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Vietnam records $2.76 trade surplus in 11 months,

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HANOI: Vietnam recorded a trade surplus of 2.76 billion USD in the first 11 months of the year. This marks a slight decrease against a 2.9 billion USD surplus seen in 2016. The total export value during the reviewed period was 193.75 billion USD and that of imports was 190.99 billion USD, up 21.1 percent and 21 percent year-on-year, respectively. ... Read More »

Foreign investors raise voices against special consumption tax on soft drink,

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HANOI: Speaking at a workshop on challenges of policy and regulatory changes for foreign investors in Vietnam, he said that low income consumers would be affected and the Government’s tax revenue might not increase but reduce. That is practical experience from Indonesia and Denmark.In addition, imposing special consumption tax on soft drink would create a discrimination in the food and ... Read More »

DOC Targeting Steel from Vietnam,

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HANOI: Last week it was aluminum from China, and this week the Department of Commerce (DOC) continued its initiatives to combat uncompetitive trade practices by targeting corrosion-resistant steel (CORE) from Vietnam. The DOC recently announced preliminary rulings that certain CORE and cold-rolled steel products from Vietnam, which were produced from substrate originating in China, are circumventing antidumping (AD) and countervailing ... Read More »

Vietnam: FPT Retail’s IPO launch set for December 15

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HANOI: FPT digital retail JSC is set to launch its initial public offering (IPO) on december 15 on the HCM stock exchange, the vietnam news reported. details of the IPO pricing are not disclosed, although the company’s book value per share stood at VNĐ34,525 apiece by the end of september. A retail arm of Vietnamese tech conglomerate FPT corp, FPT ... Read More »

Deputy PM approves Hapro’s equitisation plan.

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HANOI: Deputy Prime Minister Vương Đình Huệ has approved the equitisation plan of Hà Nội Trade Corporation (Hapro). The trade company has been valued at over VNĐ2.8 trillion (US$122.8 million) and has a charter capital of VNĐ2.2 trillion, equivalent to 220 million shares. Under Hapro’s equitisation plan, the State would divest entirely from the trading company. More than 1 million ... Read More »

Traders complain of inefficient customs at Vietnam border

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HANOI:Representatives of the private sector in Cambodia and Vietnam have called on customs authorities from both countries to simplify and streamline export procedures as a way of boosting trade. Leng Rithy, president of Cambodia-based Granite Association, raised the issue during the 2017 Vietnam-Cambodia Trade and Investment Forum, which was held yesterday in Phnom Penh. He said export procedures at the ... Read More »

Vietnam rises 14 places in the WB’s ease of doing business rankings

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  HANOI: Vietnam climbed 14 places to 68th amongst 190 economies in the latest World Bank’s Ease of Doing Business 2018 rankings. It ranked fifth amongst ASEAN countries, with Singapore, Malaysia, Thailand, and Brunei leading the group. As per the report, significant improvements were made in the area of paying taxes, trading, enforcing contracts, access to credit, and electricity reliability. ... Read More »

Vietnam plans major solar power growth

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HCM City: Over 100 provincial government officials, investors and other stakeholders gathered yesterday in HCM City to discuss policies for the developmnet of solar energy. ”We would like to provide guidance to investors, local governments and financial institutions about how to develop solar energy in Việt Nam,” Phạm Trọng Thực, deputy head of the Ministry of Industry and Trade’s Electricity ... Read More »

Vietnam cautious about economic growth for 2018

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HANOI: Vietnam is coming closer to the 6.7 percent GDP growth rate and all 13 socio-economic development targets, though many economists thought the goal would be attainable. The sharp growth rate of 7.46 percent in the third quarter makes it more feasible.  Analysts were surprised when the government did not set a higher GDP growth rate for the next year. ... Read More »

Vietnam’s forex reserves climb to record high

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HANOI: The State Bank (SBV) report shows that by the end of the third quarter of 2017, the forex reserves had reached $45 billion, an increase of $6 billion over the end of 2016.  As such, SBV bought $11 billion in 2016 and $6 billion in the first nine months of the year. The movements in the monetary market in ... Read More »

