2022 economic survey of singapore

Production of electronic parts in Vietnam. (Photo: VNA) HCM City (VNA) – The Singapore-based United Overseas Bank (UOB) has revised up Vietnam’s 2022 GDP growth forecast to 7.0% from 6.5%, assuming no further severe domestic disruptions from COVID-19, and projected growth of around 7.6 – 7.8% in the second half of the year (H2). The sharp rebound in Q2 GDP was driven by manufacturing activities which accelerated for the 4th straight quarter, and a recovery in services output as it continued to regain its footing since the last contraction in the third quarter of last year. UOB said inflationary pressures on Vietnam are manageable as the main source of impact is energy related while food prices are stable. However, upside risks are significant given the rapid pace of gains in energy prices which will eventually spread to the rest of the economy, especially if higher prices persist. VNA … [Read more...] about UBO revises up Vietnam’s 2022 GDP growth forecast to 7%

Hanoi's GRDP growth in the first half of this year shows the economic recovery with the development of many key industries. Hanoi's economy has posted solid growth in the first six months of 2022, director of the municipal statistics bureau Dau Ngoc Hung said at a press conference on June 30. The city's gross domestic product (GDP) has expanded by 7.79% compared to the same period last year, in which, growth in the first and second quarters was 6.02% and 9.49%, respectively, Hung said. He stressed that GRDP growth in the first half of this year is higher than that in the six-month periods in recent years, showing a clear trend of recovery and development quarter after quarter of key industries. In addition, the services sector in the first six months of the year increased by 9.05% year-on-year (with increases of 6.4% and 11.68% in the first and second quarters, respectively) and contributed 5.91 percentage points to the growth of GDP. Director of the Hanoi … [Read more...] about Hanoi’s economy posts solid growth in first half of 2022

Vietnam has posted GDP growth of 7.72% in Q2 this year. (Photo: VNA) Hong Kong (VNA) – The Lianhe Zaobao daily in Hong Kong, China, on June 30 ran an article highlighting Vietnam’s impressive economic growth of 7.72% in the second quarter. It wrote that with export and consumption recovery, the Vietnamese economy rebounded strongly in Q2, with gross domestic product (GDP) increasing 7.72% year on year – the fastest pace in almost 11 years. This is expected to boost the GDP growth in the first half of 2022 to 6.42% from a year earlier, beyond the Government’s 5.5% expectation. The country recorded a growth rate of only 2.04% in the same period last year. Unveiling the statistics on June 29, the General Statistics Office (GSO) of Vietnam stressed that compared to other ASEAN members and countries in the world, this is a relatively high growth rate, and that the country has also maintained macro-economic stability, according to Lianhe Zaobao. The article noted … [Read more...] about Hong Kong daily spotlights Vietnam’s impressive growth

Illustrative photo Now more problems have arisen with rising gasoline and oil prices that have created bottlenecks in growth momentum along with high inflation. Need for solutions Recently the Ministry of Finance submitted a draft Resolution to the Standing Committee of the National Assembly on reducing the environmental protection tax rate for gasoline and oil. It is proposed in the Resolution to reduce environmental protection tax from VND 2,000 per liter to floor level of VND 1,000 per liter, in order to curb rising inflation. However, the Ministry of Finance still keeps the same rate for Special Consumption Tax (SCT) and Value Added Tax (VAT) for gasoline. While these two taxes are on a relative value, when the tax base is larger, then more tax is collected and forms a large component of the current gasoline selling price. Previously, many experts had suggested that authorities must consider reducing these two taxes. During one session, a member of the National … [Read more...] about Flexible adjustment needed in growth economy

Customers conduct banking transactions at a Vietcombank branch. The bank tops the list of the 10 most prestigious commercial banks in Viet Nam in 2022. — Photo baochinhphu.vn The Vietnam Report JSC has recently published the list of the top 10 prestigious banks in Viet Nam in 2022. The 10 banks honoured as the most prestigious commercial banks in the country are Vietcombank, VietinBank, Techcombank, Military Bank, VPBank, ACB, BIDV, TPBank, VIB and AgriBank. Meanwhile, the list of the 10 most prestigious private joint-stock banks comprises Techcombank, VPBank, ACB, TPBank, VIB, HDBank, Sacombank, SHB, OCB and MSB. The banks have been ranked based on three criteria: financial capacity shown on the latest financial statement, credibility on media evaluated by the Media Coding method, and stakeholder opinions collected in a survey in June. The survey also showed that 48 per cent of bank customers think the banking industry has been playing a leading role in the country's … [Read more...] about Vietnam Report announces Top 10 prestigious banks

