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Illustration. (Photo: VNA) Hanoi (VNA) – Vietnam’s economic growth accelerated faster than expected in the second quarter of this year, as a recovery in exports and manufacturing helped offset risks from coronavirus outbreaks and rising oil prices, Bloomberg reported. The US-based news agency cited data from the General Statistics Office of Vietnam (GSO) saying the Vietnamese economy expanded 7.72% year-on-year in the April-June period, compared to 5.05% of the previous quarter. That was quicker than the median estimate for a 5.9% gain in a Bloomberg survey, and the highest level since at least the first quarter of 2013, it said. The performance helped lift growth in the first-half to 6.42% from a year ago, beating the GSO’s forecast for a 5.5% pace. The government targets full-year growth at 6%-6.5%. The gains in momentum coincide with Vietnam emerging as one of the alternative destinations for foreign investment amid trade disruptions from China’s lockdowns, … [Read more...] about Vietnam’s economic growth accelerates on back of exports, manufacturing: Bloomberg

Nearly 500 tons of "Com Vietnam Rice" exported to the EU. (Photo: VNA) Since the EU-Vietnam Free Trade Agreement (EVFTA) took effect, the group has exported around 30,000 tons of rice to the EU. It was the first time the rice was exported under its own brand name, instead of those by importers in the previous shipments, according to Loc Troi. Loc Troi Group CEO Nguyen Duy Thuan said the consignments, which mostly consist of fragrant rice, have left Vietnam and will arrived in Germany, the Netherlands and France in July. The grain will be available at France-based Carrefour, the Europe’s largest retailer and wholesaler, he said. The shipment, though not large, marks the start of the group’s journey to conquer the global market, he added. Loc Troi Agricultural Products JSC (LTA), the agricultural arm of Loc Troi Group, owns 26 factories capable of milling over 22,000 tons of rice per day. The group has been collaborating with a network of numerous cooperatives and more … [Read more...] about 500 tons of Vietnamese-labelled rice exported to EU

Nearly 500 tonnes of " Com Vietnam Rice " exported to the EU. (Photo: VNA) HCM City (VNA) – Loc Troi Group JSC exported nearly 500 tonnes of rice labelled with its own brand name “Com Vietnam Rice” to the EU markets in June. Since the EU -Vietnam Free Trade Agreement ( EVFTA ) took effect, the group has exported around 30,000 tonnes of rice to the EU. It was the first time the rice was exported under its own brand name, instead of those by importers in the previous shipments, according to Loc Troi. Loc Troi Group CEO Nguyen Duy Thuan said the consignments, which mostly consist of fragrant rice, have left Vietnam and will arrived in Germany, the Netherlands and France in July. The grain will be available at France-based Carrefour, the Europe’s largest retailer and wholesaler, he said. The shipment, though not large, marks the start of the group’s journey to conquer the global market, he added. Loc Troi Agricultural Products JSC (LTA), the agricultural … [Read more...] about 500 tonnes of Vietnamese-labelled rice exported to EU

The bright spot in the latest PMI survey was employment, which increased at the fastest pace in three and a half years. The Vietnam's Manufacturing Purchasing Managers' Index (PMI) posted 54.0 in June, down slightly from 54.7 in May but still signaling a solid monthly improvement in the health of the sector. Electronics production at Katolec Vietnam, Quang Minh Industrial Park, Hanoi. Photo: Pham Hung A reading below the 50 neutral marks indicates no change from the previous month or even contractions, and above 50 points means an expansion, according to S&P Global. “The Vietnamese manufacturing sector ends the first half of 2022 in good health, with firms feeling that they've seen the back of the pandemic cane to generate new business at a solid rate,” said Andrew Harker, economics director at S&P Global. "The main positive from the latest PMI survey was around employment, which increased at the fastest pace in three-and-a-half years. This shows … [Read more...] about Vietnamese manufacturing continues solid improvements

Dao Minh Chanh, Deputy Director of the municipal Department of Planning and Investment, said E.U. countries are investing in 2,724 projects in HCM City, mostly in the fields of manufacturing and processing, retail and wholesale, motor and automobile repair and maintenance, and information and communications. Worth a total of 7.69 billion USD, they account for 10.27% of FDI in the city, he said. HCM City has constantly improved its business climate and adopted various incentives to encourage more FDI, he said, adding that most notably among the incentives include reductions in corporate income tax, import-export duties and land lease. Vo Van Hoan, Vice Chairman of the municipal People’s Committee, highlighted the importance of the E.U.-Vietnam Free Trade Agreement (EVFTA) which has entered into force, saying it has brought great and balanced benefits to both sides and there is a huge opportunity for Vietnam and the E.U. to step up bilateral economic cooperation. With the E.U.’s … [Read more...] about HCM City calls for E.U. investment in nearly 200 projects

