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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 »

Vietnam timber product exports to hit $8 bln

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HANOI: The export of wood and timber products is forecast to bring in US$8 billion in 2017, posting a 17 per cent year-on-year increase and surpassing the target of $7-7.5 billion set earlier this year. Nguyen Ton Quyen, vice chairman and General Secretary of Viet Nam Timber and Forest Product Association (VIFORES), said the impressive growth rate in the first ... Read More »

Vietnam’s exports rise to 12.17Mt in first 8 months

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HANOI: According to preliminary statistics released by the General Department of Customs, Vietnam exported 12.17Mt of cement and clinker for a value of US$430.63m in the first eight months of 2017. The cement volume was up 20.5 per cent and the clinker volume up 13.2 per cent over the same period last year. In August alone, exports of 1.38Mt of ... Read More »

Industrial production index up 7.9%

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HANOI: The national index of industrial production (IIP) increased 7.9 per cent year-on-year in the first nine months of this year, the General Statistics Office (GSO) reported. The metric was higher than the 7.1 per cent growth recorded in the first nine months last year, and 7.2 per cent in the first eight months of this year, GSO said. While ... Read More »

Vietnam’s cement, clinker exports rise to 12.17Mt in first eight months

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HANOI: According to preliminary statistics in Vietnam of the General Department of Customs, in the first eight months of 2017, the country exported 12.17Mt of cement and clinker reached US$430.63m. The cement volume was up 20.5 per cent and clinker volume up 13.2 per cent over the same period last year. In August alone, exports of 1.38Mt of cement and ... Read More »

Vietnam economy grows, boosted by exports

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HANOI: Vietnam’s economy surged more than seven percent in the third quarter according to data Friday, but officials warned the communist country may still fall short of its annual target. Communist Vietnam has been one of the region’s best performing economies in recent years, fuelled largely by exports of cheaply made goods like Samsung phones and Nike shoes. The middle ... Read More »

FDI grows 34% from last year in Vietnam

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HANOI: Foreign direct investment (FDI) registered in Việt Nam reached a record US$25.48 billion in the first nine months of this year, up 34.3 per cent year-on-year. Of the sum, $14.56 billion came from 1,844 new projects, up 30.4 per cent year-on-year, according to the latest report from the Ministry of Planning and Investment’s Foreign Investment Agency. Another $6.75 billion ... Read More »

Vietnam-Australia trade ties thriving

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HANOI: Vietnam and Australia have opportunities to advance their economic and trade ties, said Secretary of the Ho Chi Minh City Party Committee Nguyen Thien Nhan. At a reception for Australian Ambassador to Vietnam Craig Chittick in HCM City on September 26, Nhan said the Vietnamese metropolis has good ties with many Australian localities, voicing his hope that relations will ... Read More »

Vietnamese economy to grow 6.3% this year

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HANOI: Vietnam’s gross domestic product (GDP) is projected to grow 6.3 percent in 2017, compared with the target of 6.7 percent set by the country’s top legislature and government, and to grow 6.5 percent in 2018, the Asian Development Bank (ADB) representatives said here Tuesday. The lower-than-expected growth rate mainly has come from the fact that Vietnam saw an 8 ... Read More »

Vietnam strategises to reach yearly export value target

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HÀ NỘI: Việt Nam will adopt multiple solutions to reach its target of US$200 billion in total export value for the year, a year-on-year increase of 13 per cent, officials said. The target, which would mark a new record, if successful, is based on the country’s success with exports over the first eight months of this year. Officials said the ... Read More »

Vietnam, Hungary agree to boost multifaceted cooperation

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HANOI: Vietnamese Prime Minister Nguyen Xuan Phuc and his visiting Hungarian counterpart Viktor Orban agreed here on Monday to take specific measures to strengthen cooperation in various fields. Addressing a joint press briefing after their talks, Hungarian Prime Minister Viktor Orban said the two sides will beef up economic cooperation, trade promotion and investment, and create more favorable conditions for ... Read More »

Vietnam trade ministry slashes 675 business and investment conditions

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HANOI: The move aims at reducing business obstacles and boosting Vietnam’s business climate. The Ministry of Industry and Trade (MoIT) on Friday has decided to cut down more than half of the total business and investment conditions, from around 1,200 terms to just 675. “It is such a breakthrough and it’s beyond my expectations,” said Prime Minister Nguyen Xuan Phuc. ... Read More »

Vinamilk inks deal with Danish firm

Germany-Switzerland sign arbitration agreement for tax disputes

HCM CITY: Vinamilk, Việt Nam’s largest dairy company, signed what it calls an agreement for strategic co-operation with Denmark’s Chr.Hansen Company in Copenhagen on Thursday. This is the second time since 2011 that Việt Nam Dairy Products JSC – as it is formally known as — is signing a deal with the Danish firm to source European-standard probiotics for its ... Read More »

Tax on income from bank savings proposed

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HANOI: The latest proposal to tax an individual’s income from the interest accrued from the savings deposited in banks has become a bone of contention between the parties concerned. At a meeting held last week to discuss tax laws, lawyer Trương Thanh Đức from Basico Law Firm noted that all the savings in banks earn an income of more than ... Read More »

Vietnam’s import of machines up 33%

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HANOI:  Việt Nam spent US$24.12 billion importing machines, equipment, tools and spare parts in the first eight months of this year, marking a year-on-year increase of 33 per cent. This was reported by the Ministry of Industry and Trade. South Korea has overtaken China to become the largest supplier of machinery, equipment, tools and spare parts to Việt Nam, with ... Read More »

Vietinbank to pay VNĐ2.6 trillion in dividend to stakeholders

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HANOI: The Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) has announced that it will pay cash dividends to the shareholders of 2016. The payment rate will be 7 per cent, meaning that for each share, the shareholders will receive VNĐ700 (31 US cents). At this rate, the bank will pay dividend worth VNĐ2.6 trillion for 3.72 billion ... Read More »