Trade surplus

Jakarta (VNA) - Indonesia's trade surplus hit a record high in April, surpassing its peak in last October amid soaring global commodity prices that boosted exports. The National Statistics Agency (BPS) announced on May 17 that Indonesia had registered a surplus for the 24th consecutive month in April, which had more than tripled to 7.56 billion USD year on year and increased 66 percent month on month. Economists forecast that Indonesia will benefit from rising in global commodity prices due to the impacts of the Russia-Ukraine conflict as revenues from the exports of crude palm oil (CPO), coal, and metal ores are higher than the increase in imports. According to BPS, Indonesia ’s exports reached 27.32 billion USD in April, up 47.76 percent year on year. The mining industry had the strongest export growth, almost doubling year on year to 6.41 billion USD.  Meanwhile imports rose 21 percent to 19 billion USD. China remained Indonesia's top export destination, … [Read more...] about Indonesia enjoys largest trade surplus in history in April

The visit takes place in the context that the traditional friendship is developing fruitfully, with conservations and meetings between the two countries’ leaders maintained despite impacts of the COVID-19 pandemic. Vietnam and Greece established diplomatic ties on April 15, 1975. Greece opened its embassy in Hanoi in March 2007, while Vietnam opened its embassy in Athens in December 2010 and officially inaugurated it on March 26, 2012. Despite having to address a public-debt crisis with a range of political, economic and social issues, along with the migration crisis over the past time, Greece has placed importance to its relations with Vietnam. Two-way trade has grown rapidly over the past five years, surpassing USD 446 million in 2021, up 33 percent year-on-year. Notably, Vietnam’s exports to Greece have expanded strongly and the country has always run a large trade surplus with Greece. Vietnam mainly ships footwear, garments-textiles, and aquatic and timber products to … [Read more...] about Greek President’s Vietnam visit expected to deepen multi-faceted cooperation

Prime Minister Phạm Minh Chính attended a policy dialogue about development orientations of Vietnam in the 21st century with professors of the Harvard Kennedy School in Cambridge, Massachusetts, on May 14 (US time) as part of his working trip to the US. Prime Minister Phạm Minh Chính visits Harvard Kennedy School in Cambridge, Massachusetts. — VNA/VNS Photo Speaking at the dialogue, Minister of Planning and Investment Nguyễn Chí Dũng said in 2019, he led a delegation of researchers to Harvard School to listen to experts’ opinions about the development strategy for the country. The delegation then studied and presented information on sustainable development. Accordingly, in order to achieve sustainable development, Vietnam needs to achieve sustainability not only in the economy but also in culture, society and among human beings. Vietnam defined the target of placing the people as the subject with all policies revolving around the people and benefiting … [Read more...] about PM attends dialogue on development orientations with Harvard school professors

President Katerina Sakellaropoulou and a high-ranking delegation of Greece arrived in Hanoi on May 15 afternoon. (Photo: VNA) Hanoi (VNA) - Greek President Katerina Sakellaropoulou and a high-ranking delegation of Greece arrived in Hanoi on May 15 afternoon, beginning their four-day official visit to Vietnam at the invitation of President Nguyen Xuan Phuc. Present at the welcome ceremony for the Greek President and her entourage at Noi Bai International Airport were Head of the Presidential Office Le Khanh Hai, Vietnamese Ambassador to Greece Le Hong Truong, Deputy Minister of Foreign Affairs Pham Quang Hieu, and other representatives from the Vietnamese Ministry of Foreihn Affairs and the Greek Embassy in Hanoi. During her stay in Vietnam, President Sakellaropoulou is scheduled to pay tribute to late President Ho Chi Minh at his mausoleum and fallen soldiers at Heroic Martyrs’ Monument in Hanoi. She will hold talks with President Nguyen Xuan Phuc , pay a courtesy … [Read more...] about Greek President arrives in Hanoi for official visit to Vietnam

Greek President Katerina Sakellaropoulou arrived in Hà Nội's Nội Bài International Airport on Sunday, beginning her official visit to Việt Nam. VNA/VNS Photo HÀ NỘI — Greek President Katerina Sakellaropoulou arrived in Hà Nội on Sunday, beginning her official visit to Việt Nam at the invitation of Vietnamese President Nguyễn Xuân Phúc. Within the framework of the five-day visit, the Greek President will visit the Monument to Heroic Martyrs and Hồ Chí Minh Mausoleum, hold talks with President Nguyễn Xuân Phúc, pay a courtesy visit to Party General Secretary Nguyễn Phú Trọng, and meet with Chairman of the National Assembly Vương Đình Huệ. She will also attend a document signing ceremony and meet with the press, visit the Temple of Literature and attend some local events. The visit is expected to contribute to consolidating political trust and deepening the multi-faceted cooperation between the two countries. The visit takes place in the context that the traditional friendship … [Read more...] about Greek President’s Việt Nam visit expected to deepen multi-faceted cooperation

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

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

Illustrative photo Billions of shares According to statistics, banks added about eight billion shares to the market by paying dividends in 2021. If one includes private placement and offering to existing shareholders, the number of newly issued bank shares on the market is about ten billion shares. The fact that banks have rushed to put billions of shares into circulation has caused banks to face a downward pressure, especially when the stock market is adjusting sharply after the impact of strict social distancing during the Covid-19 pandemic in the third quarter of 2021. In the second half of 2021, many bank stocks plunged sharply after closing the right to pay dividends for the year. Typically, Vietnam International Commercial Joint Stock Bank (VIB Bank) lost nearly 27% of its value after four months of paying dividends. Similarly, VietinBank also decreased value by about 25% after three months of closing the right to pay more than 30% dividend in shares. The trend of … [Read more...] about Shareholders concerned about bank stocks

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