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Industrial production is forecast to increase 6.6% in 2023. (Photo: VNA) HCM City (VNA) – Vietnam is predicted to record a rise of 6.6% in industrial production in 2023, according to S&P Global Market Intelligence. S&P Global noted the Vietnamese manufacturing sector continued to face challenging business conditions in the opening month of 2023. Production and new orders continued to decline. That said, there were some signs of improvement in demand as new business fell at a softer pace, helped by a renewed expansion in new export orders. The S&P Global Vietnam Manufacturing Purchasing Managers' Index (PMI), released on February 1, posted 47.4 in January, up from 46.4 in December but still pointing to a solid monthly deterioration in the health of the manufacturing sector. January data signalled a further marked decline in manufacturing production, albeit one that was slightly softer than seen in December. Lower new orders were often behind falling output, with … [Read more...] about Vietnam’s industrial production to rise 6.6% in 2023: S&P Global

Illustrative photo (Source: VNA) Hanoi (VNS/VNA) – Vietnam’s textile, garment and footwear sectors aim to achieve a total export value of 77-80 billion USD in 2025 and 106-108 billion USD in 2030, according to the strategy for the development of Vietnam’s textile and footwear industry. Under the development strategy approved by the Government, for the long term, the garment, textile, leather and footwear sectors are still key export industries of the economy. The sectors will continue to promote investment in the production of materials and auxiliary materials, as well as supporting industries. They will encourage the production of fabrics from domestically produced yarn to reduce imports, and form a complete supply and value chain in the region. For the leather and footwear industry, Nguyen Duc Thuan, Chairman of Lefaso, said domestic enterprises need to actively adapt to the requirements of the market and brands on sustainable development standards for products. They … [Read more...] about Garment, footwear exports aim to reach 80 bln USD by 2025

Illustrative image (Photo: VNA) Hanoi (VNA) – The State Bank of Vietnam set the daily reference exchange rate at 23,610 VND/USD on February 1, up 1 VND from the previous day. With the current trading band of +/- 5%, the ceiling rate applied to commercial banks during the day is 23,790 VND/USD and the floor rate 22,491 VND/USD. The opening hour rates at commercial banks dropped. Vietcombank listed the buying rate at 23,250 VND/USD and the selling rate 23,230 VND/USD , both down 10 VND from the end of January 31. BIDV reduced both rates by 20 VND to 23,300 VND/USD (buying) and 23,600 VND/USD (selling)./. VNA … [Read more...] about Reference exchange rate up 1 VND on February 1

Illustrative photo (Source: VNA) Tien Giang (VNA) – The Mekong Delta province of Tien Giang will exploit more than 124,000 tonnes of seafood of all kinds in 2023. According to Director of the provincial Department of Agriculture and Rural Development Nguyen Van Man, the tapping of maritime potential will be associated with a series of drastic measures against illegal, unreported and unregulated ( IUU ) fishing. These measures include tight vessel management, strict punishment of related violations, communications activities to raise public awareness on the matter, better investment in fishery infrastructure, and the implementation of policies for improving fishermen’s livelihoods, among others. In 2022, the province’s seafood output topped 361,000 tonnes, exceeding the yearly target by nearly 26%. Of the amount, the yield from farming neared 221,000 tonnes, with the rest coming from offshore fishing and exploitation activities. The coastal locality’s fleet of … [Read more...] about Tien Giang plans to exploit over 124,000 tonnes of seafood this year

Singapore’s inflation remains high in 2023: Economists (Photo: VNA) Singapore (VNA) – Based on latest data from Singapore ’s Ministry of Trade and Industry and Industry (MTI), many economists have forecasted that the country’s inflation will remain high in 2023, despite signs of reduction from global price pressures. In 2022, overall inflation came in at 6.1%, up from 2.3% a year ago, while core inflation, which excluded accommodation and private transport, came in 4.1% year on year, an increase of 0.9% year on year. Singapore's overall inflation is forecast at 4.5-5.5% in 2023, while core inflation is forecast at 2.5-3.5% after excluding impacts of increase in Goods and Services Tax (GST). Monetary Authority of Singapore (MAS) and the MTI have also warned about risks that could lead to high inflation rates being “persistent than expected”, especially after China reopened its market. However, both MAS and the MTI are still optimistic about the second half of … [Read more...] about Singapore’s inflation remains high in 2023: Economists

