Preventive negotiation avoiding conflict escalation

The Government is committed to taking timely measures to ensure macroeconomic stability. The high inflationary pressure amid the recovery of domestic demand is putting Vietnam’s GDP growth target of 6-6.5% for this year at risk. Overview of the session. Source: quochoi.vn Deputy Prime Minister Le Van Thanh gave the remarks at the third session of the 15 th National Assembly held today [May 23]. According to Thanh, the Vietnamese economy has been on a positive recovery track in the first months of 2022 under the new normal. Total budget revenue for the first four months grew by 15.4% year-on-year to VND657.4 trillion ($28.4 billion), while the consumer price index (CPI) expanded by 2.64%, the lowest four-month period growth in the past five years. As of mid-May, credit growth stood at 7.2% against late 2021 and up 17% year-on-year, which showcases the recovery of economic activities, along with greater efforts from the Government to restore discipline … [Read more...] about High inflationary pressure put GDP 6.5% growth target at risk: Gov’t

Many parts suppliers for automobile production want to have new investment but face large capital obstacles because collateral is unavailable after two years fighting COVID-19. —VNA/VNS Photo Supportive solutions for businesses need to be implemented faster and stronger to improve the capacity of businesses and increase linkage among them, according to experts. In the context of a pandemic-disrupted supply chain and political conflict, support from the Government and organisations for the linkage among businesses is significant. According to the Viet Nam Association of Supporting Industries (VASI), to improve the capacity of Vietnamese enterprises, it is necessary to have supportive policies to reduce costs, easy access to credit and preferential interest rates for businesses in investment activities and production. There are also solutions for training and improvement of management. Many parts suppliers for motorcycle production want to have new investment but face large … [Read more...] about Supportive solutions needed for enterprises

Agro-product providers and exporters defy the impact of a sharp increase in fertiliser prices Since early this year, fertiliser prices consecutively broke records with the latest price between VND16-18 million ($700-780) per tonne – the highest level in the past 50 years, according to the Department of Plant Protection under the Ministry of Agriculture and Rural Development (MARD). The selling price of URE Ninh Binh and Ha Bac climbed to VND17.5 million ($760) per tonne, while diammonium phosphate fertiliser registered the biggest rise to reach VND22 million ($950) per tonne. An MARD report showed that in 2021, Vietnam imported 5.1 million tonnes of fertilisers, and in the first four months of 2022, the figure was over 880,000 tonnes. Nguyen Tri Ngoc, vice chairman of the Vietnam Fertiliser Association said, “The fertiliser price hike is attributed to the inadequate supply of these products because of the Russia-Ukraine conflict. Russia and Belarus make up nearly half of the … [Read more...] about Agro-product providers and exporters defy impact of sharp increase in fertiliser prices

The Deputy PM’s participation at the session will deliver an important message from the Vietnamese Government that it highly values the effective cooperation with the U.N. in general and ESCAP in particular over the past 45 years, while demonstrating the country’s strong commitments to promoting its partnership with the U.N. and ESCAP in the coming time, according to Vietnamese Ambassador to Thailand Phan Chi Thanh, who is also the Permanent Representative of Vietnam to ESCAP. Vietnam wants to further accelerate the dialogue and cooperation process with member countries, effectively optimize ESCAP's support to implement Vietnam's development strategies and goals, especially during the post-pandemic recovery and sustainable development process, and realize its commitments at the 26th UN Climate Conference (COP26), he stressed. Ambassador Thanh affirmed that the Deputy PM will be the highest leader of Vietnam to attend a session of the commission in person in many years, which shows … [Read more...] about Vietnam aims to deepen partnership with U.N., ESCAP: Diplomat