Financial sector

Bikes produced at Thong Nhat JSC. AMRO forecasts the Vietnamese economy is expected to grow at 6.3 per cent in 2022. — VNA/VNS Photo Tran Viet Viet Nam’s inflation is expected to be contained below 4 per cent this year while the economy is projected to grow 6.3 per cent, according to the latest report on Viet Nam by ASEAN+3 Macroeconomic Research Office (AMRO). This preliminary assessment was made by the ASEAN+3 Macroeconomic Research Office (AMRO) after its annual consultation visit to Viet Nam last week. “The Vietnamese economy is expected to grow at 6.3 per cent in 2022 and 6.5 per cent in 2023. Inflation is projected to remain contained,” said AMRO Group Head and Lead Economist Sanjay Kalra. “This positive outlook rides on strong external demand, a recovery in domestic consumption and healthy investment inflows, bolstered by an appropriate macroeconomic policy stance.” The domestic outbreak of the Omicron variant receded sharply in April 2022, and border restrictions … [Read more...] about AMRO forecasts Viet Nam’s strong recovery amid external headwinds

Phnom Penh (VNA) – Cambodia’s Ministry of Economy and Finance has forecast that the country’s economy will expand 5.1 percent this year and 6.2 percent in 2023. The forecast followed the preliminary assessment of the macroeconomic situation of Cambodia by the International Monetary Fund (IMF) mission in the country, reported Cambodia’s Khmer Times. Regarding the assessment of the economic and financial situation in the country, Alasdair Scott, the IMF’s mission chief for Cambodia said that the growth will be assisted by the socio-economic recovery, despite some risks such as high inflation, ongoing Russian-Ukrainian war, a slowdown of the Chinese economy, and faster-than-expected tightening monetary policy in developed countries. At the same time, the Cambodian economy in 2023 is expected to grow higher than the previous forecast at 6.2 percent, mainly thanks to the growth of the tourism sector. The IMF also urged the government of Cambodia to take timely steps to … [Read more...] about Cambodia expects 5.1 percent in economic growth this year

The Government is committed to taking timely measures to ensure macroeconomic stability. The high inflationary pressure amid the recovery of domestic demand is putting Vietnam’s GDP growth target of 6-6.5% for this year at risk. Overview of the session. Source: quochoi.vn Deputy Prime Minister Le Van Thanh gave the remarks at the third session of the 15 th National Assembly held today [May 23]. According to Thanh, the Vietnamese economy has been on a positive recovery track in the first months of 2022 under the new normal. Total budget revenue for the first four months grew by 15.4% year-on-year to VND657.4 trillion ($28.4 billion), while the consumer price index (CPI) expanded by 2.64%, the lowest four-month period growth in the past five years. As of mid-May, credit growth stood at 7.2% against late 2021 and up 17% year-on-year, which showcases the recovery of economic activities, along with greater efforts from the Government to restore discipline … [Read more...] about High inflationary pressure put GDP 6.5% growth target at risk: Gov’t

The Deputy PM’s participation at the session will deliver an important message from the Vietnamese Government that it highly values the effective cooperation with the U.N. in general and ESCAP in particular over the past 45 years, while demonstrating the country’s strong commitments to promoting its partnership with the U.N. and ESCAP in the coming time, according to Vietnamese Ambassador to Thailand Phan Chi Thanh, who is also the Permanent Representative of Vietnam to ESCAP. Vietnam wants to further accelerate the dialogue and cooperation process with member countries, effectively optimize ESCAP's support to implement Vietnam's development strategies and goals, especially during the post-pandemic recovery and sustainable development process, and realize its commitments at the 26th UN Climate Conference (COP26), he stressed. Ambassador Thanh affirmed that the Deputy PM will be the highest leader of Vietnam to attend a session of the commission in person in many years, which shows … [Read more...] about Vietnam aims to deepen partnership with U.N., ESCAP: Diplomat

National Assembly Chairman Vương Đình Huệ delivers opening remarks at the meeting in Hà Nội on Monday. — VNA/VNS Photo HÀ NỘI — National Assembly (NA) Chairman Vương Đình Huệ asked deputies to propose practical and effective measures to fulfil socio-economic targets for the 2021-2025 period. Addressing the opening ceremony of the third session of the 15th-tenure NA in Hà Nội on Monday, Chairman Huệ proposed the deputies assess achievements and shortcomings, while pointing out challenges to successfully implementing socio-economic development tasks. Deputies were also asked to closely follow requirements, targets and solutions set by the NA and the Government regarding socio-economic development, COVID-19 prevention and control, five-year planning frameworks during the 2021-2025 period and fiscal and monetary policies. In order to ensure the highest efficiency of the third session, NA agencies and deputies made careful preparations for discussions, aiming for the best outcomes … [Read more...] about NA meeting expected to create premise for socio-economic achievements

