Macroeconomic performance

PetroVietnam engineers exert efforts to fulfil the set target. (Photo: PetroVietnam) Hanoi (VNA) - In the second half of 2022, the Vietnam Oil and Gas Group (PetroVietnam) will continue to keep a close watch on market developments. The goal is to monitor world crude oil prices and market fluctuations to optimise reserves and operate oil production efficiently to stay in the black. Opportunities brought into full play, helping crude oil exploitation exceed target by 22% The world’s crude oil price dropped sharply in July and remains on a downward trend. The average price of Brent crude oil in July fell 9% month-on-month. In early August, the price continued to decline and fell to the lowest level since before the Russia-Ukraine conflict. The average price of petroleum products last month also decreased by 13-22% compared to that in June. In addition, the mobilisation of gas-fueled power is still low compared to the plan, and in the coming months, the demand for gas used in … [Read more...] about PetroVietnam optimises market fluctuations to keep oil production in the black

Prime Minister Pham Minh Chinh presides over a Government to Business (G2B) conference which opened on Thursday. — VNA/VNS Photo Duong Giang A Government to Business (G2B) conference opened on Thursday, providing a platform where the Government can explore the private sector’s opinions and proposals. Presided over by Prime Minister Pham Minh Chinh, the hybrid event brought together cabinet members, representatives from Party and National Assembly committees, local administrations, industry leaders, and businesses. It is also an opportunity for the two sides to discuss how global uncertainties are impacting the country’s socio-economic growth, and chalk out ways to boost production for a faster and more sustainable economic recovery and development. Addressing the event, the PM said thanks to tireless efforts over the last two years, Viet Nam has managed to contain the COVID-19 pandemic, with a stable macro-economy, inflation under control and positive economic growth. The … [Read more...] about G2B conference looks to boost economic recovery

A strong business community will build an independent and highly resilient economy. Localities are expected to further create a favorable environment for business operation, especially in simplifying administrative formalities and avoiding petty corruption. Prime Minister Pham Minh Chinh at the conference. Photos: Nhat Bac Prime Minister Pham Minh Chinh stressed the view during a conference between the Government’s leader and business community on August 11, which drew the participation of 1,200 delegates from a business association and local companies. According to Chinh, more than two years since the outbreak of the Covid-19 pandemic, Vietnam has now put the situation under control and maintained positive growth. Vietnam’s GDP  during the six months expanded by 6.42%, higher than the 5.74% rate in the same period last year, and equivalent to the growth rate recorded in the pre-pandemic period 2016-2019 (6.38%). In addition, Chinh also pointed out high … [Read more...] about PM urges favorable environment for businesses

The World Bank last week projected that Vietnam’s GDP growth is forecast to surge from an estimated 2.6 per cent in 2021 to 7.5 per cent in 2022, with backing from resilient manufacturing and a robust rebound in services. “Now domestic consumption and demands have been bouncing back surprisingly, especially since Q2, and the situation has been clearer in July, in consumption, corporate confidence, and exports,” said Dorsata Madani, senior economist at the World Bank in Vietnam. 21st-century skills crucial for appropriate growth-illustration photo, source: freepik.com It was only a few months ago, in April, when the World Bank forecast Vietnamese GDP to grow only 5.3 per cent in 2022. At that time, the bank predicted that the outlook would be subject to heightened risks such as slowing growth in major trading partners, Russia-Ukraine trade effects, and the conflict’s associated sanctions. It also warned that new COVID-19 variants could compound the issue. The economy … [Read more...] about 21st-century skills crucial for appropriate growth

Hanoi expects positive economic performance in 2023 would result in the higher budget collection. Hanoi eyes up to 9% year-on-year increase in tax revenue by 2023 amid rising global uncertainties and challenges from within the economy itself. Electronics production at Canon Vietnam, Thang Long Industrial Park. Photo: Thanh Hai “Such an increase should not include revenue from land use rights, lottery and divestment from state-owned enterprises.” The Hanoi People’s Committee released directive No.11 on drafting socio-economic development plans and the  budget estimate for 2023. Accordingly, Hanoi aims to increase revenue from export-import activities by 4-6% compared to 2022. The directive provided that the calculation of the 2023 estimate should closely follow the economic situation, avoid possible revenue losses and give room for businesses to recover following the severe impacts of the Covid-19 pandemic in the past years. The directive urged local … [Read more...] about Hanoi targets 9% increase in tax revenue by 2023