The Vietnamese economy is estimated to expand by 6.9-7% in 2018, driven by manufacturing and services, according to the National Financial Supervisory Commission (NFSC). The regulator said such a growth rate will be the highest in ten years, citing a report on the overview of Vietnam’s financial market. In 2018, despite slowing global trade due to geopolitical tensions and the US-China trade war, the Vietnamese economy continued to record a variety of notable achievements. The NFSC added that Vietnam’s macroeconomic foundations were maintained, with inflation contained at 3.6% and core inflation remaining stable below 1.5%, while major balances of the economy were guaranteed. 2018 also saw a greater role of the capital market, and a decreasing reliance on the banking sector, in supplying capital for the economy. The ratio of banks’ capital supply fell but it was more effective and of better quality. In the meantime, the stock market grew strongly, with market … [Read more...] about Vietnam’s growth estimated at 6.9-7% in 2018: NFSC
Vietnam stock market overview
AirAsia to set up low-cost carrier in Vietnam with local partners
The Hanoitimes - The airline remains bullish about serving one of the most dynamic, fastest-growing economies in Asia. AirAsia, the largest low-cost carrier in Southeast Asia, said on December 6 that it has agreed with its partners in Vietnam to launch a domestic airline in 2019, stated the airline in a statement. Overview of the signing ceremony. Source:AirAsia. The memorandum was signed by AirAsia Group CEO Tony Fernandes and Vietnamese businessman Tran Trong Kien, in his capacity as CEO of Thien Minh Travel Joint Stock Company (TMG) and General Director of Hai Au Aviation Joint Stock Company (HAA). The signing, conducted on the sidelines of the Vietnam Travel and Tourism Summit 2018 in Hanoi on December 6. “AirAsia is an ASEAN airline and in Asean, Vietnam is one of the last remaining countries with a large population we’re not in. Today’s memorandum reaffirms our commitment to making AirAsia in Vietnam happen,” said Tony. “Last … [Read more...] about AirAsia to set up low-cost carrier in Vietnam with local partners
Norwegian solar companies seek cooperation opportunity in Vietnam
The event is co-organized by Royal Norwegian Embassy and Power Engineering Consulting Joint Stock Company 1 (PECC1), under the Electricity of Vietnam (EVN) with the attendance of Norweiginan Ambassador designate, Ms Grete Lochen, Commercial Counsellor Mr Harald Naevdal, General Director of EVN PECC1 Mr Pham Nguyen Hung, representatives from the Ministry of Industry and Trade, and over 70 participants from the EVN and its subsidiaries, independent power plant owners, construction companies, private investors from Vietnam and Laos, suppliers and consultants and other stakeholders. At the seminar, an energy consultant of the World Bank presents an overview of Vietnam’s solar energy, highlighting the achievements of Vietnam’s solar energy sector as well as its development perspectives. As Norway is among the leading countries in research and development for solar energy, speakers from the Norwegian companies share with the Vietnamese counterparts and … [Read more...] about Norwegian solar companies seek cooperation opportunity in Vietnam
BUSINESS NEWS IN BRIEF 1/9
Vinatex completes 65% of yearly revenue target Viet Nam National Textile and Garment Group (Vinatex) has completed 65 per cent of the yearly target set for total revenues with its eight-month result (excluding VAT) reaching over VND31.45 trillion (US$1.34 billion). This figure also represented a rise of 7 per cent against the same period last year, the textile group reported in a filing to the Ministry of Planning and Investment. In August alone, it earned VND4.48 trillion in revenue, down 5 per cent year-on-year, of which turnover of the parent company and subsidiaries with its holdings of over 50 per cent capital reached almost VND1.74 trillion. Revenues from other affiliate companies in which the group holds less than 50 per cent capital reached a combined VND2.74 trillion. Vinatex attributed the growth in total revenues to increases in sales of fibre products (96,051 tonnes, up 9.5 per cent year-on-year), fabric of all kinds (100.7 million m3, up 18.6 per cent) … [Read more...] about BUSINESS NEWS IN BRIEF 1/9
BUSINESS NEWS IN BRIEF 27/8
Bac Ninh industrial parks play significant role in local economy Industrial parks of the northern province of Bac Ninh have made up 70 percent of industrial production value, over 90 percent of exports and 51.7 percent of budget collection of the locality. The figures were given at a conference on August 24 to review 20 years of forming and developing local industrial parks. According to Chairman of the provincial People’s Committee Nguyen Tu Quynh, the introduction of the Management Board of Bac Ninh Industrial Parks 20 years ago is a breakthrough step showing the vision and mindset of provincial leaders in mobilising resources, investment to boost industry’s growth. After two decades, the industrial parks have become an important part of the local economy, promoting the economic structure transform, while improving the province’s capacity in production and technology transfer, enhancing production efficiency and engaging deeper into the global production chain. … [Read more...] about BUSINESS NEWS IN BRIEF 27/8