The Vietnam Oil and Gas Group (PetroVietnam)’s exploited crude oil output in the first four months of 2020 reached 7.2 million tonnes of oil equivalent, exceeding its set target by 7.7 percent, despite difficulties caused by the COVID-19 pandemic and a sharp decrease in oil prices.
Vietnam faces increasing tax evasion and avoidance as policies have not kept up with reality, according to a report by the Vietnam Institute for Economic and Policy Research (VEPR) and Oxfam.
Enterprises in certain sectors have mapped out plans to increase their presence in the domestic market as most foreign ones have become frozen due to the COVID-19 pandemic.
The Ministry of Industry and Trade has extended the period of selecting prestigious exporters for 2019 until May 30, one month later than the schedule of April 30 due to the impact of the COVID-19 pandemic.
HCM City’s total retail sales of goods and service revenue fell 11.2 percent year-on-year to 387.5 trillion VND (16.5 billion USD) in the first four months of this year, primarily due to travel restrictions and changes in consumption.
Despite the difficulties posed by the COVID-19 pandemic, Vietnam can still reach its annual export growth target of 7-8 percent if market opportunities are optimised, experts have said.
Vietnam is flattening the curve with only two new infected cases over the past two weeks. As of May 5, 2020, 271 people have been infected with the virus of which 221 cases have recovered. No deaths have been recorded.
Many popular tourist attractions across Vietnam have seen a gradual increase in domestic tourists on being re-opened after nearly two months hibernating due to the COVID-19 pandemic.
Despite displaying a high degree of openness, the Vietnamese economy is yet to fully open on the same level as before the arrival of the novel coronavirus (COVID-19) pandemic, according to Deputy Minister of Planning and Investment Tran Quoc Phuong.
Fishery enterprises’ first-quarter profits were hit hard due to the negative impacts of the COVID-19 outbreak.
While the novel coronavirus has exerted a negative impact on the world economy, Vietnam has maintained a trade surplus over four months, with 15 items enjoying export turnover of over US$1 billion each, making up 80% of total export value, according to the Ministry of Industry and Trade.
Hanoi’s Noi Bai International Airport has seen a significant increase in domestic flights over the April 30 - May 1 holiday, a representative said on April 30.
Vietnam exported 415.7 million face masks worth 63.19 million USD from January 1 to April 19, according to the General Department of Customs.
Like many other countries across the world, Vietnam has been badly affected by the COVID-19 pandemic. However, experts still forecast a positive prospect for the Vietnamese economy after the pandemic is stamped out.
Export revenue in April from agro-forestry-fisheries products was estimated at 2.9 billion USD, down 16.9 percent year-on-year, the Ministry of Agriculture and Rural Development (MARD) has reported.
Mango, longan and lychee exporters have received a boost now that a facility in Hanoi has been given the all clear to irradiate products before they are shipped to Australia.
The US Department of Commerce (DOC) has lowered anti-dumping duties on tra fish (pangasius) products from Vietnam following its official conclusion of its 15th period of review (POR15) from August 1, 2017 to July 31, 2018, according to the Trade Remedies Authorities of Vietnam under the Ministry of Trade and Industry (MoIT).
The equitisation of State-owned businesses from 2016-2019 fell behind schedule, putting heavier pressure on this year, according to the Ministry of Finance.
Vietnam attracted 12.33 billion USD in foreign direct investment (FDI) in the first four months of 2020, a year-on-year decrease of 15.5 percent due to the impact of the COVID-19 pandemic, according the Ministry of Planning and Investment’s Foreign Investment Agency (FIA).
Vietnam imported more than 46,402 tonnes of pork and related products as of April 13, rocketing over 300 percent from the same period last year, according to the Department of Animal Health under the Ministry of Agriculture and Rural Development (MARD).