Ministry: Jan-Jul export growth far below expectation The Saigon Times Daily Containerized goods are seen at a port in Ba Ria-Vung Tau Province. Vietnam’s export turnover in the fi rst seven months of this year grew 5.3% year-on-year to US$96.83 billion, far below the full-year growth target of 10% - PHOTO: THANH HOA HCMC - Vietnam’s export turnover in the first seven months of this year grew 5.3% year-on-year to US$96.83 billion, far below the full-year growth target of 10%, according to the Planning Department under the Ministry of Industry and Trade. Duong Duy Hung, director of the department, was quoted by the Vietnam News Agency as saying at the ministry’s meeting in Hanoi on August 8 that export growth of 5.3% in the January-July period was also much lower than 9.2% in the same period last year. Outbound sales in July alone were estimated at US$14.7 billion, down 0.2% from the previous month. Shipments of industrial and processed products in July … [Read more...] about Ministry: Jan-Jul export growth far below expectation
Growth
Fitch downgrades Vietcombank, ACB on strong credit growth
By Thu Thuy - The Saigon Times Daily HCMC – Bank for Foreign Trade of Vietnam (Vietcombank) and Asia Commercial Bank (ACB) have seen their rating downgraded to ‘D/E’ from ‘D’ by the international credit rating agency Fitch, which cited risks related to strong credit growth. Fitch in its statement says that the downgrade reflects Vietcombank’s substantially weakened balance sheet arising from excessively strong loan growth and fragile underlying loan quality. Furthermore, Fitch believes Vietcombank’s individual rating remains under pressure, due to increasing risk of high credit costs arising from underlying weak loan quality and limited capitalization. Also, Fitch expects Vietcombank, along with other local banks, to continue facing a difficult environment, particularly given the Vietnamese Government’s weakening ability to manage inherently volatile market conditions when needed. Vietcombank reported loan growth of 26% in 2009, which … [Read more...] about Fitch downgrades Vietcombank, ACB on strong credit growth
HCMC targets 10% GDP growth this year
HCMC targets 10% GDP growth this year Van Nam By Van Nam - The Saigon Times Daily HCMC - HCMC will exert effort to achieve a gross domestic product (GDP) growth rate of 9.5-10% this year as approved by the HCMC People’s Council. To realize the target, the city will have to obtain GDP growth from 10.8-11.8% in the second half of this year after posting an economic expansion of 8.2% in the first six months of this year, according to resolutions passed by the HCMC People’s Council on the final day of its 14th session last Friday. The council also requested related agencies to prioritize and speed up implementation of key infrastructure projects, including Pham Van Dong Street, Thanh Da Canal Bridge, urban and water infrastructure projects in the coming time. The city also aims that 100% of local households will have access to clean water at the end of this year. The council also suggested reviewing all the projects under construction in the city and taking measures … [Read more...] about HCMC targets 10% GDP growth this year
Vietnam building doctrine of growth
Vietnam building doctrine of growthTu Hoang By Tu Hoang - The Saigon Times Daily HANOI – Vietnamese authorities have earmarked nearly half a million U.S. dollars for a research institute to study and build up a doctrine of growth for the country, said an authoritative source. Le Xuan Ba, former director of the Central Institute for Economic Management (CIEM), said at the Spring Economic Forum 2014 in Quang Ninh Province on Tuesday that a state budget totaling VND10 billion had been provided for this scheme. A number of other delegates at the forum confirmed the news while speaking with the Daily. Ba said, “Vietnam now has no doctrine of growth. The doctrine should be based on the principle that we should do whatever is in the nation’s interest and the people’s interest. This is a good time for us to make preparations for the forthcoming 12th Party Congress.” A presentation which the Ministry of Foreign Affairs sent to the forum calls for a pinpointing of … [Read more...] about Vietnam building doctrine of growth
Vietnam Business Forum looks to boost private sector growth
Scene at the press conference (Photo: VNA)Hanoi (VNA) – The year-end session of theVietnam Business Forum (VBF) in 2017 is set to focus on measures to improveproductivity and boost the development of the private sector.At a recent press conference in Hanoi before the annualevent, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu TienLoc said the VBF, which is held twice a year, is a dialogue mechanism betweenthe Vietnamese Government and enterprises from both domestic and foreign-investedsectors.In a report submitted to the Government, the VCCI acknowledgedsignificant improvement made to the local business climate, particularly afterthe National Assembly passed the Law on Support for Small- and Medium-sizedEnterprises (SMEs). The implementation of Resolution 19-2017/NQ-CP on enhancingbusiness environment and national competitiveness, and of Resolution 35/NQ-CPon supporting growth of enterprises toward 2020 was also said to contribute tothe outcome.Hirohide … [Read more...] about Vietnam Business Forum looks to boost private sector growth