Forecast for 1 month

In August alone, the total rainfall in Vietnam's northern region would be 10-20% higher than in previous years. Vietnam could face two tropical depressions or storms in August, according to the National Center for Hydrometeorological Forecasting (NCHMF). NCHMF deputy director Hoang Phuc Lam said the center was monitoring the possibility of weather disturbances that could evolve into tropical depressions or storms in the East Sea over the next five to seven days. Lam noted that under the influence of the tropical depression, the northern part of Vietnam will experience strong winds and rough seas, while heavy rains and strong winds are likely to occur in the coastal areas in the next few days. “Storms and tropical depressions are likely to hit in the northern part of the East Sea this month and increase in frequency in the following months,” the deputy director said. The satellite image of Storm Chaba which hit Vietnam in July 2022. Photo: NCHMF … [Read more...] about Two storms forecast to hit Vietnam this month

The global chip shortage, Covid-19 lockdowns disrupting Chinese factory output and Russia's invasion of Ukraine are all weighing heavily on the auto industry. But Japanese companies like Toyota selling products overseas have also benefited from a cheaper yen, which has hit 24-year lows against the dollar in recent months. The logo of Japan’s Toyota Motor is displayed at a car showroom in Tokyo on August 4, 2022. Kazuhiro NOGI / AFP The world's top-selling automaker now forecasts an annual net profit of 2.36 trillion yen ($17.6 billion) -- up from its previous estimate of 2.26 trillion yen, but still a drop of 17 percent compared with last year's record results. For the three months to June, the auto titan said net profit fell 17.9 percent on-year to 736.8 billion yen. "Despite the positive foreign exchange effects from the weaker yen, the large impact from lower sales volume due to supply constraints and higher raw materials prices led to a decrease in operating … [Read more...] about Toyota upgrades forecast even as Q1 net profit slumps

Making clothes at a garment company in Ha Noi. Clothing is among the top 5 export products to UK markets. — VNA/VNS Photo Viet Nam enjoyed a trade surplus of 3.9 billion pounds (over US$4.7 billion) in the four quarters to the end of March 2022, up nearly 22 per cent over the same period to 2021, reported the UK’s Department for International Trade. The data released early this week showed total trade in goods and services (exports plus imports) between the UK and Viet Nam was 5.7 billion pounds, an increase of 15 per cent year-on-year. During the reviewed period, total UK exports to Viet Nam amounted to 905 million pounds (an increase of 0.2 per cent), of which export of goods accounted for 68.3 per cent at 618 million pounds, up 3 per cent year-on-year, while services were 287 million pounds, making up 31.7 per cent and down 5.3 per cent year-on-year. Major products shipped from the UK to Viet Nam included pulp and waste paper (74.4 million pounds), medicinal and … [Read more...] about Viet Nam records $4.7 billion trade surplus with UK over 12 months

Making clothes at a garment company in Hanoi. Clothing is among the top 5 export products to UK markets. (Photo: VNA) Hanoi (VNS/VNA) - Vietnam Nam enjoyed a trade surplus of 3.9 billion pounds (over 4.7 billion USD) in the four quarters to the end of March 2022, up nearly 22% over the same period to 2021, reported the UK’s Department for International Trade. The data released early this week showed total trade in goods and services (exports plus imports) between the UK and Vietnam was 5.7 billion pounds, an increase of 15% year-on-year. During the reviewed period, total UK exports to Vietnam amounted to 905 million pounds (an increase of 0.2%), of which export of goods accounted for 68.3% at 618 million pounds, up 3% year-on-year, while services were 287 million pounds, making up 31.7% and down 5.3% year-on-year. Major products shipped from the UK to Vietnam included pulp and waste paper (74.4 million pounds), medicinal and pharmaceutical products (71.3 million … [Read more...] about Vietnam records 4.7 billion USD trade surplus with UK over 12 months

Hanoi will continue supporting workers by helping them access loans and training to improve their vocational skills. Over 137,000 jobs were created in Hanoi in the first seven months of 2022, representing 85.8% of the annual plan and an increase of 23.2% year-on-year, according to the municipal Department of Labor, War Invalids and Social Affairs. In July alone, Hanoi found jobs for more than 18,400 workers, providing job counseling to 7,200 people and supporting vocational training for 101 people with a total amount of VND443 million (nearly US$19,000), the department said. From daily, online, themed and mobile job boards in districts across the city, 1,900 people have been hired. In addition, 12,100 people have been sent to work abroad. Many workers find out information and apply for jobs at the mobile job session in Hanoi’s Long Bien District in 2022. Photo: Tran Oanh Deputy Director of the Hanoi Employment Service Center Vu Quang Thanh told The … [Read more...] about Hanoi provides employment assistance for over 137,000 workers

