Gross domestic product gdp

The city has supported localities in building large-scale rice farming and encouraged businesses to expand distribution networks in the domestic market and exports. Hanoi is promoting sustainable rice production as a key solution to meet the growing demand for domestic consumption and exports. A delegate of the Hanoi's Department of Agricultural and Rural Development inspects organic farming production at Thach That District. Photo: Anh Ngoc Organic rice farming in Dong Phu Commune, Chuong My District, is considered one of the examples of rice production under the value chain. The Director of the Dong Phu Organic Agricultural Cooperative Trinh Thi Nguyet said from the original area of five hectares, the cooperative has now expanded its production area to 40 hectares. “The entire crop harvested would be later processed and distributed to other provinces/cities, as well as for exports,” Nguyet told The Hanoi Times . According to Nguyet, prices of … [Read more...] about Hanoi promotes sustainable rice production

Petrol retail prices in the country have been adjusted many times over the past few months, Photo: Le Toan In Vietnam, gasoline prices continue to increase, and after the adjustment on May 11 by the Ministry of Industry and Trade (MoIT) and the Ministry of Finance, each litre of E5 RON92 petrol increased by 6.5 US cents to $1.26 per litre while RON95 climbed by 6.7 US cents to $1.30 per litre. On May 17, the price of US WTI crude oil remained at a high level of over $114 per barrel while Brent oil maintained its upward momentum at $114.28 per barrel. Before the next adjustment, which was due on May 21, petrol prices in Vietnam were forecast to continue to increase to higher levels. The ministries first adjusted gasoline prices on January 11 due to a decrease in global supply, production output by Kazakhstan and Libya, and oil inventories of the United States. According to Decree No.95/2021/ND-CP, effective from January, there will be three adjustments each month to the … [Read more...] about Vietnam riding the wave of inflationary unpredictability

A market in Malaysia (Photo: Bernama) Kuala Lumpur (VNA) – Malaysia’s consumer price index (CPI) in April increased 2.3 percent to 125.9 compared with 123.1 in the same month last year, the Department of Statistics Malaysia has said. The increase surpassed the average inflation in Malaysia for the period of between January 2011 and April 2022 (1.9 percent). Chief statistician Mohd Uzir Mahidin said food inflation in April was higher at 4.1 percent with 89.1 percent of food items in the food and beverages group recording increases. He pointed out that the increase in food inflation , which contributed the highest to the overall weight of CPI , remained a major contributor to inflation. Inflation for this group increased 4.1 percent in April 2022 compared to the same month of the previous year. On a monthly basis, the CPI increased 0.2 percent compared to March 2022, attributed by food and non-alcoholic beverages, transport, recreation services and culture, … [Read more...] about Malaysia: Food inflation pushes April CPI

Vietnam expecting to spend even more on imports - illustration photo Southeast Asia is facing rising inflation, a problem that is exacerbated by the failure of energy and food prices to fall. Last month, the Monetary Authority of Singapore (MAS) tightened monetary policy for the third time since October to deal with inflation that is expected to heat up. According to analysts, the MAS has redefined the midpoint of the popular exchange rate policy band and slightly increased the slope of currency appreciation to help the Singapore dollar strengthen against the currencies of other countries. However, the MAS did not change the width of its policy band – a move the institution usually would take when markets are volatile. As a result, the Singapore dollar rose about 0.5 per cent to $1.35 after the MAS’ move. The agency considered the possibility that core inflation would pick up sharply in the coming months, before being revised later this year, due to the sharp increase in … [Read more...] about Vietnam expecting to spend even more on imports

Spokesperson for the Ministry of Foreign Affairs Lê Thị Thu Hằng at Thursday's press briefing in Hà Nội. — VNA/VNS Photo Phạm Kiên HÀ NỘI — Whether any country, including Việt Nam, will officially accede to the Indo-Pacific Economic Framework for Prosperity (IPEF) unveiled by US President Joe Biden earlier this week, depends on the outcomes of the discussions, foreign ministry spokesperson Lê Thị Thu Hằng said on Thursday. On May 23, the US White House announced the launch of the much-awaited economic initiative, with the claimed dozen of initial partners – Australia, Brunei, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Việt Nam – which together cover 40 per cent of the global GDP. Vietnamese Prime Minister Phạm Minh Chính attended the kickstarting ceremony for the discussions for the framework, Hằng noted, in response to queries on clarification of the first group of participating countries during the press … [Read more...] about Discussion outcomes will determine Việt Nam’s accession to Indo-Pacific economic initiative: foreign ministry