Vietnam, Russia determined to raise trade to $10 bln by 2020

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HANOI: According to statistics from the European – American Markets Department under the Ministry of Industry and Trade (MoIT), Vietnam-Russia trade has recorded strong growth, especially in the context of a free trade agreement between Vietnam and the Eurasian Economic Union (EAEU) taking effect last year. In the first seven months of this year, trade turnover between Vietnam and Russia ... Read More »

Vietnam Food Association hikes rice export target on strong demand

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HANOI: The Việt Nam Food Association (VFA) has decided to raise its rice export target from 5.2 million tonnes to 5.6 million tones, following an increase in rice contracts for the last months of the year. Rice exports have rebounded with an increase in rice contracts since May. The country’s rice sector has already met 82 per cent of its ... Read More »

BIDV’s pre-tax profit touches $266 million

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HANOI: Bank for Investment and Development of Việt Nam (BIDV)’s total assets reported pre-tax profit of VNĐ6 trillion (US$266 million) in 2017’s first nine months, posting a year-on-year increase of 6.7 per cent. The bank on Wednesday announced that its total assets reached some VNĐ1.12 quadrillion until the end of September, up 12 per cent from the beginning of this ... Read More »

Vietnam exports rise nearly 20% in first 9 months

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HANOI: Vietnam’s total import-export turnover in the first nine months of the year reached more than US$308.3 billion (Bt10.22 trillion), posting a 21.3 per cent year-on-year increase, according to the nation’s General Department of Customs. Exports from January to September posted a 19.8 per cent rise to $154.3 billion, compared with the same period last year . The exports of ... Read More »

VinaCapital’s Vietnam Opportunity Fund invests $11m in Orient Commercial Bank

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HANOI: VinaCapital’s flagship fund, Vietnam Opportunity Fund (VOF), has invested approximately $11 million in Orient Commercial Bank (OCB), a mid-tier retail bank, for an interest of less than 5 per cent. The financing will help OCB diversify its offers to targeted customer segments, including affluent individual customers and small and medium-sized enterprises, VOF said in a statement. The transaction follows ... Read More »

Vietnam Cement, clinker exports set to reach yearly target

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HANOI: Việt Nam generated US$438 million from exporting 13.6 million tonnes of cement and clinker over the past nine months of this year, fulfilling 90 per cent of the yearly target. The nine-month exports also marked respective increases of 12.7 per cent in value and 21.4 per cent in volume compared with the same period last year, statistics from the ... Read More »

Steel sector grows 24% in Vietnam

Chinese workers pack steel rolls in a steel factory in Tangshan, Hebei province, on May 12, 2016. / AFP / FRED DUFOUR        (Photo credit should read FRED DUFOUR/AFP/Getty Images)

HANOI: The local steel sector saw a high growth rate in the first nine months of the year, despite difficulties, said Việt Nam Steel Association (VSA). Association data showed that from January to September, steel output was 15.4 million tonnes, posting a 24.2 per cent year-on-year increase. Steel consumption also rose by 20.5 per cent from the same period last ... Read More »

Insurance premium surges 21.6% in nine months

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HANOI: The total premiums collected by insurance companies in the first nine months of 2017 surged by 21.6 per cent year-on-year, to more than VNĐ75.23 trillion (US$3.31 billion). Of the total sum, the revenue from life insurance premiums was more than VNĐ45 trillion and from non-life insurance premiums was nearly VNĐ30.17 trillion, up 31 per cent and 12.2 per cent, ... Read More »

State Bank of Vietnam decreases dollar buying rate

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HANOI: The State Bank of Việt Nam (SBV) decreased the buying rate of the US dollar (USD) on Tuesday. This marked a significant difference in this year’s exchange rate, as compared to the previous years. According to the rate listing of SBV’s Transaction Centre, the buying rate for the USD on October 10 was VNĐ22,720 per $1, down VNĐ5 against ... Read More »

Vietnam’s finance industry grows strongly

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HANOI: The finance, banking and insurance industry expanded 7.89 per cent in the first nine months of this year, the highest level recorded in the past seven years. Reports of the General Statistics Office (GSO) revealed that the growth rate of the industry was 6.99 per cent in 2011, 5.97 per cent in 2012, 6.68 per cent in 2013, 5.39 ... Read More »