The Hanoitimes - Vietnam will rely on internal strength and get things in order so the country can overcome any obstacles and maintain momentum and growth, according to Prime Minister Nguyen Xuan Phuc. "This trade war between the U.S. and China will surely affect Vietnam," the PM said in an interview with Bloomberg on September 10. "We are seeking new ways to grow," he added. "We want to maintain good relations with both the US and China." Illustrative photo. Trade currently amounts to about twice Vietnam's GDP - more than any country in Asia apart from Singapore, for which, the economy is particularly sensitive to disruptions in global supply chains. About a quarter of Vietnam's total trade is with China, which is facing potential tariffs on all of its exports to the US in an escalating trade war with President Donald Trump. Phuc said it's important for Vietnam to maintain macroeconomic stability, export growth and living standards for the country's 96 million people. … [Read more...] about Vietnam seeks ways to grow in face of US – China trade war: PM
Vietnam to indian currency
Asia Rice: Dip in Indian rates on rupee weakness dulls Vietnam offers
Rates for India’s 5 percent broken parboiled rice fell by $3 per tonne to $389-$393 per tonne this week. “Rupee depreciation is allowing us to lower prices, but at the same time competitors are also lowering their quotes,” said an exporter based at Kakinada in the southern state of Andhra Pradesh. The Indian currency fell to a record low against the dollar on Thursday. Farmers in India had planted summer-sown paddy rice on 30.78 million hectares as of Aug 10, down 2.9 percent from a year ago due to scant rainfall. Monsoon rains in India are likely to be below-normal levels in 2018, a private weather forecaster said earlier this month, raising concerns over farm output and economic growth in Asia’s third-biggest economy, where half the farmland lacks irrigation. The falling rice prices in India also weighed on the market in Vietnam, the third largest exporter, but rates for the country’s 5 percent broken variety were unchanged at $395-$400 a tonne. … [Read more...] about Asia Rice: Dip in Indian rates on rupee weakness dulls Vietnam offers
VND to remain steady until year’s end
The VND is seen as one of the least depreciated currencies in the region, Photo: Le Toan FX on fire The daily fixing last Thursday set itself again to a record high of VND22,662 a dollar, adding VND13 a dollar on top of the previous day’s rate, before slightly cooling down to VND22,660 on Friday. Across local commercial banks, the FX rate was reported as edging up last Friday, following a sideways movement seen days before. Each dollar was sold at VND23,095-23,125 and bought at VND23,000-23,030 a dollar, with VND10-20 added on both the buy and sell sides. The upswing of the daily fixing and FX rates in the local market happened in response to the greenback gaining power against other major currencies, with the dollar index breaking the 95.00 figure last week. With the daily rate consistently trending upward in the past four weeks, investment advisory manager Phan Dung Khanh at Maybank Kim Eng Securities in Ho Chi Minh City said that the causes were attributed to several … [Read more...] about VND to remain steady until year’s end
Vietnam’s PM proposes solutions to improve ACMECS cooperation
He said it is necessary to push for coordination of stance between ACMECS members and development partners, and build a common voice on issues needed to be addressed and cooperation priorities. Greater attention should be paid to the mobilization of financial sources via initiatives like the ACMECS Fund and ACMECS Infrastructure Fund and Trust, the Vietnamese PM noted. He said ACMECS operation mechanism should be improved to be leaner and more effective, suggesting the organization of ACMECS meetings in conjunction with events held by the ASEAN and other Mekong cooperation mechanisms. Prime Minister Nguyen Xuan Phuc at the event The PM added that ACMECS needs to contribute more directly to and become an integral part of the ASEAN Community formation process through integrating the implementation of the ACMECS Master Plan with that of the ASEAN Community Vision 2025, the Master Plan on ASEAN Connectivity, and other ASEAN cooperation programs. The … [Read more...] about Vietnam’s PM proposes solutions to improve ACMECS cooperation
Vietnam rice rates up for fifth week; currency moves weigh on India, Thailand
Rice export prices rose for a fifth straight week in Vietnam as demand remained robust and supplies thinned, but rates of Indian and Thai varieties dipped amid weakness in the local currencies of the top exporters. Vietnam’s 5 percent broken rice prices rose to $445-$450 from $438-$440 previously. “Demand is very high, while supplies are getting thin,” a Ho Chi Minh City-based trader said. “The Philippines will meet exporters from Vietnam and Thailand on Friday to discuss a 250,000 ton deal, and it may buy more for the rest of the year.” The Vietnamese government is also buying rice for stockpiling under its national reserve programme, the trader said, adding that Bangladesh could also buy rice from the country in June or July. However, an official at Bangladesh’s food ministry said there was no plan to buy rice from Vietnam at the moment. Private traders can buy if they find Vietnamese rice competitive, the official said, adding that he was not … [Read more...] about Vietnam rice rates up for fifth week; currency moves weigh on India, Thailand