effective results of the Comprehensive Strategic Partnership which entered its … [Read more...] about Vietnam listed among Russia’s most trustworthy partners in Asia-Pacific: Sergey Lavrov

Russian Foreign Minister Sergey Lavrov, who is scheduled to visit Vietnam on July 5-6 (Photo: AFP/VNA) Moscow (VNA) - Grigory Lokshin , an expert from the Centre for Vietnam and ASEAN Studies under the Russian Academy of Sciences’ Institute of Far Eastern Studies, has highlighted Vietnam's important role in stable ties between between Russia and the Far East in particular and Southeast Asia. Lokshin made the comment on July 5 while being interviewed by Russia’s Independent newspaper at the outset of Russian Foreign Minister Sergey Lavrov ’s visit to Vietnam. According to the Russian expert, the cooperation in the field of military technology and energy, particularly oil and gas development projects, plays an important role in the bilateral relationship and is always a key topic at working sessions between the two countries' politicians. The Independent newspaper said Lavrov's Asia tour shows that Russia is reorienting its political and diplomatic resources with … [Read more...] about Vietnamese studies expert highlights Vietnam’s role in Russia – Southeast Asia ties

China-based electronics company Xiaomi has made investments into manufacturing smartphone components in Vietnam as part of its plan to compete against market leader Samsung of the Republic of Korea (RoK), according to Japan’s news service Nikkei Asia. The Japanese newswire reported that Xiaomi plans to meet growing local demand for smartphones and will continue to support exports to Southeast Asia, including Malaysia and Thailand. Pandaily, a tech media based in Beijing, also stated that Xiaomi is in the process of working with Chinese electronics manufacturing company DBG Technology, which runs a 200,000 square metre factory in Vietnam. The same factory will also produce data transmission equipment and circuit substrates. Until recently Xiaomi had only been focused on producing smartphones in China and India. However, COVID-19 restrictions not only disrupted supply chains, but also reduced sales, prompting the firm to spread out its production locations. … [Read more...] about Xiaomi launches production of smartphones in Vietnam