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Domestic interest rates are beginning to cool somewhat, Le Toan As per the World Gold Council (WGC), in Vietnam, consumer demand for gold in Q4/2022 increased 58 per cent on-year to 13.5 tonnes, from 8.5 tonnes in Q4/2021. The rise was supported by a 48 per cent on-year increase in bar and coin demand over the same time frame from 6.1 tonnes to nine tonnes, and an 80 per cent on-year increase in jewellery demand from 2.5 tonnes to 4.5 tonnes. “Vietnam saw the greatest increase in annual gold demand among the ASEAN markets in 2022, with a 37 per cent rise compared to 2021. It also led in annual jewellery demand with a 51 per cent rise compared to 2021, taking it to a 14-year high of 18 tonnes,” said Andrew Naylor, the WGC’s CEO for Asia-Pacific (excluding China). “Several factors had an impact, including a slight decline in local gold prices in the fourth quarter, rising income levels as salary cuts were restored, and strengthening consumer confidence on the back of robust GDP … [Read more...] about Experts take stock of factors involved in market prospects

An automobile assembly line. The S&P Global Viet Nam's PMI posted 47.4 in January, up from 46.4 in December but still pointing to a solid monthly deterioration in the health of the manufacturing sector. — VNA/VNS Photo Viet Nam is predicted to record a rise of 6.6 per cent in industrial production in 2023, according to S&P Global Market Intelligence. S&P Global noted the Vietnamese manufacturing sector continued to face challenging business conditions in the opening month of 2023. Production and new orders continued to decline. That said, there were some signs of improvement in demand as new business fell at a softer pace, helped by a renewed expansion in new export orders. The S&P Global Viet Nam Manufacturing Purchasing Managers' Index (PMI), released on February 1, posted 47.4 in January, up from 46.4 in December but still pointing to a solid monthly deterioration in the health of the manufacturing sector. January data signalled a further marked decline in … [Read more...] about Viet Nam’s industrial production to rise 6.6 per cent in 2023: S&P Global

As of the end of last year, the total outstanding loans for real estate projects in Vietnam hit over VND1,200 trillion (US$51.5 billion), according to the Ministry of Construction. Property enterprises borrowed some VND800 trillion ($34.1 billion) from banks and issued bonds worth roughly VND419 trillion ($17.9 billion) via private placement. In particular, banks offered loans worth about VND180.7 trillion ($7.7 billion) for urban area and housing projects in 2022, or 22.8 percent of the total loans for the real estate sector. In addition, loans for office for lease projects and industrial and export processing zones stood at more than VND41.8 trillion ($1.8 billion) and VND40.1 trillion ($1.7 billion), respectively. Meanwhile, investors of tourist site and resort projects asked for loans of nearly VND32.7 trillion ($1.4 billion). The figures were over VND57.5 trillion ($2.45 billion) for restaurant and hotel projects, VND144.2 trillion ($6.1 billion) for projects to build … [Read more...] about Property loans in Vietnam top $51bn in 2022

Illustrative image (Photo: VNA) Hanoi (VNA) - HSBC experts have predicted that Vietnam's economy will continue to gain traction, despite a less rosy external picture. According to the bank, Vietnam saw a year-on-year increase of 17% in exports in the first six months of 2022, but it will be hard for overseas shipments to meet expectations in the last half of the year. In its "Vietnam at a glance" report released on August 17, the bank said that after impressive export growth in the first half of 2022, a slower-than-expected pace was recorded at the start of the second half. The main cause is a growth slowdown in the electronics industry, especially mobile phones. Samsung's second-quarter results show that demand for consumer electronics is weakening, affecting the smartphone, TV, and other segments. While textile, garment and footwear exports rose sharply, by 30% from a year earlier, the Vietnam Textile and Apparel Association forecast the amount ordered … [Read more...] about Vietnam’s economy continues to gain traction: HSBC

Prime Minister Pham Minh Chinh speaks at the conference. (Photo: VNA) Binh Dinh (VNA) – Prime Minister Pham Minh Chinh urged the north-central and central coastal regions to create more breakthroughs in development to match their potential and advantages while addressing a conference in Quy Nhon city, Binh Dinh province, on February 5. The conference touched upon the implementation of the Government’s action plan to materialise the Politburo’s Resolution No. 26-NQ/TW dated November 3, 2022 on orientations for socio-economic development and national defence and security in the two regions by 2030 with a vision towards 2045. It was also intended to promote investment in the regions with the theme of “Linkage - Breakthroughs from maritime economy - Rapid, sustainable development.” The regions hold strategic positions and roles of special significance in terms of economy, especially maritime economy, politics, culture, social affairs, environment, external relations, … [Read more...] about PM asks north-central, central coastal regions to create development breakthroughs