Villager trade chart

The office reported that in the month, total import-export turnover reached 46.56 billion USD, down 17.3% over the previous month and 25% year-on-year, with exports dropping 21.3% to 25.08 billion USD, and imports falling 28.9% to 21.48 billion USD. While the domestic sector saw a trade deficit of 1.04 billion USD, the foreign-invested sector (including crude oil) posted a surplus of 4.64 billion USD. Experts attributed the result to the long New Year and lunar New Year (Tet) holidays, which were all in January, reducing the number of working days. Last year, the Tet holiday fell in February. The GSO reported that the manufacturing-processing sector earned the highest export revenue with 22.32 billion USD, accounting for 89% of the country’s total. Meanwhile, there were three goods groups with imports of over 1 billion USD. In January, the U.S. remained the biggest importer of Vietnamese goods with a revenue of about 7.6 billion USD, while China was the biggest exporter to … [Read more...] about Vietnam posts trade surplus of 3.6 billion USD in January

Fluctuations in the global market in 2022 have forced Vietnam to import petrol to meet the domestic market's demand. Statistics from the General Department of Customs show that the import volume of petroleum in December 2022 was more than 944,000 tonnes, valued at $823 million. It marked a 22.3 per cent month-on-month rise in volume and 10.9 per cent in value. In 2022, the country imported 8.87 million tonnes of petrol worth $8.97 billion, a sharp increase of 27.7 per cent year-on-year in volume and 118.5 per cent year-on-year. In which, imported diesel oil reached 4.74 million tonnes, increased by 1.5 per cent year-on-year and accounted for 54 per cent of imported petrol and oil of the whole country. The imported petrol volume reached 1.7 million tonnes, increased 2.3 times compared to the previous year and accounted for 21 per cent of imported petrol and oil of the whole country. Besides that, imported jet fuel reached 1.46 million tonnes, increased 2.2 times compared to the … [Read more...] about Ministry of Industry and Trade aims to stabilise petrol market

At the Tet event in Nogent-sur-Marne (Photo: VNA) Hanoi (VNA) – Overseas Vietnamese in France and Germany have celebrated the Lunar New Year festival (Tet) – the longest and biggest traditional event back in their home country – with a series of enticing cultural and musical activities. In Nogent-sur-Marne on the outskirts of Paris, the Overseas Vietnam ese Association in France (UGVF) ran a massive celebration featuring a trade fair, musical performances, and a photo exhibition. Proceeds from tickets to a children’s village at the event are set to be donated to build and upgrade schools in the Vietnamese Mekong Delta province of Kien Giang. Calligraphy activities at the event (Photo: VNA) Vuong Huu Nhan, President of the UGVF, said the association wanted to attract more visitors, particularly French people, to the Tet celebration, and has been succeeded this year. Meanwhile, in Berlin, about 300 students in Berlin – Potsdam and surrounding areas gathered to … [Read more...] about Overseas Vietnamese in France, Germany celebrate Tet

This ancient contest demonstrates gratitude for rice among people in Hanoi. The lively and funky rice cooking contest was organized on the 8th day of the first lunar month [January 29] in Thi Cam Village, Xuan Phuong Ward, Nam Tu Liem District, Hanoi. This yearly competition is aimed to pay tribute to General Phan Tay Nhac, who lived under the regime of the 18th Hung King, 285 BC, the tutelary God of Thi Cam Village. The custom also prays for a prosperous, happy, and peaceful new year. The contest consists of three main parts: lighting the fire, fetching water, and cooking the rice. The event takes place in the village's temple. This year’s contest draws the participation of four teams, corresponding to four neighborhood groups in the ward. Cooking utensils and wood for the rice cooking competition are well prepared by the contestants. The bamboo sticks are stripped, while the straw is bundled to catch fire easily. … [Read more...] about Exploring unique Thi Cam Rice Cooking Contest in Hanoi

Deputy Director of the FIA Do Van Su said disbursement of foreign investment this year is expected to hit USD 22-23 billion. Su acknowledged that the opening of China’s economy might affect Vietnam's foreign investment attraction, adding that China remained the leading investment destination in the region, so when they opened up, capital will flow into this market while that to Vietnam and other economies in the region will be limited. On the contrary, the investment capital movement of the Republic of Korea (RoK), Japan, and Taiwan (China) will be accelerated. This shift will be accelerated until 2025, and Vietnam will be a preferred investment destination for investors, he added. Currently, the RoK, Japan and Taiwan (China) are Vietnam’s major sources of foreign investment and they have constantly increased their investments in Southeast Asian countries. According to FIA, essential factors for FDI to continue to prosper in 2023 include economic growth results in 2022 and … [Read more...] about Vietnam’s FDI projected to reap up to USD 38 bln in 2023

