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Vietnam exported 656 million USD worth of goods to the neighboring country in 2022, up over 10%, mainly oil and gas, fertilizers, steel, machinery and accessories, and means of transport. Meanwhile, Vietnam’s imports were valued at over one billion USD, a year-on-year rise of 35%, with main items including wood and wood products, fertilizers, rubber and corn. In December alone, the two-way trade stood at 211 million USD, up 60% from the previous year. According to the Vietnam Trade Office in Laos , the two countries’ industry and trade sectors coordinated in organizing a range of trade promotion activities during the year, contributing to the rise of bilateral trade./. VNA … [Read more...] about Vietnam-Laos trade records impressive growth in 2022

Illustrative image (Photo: VNA) Hanoi (VNA) – Vietnam’s GDP growth reaches 8.02% this year, a record high in the 2011-2022 period as the economy is recovering strongly, General Director of the General Statistics Office (GSO) Nguyen Thi Huong told a press conference in Hanoi on December 29. The agro-forestry-fishery sector expanded by 3.36%, contributing 5.11% to the total added value of the whole economy. The industry-construction sector grew by 7.78%, contributing 38.24% while the service industry rose by 9.99%, making a 56.55% contribution to the economy. About the economic structure 2022, the agro-forestry-fishery sector accounted for a proportion of 11.88%, industry and construction 38.26%, services 41.33% and product taxes, exclusive of product subsidies, 8.53%. With an annual growth of 7.18%, final consumption contributed to 49.32% of the general growth. Asset accumulation rose by 5.75%, contributing 22.59%, while trade in exports, imports and services adding … [Read more...] about Vietnam’s GDP expands by 8.02% in 2022

Many business exchange activities have been organised to effectively support local firms in exporting their products to foreign markets. — Photo courtesy of MoIT The Trade Promotion Agency under the Ministry of Industry and Trade (MoIT) will collaborate with relevant agencies in carrying out measures to help enterprises expand their shares in foreign markets, said Vu Ba Phu, head of the agency. Localities will get support relating to trade promotion activities in key markets, the official told Sai Gon Giai Phong (Liberated Saigon) newspaper. Support programmes will be devised, aiming to improve the capacity for enterprises to meet the trend of green trade, he said, adding the MoIT will also facilitate the connection between businesses and localities. Attention will be paid to enhancing the effectiveness of the National Brand Programme, thus helping enterprises’ products go deeper into global supply chains. According to the MoIT, the total import-export turnover of Viet Nam … [Read more...] about Trade ministry to support enterprises in boosting exports

Producing wooden furniture for export at Trieu Phu Loc Furniture Co., Ltd, Tan Uyen town, Binh Duong province (Photo: VNA) Hanoi (VNS/VNA) - Wooden furniture exports from Southeast Asian markets to Australia grew sharply in the past year, with Vietnam leading the way on 205.6 million USD, up 26.4% year-on-year. Vietnam is followed Malaysia with 101.9 million USD and Indonesia with 61.7 million USD. The proportion of wooden furniture imports from these three markets accounted for 22.9% of the total value of wooden furniture imports into Australia. The Import-Export Department, Ministry of Industry and Trade, quoted statistics from the General Department of Customs saying that the export value of wooden office furniture reached 28.4 million USD in December, a year-on-year decline of 28.6%. The export value of wooden office furniture reached 370.3 million USD last year, down 15.9% over the same period in 2021. In the structure of wooden furniture exports last year, … [Read more...] about Vietnam leads Southeast Asia in wooden furniture exports to Australia

Inflationary pressure for Vietnam's economy in 2023 is high and comes from many factors, he said in an interview with the Vietnam News Agency (VNA). The demand-pull and cost-push inflation will put pressure on the country's efforts to control inflation amid surging demand and strengthening of the U.S. dollar which yields increased import prices. Demand for petrol and electricity – the two important commodities for production and consumption – will increase in 2023. The domestic electricity price has been kept unchanged for the past few years, while the price of coal and gas used in the production of electricity has increased, he said, noting that thermal and gas power account for a large proportion of the total generated electricity. Therefore, it is forecasted that the Government may raise the price of electricity this year. A hike in electricity prices will put pressure on inflation by increasing production costs and consumer spending, and at the same time reducing economic … [Read more...] about Vietnam faces inflationary pressure in 2023: expert

