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The revision of the size of Vietnam’s gross domestic product (GDP) for 2011-2017 is in line with international practices and serves as a foundation for the country's development path in the next 10 years, an official has said. Chief of the General Statistics Office Nguyen Bich Lam Chief of the General Statistics Office Nguyen Bich Lam made the statement at a seminar in Hanoi on December 13 to announce the results of the revision of the size of Vietnam’s gross domestic product (GDP) for 2011-2017. “As Vietnam is developing a 10-year socio-economic development strategy for 2021-30 and a five-year plan for 2021-25, it (the revision) will help the Government address the country’s future path in 5-10 years,” he told the seminar. Lam announced the revision resulted in an averaged enlargement of 25.4 percent annually of Vietnam’s economy in 2010-2017 compared to previous data, an increase of 935 trillion VND (40.5 billion USD) in GDP per year. Of … [Read more...] about Vietnam revises GDP in line with international practices

A corner of Manila - the capital of the Philippines (Source: http://topplus.vn/) Hanoi (VNA) - The Asian Development Bank (ADB) said on December 13 that it has approved a 200 million USD loan to help the Philippine government prepare implement major infrastructure projects under its flagship "Build, Build, Build" development programme. The loan, as additional financing to the ongoing Infrastructure Preparation and Innovation Facility (IPIF), will support the preparation of several projects, including the detailed engineering design of an interlink bridge that connects the provinces of Bataan and Cavite and the Metro Rail Transit Line 4. The bank will also provide support for staff at the country's Department of Transportation and the Department of Public Works and Highways, so they can effectively and efficiently manage complex infrastructure projects. The 'Build, Build, Build' programme, a main focus of the Philippine government, aims to boost long-term economic growth … [Read more...] about ADB approves 200-mln-USD loan for Philippines

Goods is loaded onto trucks at Da Nang Port in Da Nang city (Photo: VNA) Hanoi (VNA) – Up to 254.8 million tonnes of cargo were handled via seaports during the first half of this year, up 17 percent year on year, the Vietnam Maritime Administration (VMA) has reported. This includes 8.7 million TEUs (20-foot equivalent units) of freight containers, up 28 percent against the same period last year, and fulfilling 57 percent of the target set for 2018. During the period, 38 Vietnamese container ships carried about 69.9 million tonnes of cargo, representing a year-on-year rise of 9 percent, according to the administration. The VMA coordinated with relevant agencies to conduct 11 administrative procedures in all the 25 maritime administrations, while proposing streamlining 31 out of the 101 administrative procedures. However, the agency said transportation businesses still face numerous difficulties due to the low volume of cargo and low transportation fees, plus stagnant … [Read more...] about Over 254 million tonnes of cargo handled via ports in H1

London stocks and the British pound jumped Friday after an election triumph for Conservative Prime Minister Boris Johnson that analysts said will bring clarity to Brexit proceedings and unlock stronger economic growth. Other European stock markets -- although lagging buoyant London, which rose over two percent at one point -- also powered ahead, supported by confirmation of a partial trade deal between the United States and China. However, Wall Street's rally petered out, with American equities finishing little changed on the day both Beijing and Washington finally said they were on the same page. Stocks had rallied Thursday in anticipation of the trade deal with China, but then declined when the pact was announced. "You got a pretty good example of 'buy the rumors and sell the news,'" Art Hogan of National Holdings told AFP, referencing the saying indicating equities rise more in anticipation of an event than after the event itself. "But it's certainly great news on Brexit … [Read more...] about European stocks surge on Johnson election triumph, US trade deal

Foreign retailers, from Metro, Auchan, Casino Group to Parkson, have had to leave Vietnam because they did not understand the market well. Nguyen Anh Duc, deputy general director of Saigon Co-op, said he once criticized Co-opmart SCA Hanoi, a branch of Saigon Co-op, because the supermarket displayed old bananas for sale on inauguration day. Foreign retailers, from Metro, Auchan, Casino Group to Parkson, have had to leave Vietnam because they did not understand the market well. Localization means gathering the tastes and shopping needs of local consumers to build up a list of products for supply that can satisfy needs. Personalization is understanding shopping culture and demands for experience during the shopping process in order to offer new creative shopping models to attract customers. Nearly 2,600 supermarkets and sale points in 50 provinces/cities throughout the country and the data about 8 million customers are the important factors for VinCommerce to build a strategy. … [Read more...] about The costly competition in the retail industry