Phan Cong Chanh, CEO of developer Phu Vinh Group, said the real estate market will pose more risks than opportunities for investors in 2023, adding that would-be investors should save their money instead of spending it. According to Chanh, in the long term the market will benefit from rosy economic growth prospects, better legal frameworks and improved stock markets, especially the corporate bond market, But he said this would be gradual recovery that wouldn’t flourish to its full potential until 2-4 years from now. The Central Institute for Economic Management put forth two economic growth scenarios for this year. Accordingly, GDP growth will either stand at 6.47%, inflation at 4.08%, export growth at 7.21% and trade balance at $5.64 billion, or at 6.83%, 3.69%, 8.43% and $8.15 billion, respectively. With the draft amendments to the Land Law submitted to the National Assembly for potential approval in October, and amendments to other related laws such as the Law on Real Estate … [Read more...] about Should you invest in property or save your money this year?

There were 153 newly-registered projects totalling $1.2 billion, up 48.5 per cent in quantity and 3.1 times in value against last year's January. About $651.9 million of FDI capital was poured into the fields of wholesale, retail, and repair of automobiles and motorised vehicles, accounting for 54.1 per cent of the total registered sum. Meanwhile, the processing and manufacturing industry attracted $351.2 million, making up 29.1 per cent of the total registered capital. According to the GSO, 28 foreign countries and territories invested in Vietnam in January. Singapore took the lead with $767.6 million, accounting for 63.7 per cent of the total newly registered capital. China came in second with $198.2 million, making up for 16.4 per cent of the total sum. Meanwhile, Vietnamese investors have received investment certificates for three project overseas with the total capital of $126.7 million, up by 3.4 times against the same month in 2022. In 2022, Vietnam lured over $22.4 … [Read more...] about FDI inflows to Vietnam reach almost $1.7 billion in January

The ministries of Industry and Trade, and Finance have sharply raised retail petrol prices from Monday afternoon. Illustrative photo Following the latest adjustment, the price of E5RON92 biofuel increased by VND970 to VND 22,320 per litre and RON95 by VND990 to VND 23,140 per litre. Diesel prices have also been raised by about VND890 to VND22,520 per litre. The price hike is said to have resulted from the rising prices of petrol and oil in the global market over the past 20 days. Nearly 100 petrol stations nationwide were closed during the Tet Lunar New Year holiday, claiming they had run out of stock and lacked employees. A representative of a station in Hanoi said that they could not buy enough stock and therefore had to limit sales. According to some petrol retailers, since authorities did not fix new retail prices on January 21 as scheduled and instead moved the announcement to February 1, they were selling at lower commissions … [Read more...] about Petrol prices sharply increase in latest adjustment after Tet holiday

OVs in Thailand attend the programme. (Photo: VNA) Bangkok (VNA) – Overseas Vietnamese ( OVs ) in Thailand gathered at a programme hosted by the Vietnamese Consulate General in Khon Kaen province on January 29 to celebrate the traditional Lunar New Year (Tet) festival – the longest and biggest traditional holiday of Vietnam. In his speech at the event, Vietnamese Consul General Chu Duc Dung briefed guests on socio-economic development achievements of Vietnam, as well as the agency’s operation, especially activities to connect Vietnamese expats in the northeast region of Thailand with the homeland. He spoke highly of the role played by OVs for the homeland’s development, affirming that they have been contributing to preserving Vietnam’s cultural identities and values through cultural and religious exchange activities in Thailand. The Vietnamese community abroad is an indispensable part of and important resources for the homeland's development, he stressed, hoping … [Read more...] about OVs in Thailand celebrate traditional Lunar New Year

A health worker administers a shot of COVID-19 vaccine to a girl . (Photo: VNA) Hanoi (VNA) – The Prime Minister has asked the Ministry of Health to continue keeping a close eye on the domestic and international pandemic situation in to strengthen the pandemic prevention and control measures during trade and tourism activities in the festive festival in the first months of 2023 and continue to promote the socio-economic development. The ministry was asked to give timely guidelines and coordination with ministries, sectors and localities in the pandemic fight, while working with localities to direct the implementation of measures to prevent COVID-19 and seasonal diseases, promptly stamping out outbreaks, and promoting COVID-19 vaccination activities. Vietnam's COVID-19 caseload rose to 11,526,167 with 27 new cases recorded on January 16, according to the Ministry of Health. With 12 patients given the all-clear on the day, the number of recoveries rose to 10,612,117. … [Read more...] about Health ministry asked to closely monitor domestic, int’l pandemic situation