PSNews – Vietnam is among the top three investment destinations in ASEAN for Singapore-based companies in the next two years, according to a study of HSBC.
Vietnam’s exports of garments and textiles are predicted to reach US$18.5 billion in the second half of the year, bringing the country’s total export turnover to US$35 billion, exceeding the set plan by US$1 billion.
Earnings from vegetable and fruit exports in the first seven months of the year are estimated at US$2.3 billion, a year-on-year surge of 12.6%, according to the Ministry of Agriculture and Rural Development’s Processing and Market Development Authority (AgroTrade).
PSNews – Recently, the Foreign Investment Agency under the Ministry of Planning and Investment announced that from beginning of this year to July 20, Vietnam disbursed a total of US$9.85 billion, up 8.8% year-on-year.
Prime Minister Nguyen Xuan Phuc pointed to conclusions and direct the implementation of important policies and measures to resolve difficulties in agricultural investment promotion at a national conference in the Central Highlands province of Lam Dong on July 30.
Since the first foreign direct investment (FDI) project 3 decades ago, Vietnam has attracted more than 26,000 FDI projects, which have created jobs for 4 million people.
The capital city of Hanoi is leading the country in terms of rural development and is setting an example for the nation with 294 out of 386 communes meeting or exceeding the Government’s new rural development standards.
Prime Minister Nguyen Xuan Phuc suggested further boosting economic, trade and investment ties between Vietnam and the US city of Los Angeles during a reception for its Mayor Eric Garcetti in Hanoi on July 28.
Bernd Lange, Chairman of the European Parliament’s Committee on International Trade, has said he expects the European Union-Vietnam Free Trade Agreement (EVFTA) to be signed at the Asia-Europe Meeting Summit in October or sometime in November this year.
Experts forecast that the Vietnamese economy will grow by more than 6.8 percent in the last half of this year at the Forbes Vietnam Business Forum 2018 held in Ho Chi Minh City on July 26.
Vietnam looks set to attract an estimated US$2.61 billion in foreign direct investment (FDI) this month, taking the total in the year to date to US$22.94 billion, up 4.6% year-on-year, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.
Vietnam has received US$80 billion in official development assistance (ODA) and preferential loans since 1993, becoming one of the largest ODA recipients in the world, said Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh.
Vietnamese seafood companies need to work harder to realise the export target of US$10 billion set by the Ministry of Agriculture and Rural Development (MARD) when oversea shipments in during January-July were estimated at only US$4.66 billion.
Vietnamese businesses have poured US$238.33 million in 81 new ventures abroad and an additional US$41.3 million into 21 existing overseas projects during the first seven months of this year, according to the Foreign Investment Agency under the Ministry of Planning and Investment.
Japan poured US$6.88 billion, 30% of the total foreign direct investment (FDI), into Vietnam in the first seven months of 2018, the biggest figure among 96 countries and territories investing here.
Vietnam is now the seventh biggest tea producer in the world and the fifth biggest exporter of the product.
The US-China trade war will force agricultural products from the world’s two most powerful economies to seek new markets which could lead to a flood of cheap products coming into Vietnam, putting considerable pressure on domestic farm produce.
The Government will have to decide either to devalue the Vietnamese dong further against the US dollar to support exports and avoid cheaper Chinese goods to flood in the local market, or keep the dollar/dong exchange rate stable to avoid increased public debt and control inflation as the US-China trade war accelerates.
How to ensure sustainable growth remains a long-term task despite the rosy macro-economy signs, said Prime Minister Nguyen Xuan Phuc.
Despite recent drops in the VN-Index, Vietnam is still seen as a major destination for mergers and acquisitions in Asia.