Inflation meaning in economics

Ho Chi Minh City’s gross regional domestic product (GRDP) in the first quarter expanded a mere 0.7 percent year on year. The Ho Chi Minh city Institute for Development Studies (HIDS) on Wednesday cited statistics from the General Statistics Office of Vietnam as showing that the metropolis’ GRDP reached some VND360 trillion (US$15.3 billion) this quarter, inching up from the nearly VND247 trillion ($10.5 billion) in the same quarter of last year. The growth rate was higher than the 0.29 percent in the first quarter of 2022. However, experts were not surprised at the modest growth, saying that it had aligned with previously released forecasts. They also noted that growth in the second quarter of the year could be even lower. According to the HIDS, the city’s agro-forestry-fishery sector improved 2.06 percent, the service sector edged up 2.07 percent, and the industry and construction sector fell 3.6 percent, according to Thoi Bao Tai Chinh Viet Nam (Vietnam Financial Times). … [Read more...] about Ho Chi Minh City reports modest economic growth in Q1

This business delegation has been the biggest US delegation in Vietnam to date, with over 50 American companies joining. Can we expect a new wave of US investment in the coming year? Ted Osius - Former US Ambassador to Vietnam and current president and CEO of the US-ASEAN Business Council It’s a historic mission in that it’s the biggest that we’ve ever seen, and it also comes on the 10th anniversary of the comprehensive partnership between the US and Vietnam. We’ve made a lot of progress during those 10 years. And the fact that more than 50 companies are here this week is an indication of the strong confidence in Vietnam. The Vietnamese economy grew more than 8 per cent last year, while inflation is so low, so businesses see plenty of opportunities here. What has been fascinating to me is the extent to which a red carpet has been rolled out for our companies. I think it’s because the leadership of Vietnam wants to show that they wish to get down to business. At the … [Read more...] about US companies ready to commit to large-scale action in Vietnam

While Vietnam’s export of several key agro-forestry-aquatic products endured a sharp drop of 14.40 percent on-year in the first quarter of 2023 due to the impact of rising inflation globally, seafood exports were hardest hit with the on-year fall of 29 percent. Illustrative photo A report from the Ministry of Agriculture and Rural Development (MARD) showed that the country made just USD11.20 billion in export turnover of agro-forestry-aquatic products, including USD1.79 billion from seafood exports in the first three months of this year. Vietnam produced nearly 1.90 million tonnes of seafood products during the period, an increase of 1.40 percent compared to the same period last year. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the decline in Vietnam's seafood exports was due to changes in regulations on export quotas, and policies in some key markets. Sales to the United States, which was the largest … [Read more...] about Seafood exports hardest hit amid reduced global demand

Prime Minister Pham Minh Chinh speaks at the meeting. (Photo: VNA) Hanoi (VNA) – Prime Minister Pham Minh Chinh on March 31 asked the Commercial Bank for Foreign Trade of Vietnam (Vietcombank) to carry forward its leading role among credit institutions while addressing a meeting celebrating the 60th anniversary of the State-owned lender in Hanoi on March 31. Pointing to the complex, unpredictable global situation, the PM asked the State Bank and the banking sector to continue implementing cautious and flexible monetary policies, in concerted coordination with suitable fiscal policies and clear focuses in order to maintain the macro-economic stability, control inflation, spur growth and ensure major economic balances. The government leader also urged the banking sector to step up its analysis and forecasting work, keep a close watch on both domestic and international situation with a view to taking timely, effective policy response. The banks should continue to … [Read more...] about Vietcombank urged to promote leading role in banking sector

What have been the key highlights in the discussions between Meta and Vietnamese government officials? Rafael Frankel, director of Public Policy in Southeast and South Asia for Meta In my conversations with different government agencies, it’s apparent digital innovation is a key concern across ministries and agencies. The government is proactively asking Meta to share our international experience as chair of the digital economy committee of the American Chamber of Commerce in Vietnam. We also lead the digital economy taskforce with Vietnam’s Ministry of Information and Communications, as well as the US-ASEAN Business Council. More specifically, we have partnered with various government agencies in initiatives such as the Vietnam Innovation Challenge with the Ministry of Planning and Investment (MPI), with the Vietnam Government Portal on post-pandemic economic recovery, and training with the Ministry of Foreign Affairs. For the digital economy landscape, we also … [Read more...] about Meta on prowl for digital openings

A worker in Hoa Phat Group's factory in Hung Yen Province. The company announced it will not pay dividend for 2022 in the annual shareholders' meeting yesterday. — Photo hoaphat.com.vn Shares struggled to maintain the uptrend as many shares turned dark in the afternoon session, showing faltering investors’ psychology amid mixed economic data. The General Statistics Office indicating low GDP and high inflation in the first quarter may also be contributing to the uncertainty and volatility in the stock market. On the Ho Chi Minh Stock Exchange, the VN-Index edged up 0.29 per cent to close Thursday at 1,059.44 points. This was the eighth straight rising session with a combined growth of 3.5 per cent. On the Ha Noi Stock Exchange, the HNX-Index inched up 0.18 per cent to end at 205.95 points. The northern bourse’s index decreased 0.5 per cent in the previous two sessions. Liquidity increased with a total of 706.3 million shares worth VND12.1 trillion (USS$512.7 million) being … [Read more...] about Shares maintain uptrend on rising liquidity