Goods for export at the Tan Cang-Cat Lai Port in HCM City. Vietnam's exports to India topped 7.96 billion USD in 2022, up 26.8% year-on-year.  (Photo: VNA) Hanoi (VNS/VNA) - Two-way trade between Vietnam and India saw a yearly increase of 13.6% to 15.05 billion  USD in 2022, statistics from the General Department of Customs showed. During the year, Vietnam’s exports to India topped 7.96 billion USD, up 26.8% year-on-year. Among its export items, mobile phones and accessories posted the highest turnover with 1.52 billion USD, up 18.4%, making up nearly 20% of the total export value. Computers, electronics and parts came next with 1.03 billion USD, up 25%, or 13%, while machinery and equipment ranked third with 804 million USD or over 10%. Other staples with the highest value increase were coffee with 165%; iron and steel (97%) and footwear (96%). Some items, however, posted large decreases in export value, such as animal feed and raw materials with 23.04 million USD, down … [Read more...] about Vietnam’s trade with India hits record in 2022

Four Vietnamese were awarded the New Zealand ASEAN Scholar Awards by New Zealand Prime Minister John Key on Monday. The four were among the 40 individuals from 10 member states of the Association of Southeast Asian Nations (ASEAN) to be presented with the prestigious prizes in a ceremony to mark 40 years of diplomatic relations between New Zealand and the bloc. ASEAN is a ten-member organization which includes Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Cambodia, Laos, Myanmar and Vietnam. The Vietnamese recipients of the awards are Mai Kieu Lien, CEO of dairy firm Vinamilk; Nguyen Xuan Vang, head of the International Cooperation Department under the Ministry of Education and Training; Tran Duc Lam, CEO of Tran Duc Homes Company; and diplomat Ton Nu Thi Ninh. The four were honored for their contribution to the development of Vietnam and New Zealand’s cooperation. The New Zealand-ASEAN Scholar Awards are designed to recognize New Zealand’s close … [Read more...] about Four Vietnamese awarded New Zealand ASEAN Scholar Awards

In announcing its latest policy decision, the U.S. central bank scaled back to a quarter-percentage-point rate increase after a year of larger hikes and swept aside in its statement the long list of reasons, from war to the pandemic, that were driving prices higher to say simply that "inflation has eased." Yet policymakers also projected "ongoing increases" in borrowing costs would be needed, a still open-ended commitment that did not yet pinpoint when the rate hikes might stop, and pushed back against an expectation in financial markets that the Fed would pause soon and, indeed, cut rates later this year. Investors nevertheless took a dovish cue from remarks by Fed Chair Jerome Powell, who referred repeatedly during a news conference to the "disinflationary" process that now appeared to be underway. Equity markets rose as Powell spoke and investors slightly boosted bets for coming rate cuts. Meanwhile, Powell insisted that rate cuts are not in the offing, and took pains to walk … [Read more...] about Fed delivers small rate increase; Powell suggests ‘couple’ more hikes coming

When officers from the Hai Chau District police went into the club on Dong Da Street at midnight, there were hundreds of customers, many high on drugs. The police found Vo Ngoc Phi, 30, Phan Van Kiem, 23, and some others sitting at three tables and possessing 30.5 tablets of ecstasy and two packs of ketamine. The officers tested 43 people at these tables and 38 were positive for drugs. After randomly testing some other customers at the club, they found 26 more drug users. On Wednesday afternoon, Colonel Tran Phuoc Huong, the local police chief, said Phi, Kiem, To Ngoc Linh, 33, and Ho Nhat Hai, 23, have been detained for questioning about the possession and use of drugs. The others have been charged with illegal drug use. Phi claimed to have brought the ecstasy pills there to celebrate his girlfriend's birthday, but she did not turn up. Phi has been jailed before for drug trafficking, and he completed his sentence only last year. … [Read more...] about Da Nang police raid nightclub, catch drug pushers, users in the act

The race of interest rate hikes among commercial banks is showing signs of cooling down as many banks have adjusted down the rate by several percentage points per year after the Lunar New Year (Tết) holiday and have set stricter conditions for customers to enjoy the high rates. A Techcombank transaction office in Hanoi. Techcombank currently lists the highest deposit interest rate at 9.2 per cent per year, against 9.5 per cent per year before Tết. — Photo Techcombank At Techcombank, the highest deposit interest rate at the bank is currently 9.2 per cent per year, against 9.5 per cent per year before Tết. To enjoy the 9.2 per cent interest rate, depositors must be a VIP customer with minimum savings of VNĐ3 billion over 12 months. For regular customers, the rate for 6-month deposits at the bank is also down to 8.5 per cent per year from more than 9 per cent before Tết. At Sacombank, the highest interest rate before Tết was 9.8 per cent per year. However, … [Read more...] about Banks lower saving interest rates right after Tết