At a meeting in London on June 30 with Kenneth Atkinson, head of the British Business Group in Vietnam (Britcham), and representatives of British groups and investment funds operating in Vietnam, Hue affirmed that the relationship between Vietnam and the U.K. is at an all-time high. He believed the U.K. will continue to elevate its role and position in terms of economy, trade and investment in Asia-Pacific, including the Association of Southeast Asian Nations (ASEAN) and Vietnam. The N.A. Chairman said two-way trade has reached 6-7 billion USD per year, but there remains huge room for the countries to boost trade. Hue expressed his hope that Britcham will further affirm its role in attracting and guiding British businesses in Vietnam, while intensifying its consultation and policy support for these firms. The Vietnamese legislature, government, ministries, agencies and localities are willing to work to improve the investment and business environment for both domestic and … [Read more...] about Vietnam seeks stronger trade, education ties with U.K.

Viet Nam sent 51,677 workers, including 19,849 females, abroad under labor contracts in the first half of 2022, according to the Ministry of Labor, Invalids and Social Affairs. Japan was the largest recipient of Vietnamese workers, employing 32,053 ones, followed by Chinese Taipei 15,533 and the Republic of Korea 1,209. Viet Nam's plan to send 90,000 laborers abroad to work under contract this year, is feasible, said deputy head of the Department of Overseas Labor under the Ministry of Labor, Invalids and Social Affairs Nguyen Gia Liem. Due to COVID-19 impacts, last year, Viet Nam sent 45,058 workers abroad, equivalent to 50 percent of its yearly labor export target. In Europe, nine countries including Poland, Lithuania, Hungary, Bulgaria, the Cyprus Republic, Turkey, Slovakia, Belarus and Portugal, have accepted workers from Viet Nam. Many labor suppliers are recruiting up to thousands of laborers for jobs overseas. Besides traditional markets such as Japan, the RoK and … [Read more...] about Nearly 52,000 laborers sent abroad in first half

Illustrative image (Source: VNA) Hanoi (VNA) - Though Vietnam is said to have certain advantages, to maintain sustained success, the country should be a diligent student of not only the upsides, but also the lessons learnt of other countries, said Moritz Kraemer, former Global Chief Ratings Officer of Sovereign Ratings Group at S&P Global and currently the Chief Economist, Head of Research of Landesbank Baden Wuerttemberg (LBBW). Speaking to Vietnam News Agency, the expert held that the world is in turmoil, and the old model of globalisation is severely tested as erstwhile reliable supply chains are ruptured and seem to refuse to heal. Moreover, inflation appears to be getting out of hand in much of the advanced economies as commodity prices soar and labor becomes increasingly scarce. Moritz Kraemer, former Global Chief Ratings Officer of Sovereign Ratings Group at S&P Global (Photo: VNA) He predicted that international companies will progressively search … [Read more...] about Vietnam remains a place of seemingly limitless promise: experts

The article on Hungary Today (Photo: VNA) Hanoi (VNA) – Local media of Hungary have highlighted the visit by National Assembly Chairman Vuong Dinh Hue , which was made from June 26-28 at the invitation of Speaker of the Hungarian NA László Kövér. The Hungary Today newspaper on June 28 ran a story entitled “House Speaker Kövér: Vietnam Is a Key Partner”, quoting the Hungarian top legislator as saying after his talks with NA Chairman Hue that Vietnam is Hungary ’s key partner in Southeast Asia. While agricultural exports to Vietnam surpass imports, Hungary has “much to do” in developing bilateral economic ties, Kövér said in a joint statement after the talks. Noting that Hue led a delegation of various experts, Kövér said the visit was “promising” regarding inter-governmental, scientific, and educational cooperation, the article reported. The article on the Vietnamese NA leader's visit on Budapester Zeitung (Photo: VNA) After the talks, the speakers signed … [Read more...] about Hungarian media spotlight Vietnamese top legislator’s visit

Authorities in Ho Chi Minh City have proposed the construction of a US$6 billion international transshipment port in outlying Can Gio District. The proposal was made by chairman of the municipal People’s Committee Phan Van Mai in his document sent to Prime Minister Pham Minh Chinh on Thursday. The investment into the port was originally suggested by MSC Group – the world's largest shipping group, Vietnam Maritime Corporation, and Saigon Port. The project is expected to have about 7.2 kilometers of wharves and cost approximately $6 billion. The port will be able to receive the world's largest container ship, which can carry 24,000 twenty-foot equivalent unit (TEU) containers, while its capacity will be around 10-15 million TEUs. The implementation of the project will be divided into seven phases, with the developers hoping that the first phase will be initiated in 2024 and put into operation in 2027. The final phase is expected to be put to use in 2040. The existing Can … [Read more...] about Ho Chi Minh City proposes construction of $6bn int’l transshipment port