Differing to the second half

People shop at a supermarket in An Phú, Thủ Đức Municipal City. VNA/VNS Photo HÀ NỘI — Supply of goods and services for the domestic market during the first half of the year has been ample with a slight uptick observed for a number of commodities, said the Ministry of Industry and Trade (MoIT) during a conference in Hà Nội yesterday. Disruptions caused by the pandemic have been mostly resolved, especially in regard to essential goods including foodstuff, livestock feed and fertiliser even during high-demand seasons. Demand for goods and services has been steadily on the rise, particularly in the travel and hospitality market. Meanwhile, fuel prices have seen sharp spikes due to geopolitical events around the world and will likely stay volatile for the foreseeable future. Domestic retail of goods and services in June reached VNĐ472 trillion (US$20.3 billion), a 1.4 per cent increase month-on-month, bringing the total figure for the first six months of the year to VNĐ2.717 … [Read more...] about Supply stays ample, fuel prices likely rise in 2nd half of 2022

Vietnam's economy grew at a 7.72% annual pace in the second quarter on the back of robust exports, government data showed on Wednesday, though authorities noted challenges such as rising inflation for the second half of the year. The Southeast Asian country's gross domestic product growth compared with an expansion of 5.05% in the first quarter and was the strongest growth rate for the April to June quarter since 2011, the General Statistics Office (GSO) said. For the first half of 2022, GDP grew 6.42% from a year earlier, faster than 2.04% growth in the first half of 2021. "This is a fairly high growth compared with other countries in the region and in the world, while macroeconomic stability has been maintained," the GSO said in a report. Vietnam, a regional manufacturing hub, started lifting its coronavirus restrictions late last year, allowing factories to resume full operations. Exports in the January-June period rose 17.3% from a year earlier to $185.94 billion, while … [Read more...] about Vietnam Q2 GDP growth quickens alongside price pressures

Illustration. (Photo: VNA) Hanoi (VNA) – Vietnam enjoyed a trade surplus of 710 million USD in the first six months of 2022, the General Statistics Office (GSO) reported on June 29. According to the office, in the first half of this year, total import-export revenue is estimated to reach 371.17 billion USD, up 16.4% year on year, with imports of 185.94 billion USD, a rise of 17.3% over the same period last year. In the period, the domestic economic sector suffered trade deficit of 15.97 billion USD, while the foreign-invested sector saw trade surplus of 16.68 billion USD. In June, import-export turnover is estimated at 32.65 billion USD, up 5.6% over the previous month. In the second quarter of 2022, export revenue reached 96.8 billion USD, a rise of 21% year on year and 8.7% over the previous quarter. In the January-June period, 28 products recorded export revenue of over 1 billion USD, and five earning revenue exceeding 10 billion USD. The GSO reported that the … [Read more...] about Vietnam enjoys trade surplus of 710 million USD in six months

Inside a wood production line of Truong Thanh  Furniture Corporation. (Photo truongthanh.com) Hanoi (VNS/VNA) - As wood export turnover is rebounding with rising demand in the domestic market , the revenues of wood enterprises are expected to advance. However, skyrocketing prices of raw materials and logistics costs will weigh on these companies’ gross profit margin in 2022. VNDIRECT Securities Corporation (VNDIRECT) estimated that the total revenue of listed wood and wood products companies in the first quarter (Q1) of 2022 rose by 10.2% year-on-year thanks to the recovery of wood producers in the south. After the social distancing order was lifted, most wood companies in the southern region resumed operations at 90% capacity in the first quarter of 2022, while in the second half of 2021 it was only 60-65%. The export wood enterprises achieved better business results in Q1 of 2022. Specifically, Truong Thanh Furniture Corporation (HoSE: TTF) and Phu Tai JSC (HoSE: … [Read more...] about Rising costs cast doubt on wood companies growth prospects

More than 4,000 participants took part in the 2022 Ben Tre Marathon in Ben Tre Province, located in Vietnam’s Mekong Delta region, last weekend. The race was one of the activities held to celebrate the 200th birthday of Vietnamese poet Nguyen Dinh Chieu and his UNESCO recognition as a World Cultural Celebrity, as well as part of the provincial traditional cultural festival. In addition to competition expertise, the tournament was meant to promote the development of tourism in Ben Tre among local and international sports lovers. Runners participate in the 2022 Ben Tre Marathon in Ben Tre Province, Vietnam, June 26, 2022. Photo: M.Q. / Tuoi Tre The event took the runners through a uniquely-designed route, crossing green coconut trees, from the tomb and memorial area of Nguyen Dinh Chieu in Ba Tri District to Ben Tre City, the provincial capital. Nguyen Dinh Chieu was born on July 1, 1822 in the former southern province of Gia Dinh, the location of modern Ho Chi … [Read more...] about Over 4,000 runners join Ben Tre Marathon in Vietnam’s Mekong Delta region