The event was co-chaired by Defense Minister General Phan Van Giang and Head of the PCC's Economic Commission Tran Tuan Anh. The conference focused on cooperation between the MND and the PCC’s Economic Commission in defense industry over the past time and mapped out solutions for the task implementation in the coming time. Accordingly, both sides worked closely to build the Defense Industry Law, develop the project “Industrialization and modernization guidelines and policies to 2030, with a vision to 2045,” and study defense industry organizational models. Especially, they also made recommendations to the Party and Government to mobilize all resources to further develop the sector. Addressing the conference, Mr. Tran Tuan Anh held that the PCC's Economic Commission and MND have actively coordinated in studying and proposing to the Politburo, Secretariat and the Government to issue policies on economy and defense, including those on building and developing the defense industry … [Read more...] about Defense industry sector to be boosted in the time to come

UK trade minister Anne-Marie Trevelyan said the country wants to be a part of Vietnam’s development story in the 21st century, and fostering bilateral trade relations is among its priorities. Vietnam and the UK should set a trade turnover target of over US$10 billion by 2023, which would be a meaningful step to mark the 50 th anniversary of Vietnam-UK diplomatic relations next year. Chairman of the National Assembly Vuong Dinh Hue (mid) at the forum. Source: VNA Deputy Prime Minister Le Van Thanh gave the remarks at the Vietnam-UK High-level Forum on Economy and Trade held on June 29. The event is one of the highlights of a visit to the UK by the high-ranking delegation from the National Assembly of Vietnam led by Chairman Vuong Dinh Hue from June 28-30. According to Thanh, the Vietnam-UK strategic partnership has progressed strongly over the years and contributed to socio-economic development in each country. Thanh expected the partnership would … [Read more...] about Vietnam-UK target US$10-billion trade turnover by 2023

Outstanding tariff preferences The British Embassy in Vietnam has forecast that Vietnam will save about US$151 million in tariffs from the deal, while the UK stands to save around US$36 million. Although the UKVFTA took effect at a time when the pandemic was ravaging the two countries, bilateral trade still reached US$6.6 billion in the pact’s first year. In fact, 65 percent of all tariffs have already been eliminated from UK-Vietnam trade. In the first six years of the deal, the UK will eliminate 99.2 percent of tariff lines on Vietnam’s imports. This is higher than the terms of the EU-Vietnam Free Trade Agreement (EVFTA) with 70.3 percent tariff elimination. Vietnam pledges to eliminate 48.5 percent of tariffs, matching other EU countries under the EVFTA. Import tax on most types of Vietnam’s raw shrimp into the UK is being scrapped Other tariff preferences in the UKVFTA include zeroing out import tax on most types of raw shrimp into the UK from 10-20 percent; a … [Read more...] about UK trade pact benefits Vietnam

Representatives of enterprises in EPZs-IPs participate in the conference. (Photo: SGGP) The Ho Chi Minh City Export Processing and Industrial Zones Authority (Hepza) cooperated with the State Bank of Vietnam – HCMC Branch and some commercial banks to organize the conference to connect banks and enterprises with the theme "Accompanying enterprises - Effective financial solutions to support enterprises in EPZs-IPs in HCMC in 2022”. The conference aims to find solutions to support enterprises in EPZs and IPs to easily access financial sources with appropriate interest rates and loan terms to develop production and business activities. This activity has helped banks to better grasp the characteristics of enterprises in the field of industrial production, thereby studying shortening and simplifying the loan processes and procedures, actively approaching small and medium-sized enterprises to disburse loans according to the Government's preferential policies, especially industrial … [Read more...] about Enterprises in EPZs, IPs supported to access suitable credit sources

The high petrol prices have hindered economic recovery. (Photo: SGGP) Thus, along with the solution to cut the environmental protection tax rate for gasoline, oil, and grease products to the floor level in the tax bracket until December 31, 2022, and the solution to reduce the MFN tax rate, the MoF has continued to put forward more tax cuts to help lower gasoline and oil prices. Up to now, the MoF has proposed to reduce four types of taxes on this essential product. According to the MoF, it is crucial to slash the MFN tax rate to 12 percent for gasoline to diversify petroleum supply to avoid being passive by depending on import sources from South Korea and the ASEAN only. Besides, people and businesses will directly benefit from tax reductions on gasoline and oil products, thereby contributing to directly reducing consumers’ expenses as well as indirect costs from other consumer products. Previously, because petrol and oil prices have continuously climbed and are currently … [Read more...] about MoF proposes reductions for four types of taxes on petroleum products