Singapore retained its position as the biggest foreign investor in Vietnam in the first five months of 2020 with $4.3 billion, accounting for 58 percent of the total foreign FDI flow.
Lawmakers ratified the EU Vietnam Free Trade Agreement during a National Assembly meeting session on Monday, opening door for Vietnam’s products to enter the world’s largest trading block with 508 million consumers.
Credit growth from end-2019 to May 29 fell to 1.96%, lowest since 2014 due to low borrowing demand when most businesses were hit by COVID-19 pandemic, central bank said on Friday.
Vietnam got $395 million in May from exporting 750,000 tons of rice, up 11.7%, largely thanks to the increasing price and the government's export quota removal, Ministry of Industry and Trade said.
- Government gets $9.4bln from State-owned enterprise equitisation 1
- Central bank cuts compulsory reserve interest rates to support pandemic-hit economy 2
- Central bank vows to intervene in gold market 3
- Thai firm to build Asean’s largest wind farm in Laos, sell electricity to Vietnam 4
- Remittances to Vietnam in 2020 could drop 18.1% from 2018 on Covid-19 5
- Vietnam’s 2020 economy could grow 2.8%, world’s fifth fastest-growing: WB 6
The U.S. regards Vietnam a priority partner in upcoming Mekong Subregion projects, including development of strategic products within its supply chain, officials say.
Prime Minister Nguyen Xuan Phuc on May 30 requested the southern key economic region to strive to become a powerful and prosperous region by 2035, ten years ahead of the deadline.
Despite impacts from coronavirus, Vietnam reported a trade surplus of $1.9 billion during the first five-month period, the General Statistics Office said in the latest data released on Friday.
The CPI in May seen to fall by 0.03% from April and by 1.24% compared to December 2019, the lowest since 2016, according to data from the General Statistics Office on Friday.
Vietnam received $6.7 billion in FDI in the first five months of 2020, down 8.2% from a year ago, according to data released by Ministry of Planning and Investment on Tuesday.
Vietnam is striving for a GDP growth of 4-5% this year from previously targeted 6.8% due to coronavirus which has been hurting the global economy, PM Nguyen Xuan Phuc told foreign media.
Implementation of the Vietnam-EU Free Trade Agreement is expected to boost Vietnam’s GDP by 2.18% to 3.25% over the next five years, Vice President Dang Thi Ngoc Thinh told legislators on Wednesday.
The Ministry of Industry and Trade will ensure a dual goal of preventing disease, while stabilizing production, and boosting export, Minister of Industry and Trade Tran Tuan Anh said.
The government proposed the National Assembly to lower 2020 GDP growth to 4.5%, down 2.3 percentage points from the previous target.
2020 budget deficit of Vietnam could widen to over $10 billion from $8.7 billion deficit in 2019 as the economy was badly hit by the coronavirus outbreak, the government reported to legislators.
Vietnam central is expected to cut interest rates the third time in 2020 in light of weak economic outlook while the country is still targeting growth of above 5%, Fitch Solutions forecast.
The comprehensive PPP law being crafted and discussed by Vietnam’s legislators is seen to help reduce project risk and be a boost for the growth of Vietnam’s PPP market, Fitch says.