Economy

Vietnam records 1.35 billion USD trade deficit in first half of June Vietnam reported a trade deficit of 1.35 billion USD in the first half of June as exports reached only 12.3 billion USD – down nearly 2 billion USD compared to the latter half of May, the General Department of Customs has announced. Among items posting the strongest turnover decline included computers, electronics and parts with 1.06 billion USD, down 800 million USD; machinery and equipment with 1.1 billion USD, down 260 million USD; and telephones and components with 1.96 billion USD, down 50 million USD. Since the beginning of this year to mid-June, the nation’s trade value surpassed 288.6 billion USD. Of the sum, over 143.3 billion USD came from exports, up 30 percent year-on-year while the remainder of 145.3 billion USD was from imports, up 36 percent. That resulted in a trade deficit of 1.96 billion USD, the department said. According to trade experts, the above-mentioned trade deficit was … [Read more...] about VIETNAM BUSINESS NEWS JUNE 23

Head of the Party Central Committee's Economic Commission Tran Tuan Anh hosts in Hanoi on June 23 Minister of State for Trade Policy in the Department for International Trade of the UK Greg Hands. (Photo: VNA) Hanoi (VNA) – Head of the Party Central Committee’s Economic Commission Tran Tuan Anh hailed the growing strategic partnership between Vietnam and the UK in various areas during a reception in Hanoi on June 23 for Minister of State for Trade Policy in the Department for International Trade of the UK Greg Hands. low-carbon economy . UK on being one of the first countries in Europe and the world in terms of COVID-19 vaccination, Anh proposed the UK Government create more favourable conditions for vaccine provision and facilitate vaccine production technology transfer to Vietnam, as well as waive copyright requirements for the country. Vietnam ’s guiding role in climate change response in ASEAN and its achievements in renewable energy development. VNA … [Read more...] about Vietnam, UK tap cooperation potential

The press conference of the Boao Forum for Asia on April 8 (Photo: Xinhua/VNA) Beijing (VNA) – The Boao Forum for Asia (BFA) commenced in the Chinese southern province of Hainan on April 8 with a press conference and the release of three reports, including one forecasting that Asia will lead the world economy with its strong economic growth. At the press conference, BFA Secretary General Zhou Wenzhong unveiled the BFA reports on the progress of Asian economic integration, the development of emerging economies and the competitiveness of Asian economies. The BFA Asian Competitiveness Annual Report 2018 wrote that with the continuing integration of Asian economies, economic competitiveness went through steady development in 2017. The report noted the Asian economy remains one of the major engines driving world economic development, adding that enhanced external growth, transformed internal impetus and deepened cooperation among markets propelled Asia's development. The … [Read more...] about Boao Forum report points out Asia’s leadership in world’s growth

How will Vietnam overcome challenges to realize its development plans? Nguyen Dinh Cung, former head of Central Institute for Economic Management (CIEM), shares his perspective with VietNamNet. One of the great successes of economic reform in Vietnam since doi moi (renovation) is the establishment of a community of businesses from different economic sectors with many ownership modes. Vietnamese enterprises are operating under similar legal forms as in other market economies. High in quantity, small in scale In terms of quantity, enterprises in the private sector account for the overwhelming proportion, 97 percent, while SOEs (state owned enterprises) account for 0.38 percent and FIEs the remaining. The enterprises employ 16 million workers. The workers in SOEs account for 7 percent, private enterprises nearly 60 percent and 33 percent in FIEs (foreign invested enterprises). In terms of total assets, SOEs account for 28 percent, private enterprises 53 percent and FIEs 29 … [Read more...] about Private enterprises lack internal strength and driving force to develop

Aquatic exports to China plunge amid COVID-19 threats Vietnamese seafood exports to China in April suffered a decline of 11%, and this downward trajectory continued in May with a fall of 22%, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). While major markets such as the United States and the EU have reopened and moved to increase imports of seafood products from Vietnam, China has recently tightened their inspection over frozen seafood products from other countries as part of efforts to prevent the potential spread of the SARS-CoV-2 virus. This has caused Vietnamese seafood exports to the market to experience a rapid decline over the past two months. Most notably, aquatic exports fell sharply in all major product groups, including shrimp, down 35%, other fish species, with the exception of tuna, down 23%, and pangasius, down 5%. The impact of the pandemic coupled with China's latest tight policy has led to turnover of frozen … [Read more...] about VIETNAM BUSINESS NEWS JUNE 24