The leader cited forecast by Standard Chartered, VinaCapital, Hongkong and Shanghai Banking Corporation Limited (HSBC), and the Asian Development Bank (ADB) as saying Vietnam’s GDP will grow from 6.5% to 6.9% this year. Vietnam has maintained macro-economic stability and major balances, and put inflation under control, creating an important foundation for rapid, sustainable socio-economic recovery and development, he emphasized. Regarding tasks and solutions in the time ahead, the PM asked ministries and agencies to implement their set tasks and plans, and tackle both pending and emerging issues. Priorities should be given to consolidating institutions, he said, urging ministries, agencies and localities to focus on socio-economic recovery and development, economic restructuring, growth model reform and improving the economy’s resilience, along with cultural development, environmental protection, national defense and security, external affairs, and the communications work. … [Read more...] about Int’l organizations upbeat on Vietnam’s development prospects: PM

Global wheat consumption is headed for its biggest annual decline in decades as record inflation forces consumers and companies to use less and replace the grain with cheaper alternatives, amid growing food insecurity. Consumers may face even higher wheat prices in the second half of 2022 as importers, who until now have supplied cargoes bought several months earlier at cheaper prices, pass on the costs from when wheat prices scaled decade highs in May. Global wheat consumption in July-December could drop by 5%-8% from a year ago, analysts, traders and millers say, much faster than the U.S. Department of Agriculture's forecast 1% contraction. "There is going to be a drop in wheat demand for animal feed in Europe and China. Wheat demand for human consumption has also slowed in key importing countries around the world," said Erin Collier, an economist at UN's Food and Agriculture Organisation. "High prices have raised food security worries in parts of Asia and Africa where … [Read more...] about Analysis: As wheat prices soar, the world’s consumers vote with their feet

Illustrative image (Source: VNA) Hanoi (VNA) – Many prestigious international organisations and experts have highly valued Vietnam’s development achievements and prospects, Prime Minister Pham Minh Chinh told a government meeting in Hanoi on August 3. The leader cited forecast by Standard Chartered , VinaCapital, Hongkong and Shanghai Banking Corporation Limited (HSBC), and the Asian Development Bank ( ADB ) as saying Vietnam’s GDP will grow from 6.5% to 6.9% this year. Vietnam has maintained macro-economic stability and major balances, and put inflation under control, creating an important foundation for rapid, sustainable socio-economic recovery and development, he emphasised. Regarding tasks and solutions in the time ahead, the PM asked ministries and agencies to implement their set tasks and plans, and tackle both pending and emerging issues. Priorities should be given to consolidating institutions, he said, urging ministries, agencies and localities to … [Read more...] about Int’l organisations upbeat on Vietnam’s development prospects: PM

As much of Europe bakes in a third heatwave since June, fears are growing that extreme drought driven by climate change in the continent's breadbasket nations will dent stable crop yields and deepen the cost-of-living crisis. The European Commission on Wednesday urged EU member states to re-use treated urban wastewater as irrigation on the continent's parched farms, after France and parts of England saw their driest July on record. In France, where an intense drought has hammered farmers and prompted widespread limits on freshwater use, there was just 9.7 millimetres (0.38 inches) of rain last month, Meteo-France said. That was 84 percent down on the average levels seen for July between 1991 and 2022, making it the driest month since March 1961, the agency added. The southwestern region of Gironde, already devastated by last month's wildfires, saw a maximum temperature of 39.6 degrees Celsius (103 degrees Fahrenheit) on Wednesday, with Meteo-France predicting a peak on … [Read more...] about Driest July in memory imperils Europe’s crops

A customer at a bank in Hanoi. (Photo: VNA) Hanoi (VNS/VNA) - Despite efforts to increase cheap capital sources, many banks reported their current account savings account (CASA) rate in the second quarter of 2022 declined compared to the previous quarter. Focusing on increasing CASA – or the proportion of demand deposits out of total deposits – has been one of the top targets of many banks in recent years as it is a cheap capital source that helps banks have low input capital costs. Currently, demand deposits have very low interest rates of only 0.1% per year. According to banks’ Q2 2022 financial statements, Vietnam Technological and Commercial Joint Stock Bank (Techcombank), was still the leader in terms of CASA ratio in Q2 2022. Specifically, with 152.7 trillion VND of cheap capital, Techcombank’s CASA ratio ranked first with 47.5%. This is the bank’s achievement as it has been one of the pioneers in providing ‘zero fee’ online transactions. Techcombank has also heavily … [Read more...] about Cheap capital sources at most banks decline in Q2