At the seminar The symposium was participated by the UNESCO Representative in Vietnam, Christian Manhart; Consul General of India in HCMC, Madan Mohan Sethi; Secretary of the Party Committee of Ben Tre Province, Le Duc Tho; Deputy Head of the Central Propaganda and Training Commission, Phan Xuan Thuy; Deputy Minister of Culture, Sports and Tourism, Hoang Dao Cuong, leaders of provinces and cities, Vietnamese and international scientists. UNESCO Representative in Vietnam, Christian Manhart (L) and  Consul General of India in HCMC, Madan Mohan Sethi (C) attend the event. Speaking at the event, Deputy Minister of Culture, Sports and Tourism, Hoang Dao Cuong emphasized that celebrity Nguyen Dinh Chieu used the pen as a weapon to express his patriotism and love for the people. He was not only a Vietnamese poet who was known for his nationalist and anti-colonial writings against the French colonization of Cochinchina, an exemplary teacher but also a popular medical … [Read more...] about Int’l seminar on Great celebrity Nguyen Dinh Chieu celebrates his 200th birthday

HCM City saw a massive spike in apartment supply in the second quarter of this year. — Photo danviet.vn The HCM City apartment market went through a supply boom in the second quarter of 2022 compared to a lacklustre first quarter, and is expected to completely recover from by 2023, according to global real estate consultancy CBRE Viet Nam. Speaking at a conference in HCM City Tuesday, Vo Huynh Tuan Kiet, director of CBRE’s housing department, said after a big drop in supply year-on-year in the first quarter, primary market supply has shot past 12,000 apartments. In the first quarter there were only around 1,000 apartments on sale, he said. The supply in the first half of this year has been nearly equal to that of the entire 2021, he said. High-class apartments have accounted for around 70 per cent of the supply since 2020. The average price of primary stocks has been rising over the years due to an increase in high-class and luxury apartments, he said. “In 2020 – 21 the … [Read more...] about HCM City apartment supply surges in Q2

The positive economic performance in the second quarter helped Vietnam’s GDP growth reach 6.4% year-on-year in the six months. Vietnam’s GDP growth in the second quarter of 2022 is estimated at 7.72% year-on-year, the highest since 2011, according to the General Statistics Office. Production of aircraft components at MHI Aerospace Vietnam at Thang Long Industrial Park. Photo: Pham Hung Such a rate put the country’s economic growth at over 6.4% in the first half of 2022, higher than the 2.04% rate in the same period of 2020 and 5.74% in the first six months of last year. During the period, the majority of economic sectors have shown signs of recovery, in which the agro-forestry-fishery expanded by 2.78%; the industrial and construction sectors grew by 7.7%, and services by 6.6%. Manufacturing and processing remained a growth-driving engine for the economy with an expansion rate of 9.7% year on year. The high economic growth was also reflected in the … [Read more...] about Vietnam’s GDP in 2Q hits decade-high

Vietnam remains a favorite destination for foreign firms seeking to shield from a combination of geopolitical tensions, rising operational costs thanks to the country’s strong economic performance in recent years. Foreign Direct Investment (FDI) commitments in the first half of 2022 reached over US$14.03 billion, equivalent to 91.1% of the same period last year, a report of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment has shown. Production at Rhythm Precision in the Noi Bai Industrial Park, Hanoi. Photo: Pham Hung In the six months, 752 new projects have been approved with total registered capital of $4.94 billion, down 6.5% in the number of projects and 48.2% in capital year-on-year, while 487 existing projects have been injected an additional $6.82 billion, up 5.9% in number and 65.6% in capital. Meanwhile, 1,7077 projects had nearly $2.27 billion contributed by foreign investors, which was down 8% in several … [Read more...] about FDI commitments to Vietnam reach over US$14 billion in H1 2022

Vietnamese airlines are suffering losses amounting to hundreds of billions of VND each month due to a surge in fuel prices, according to director of the Civil Aviation Authority of Vietnam (CAAV) Dinh Viet Thang. Illustrative image (Photo: VNA) At a conference of the Transport Ministry reviewing its work in the first half of the year on June 28, Thang said as fuel costs account for 40-50% of operation costs, revenues increases are not sufficient to compensate for high fuel prices. He said domestic aviation transport has fully recovered with higher growth than in the pre-pandemic period. However, Vietnamese carriers have not fully escaped difficulties due to the slow recovery of the international market. It was reported at the conference that in the first half of the year, the number of international air passengers has increased monthly, from 103,500 in January to 127,000 in February, 224,600 in March, 445,700 in April, 650,000 in May and an … [Read more...] about Domestic air transport sees fast recovery, airlines suffer loss due to rising fuel prices