Vietnamese exports

Participants at the workshop (Source: Cong Thuong newspaper) HCM City (VNA) – Myanmar is a promising market for Vietnamese businesses, heard a workshop in Ho Chi Minh City on November 19. Vo Thi Ngoc Diep, Vietnamese Commercial Counsellor in Myanmar, described the growing trade and investment ties as a spotlight in the bilateral relations over the past time. According to the official, Vietnam is now one of the 10 biggest trade partners of Myanmar. In 2018, two-way trade reached 860 million USD, of which Vietnam exported over 700 million USD worth of goods to the market. In the first nine months of 2019, bilateral trade was estimated at 708 million USD, a year-on-year rise of 8.5 percent. Vietnam exported over 530 million USD worth of products to Myanmar. Diep said Myanmar is a potential market for Vietnamese products and services such as iron and steel, electronics, motorbikes and bicycles, food and processed materials, household electrical appliances, construction, … [Read more...] about Myanmar – promising market for Vietnamese businesses

Vietnam’s average disbursement rate is much lower than that of other recipients of the Asian Development Bank’s ODA loans, largely due to cumbersome and time-consuming procedures, said Eric Sidgwick, ADB country director for Vietnam. Minister of Finance Dinh Tien Dung speaks at a teleconference in Hanoi on June 26. Red tape is one of the main reasons for slow loan disbursement – PHOTO: THOI BAO TAI CHINH Speaking at a teleconference in Hanoi on Wednesday, Sidgwick said Vietnam had a good rate of disbursement in the past. However, the rate has been on the decline since 2014, and it is currently very slow, reported the local media. Vietnam’s average disbursement rate in 2018 reached 11.2%, or half of the rate in the 2011-2014 period, at 21.7%, and half the rates of other countries, according to the director. He pointed out that even minor changes in projects such as increases in scale, six-month loan extensions, cost structure changes or the use of … [Read more...] about Red tape results in low ODA disbursement in Vietnam: ADB

Commenting about the reliance of Vietnam’s economy on FIEs (foreign invested enterprises), one economist noted that “when FIEs sneeze, the Vietnamese economy catches a cold". Vietnam is listed among the economies with the highest GDP growth rates in recent years. According to the General Statistics Office (GSO), the rate was 6.21 percent in 2016, 6.81 percent in 2017, 7.07 percent in 2018 and 6.71 percent in the first half of 2019. Because of the problem with Samsung, Vietnam’s GDP growth rate in Q1 2018 was low, just 5.1 percent in comparison with the 5.5 percent in the same period of 2016. The figure was far below the 6.7 percent GDP growth rate of the entire year of 2017. “The fact that Samsung recalled its products not only affected Vietnam’s exports, but also led to a GDP growth rate decrease. This shows that Vietnam’s economy depends too heavily on FIEs,” said Do Thien Anh Tuan, a respected economist. Linh Ha Vietnamese IPs … [Read more...] about Vietnam’s GDP too heavily dependent on foreign-invested enterprises: economists

National Assembly Chairwoman Nguyen Thi Kim Ngan (Photo: VNA)   Hanoi (VNA) – National Assembly Chairwoman Nguyen Thi Kim Ngan will lead a high-ranking Vietnamese delegation to attend the 40th General Assembly of ASEAN Inter-Parliamentary Assembly (AIPA 40) and pay an official visit to Thailand from August 25-30. The trip will be made at the invitation of Speaker of the Thai House of Representatives Chuan Leekpai, who is also Chair of AIPA 40. The high-ranking Vietnamese delegation taking part in AIPA 40 aims to continue affirming the Vietnamese legislature’s active and responsible participation in AIPA’s activities and improving Vietnam’s external activities. The AIPA 40 will take the theme “Advancing Parliamentary Partnership for Sustainable Community”, during which NA Chairwoman Ngan will assume the role of AIPA Chair from Speaker Leekpai, organising the AIPA 41 next year and other activities within … [Read more...] about NA Chairwoman to attend AIPA 40 in Thailand

At the inaugural ceremony (Photo: VNA) Ha Nam (VNA) – The US group Archer Daniels Midland (ADM) inaugurated an animal feed plant in the northern province of Ha Nam on November 19. The plant, built on 4.6 ha at Hoa Mac industrial park, Duy Tien district, mainly produces feed for pigs, poultry and rabbits. Pierre Duprat, president of ADM's Animal Nutrition business, said the building of the plant is part of the group’s strategy of expanding to key breeding areas in the north of Vietnam with convenient access to seaport facility services. The plant aims to employ about 200 seasonal and permanent workers, he added. Nguyen Xuan Duong, acting director of the Ministry of Agriculture and Rural Development’s Department of Livestock Production, said the US group has actively contributed to the development of the livestock industry in Vietnam over the past 25 years. He hoped with new modern technology and financial potentials, ADM will continue bring the … [Read more...] about US group inaugurates animal feed plant in Ha Nam province