Trade sector

A view of HCM City. Many banks have temporarily ceased lending to the property sector. — Photo vneconomy.vn Deputy Governor of the State Bank of Viet Nam, Dao Minh Tu, announced at the Government’s March press conference that credit growth in the first quarter of the year had been 5.04 per cent, much higher than the 2.16 per cent rise in the same period last year. He described it as a “quite positive result” that showed the economy had made a significant recovery with people’s lives and businesses returning to normal thanks to the Government’s effective measures against the COVID-19 pandemic. According to a report by the SBV’s HCM City office, credit growth in the country’s main economic hub was estimated at 3.65 per cent in the first quarter. The positive performance has encouraged many banks to set high goals for the full year. At its annual general meeting on March 16, VIB approved a growth target of 30 per cent, much higher than the cap of 14 per cent set by the central … [Read more...] about Not lending to property sector will have mixed effects: analysts

Since last month the average daily trading on Vietnam’s stock bourses have dropped to around VND16 trillion ($690.70 million), down 61.5 percent from the first quarter. Trading declined for the sixth session in a row to VND12.46 trillion on Friday, before increasing 7 percent to VND13.33 trillion on Monday. Le Chi Phuc, CEO of investment fund SGI Capital, said at a recent forum that many new investors who had only been trading for several months had left the market due to lack of knowledge and experience. This means there are more room for long-term investors and organizations to buy, he added. Analysts of RongViet Securities Corporation said in a note that in the last two years, Vietnam’s stocks have been surging thanks to "easy" money, referring to speculators’ investment in stocks that rise and fall rapidly. But starting this year, only stocks with real value, shown by the company’s profit growth and increased capital, can continue to rise, with some winning sectors … [Read more...] about Falling trade likely caused by withdrawing speculators

The country called for support from the global community in enhancing climate resilience capabilities for the Mekong Delta region, eventually contributing to national and regional food security. Vietnam envisions to promote a low-carbon agricultural sector with three main pillars consisting of an agricultural ecosystem, modern rural areas, and smart farmers. Deputy Prime Minister Le Minh Khai at the session. Photos: Tran Manh Deputy Prime Minister Le Minh Khai gave the remarks at the “Averting a Global Food Crisis” session of the World Economic Forum annual meeting in Davos-Klosters on May 23. According to Khai, severe consequences from the Covid-19 pandemic and geopolitical tension are causing unprecedented impacts on the global food supply chains. In this context, Khai called for a comprehensive and multi-purpose approach to ensure a self-reliant, inclusive, and sustainable global food system. “An urgent matter is to provide humanitarian aid to … [Read more...] about Vietnam envisions low-carbon agricultural sector

The Vietnam – UK Business Forum takes place in London on May 25. (Photo: VNA) Hanoi (VNA) – Vietnam wants to see more investment from the United Kingdom (UK) in hi-tech agriculture, from cultivation to processing, preservation and distribution of farm produce and foods, said Deputy Minister of Agriculture and Rural Development Phung Duc Tien. He made the statement when delivering an opening remark at the Vietnam – UK Business Forum held by the Ministry of Industry and Trade and the Ministry of Agriculture and Rural Development in collaboration of the UK Department of International Trade (DIT) in London on May 25. The forum discussed prospects for trade and investment between the two countries’ enterprises in agriculture, education, renewable energy and others. It also provided a platform for Vietnam to introduce its market potential to British investors and for firms from both sides to share information and seek partnerships to make the most of the UK-Vietnam Free Trade … [Read more...] about Vietnam, UK strive to lift trade and investment relations

Speakers at the Viet Nam–UK Business Forum, which took place in London on Wednesday. — VNA/VNS Photo Viet Nam wants to see more investment from the United Kingdom (UK) in hi-tech agriculture, in cultivation, processing, preservation and distribution of farm produce and foods, said Deputy Minister of Agriculture and Rural Development Phung Duc Tien. He made the statement at the Viet Nam–UK Business Forum held by the Ministry of Industry and Trade and the Ministry of Agriculture and Rural Development, in collaboration of the UK Department of International Trade (DIT) in London on Wednesday. The forum discussed prospects for trade and investment between the two countries’ enterprises in agriculture, education, renewable energy and others. It also provided a platform for Viet Nam to introduce its market potential to British investors and for firms from both sides to share information and seek partnerships to make the most of the UK-Viet Nam Free Trade Agreement (UKVTFA). The UK … [Read more...] about Viet Nam, UK strive to lift trade and investment relations

