The Ministry of Finance forecast a budget overspending at 5-5.1% of gross domestic product (GDP) this year, about 1.5-1.6 percentage points higher than the Government’s plan due to the impacts of the COVID-19 pandemic.
Vietnam gained shrimp export growth to some key export markets in the first quarter of this year, especially Japan and the US, despite the COVID-19 pandemic.
Ho Chi Minh City has begun to implement a number of measures to gradually revive business activities post-social distancing necessitated by the Covid-19 pandemic.
Vietnam’s economic growth is forecast to shrink to 3.3 percent this year due to the impact of a raft of external challenges, according to the latest economic outlook released by Standard Chartered Bank on April 23.
The COVID-19 pandemic has had a serious impact on Vietnam’s economy but it’s also believed to create the conditions to attract more foreign direct investment (FDI) as there have been signs of a switch in capital flows away from China and to ASEAN member countries.
Officials from provinces and cities in the Mekong Delta – the country’s rice granary - and rice exporters have urged the government to resume rice exports without setting limits, saying many firms face difficulties because of this.
Hanoi authorities have been identifying and introducing solutions to address pressing difficulties facing production and business and ensure social security amid the COVID-19 pandemic, the 23rd meeting of the 16th Hanoi Party Committee heard on April 22.
Free trade agreements (FTA), including the latest one signed between Vietnam and the EU, will benefit the domestic fertilizer sector, with more diverse import and export markets, experts said.
The State Bank of Vietnam set the daily reference exchange rate at 23,246 VND per USD on April 21, up 8 VND from the previous day.
The transaction volume on the domestic real estate market dropped to a four-year low for Q1 due to the impacts of the COVID-19 pandemic, and many real estate trading floors have temporarily closed, according to the Vietnam National Real Estate Association (VNREA).
Vietnam exported nearly 13 million USD worth of tra fish to China in the first half of March, 1 million USD higher than February’s number, a sign of recovery for Vietnamese exports of aquatic products to the neighboring country.
Despite the impact of the COVID-19 pandemic in the first quarter, construction businesses still firmly believe bright growth lies ahead for the rest of the year.
As Vietnam has a fertile consumer finance market, more foreign players are considering joining the bandwagon by tying up with local peers.
Fitch Ratings has recently revised the outlook on long-term issuer default ratings of two State-owned banks, and a wholly foreign-owned bank in Vietnam, to stable from positive, and the outlooks for two joint stock commercial banks to negative from stable.
Vietnam's coffee industry will probably suffer more losses in the second quarter due to the COVID-19 pandemic, Phan Xuan Thang, Vice Chairman of the Vietnam Cocoa and Coffee Association, has said.
Foreign-invested enterprises (FDI) in Vietnam have been maintaining production despite difficulties caused by the COVID-19 outbreak while preparing plans to recover after the pandemic ends.
Minister of Industry and Trade Tran Tuan Anh held phone talks with Director of China’s General Administration of Customs Ni Yuefeng and Minister of Commerce Zhong San on April 17 to identify measures aimed at addressing the growing backlog of Vietnamese exports at border areas since the beginning of this month.
The Trade Remedies Authority of Vietnam (TRAV) under the Ministry of Industry and Trade has revealed a list of 12 products which are likely to face trade origin fraud or illegal transshipment investigations.
Amid an array of difficulties caused by the COVID-19 pandemic, the wood industry is exerting every effort to maintain business and production, while implementing initiatives and defining strategic lines of products and markets.
Prime Minister Nguyen Xuan Phuc has issued Directive No. 118/CT-TTg on building a socio-economic development plan for the 2021-25 period.