Trade balance

Between January and July, the locality’s export value reached 21.8 billion USD, a rise of 7.1% year-on-year. Meanwhile, its import revenue was nearly 15.2 billion USD, down 5.7 percent year-on-year. Pham Van Xo, Chairman of the provincial Export-Import Association, told Vietnam News Agency (VNA) that businesses had been able to purchase materials at low prices during the COVID-19 pandemic, but only started exports after the pandemic was under control. Moreover, China’s border closure has forced orders to come through Vietnam, leading to higher purchasing power, he added. Xo, however, noted that surging material prices and logistics costs, along with the lack of containers and ships, a limited workforce and increasing labor costs, have affected the supply chain. According to Chairman of the provincial People’s Committee Vo Van Minh, Binh Duong’s index of industrial production in July also rose about 4.7% month-on-month and 22.3% year-on-year. In the seven months, the index … [Read more...] about Binh Duong enjoys trade surplus of 6.6 billion USD in seven months

With the internal strength of the currency and the central bank's flexible management, the VND is expected to depreciate by a maximum of 3% in 2022. The Vietnamese Dong (VND) has devalued by 2.21% against the US dollar compared to late 2021, but remained the most stable currency in the region, according to the Bao Viet Securities Company (BVSC). VND is among the most stable currencies in Asia. File photo. In the international market, the US dollar index (DXY), which measures the value of the US dollar against other currencies, rose by 0.76% in July and 10.7% since early 2022. According to the BVSC, all currencies from emerging economies in Asia have depreciated against the USD, with Thailand’s Bath suffering the largest decline by 9.42% compared to the beginning of the year. It was followed by South Korea’s Won whose value fell by 8.49%, t he Philippine Peso (-7.54%), the Malaysian Ringgit (-6.4%), and the Indian Rupee (-6.22%), or the Chinese … [Read more...] about VND remains most stable currency in region: Report

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 leader cited forecast by Standard Chartered, VinaCapital, Hongkong and Shanghai Banking Corporation Limited (HSBC), and the Asian Development Bank (ADB) as saying Vietnam’s GDP will grow from 6.5% to 6.9% this year. Vietnam has maintained macro-economic stability and major balances, and put inflation under control, creating an important foundation for rapid, sustainable socio-economic recovery and development, he emphasized. Regarding tasks and solutions in the time ahead, the PM asked ministries and agencies to implement their set tasks and plans, and tackle both pending and emerging issues. Priorities should be given to consolidating institutions, he said, urging ministries, agencies and localities to focus on socio-economic recovery and development, economic restructuring, growth model reform and improving the economy’s resilience, along with cultural development, environmental protection, national defense and security, external affairs, and the communications work. … [Read more...] about Int’l organizations upbeat on Vietnam’s development prospects: PM

Hanoi (VNA) - The following is a list of selected news summaries last night by the Vietnam News Agency . - President Nguyen Xuan Phuc on August 2 urged the southern province of Dong Nai to create changes in both mindset and action, and help to spur development in adjacent localities. At a working session with provincial leaders, the President stressed the important role of Dong Nai and some localities in the southern key economic region in national industrialisation and modernisation. Read full story – Prime Minister Pham Minh Chinh hosted a reception in Hanoi on August 2 for British Ambassador Gareth Ward, who came to say goodbye at the end of his tenure in Vietnam. PM Pham Minh Chinh (right) receives British Ambassador to Vietnam Gareth Ward (Photo: VNA) The PM commended the ambassador’s active contributions to promoting the Vietnam-UK strategic partnership in all fields, diplomatic channels and people-to-people exchange. Read full story – Prime Minister Pham … [Read more...] about ☀️ Morning digest August 3

