While the world’s third-biggest rice exporter has since reopened some trade, hundreds of thousands of tons of spoiling rice at the country’s ports show the dangers of curbing exports.
Vietnam saw trade revenue at $162.8 billion during the 4-month period, up 3.4% over the same period last year despite economic slowdown due to coronavirus outbreak, General Statistics Office said.
Vietnam saw bilateral trade with the US at a double-digit growth to $19.5 billion in the first three months of 2020, with a trade surplus of $12.4 billion, customs data said.
Total foreign investment inflows to Vietnam seen to dip 14.5% to $12.33 billion as of April 20, according to the Ministry of Planning and Investment.
- Covid-19 pandemic hits Vietnam’s State-Owned Enterprises privatization plans 1
- Vietnam's export set to hit $340 billion in 2025 2
- Vietnam’s Jan.-July trade surplus widens to $8.4bln despite virus 3
- Vietnam bags $2bln from fruit and vegetable exports in first seven months 4
- Government gets $9.4bln from State-owned enterprise equitisation 5
- Central bank cuts compulsory reserve interest rates to support pandemic-hit economy 6
Vietnam flattened its coronavirus infection curve with a sledgehammer, and after some early success, it’s now starting to open up its economy again.
Budget overspending at 5-5.1 percent of GDP this year, about 1.5-1.6 percentage points higher than the Government’s plan due to the impacts of the COVID-19 pandemic, Ministry of Finance said.
Fitch Solutions revised forecast for Vietnam’s credit growth to slow to 8% in 2020, from 11% previously, due to a sharp slowdown in economic activity amid the COVID-19 pandemic.
Vietnam government has called for drastic measures to keep market price low amid the ongoing coronavirus epidemic, aiming to meet the 4% inflation target placed earlier.
Vietnam reported total trade revenue in the first quarter at $122.73 billion, up 5.7% over the same period last year, according to data from the General Department of Customs.
Fitch Ratings Inc. has revised down Vietnam’s economic growth outlook for this year by 0.5 percentage point to 2.8 percent, below the Bloomberg consensus of 6.1%.
Despite business slowdown on coronavirus pandemic, Vietnam recorded State budget surplus at nearly VND48 trillion ($2 billion) in the first quarter of 2020, the Ministry of Finance said in a report.
In his direction of socioeconomic development during the 2021-2025 period, Vietnamese Prime Minister has planned to target annual gross domestic product growth of 7 percent.
Vietnam is expected to enjoy 2.7% GDP growth in 2020, a much lower rate than the 6.8% target placed earlier since the country implemented necessary social distancing practices to contain coronavirus pandemic.
Ho Chi Minh City's daily tax revenues fell 31 percent in the first quarter on coronavirus pandemic, Vietnam News Agency cited Chairman of the municipal People’s Committee Nguyen Thanh Phong.
Vietnam will aim to disburse $30 billion in public investment funds this year, up 67% year-on-year.
Vietnam plans to borrow $1 billion from foreign lenders this year, the Ministry of Finance said Friday, adding the country’s budget deficit is seen widening this year due to the coronavirus outbreak.