Nguyen Hoang Trung, CEO of one of only two delivery startups in Vietnam, told VnExpress that Loship suffers "very little" loss. Last year its revenues increased by 500% thanks to business optimization with 250,000 locations and more than five million customers. It expects to turn profitable this year. Losing money is the norm in the food delivery and ride-hailing industry. As of 2021, Grab Vietnam had chalked up cumulative losses of VND4.365 trillion (US$186 million). Gojek is also VND4 trillion in the red. Both incur huge selling expenses running ino trillions of dong. Nguyen Hoang Trung, CEO of Loship. Photo by VnExpress/Quynh Nhu This year the industry faces pressure from rising fuel prices. Trung said all other apps are also affected by Regarding the increase in gasoline price, this but "honestly not too much". When the Russia-Ukraine war took place, it was a nightmare in the beginning. But so far, the gas price has not changed too much and it’s … [Read more...] about Vietnamese delivery app on the brink of turning profitable

The quake, which hit in the early darkness of a winter morning, was also felt in Cyprus and Lebanon. "We were shaken like a cradle. There were nine of us at home. Two sons of mine are still in the rubble, I'm waiting for them," said a woman with a broken arm and injuries to her face, speaking in an ambulance near the wreckage of a seven-storey block where she had lived in Diyarbakir in Turkey. "I have never felt anything like it in the 40 years I've lived," said Erdem, a resident of the Turkish city of Gaziantep, near the quake's epicentre, who declined to give his surname. "We were shaken at least three times very strongly." Turkish Vice President Fuat Oktay said 284 people were killed and 2,323 injured, as authorities scrambled rescue teams and supply aircraft for the affected area, while declaring a "level 4 alarm" that calls for international assistance. In Syria, already devastated by more than 11 years of civil war, a government health official said more than 237 people … [Read more...] about Major earthquake strikes Turkey, Syria; hundreds dead, many trapped

The index closed 12.14 points higher after losing 0.44 points on Friday. Trading on the Ho Chi Minh Stock Exchange (HoSE) fell by 10.97% to VND9.61 trillion ($409.28 million). The VN-30 basket, comprising the 30 largest capped stocks, saw 22 tickers gain. PLX of fuel distributor Petrolimex led with a 4% rise. It was followed by BID of state-owned lender BIDV with a 3.8% increase. POW of electricity producer Petrovietnam Power Corporation went up 3.3%, and VCB of state-owned lender Vietcombank gained 3.2%. Six blue chips fell. VIB of Vietnam International Commercial Bank lost 2.7%, and MWG of electronics retail chain Mobile World was down 1.4%. Foreign investors were net buyers to the tune of VND392.20 billion, mainly buying STB of Ho Chi Minh City-based lender Sacombank and SSI of leading brokerage SSI Securities Corporation. The HNX-Index at the Hanoi Stock Exchange, where mid and small caps list, was down 0.38% while the UPCoM-Index at the Unlisted Public … [Read more...] about Last-minute trading boosts VN-Index up

Nguyen Minh Tuan, Founder of TOPI The risk of a world economic recession is reflected in the average GDP growth forecast of only 1.6-2.2 per cent, of which the US accounts for 0.5-1 per cent, the EU -0.5-0.2 per cent, and China 4-4.5 per cent. After plenty of efforts by central banks inflation has cooled down, but is still high. The common global inflation forecast in 2023 is 6.5-6.6 per cent, which is in line with forecasts from the International Monetary Fund and the Organisation for Economic Co-operation and Development. Optimistic banks assessed that in the second quarter of 2023, inflation would decrease, and those with more pessimistic views forecasted that the decline would take place by the end of 2023. Of course, along with inflation, tight monetary policy will affect world economic growth. Accordingly, there are three scenarios for macroeconomic forecast in 2023. One is a negative scenario: persistent inflation and deep recession, with the following assumptions of … [Read more...] about Optimism abounds for more positive scenarios in macroeconomic forecasts

According to chairman of the Vietnam Real Estate Brokers Association Nguyen Van Dinh, Vietnam’s real estate market is not repeating the crisis cycle which occurred in 2012. Varying factors to determine the fate of real estate, photo baodautu.vn “Currently, urban development is high and infrastructure investment is taking place strongly, along with the rocketing increase demand for housing. So the demand for investment in real estate is rather high. These are the factors that create a great motivation for the market’s ability to recover,” Dinh told VIR. Banking and finance expert Can Van Luc added that the market will be revived by the end of the year. “When banks have new credit room, real estate will see more transactions from homebuyers. Real demand is expected to be a bright spot during the year,” Luc said at a forum on forecasting the real estate market organised by the Vietnam Real Estate Association in Hanoi on January 3. Do Thu Hang, senior director of … [Read more...] about Varying factors to determine the fate of real estate