ADB representatives at the report launch on Wednesday. The bank retained its growth forecasts for Việt Nam at 6.8 per cent in 2019 and 6.7 per cent in 2020. — VNS Photo Mai Hương HÀ NỘI – The Asian Development Bank (ADB) forecasts a moderate deceleration for Việt Nam’s growth this year and next, but says Việt Nam is still a standout in Asia with stable development thanks to resilient domestic demand and sustained inflows of foreign direct investment (FDI). In its Asian Development Outlook 2019 Update released on Wednesday, the bank retained its growth forecast for Việt Nam at 6.8 per cent in 2019 and 6.7 per cent in 2020, after exceptionally high growth of 7.1 per cent last year. Việt Nam’s growth prospect outperformed ADB’s projection for the average growth of developing economies in Asia (excluding Hong Kong, Taiwan, Singapore and Republic of Korea), which was revised … [Read more...] about Việt Nam’s growth moderate this year but remains robust in Asia
Year end marketing report
MoIT forecasts difficult export activities at year-end
The MoIT reported that export turnover was estimated at US$ 24.5 billion in August, representing a year-on-year growth of 6.6% including US$ 7.34 billion of the domestic sector (down 4.9%) and US$ 17.16 billion of the FDI sector (up 12.4%). Some exports earned higher month-on-month turnovers including coal (up 103.6%) and mobile phones and spare parts (up 37.8%). In the first eight months, export turnover was estimated at US$ 169.98 billion, up 7.3% against the same period last year. Deputy Minister of Industry and Trade Do Thang Hai said that the 7.3% growth rate was lower than that in 2017 and 2018 (with 19.9% and 16.7%), showing great effort and positive signals amidst complicatedly developments in the global economy. Mr. Hai said that in the rest of the year, enterprises would boost production especially mobiles and televisions in response to high demands. Export turnover in Q3 was forecast to be higher than that of Q2. In addition, overseas shipment to the … [Read more...] about MoIT forecasts difficult export activities at year-end
Foreign property buyers flock to high end market
Apartments in Ho Chi Minh City remain far cheaper than those in nearby Hong Kong, Kuala Lumpur, and Bangkok As the upper class continues to grow and consolidate demand for high-end and luxury housing products, the market still has room for growth. The number of the so-called super-rich in Vietnam, and their general rise across Asia, has continued to grow over the past five years and shows no signs of slowing down. A relevant factor in this is the revised Law on Housing issued in 2014 allowing foreigners to own houses in Vietnam, which has created a demand for high-end real estate from neighbouring countries. When the policy came into effect in 2015, the percentage of foreign owners in many high-end projects reached its highest limit, featuring mainly buyers from Taiwan, Hong Kong, and South Korea. In the past few years, the luxury housing segment in Vietnam has attracted more and more foreign investors because of attractive profit margins. In the context that profits continue to … [Read more...] about Foreign property buyers flock to high end market
Central bank net injected $2b to meet high capital demand at year-end
The central bank net injected more than VNĐ47.5 trillion (US$2 billion) into the open market operation. — Photo ABBankViet Nam News HÀ NỘI — The State Bank of Việt Nam (SBV) net injected more than VNĐ47.5 trillion (US$2 billion) into the open market operation (OMO) last week to support the liquidity of the banking system amid rising capital demands at the end of the year. According to the latest report from the Saigon Securities Company, the injection was foreseeable as the SBV also pumped a large amount of money to support the liquidity of commercial banks at the end of 2016 and 2017, when the demand for cash increased sharply in the weeks ahead of Tết (Lunar New Year) - the country’s biggest holiday. The SBV’s decision to continuously buy a large amount of US dollars in the past week also supported the supply of Vietnamese đồng. The good liquidity helped overnight interest rate of đồng loans in … [Read more...] about Central bank net injected $2b to meet high capital demand at year-end
Stocks fall deeper at year-end
Investors conduct transactions at Bảo Việt Securities Company. — VNA/VNS Photo Trần ViệtViet Nam News HÀ NỘI — Vietnamese stock market dropped again on Wednesday as investors refused to buy in stocks when there was only two days left until the end of the year. The benchmark VN Index on the Hồ Chí Minh Stock Exchange lost 0.69 per cent to close at 891.75 points. The southern market index has declined by total 7.23 per cent in the last 10 trading days since December 13, repeating the same losing streak it made in May 2011. The HNX Index on the Hà Nội Stock Exchange inched down 0.16 per cent to end at 102.28 points. The northern market index has totalled a four-day decrease of 2.15 per cent since last Friday. The market decline could possibly come from investors’ worries about the instability of the world’s economic momentum, which was overshadowed by concerns over the US political conditions and the … [Read more...] about Stocks fall deeper at year-end