Mti maintains 2021 gdp growth forecast at 4 0 to 6 0 per cent

Viet Nam has seen rapid growth in e-commerce in recent years, and demand for logistics services is growing commensurately. — Photo courtesy of J&T Express The rapid growth in e-commerce is driving an unprecedented increase in demand for logistics services, including express delivery services, according to industry insiders. In its E-commerce White Book 2021, the Viet Nam E-Commerce and Digital Economy Agency said Viet Nam has the highest number of people shopping on e-commerce platforms in the Southeast Asia region at some 49.3 million. In the last two years, the country has seen both consumers and firms moving online, it said. Nguyen Ngoc Dung, president of the Vietnam E-commerce Association, said there has been a boom in e-commerce since the pandemic began. More than 70 per cent of the population have access to the internet and nearly 50 per cent shop online, he said. The online shopping boom has offered opportunities as well as challenges to the logistics industry, … [Read more...] about Explosive e-commerce growth drives demand for logistics

Marcel Schröder, Economist, Economic Research and Regional Cooperation Department Asian Development Bank At the beginning of the conflict, the crude oil price breached $130 per barrel in March, the highest since 2008. Since then, it retreated to about $100 in April, before rising again to $120 following the European Union’s partial ban on Russian oil in May. Some worry that the oil price could spike to $200 per barrel in the coming months and how such a shock would impact the economic prospects of Asia’s developing countries. While many institutions, including ours, project a significantly higher oil price in 2022 compared with 2021, these predictions do not foresee $200 per barrel because they attach a low probability of a sudden shock to the global oil supply. A sudden shock is unlikely given the EU’s decision to gradually phase out Russian oil imports by the end of 2022, allowing an orderly transition to alternative supplies and keeping prices stable and affordable for … [Read more...] about Additional oil spike impacts cannot be ruled out

National Assembly Chairman Vương Đình Huệ meets representatives of the Vietnamese entrepreneur community in Europe in Budapest on June 26. — VNA/VNS Photo Doãn Tấn BUDAPEST — National Assembly (NA) Chairman Vương Đình Huệ met representatives from the Vietnamese entrepreneur community in Europe in Budapest on June 26 evening (local time), as part of his official visit to Hungary. Hoàng Mạnh Huê, president of the Union of Vietnamese Business Associations in Europe, said that the community has made great strides in recent years with encouraging successes, and become an effective bridge between the Vietnamese and European markets. They not only import a lot of commodities from Việt Nam into the European market and the supply chain of businesses in the host countries but also have been very successful in building a stable and efficient business model in accordance with the host countries’ laws, Huê added. The Vietnamese business community in Europe has deeply integrated into local … [Read more...] about NA Chairman meets Vietnamese entrepreneurs from across Europe in Hungary

Prime Minister Phạm Minh Chính on June 27 receives Australian Minister for Foreign Affairs Penny Wong, who has been on a three-day official visit to Việt Nam. VNA/VNS Photo Dương Giang HÀ NỘI – Prime Minister Phạm Minh Chính and President Nguyễn Xuân Phúc on Monday received Australian Minister for Foreign Affairs Penny Wong, who has been on a three-day official visit to Việt Nam. Praising Australia’s successes in the federal election, COVID-19 vaccination and economic recovery, PM Chính thanked the nation for its provision of COVID-19 vaccines, medical equipment and supplies for Việt Nam during the fight against the pandemic, particularly 14.4 million doses of vaccine for Vietnamese children. The PM also lauded the strong growth of the Việt Nam-Australia strategic partnership. The exchange of high-level delegations and meetings have been held regularly between the countries; bilateral trade hit US$12.4 billion in 2021;  Việt Nam began investing directly in Australia; and the two … [Read more...] about Leaders receive Australian Minister of Foreign Affairs

Mobile malware in Viet Nam increased by nearly 46.9 per cent in 2021. — Photo courtesy of Kaspersky Along with a surge in the number of mobile phone users accessing the Internet, there has been an increase in the number of mobile malware targeting Vietnamese users, according to the global cybersecurity company Kaspersky. According to the Digital 2022 report conducted by We Are Social, the number of mobile phone users accessing the Internet grew by 147 per cent year-on-year last year. Kaspersky, meanwhile, reported that it detected and prevented a total of 43,171 mobile attacks targeting Vietnamese users last year, 46.9 per cent higher than in 2020. Trojan is the most common threat in Viet Nam. While Viet Nam and Thailand saw growth in the number of malware attacks, the rest of Southeast Asia observed a downward trend in the number of attacks on mobile users thanks in part to Kaspersky’s efforts to block more than 2,000 mobile malware per day. Specifically, Indonesia … [Read more...] about Mobile malware up in Viet Nam