Ambassador Lê Thị Tuyết Mai. Photo vtv.vn Deputy Prime Minister Lê Minh Khái is attending the 52nd World Economic Forum (WEF) annual meeting from May 23-24 in Davos, Switzerland. Ambassador Lê Thi Tuyết Mai, Head of the Permanent Delegation of Việt Nam to the United Nations, World Trade Organization (WTO) and other international organisations in Geneva, talks to VTV News on relations between Việt Nam and WEF, as well as issues surrounding the content of this year's forum. The World Economic Forum Annual Meeting 2022 (WEF Davos Conference 2022) has the theme "History at a turning point: Government Polic ies and Business Strateg ies". This will be the first live event promoting public-private cooperation between leaders of countries, international organi sations and global corporations since the COVID-19 pandemic. Could you please tell us more about the issues that will be discussed at the Conference, as well as the purpose, meaning and comments on this year's topic? The … [Read more...] about Việt Nam commits to working with global community in tackling global issues

GENEVA — The World Economic Forum’s Community of Chief Economists expects lower economic activity, higher inflation, lower real wages and greater food insecurity globally in 2022, pointing to the devastating human consequences of the fragmentation of the global economy. Reversing previous expectations for recovery, the majority of respondents to the latest survey expect only a moderate economic outlook in the United States, China, Latin America, South Asia and Pacific, East Asia, sub-Saharan Africa and the Middle East and North Africa in 2022. In Europe, the majority expect the economic outlook to be weak. The choices of both business and government are expected to lead to greater fragmentation in the global economy and unprecedented shifts in supply chains, creating a perfect storm of volatility and uncertainty. These patterns are expected to create further difficult trade-offs and choices for policy-makers, and – without greater coordination – shocking human costs. These are the … [Read more...] about Chief economists outlook warns of dire human consequences from the fragmentation of the global economy

Deputy Prime Minister Lê Minh Khái delivers his opening remarks at the “Averting a Global Food Crisis” session of the World Economic Forum annual meeting in Davos-Klosters, Switzerland on Monday. VNA/VNS Photo DAVOS-KLOSTERS - Deputy Prime Minister Lê Minh Khái on Monday proposed the establishment of a food innovation hub for Southeast Asia in Việt Nam as he addressed a session of the World Economic Forum annual meeting. Khái was speaking at the “Averting a Global Food Crisis” meeting, a panel discussion with World Food Programme Executive Director David Beasley, UAE Climate and Environment Minister Mariam Mohammed Saeed Al Mheiri, Tanzania’s Vice President Philip Isdor Mpango, and CEO of the Swiss agriculture company Syngenta, J Erik Fyrwald. Delivering the opening remarks, the Vietnamese Deputy PM addressed current food shortages and their severity in a number of countries. “As you know we are going through a crisis on top of a crisis,” he said. “The double impact of the … [Read more...] about Deputy PM offers WEF solution to avert global food crisis

Digital solutions enable customers to maintain and manage a charging network efficiently. — Photo ABB A full line-up of digital building management and energy distribution systems and transport charging was showcased at the ABB Electrification Innovation Day on May 20 in HCM City. The ABB Electrification Innovation Day features solutions that help customers embrace the power of digitalisation to improve energy consumption, optimise performance and operation, and contribute to a lower-carbon future. The event attracted about 200 experts and participants from consulting, EPC, real estate, and industrial companies. "By leveraging the building blocks of digitalisation, such as service platforms, smart devices, cloud and advanced analytics, businesses have the opportunity to optimise electricity network flows and innovate with customer-centric products," said Noel Hupont, President, Electrification, ABB Vietnam. "ABB Electrification is offering solutions to help businesses … [Read more...] about ABB Electrification Innovation Day showcases energy saving and management technologies

Benchmark indices opened the week on a negative note, as many large-cap stocks were weighed on by selling force. On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index fell 10.82 points, or 0.87 per cent, to 1,229.89 points. The market's breadth was negative as nearly 260 stocks declined, while 153 stocks increased. Liquidity was also lower than the previous session, of which over VND6.24 trillion (US$269.4 million) worth of shares, equal to more than 259.8 million shares, was traded on the southern bourse. Meanwhile, foreign investors net sold a value of more than VND100 billion on HoSE. The market benchmark extended the last session's losses on a strong profit-taking force, which caused many stocks in the VN30 basket to face a sell-off, of which 24 stocks slid, while only six increased. The VN30-Index, tracking the 30 biggest stocks on HoSE, dropped 15.22 points, or 1.19 per cent, to 1,267.29 points. Real estate and banking sectors continued to lead the trend, with … [Read more...] about VN-Index slumps as large-cap stocks face selloffs