Legislation review necessary to increase tempo on public disbursement activities, illustration photo/ baodautu.vn Assoc. Prof. Pham The Anh from the National Economics University said that changing the slow disbursement of public investment would be very challenging because of legal risks and responsibility. “I don’t think the slow disbursement is due to the lack of motivation by those responsible for the implementation,” said Anh. “In the past two years, the bottlenecks in public investment were related to the legal environment,” he added, citing legal problems in land clearance. “The Vietnamese government still has the ability to keep up with the disbursement speed by reviewing the legislation related to public investment decisions.” In 2022, the government expects to disburse $17.69 billion according to Decision No.2048/QD-TTg dated December 6, 2021 on assigning state budget investment for 2022. “The latest directives are aimed at disbursing public investment on schedule … [Read more...] about Legislation review necessary to increase tempo on public disbursement activities

The regional framework should be in line with international laws and ASEAN Centrality. Vietnam has highlighted the role of international economic initiatives when talking about the Indo-Pacific Economic Framework (IPEF) which was launched by the US three days ago. “Vietnam has joined a number of international economic initiatives that help make the most of domestic and foreign resources, serving the country’s development,” Spokesperson Le Thi Thu Hang of the Ministry of Foreign Affairs (MoFA) said today. Hang made the statement at the press conference on May 26 when talking about Vietnam’s participation in the launch of IPEF through a speech delivered by Prime Minister Pham Minh Chinh. Chinh said the launch of IPEF will kickstart a serious discussion in exchange of ideas towards addressing critical regional and global issues together, issues that no one can address on their own like ones on a global scope – supply chains diversification and resilience, technological … [Read more...] about IPEF should treasure openness, inclusiveness and transparency: foreign ministry

Illustrative image. (Photo: SGGP) According to Mr. Nguyen Ngoc Dung, Chairman of Vietnam E-commerce Association (Vecom), in 2021, despite being heavily affected by the Covid-19 pandemic, Vietnam's e-commerce still maintained a good growth momentum with an increase of about 20 percent and a scale of $16 billion. Keeping the growth momentum, Vietnam is now one of the countries with the largest e-commerce market size in the region, besides Indonesia, Thailand, and Malaysia. Vietnam's internet economy in 2021 grew by 31 percent compared to 2020 and reached a scale of $21 billion. Of which, the online retail sector enlarged by 53 percent and touched a scale of $13 billion. There are two waves that have contributed to the steady development of e-commerce in Vietnam in 2020 and 2021 and will be the driving force for the next period. The first wave took place during the early stages of the Covid-19 pandemic in 2020, and the second one from June to September 2021, during the fourth … [Read more...] about Opportunities for e-commerce in Vietnam to boom

Amid growing challenges of global food security, Vietnam would further enhance the exports of food and agricultural products. Vietnam seeks to contribute to peace and stability in Asia and the world and remains steadfast in pursuing an independent foreign policy based on multilateralism and active integration into the global community. Deputy Prime Minister Pham Binh Minh at the event. Source: VNA “The Vietnamese Government considers the people at the center and engine for growth, and is committed to ensuring social justice and advancement, along with a healthy cultural and social environment.” Deputy Prime Minister Pham Binh Minh gave the remarks at the 27 th International Conference on the future of Asia held in Tokyo on May 26. This year’s event, themed “Redefining Asia’s role in a divided world,” focuses on discussing the regional and global situation, for which leaders from countries such as Japan, Vietnam, Laos, Thailand, Singapore, and Cambodia … [Read more...] about Vietnam seeks to contribute to peace and stability in Asia

Hanoi (VNA) - The following is a list of selected news summaries last night by the Vietnam News Agency. Party and State leaders meet with NA ethnic minority deputies (Photo: VNA) - Party and State leaders had a meeting with members of the 15th National Assembly (NA) from ethnic minority groups, on May 25. Read full story - Deputy Prime Minister Pham Binh Minh had meetings with the governors of Kanagawa Prefecture and Gunma Prefecture, Yuji Kuroiwa and Ichita Yamamoto, respectively, on May 25 as part of his ongoing trip to Japan. Read full story - Ambassador Nguyen Hai Bang, Permanent Representatives of Vietnam to ASEAN, has co-chaired the 9th meeting of ASEAN-Korea Joint Cooperation Committee (AKJCC) with the Republic of Korea (RoK)’s Ambassador to ASEAN Kwon Hee-seog. Read full story - Vietnam’s internet economy was valued at about 21 billion USD in 2021, contributing to 5 percent of GDP and rising seven-fold from 2015, heard the Vietnam - Asia Digital … [Read more...] about ☀️ Morning digest on May 26