Three bright points The first bright point in the five-month FDI picture is the disbursement of US$7.71 billion, a year-on-year increase of 7.8 percent. The Foreign Investment Agency of the Ministry of Planning and Investment attributed this positive result to the continuous and effective support of the government and relevant state authorities, the business community’s efforts, and the recovery of the Vietnamese economy. Binh Duong Province hands over investment certificates to businesses Although the amount of FDI capital attracted in the first five months was 16.3 percent lower than that in the same period last year, the increased disbursement reflected Vietnam’s attractiveness to foreign investors. The second bright point is the strong increase in the number of projects and the amount of registered capital. Specifically, 395 projects registered capital increases totaling more than US$5.61 billion, up 15.5 percent in the number of projects and 45.4 percent in … [Read more...] about Five-month foreign investment highlights

Workers process pineapple for export at the factory of the An Giang Agriculture and Food Import - Export Company. (Photo: VNA) Hanoi (VNA) – Vietnam has recorded impressive growth in exports to Hungary in recent years, statistics showed. Exports from Vietnam to Hungary increased eight-fold to 1 billion USD in 2020 from 124.2 million USD in 2016. The figure stood at 842.7 million USD in the first 10 months of 2021, up 5% year on year, according to data from the European country. Though shipments of agricultural and food products remain modest, the revenue posted a strong increase in the recent past as seen in some key exports. Vietnam exported almost 4.4 million USD worth of processed coffee to Hungary in 2020, surging 38-fold from four years earlier, and 7.13 million USD during January - October of 2021, up 85.6% year on year. Cashew nut exports grew 27.7% to nearly 2.4 million USD in 2020 compared to 2016, and 11.6% year on year to 2.2 million USD in the first 10 … [Read more...] about Vietnam’s exports to Hungary on the rise

In 2020-2021, despite being heavily affected by the COVID-19 epidemic, Vietnam’s GDP still maintained positive growth, mainly thanks to the growth of import-export and investment, especially foreign direct investment. In fact, a number of industries recovered strongly after the epidemic such as retail, personal goods, and pharmaceuticals, due to a good recovery in domestic demand. Construction industry pins hope in public investment, FDI and real estate to bounce back. Some industries showed good recovery reaching close to the pre-pandemic period, including transportation, warehousing, and forestry, while logistics sector is expected to be a bright spot in the coming years. The Asian Development Bank has forecasted that Vietnam 's economic growth will recover to 6.5% in 2022 and reach 6.7% in 2023. The International Monetary Fund , meanwhile believes that the figures will be 6% in 2022 and 7.2% in 2023./. VNA … [Read more...] about Vietnam’s economy expects strong recovery

Cashew exports reduced both in volume and value in the first five months of the year. — Photo congthuong.vn Viet Nam’s cashew exports reduced significantly in both volume and value in the first months of the year, exports for the entire year are forecast to be lower than last year, according to the Viet Nam Cashew Association (Vinacas). Speaking at a meeting to review the industry’s performance in the first half of the year and set plans for the latter half, Tran Van Hiep, Vinacas’ deputy chairman, said cashew exports in the first five months fell by 7.81 per cent in volume and 6.81 per cent in value to 206,111 tonnes and US$1.19 billion, respectively. The average export price was about $5,792 per tonne, up 1.45 per cent over the same period in 2021. Enterprises imported about 968,000 tonnes of raw cashew nuts from abroad worth nearly $1.4 billion, down 35.24 per cent in volume and 37.84 per cent in value in the first five months. But the price of raw cashews imported from … [Read more...] about Cashew exports to slow in 2022 amid global inflation, Russia sanctions

The Ministry of Finance is working on amending and supplementing Decree No. 153/2020/ND-CP on private offering and trading of corporate bonds in the domestic and international markets. — Photo baogiaothong.vn The Vietnamese stock market has gone through nearly half of 2022 with turbulence and remarkable events, especially the Government's crackdown on illegal activities manipulating the market. At the moment, the market is struggling as both liquidity and the benchmark index fall sharply. Experts said that monetary policy tightening from the US Federal Reserve (Fed), prolonged Russia-Ukraine conflict and China's zero COVID policy will indirectly affect the country's stock market. Stock market crackdown In the first half of 2022, many big business owners such as Do Thanh Nhan, Chairman of the Board of Louis Holdings Group and Le Anh Dung, President of Tan Hoang Minh Group, were arrested for illegal activities in the stock and corporate bond market. These cases showed the … [Read more...] about Stock market faces bumpy ride in second half of 2022