Economy

Vietnam’s banks to cut lending rates by 2.5% to back coronavirus-hit firms

Major banks of Vietnam including Vietcombank, BIDV, VietinBank, AgriBank pledge to lending interest rates by between 2 - 2.5% a year to support corporate customers getting affected by the coronavirus the pandemic.

Vietnam central bank orders lenders to cut costs, bonus, cash dividends to reduce interest rates

The State Bank of Vietnam has ordered local commercial banks to cut operating costs, bonuses, and even cash dividends to back interest rate cut, a move to support coronavirus-hit firms.

World Bank slashes Vietnam’s 2020 economic growth forecast to 4.9% on virus pressure

The World Bank has slashed economic growth forecast of Vietnam in 2020 to 4.9%, about 1.6% percentage points lower than its previous forecast, it says in a latest report.

Coronavirus suspends up to 18,600 firms in Vietnam from operations in ...

Up to 18,600 businesses were forced to suspend operations in the first quarter of 2020 due to the COVID-19 pandemic, up 26 percent year on year, reported the General Statistics Office.

Vietnam government advised to resume rice exports

Ministry of Industry and Trade is advising the government to resume rice exports since the country has 800,000 tonnes of rice for export during next two months, the ministry tells prime minister.

Vietnam will stockpile 190,000 tons of rice for food safety amid coronavirus outbreak: ...

Vietnam plans to have 190,000 tons of rice in storage by June 15 to ensure the country has enough food amid the novel coronavirus outbreak, the finance ministry said on its website.

Foreign tourists to Vietnam falls 68% in March due to coronavirus

Number of international arrivals to Vietnam in March 2020 decreased sharply by 63.8% against the previous month and 68.1% over the same period last year, according to data from General Statistics Office.

Vietnam reports a trade surplus at $2.8bln in first quarter despite public health ...

Despite trade activities have been restricted as several countries limit transportations, Vietnam has recorded a trade surplus of $2.8 billion in the first quarter of this year, General Statistics Office says.

Vietnam’s 1Q economic growth slows down to 3.82% from 6.79% amid virus ...

Vietnam has reported 10-year-low GDP growth at 3.82% amid slowdown of economies in the world including US, China, Japan, the European Union, which have been seriously affected by coronavirus pandemic.

Vietnam plans $3.38bln tax incentives to back coronavirus-hit ...

Ministry of Finance submitted the government an incentive program worth $3.38 billion under the form of tax breaks, delayed tax payments, and delay land-use fees for enterprises impacted by the COVID-19 outbreaks.

Vietnam's pledged FDI falls nearly 21% amid coronavirus pandemic ...

FDI pledges for new projects, capital supplements and stake acquisitions in Vietnam in first quarter fell 20.9 percent year-on-year due to the new coronavirus impact.

With enough foreign reserves, Vietnam is willing to intervene for a stabilized FX ...

Vietnam’s central bank, which has enough foreign currency resources, will intervene the forex market when necessary, Pham Thanh Ha, head of the regulator’s monetary policy department was cited in a website posting.

EU, US buyers' order postponment on virus pressure hurts Vietnam’s textile ...

Though EU and US have not officially decided to suspend textile and garment imports from Vietnam, local firms are struggling as buyers cancel or postpone orders due to the pandemic.

Vietnam posts trade surplus of nearly $1 billion in first half of March despite ...

Vietnam reported total trade revenue of over $21.47 billion in the first half of March, with a trade surplus of nearly $1 billion, despite coronavirus pandemic, according to General Department of Customs.

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Economy

Fitch projects Vietnam’s 2020 economic growth to slow to 3.3%

Despite public health crisis, Ho Chi Minh City’s GRDP in 1Q seen increasing 0.42% to $14.26 billion

Vietnam's 2020 GDP seen slowing to 4.8% due to coronavirus outbreak, ADB says