Currency in vietnam

At a Saturday conference in Harvard University on Vietnam's development strategy in the 21st century, Prime Minister Pham Minh Chinh said Vietnam's economy has expanded into the fourth largest economy in ASEAN and among the world's top 12 economies with the largest scale of commerce. The country also takes part in 15 active FTAs, he said. Economist David Dapic said Vietnam taking part in FTAs was a major success. Millions of farmers have moved on to work in factories as a result. But the fact that most materials for production are imported from China is a weakness, he added. When the Covid-19 pandemic broke out, borders were closed and there was commercial tension, Vietnam's exports were affected, Dapic said. Vietnam's trade turnover with the U.S. may reach $100 billion this year. Such a figure might be small for the U.S., but Vietnam should take note to remain in constant communication and avoid being accused of currency manipulation, he advised. Nguyen Thi Hong, head of the … [Read more...] about Avoid unworthwhile investments, try estate taxes, Vietnam advised

The Regional Comprehensive Economic Partnership (RCEP), which entered into force on January 1, 2022, is expected to boost Vietnam’s export and improve its access to large consumer markets, according Standard Chartered Bank. Yarn manufacturing at Ha Nam Textile Company in Phu Ly, the northern province of Ha Nam. (Photo: VNA) In its latest Global Research Report titled “Vietnam–RCEP: Opportunities and challenges”, the bank said the membership in the pact further strengthens Vietnam’s trade position and should contribute to the post-pandemic recovery this year. Major export categories that are expected to benefit from the RCEP include information technology, textiles, footwear, agriculture, automobile and telecommunications. The deal is expected to eliminate about 90 percent of tariffs on trade between the signatories within 20 years. Over the longer term, the deal could form a basis for a new supply chain in the region, with Vietnam playing a key … [Read more...] about RCEP to improve Vietnam’s access to large consumer markets: Standard Charter Bank

Vietnamese Prime Minister Pham Minh Chinh (C) visits the New York Stock Exchange (NYSE) (Photo: VNA) New York (VNA) - Vietnamese Prime Minister Pham Minh Chinh held a working session at the New York Stock Exchange (NYSE) on May 16 (local time) as part of his trip to the US. In his meeting with NYSE leaders, the Vietnamese PM expressed his pleasure to visit the largest stock exchange in the world in terms of market capitalisation, and thanked them for the warm welcome and the privilege to ring the bell to end the trading session of May 16. PM Pham Minh Chinh meets with representatives of NYSE (Photo: VNA) PM Chinh stressed that Vietnam is cracking down on the violations of a few unscrupulous investors in the country’s stock markets to ensure its security, transparency, and sustainable development . He asked the NYSE to cooperate and share experience in developing an effective, sustainable stock market in Vietnam as well as realising the country’s ambition to … [Read more...] about PM visits New York Stock Exchange, holds roundtable with CEOs of world leading firms

A wind power project in the northern province of Ninh Thuận. — Photo evn.com.vn HÀ NỘI — The Vietnamese economy’s unparalleled exposure to multinational corporations and the global consumer market calls for a pragmatic alignment between the country’s renewable energy strategy and the decarbonisation commitments of the global brands, according to IEEFA’s latest report on Việt Nam. “Multinational corporations responsible for up to US$150 billion of Việt Nam’s export revenues have made specific pledges on carbon neutrality or decarbonisation of varying scope and timelines,” said Thu Vũ, energy finance analyst leading the Vietnamese market coverage for IEEFA. “These brands’ journey toward sustainability progress is one in which Việt Nam can not afford to ignore or miss out on.” Việt Nam is currently the largest exporter of goods in developing Southeast Asia. With nearly 60 per cent of the exports being manufactured goods for the big brands, its growing role in the global … [Read more...] about IEEFA: Việt Nam’s manufacturing future rests on a credible renewable energy game plan