International experiences contribute to building harmonious and stable labor relations, protecting the legitimate rights and interests of employees in Vietnam's retail industry. UNI Global Union - Asia and Pacific Regional Office (UNI APRO) is committed to working closely with the Vietnam General Confederation of Labor (VGCL) to improve the quality of Trade Union activities in the country’s chain of retail stores. UNI APRO's Secretary Rajendra Acharya Kumar made his statement at a workshop held in Hanoi this week. The secretary highly valued the activities of the Vietnamese trade union in protecting the legitimate rights and interests of employees as well as their welfare amid the Covid-19 pandemic. UNI APRO's Secretary Rajendra Acharya Kumar (left) and Standing Vice President of the VGCL Tran Thanh Hai at the workshop held in Hanoi. Photo: Hai Nguyen He said UNI APRO has signed framework agreements with multinational corporations and wishes to cooperate … [Read more...] about UNI APRO, Vietnam exchange experience in trade union activities

Containers at Tan Cang - Cat Lai Terminal (Photo: VNA) Hanoi (VNS/VNA) - Joining the world logistics passport (WLP) initiative could help enterprises reduce logistics costs and increase competitiveness for exports. Nguyen Minh Phuong from the Ministry of Industry and Trade's Asia - Africa Market Department said the logistics industry of Vietnam was developing along with the country’s increase in imports and exports. Phuong said that Vietnam had an advantageous geographical position to develop a logistics centre in Southeast Asia with an improved system of warehouses, seaports and highways, adding that the development of the logistics industry would also create favourable conditions for Vietnam to become a new production centre of the region. According to Avery Shipton from the WLP initiative forum, products granted passports by the UAE would be given priority in customs clearance with less time for checking, loading and storing. Products could be cleared before arrival at the … [Read more...] about Joining world logistics passport to facilitate trade

Free trade agreements (FTAs) spurred Vietnam’s bilateral and multilateral trade, with 2022 revenues projected to hit a record 750 billion USD, according to experts. A port in Vietnam (Photo: VNA) Vietnam’s signatory FTAs, especially recent agreements will promote trade breakthroughs and generate major trade surplus for 2022 and build momentum for 2022-23 in the process. Despite Vietnam’s challenges, exports recovered well in the first four months of 2022 to hit 122.4 billion USD, a year-on-year surge of 16.4 percent. The increase was attributed to business resilience and flexibility taking advantage of FTA parameters, notably the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), European Union-Vietnam Free Trade Agreement (EVFTA) and the Regional Cooperation Economic Partnership (RCEP) which took effect at the start of 2022. Nguyen Chanh Phuong, Vice Chairman of the Handicraft and Wood Industry Association of Ho Chi … [Read more...] about Trade revenue set to eclipse 700 billion USD this year

The conference at the Merchants' Chamber of Commerce & Industry (MCCI) in Kolkata – the capital of the West Bengal state - attracted representatives from 50 Indian businesses and many Vietnamese companies, while the event at the Chamber of Commerce in Calcutta saw the participation of 40 enterprises. Addressing the events, Ambassador Pham Sanh Chau highlighted the close relationship in history, politics, culture and people-to-people exchange between Vietnam and India in general and between Vietnam and West Bengal in particular, noting that the bilateral relations are increasingly strengthened in the five pillars of politics, defense-security, economy, science and technology, and education - culture. Two-way trade expanded to over 13 billion USD in 2021 from 200 million USD in 2000, turning India into the 8th biggest trade partner of Vietnam, approaching the 15-billion-USD target set by leaders of the two countries. Regarding investment, as of March 20, India had 317 valid … [Read more...] about Conferences help beef up Vietnam – India trade, investment, tourism ties

Quang Ninh agricultural products are on sale at website dongtrieumart.vn (Photo: baoquangninh.com.vn) Quang Ninh (VNA) – The northern province of Quang Ninh is taking steps to boost high-tech agriculture to cut production costs, increase volumes, and cultivate high-quality farm produce. To realise this goal, farmers are focusing on speeding up the digital transformation, considering it a strategic solution to enhancing the production, quality and competitiveness of agricultural products in domestic and international markets. Dam Ha trade and construction company in Dam Ha district has invested more than 15 billion VND (647,250 USD) to building hydroponic greenhouse vegetable and melon farms, betting on high-tech hydro-growing operations to promote clean agriculture, cut workloads, and standardise quality. Director Nguyen Huu Nhuong said that thanks the newly installed hydroponic systems, the company has enjoyed a production bump of nearly 100 tonnes of melon per year … [Read more...] about Quang Ninh farms turn to tech to grow agriculture sector