Bangladesh is seeking $2 billion from the World Bank and the Asian Development Bank (ADB) amid efforts to bolster its foreign exchange reserves, Bloomberg News reported on Wednesday. Bangladesh's $416 billion economy has been one of the fastest-growing in the world for years, but rising energy and food prices because of the Russia-Ukraine war have inflated its import bill and the current account deficit. The government wrote letters to the two lenders seeking $1 billion each, the report said, citing people familiar with the matter. This comes days after Bangladesh's Daily Star newspaper reported that the country wanted $4.5 billion from the International Monetary Fund (IMF), including for budgetary and balance-of-payment support. Last week, IMF said it would discuss with Bangladesh its loan request. The country's finance ministry, World Bank and ADB did not immediately respond to Reuters requests for comment. Bangladesh's July to May current account deficit was $17.2 … [Read more...] about Bangladesh seeking $2 Billion from World Bank, ADB: Bloomberg News

Illustrative image (Source: VNA) Hanoi (VNA) – Many prestigious international organisations and experts have highly valued Vietnam’s development achievements and prospects, Prime Minister Pham Minh Chinh told a government meeting in Hanoi on August 3. The leader cited forecast by Standard Chartered , VinaCapital, Hongkong and Shanghai Banking Corporation Limited (HSBC), and the Asian Development Bank ( ADB ) as saying Vietnam’s GDP will grow from 6.5% to 6.9% this year. Vietnam has maintained macro-economic stability and major balances, and put inflation under control, creating an important foundation for rapid, sustainable socio-economic recovery and development, he emphasised. Regarding tasks and solutions in the time ahead, the PM asked ministries and agencies to implement their set tasks and plans, and tackle both pending and emerging issues. Priorities should be given to consolidating institutions, he said, urging ministries, agencies and localities to … [Read more...] about Int’l organisations upbeat on Vietnam’s development prospects: PM

Vo Tri Thanh *Vo Tri Thanh Global central banks are in a dash to raise interest rates to cool rampant inflation and their moves are challenging the State Bank of Viet Nam’s policymaking in a way to support the economic recovery while sustaining macroeconomic sustainability. Last week, the US Federal Reserve (Fed) raised interest rates by another 75 basic points (bps) – the second straight month and its third this year – in an effort to fight inflation which hit a 40-year high of 9.1 per cent in June. That takes the cumulative June-July increase to 150 bps – the steepest since the early 1980s. The European Central Bank on July 21 increased its benchmark interest rate by 0.5 per cent for the first time in 11 years and is signaling further hikes this year after consumer prices in the euro area are expected to rise to 8.9 per cent in July. Data from Reuters showed seven central banks of the Group of Ten delivered 350 basis points of rate hikes last month – nearly half of the … [Read more...] about Stability of Vietnamese dong under pressure of global headwinds

Thanh Cong Textile Garment Investment Trading JSC exported over one-third of its products to the United States in 2021. However, the company started to face challenges following the US’ blanket ban on all Xinjiang cotton. Last year, President Joe Biden signed into law the Uyghur Forced Labor Prevention Act. Vietnam’s cotton imports reach up to one million tonnes each year, Photo: Shutterstock Tran Nhu Tung, chairman of the company, said that the company has adopted regulations this year related to this act. Accordingly, buyers have to be responsible for export orders to the US which source Chinese cotton materials. Thanh Cong secures many large orders from the US. In 2022, the company sets a target to generate $179 million in revenues and $10.87 million in profit, up 120 per cent and 188 per cent respectively against last year. Tung noted that yarn exports are the main driving force for Thanh Cong. “There is a rapidly growing demand for yarn imports in the global … [Read more...] about Demand for cotton forces adjustments

The EU is Vietnam’s second-largest trading partner and an export market that witnessed the euro fall below $1 for the first time in nearly 20 years on July 29. Euro-dollar parity threatens the nation’s exports, source: freepik.com Pham Van Viet, chairman of Viet Thang Jeans, the top 5 leading fashion companies in Indochina, said that the immediate impact on textile and garment export enterprises is a decrease in value. All customers in Europe pay in euros and Vietnamese businesses that receive money back home must exchange it for USD. Now that the euro has fallen to the level of the US dollar, the export value of each shipment will decrease accordingly. “Profits of businesses are low because input costs such as gasoline, input material prices, and labour costs have all increased, now the plunge in euro prices will drag profits down even more,” he told VIR. Viet added that the depreciation of the euro shows that the European market is currently unstable, and … [Read more...] about Euro-dollar parity threatens the nation’s exports