Vietnam has risen in official pandemic recovery indices thanks to production continuity and vaccinations, Photo: Le Toan The International Monetary Fund (IMF) released in April its World Economic Outlook report, stating that global growth is projected to slow from an estimated 6.1 per cent in 2021 to 3.6 per cent in 2022 and 2023. This is 0.8 and 0.2 percentage points lower for 2022 and 2023 than projected in January. “Beyond 2023, global growth is forecast to decline to about 3.3 per cent over the medium term. War-induced commodity price increases and broadening price pressures have led to 2022 inflation projections of 5.7 per cent in advanced economies and 8.7 per cent in emerging market and developing economies - 1.8 and 2.8 percentage points higher than projected last January,” the report said. “Multilateral efforts to respond to the humanitarian crisis, prevent further economic fragmentation, maintain global liquidity, manage debt distress, tackle climate change, and end … [Read more...] about Measures put recovery on the front foot

Hanoi (VNA) – A major supplier in Laos has said that petrol supplies in this country may face “some gaps” after the government held an emergency meeting to address soaring prices and panic buying. Consumers had to queue for hours to stock up on fuel as many gas stations were closed last week, media reported, noting that Laos relies on imports from neighbouring Thailand for most of its petroleum. Thai oil and gas firm PTT Oil and Retail Business Plc, which operates 53 gas stations in Laos , said it plans to distribute fuel as usual, but that there may be "gaps". Last week, the Vientiane Times said a weakened kip currency, high inflation, and an unstable global oil market are making it hard for fuel importers to meet public demand. The Lao Government played down the situation, saying it was "not that much of a crisis", but held an emergency meeting and asked the public not to panic./. VNA … [Read more...] about Laos faces risk of fuel shortage

Customers buy gold in a gold shop in Ha Noi. A tael of gold in Viet Nam was $838 higher than the global price on May 16. — VNA/VNS Photo Tran Viet With the price of a tael of gold in Viet Nam more than US$800 higher than in the rest of the world, local experts say the local regulation of gold prices is unsuitable. Sliding about VND1 million, a tael of the national SJC-branded gold prices stayed at VND69.5 million ($3,021). On Kitco.com, at the same time, prices of an ounce of gold slid to $1,812 or $2,183 per tael (1.2 ounces). A tael of gold in Viet Nam was $838 higher than the global price on May 16. In February 2020, the gap between prices for a tael of gold was about VND2 million ($86), nine months later, the gap was doubled to VND4 million ($172). At the time, experts considered such a disparity to be unusual. This caused concern about the exchange rate and restrictive policies in buying and selling gold. However, by February 2021, the gap had widened to VND8 … [Read more...] about Local gold regulation considered ‘outdated’ amid skyrocketing prices

Goods at Cat Lai Port in HCM City. Demand for Viet Nam's export goods can be reduced due to the global economic slowdown in the wake of the Fed’s rate increase. — VNA/VNS Photo The latest interest rate hike by the US Federal Reversal (Fed) will weigh on the global economy, including Viet Nam, but experts expect impacts of the Fed’s move on the country will not be significant. The Fed last week raised its benchmark interest rate by half a percentage point, the most aggressive step yet in its fight against a 40-year high in inflation. Banking and finance expert Can Van Luc, chief economist of the Bank for Investment and Development of Vietnam, told Viet Nam News that the Fed’s move in theory will affect the country’s economic growth, foreign debt payment obligations, exchange rate and foreign investment. “The Fed’s move may push up the global interest rate and slow global economic growth, which will reduce the demand for Viet Nam's export goods. It therefore will slow the … [Read more...] about Fed rate hike’s impact on Vietnamese economy not significant

Vietnamese Prime Minister Pham Minh Chinh (C) visits the New York Stock Exchange (NYSE) (Photo: VNA) In his meeting with NYSE leaders, the Vietnamese PM expressed his pleasure to visit the largest stock exchange in the world in terms of market capitalisation, and thanked them for the warm welcome and the privilege to ring the bell to end the trading session of May 16. PM Pham Minh Chinh meets with representatives of NYSE (Photo: VNA) PM Chinh stressed that Vietnam is cracking down on the violations of a few unscrupulous investors in the country’s stock markets to ensure its security, transparency, and sustainable development. He asked the NYSE to cooperate and share experience in developing an effective, sustainable stock market in Vietnam as well as realising the country’s ambition to successfully build a regional-level financial centre, foster the win-win partnership between the NYSE and Vietnamese agencies and companies, contributing to the development of the … [Read more...] about PM visits New York Stock Exchange, holds roundtable with CEOs of int’l firms