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Vietnam continues to benefit from its broad re-opening strategy, which saw a huge crowd flocking to tourist hotspots in the country and household spending rebound. Vietnam’s economic recovery is gaining momentum despite heightened global uncertainty related to the protracted war in Ukraine, higher commodity prices, and tightening global financial conditions, according to the World Bank. Cargo handling at Dinh Vu port, Haiphong. Photo: Cong Hung In its latest report, the World Bank pointed out the robust growth of industrial production by 9.4% in April, comparable to pre-pandemic rates. Manufactures of apparel, footwear, electronics, electrical equipment, and metal products were the most dynamic sub-sectors, registering double-digit growth rates, it added. However, machinery manufacturing slowed from 26.6% year-on-year in March to only 5.1% in April. This deceleration was related to supply chain disruptions caused by lockdowns in China, which led to a … [Read more...] about Vietnam’s economic recovery gaining momentum

Workers during a shift at an animal feed factory in northern Ninh Bình Province. — VNA/VNS Photo Thống Nhất HÀ NỘI — While Việt Nam's economic recovery was gaining momentum, the Government must pay more attention to "inflation and heightened risks of weaker global demand and supply disruptions to economic prospects", said a World Bank report on the South East Asian economy for May. Major disruptions to look out for include the uncertainty due to the ongoing Russia-Ukraine conflict and supply issues caused by lockdowns in China. The report said if higher inflation persists in the medium term, the economy should be allowed to adjust to higher prices with the authorities incentivising investments to increase productivity and aggregate supply. To mitigate risks to export performance, diversifying trade partners would be a prudent strategic consideration. During the month of April, the country's industrial production index grew by 9.4 per cent, comparable to the pre-pandemic … [Read more...] about WB warns of heightened risks looming

Meeting with CEO of Warburg Pincus Charles Kaye, Prime Minister Pham applauded the effective operation and contribution of the fund in the fight against COVID-19 in Viet Nam. Viet Nam became the third investment destination of Warburg Pincus after China and India. Since 2013, Warburg Pincus has poured nearly US$ 2 billion in leading Vietnamese groups and companies, namely Vingroup, VinaCapital, Techcombank, Becamex, and MoMo. Prime Minister Pham Minh Chinh shakes hands with CEO of Warburg Pincus Charles Kaye, New York, May 15, 2022 - Photo: VGP The Prime Minister said that the Vietnamese Government stands ready to hold dialogue with enterprises so as to help them operate successfully in the country, which shows the mutual trust, sincerity, sense of responsibility, and win-win cooperation. He asked American enterprises, including Warburg Pincus, to fully implement their commitments and directly liaise with relevant ministries and sectors of Viet Nam to expand … [Read more...] about PM urges big funds to expand investment in Vietnam