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Growth target of 6.5 percent remains big challenge: Deputy PM

The targets set for 2022, including the growth target of 6-6.5 percent, remain a huge challenge given the domestic and international situation, said Deputy Prime Minister Le Van Thanh.



The Deputy PM reported that the macro economy has been maintained, major economic balances ensured, and inflation brought under control, with the consumer price index (CPI) in the first four months of this year up 2.1 percent.

The monetary market and interest rates have also remained stable, he said, adding that the credit balance by the end of April has increased by 7.18 percent compared to late 2021.

In the four-month period, State budget revenue hit VND657.4 trillion ($28.37 billion), equivalent to 46.6 percent of the estimate and up 15.4 percent year-on-year.

Export turnover reached $122.4 billion , a rise of 16.4 percent, while import value was $119.8 billion, up 15.7 percent, resulting in a trade surplus of over $2.5 billion.

The country’s gross domestic product (GDP) in the first quarter of this year grew 5.03 percent, higher than the figures recorded in the same periods in 2020 and 2021.

Between January and April, the industrial production index expanded 7.5 percent. Agricultural production also developed stably, with rice output reaching 10.8 million tonnes.

Vietnam’s total revenue from retail sales of goods and services exceeded VND1.7 quadrillion, up 6.5 percent. Services and tourism have shown a quick recovery.

According to the Deputy PM, the government has launched an action programme on the implementation of the NA’s Resolution on economic restructuring in 2021-2025, with priorities given to developing strategic infrastructure, especially transport infrastructure.

Total social investment in the first quarter was valued at VND562.2 trillion, up 8.9 percent. As of May 15, 2022, the disbursement of public investment fulfilled 20.27 percent of the plan, and more than $7.71 billion in foreign direct investment (FDI) was disbursed in the five months, an increase of 7.8 percent.

At the working session, the Government has submitted investment plans for Chau Doc-Can Tho-Soc Trang, Bien Hoa-Vung Tau, and Khanh Hoa-Buon Ma Thuot expressways, Ring Road No. 3 of Ho Chi Minh City, and Ring Road No. 4 of Hanoi.

Deputy PM Thanh said the Government will continue to effectively and synchornously implement resolutions and conclusions of the Party Central Committee, the NA and the Government, and focus on pandemic prevention and control, and rapid, sustainable socio-economic recovery, while urgently realising resolutions adopted at the fifth plenum of the 13th Party Central Committee, especially those on land, collective economy, cooperatives, agriculture, farmers and rural areas.

He asked ministries, agencies and localities to closely combine monetary and fiscal policies and others to maintain macro-economic stability, ensure major economic balances, control inflation and increase State budget revenue.

The Government will continue economic restructuring in tandem with growth model reform, and boost the digital and circular economy development, while promoting domestic production.

Mechanisms and policies will be rolled out to encourage enterprises to invest in agricultural processing and exports through official channels, Deputy PM Thanh noted.

At the meeting, President of the Vietnam Fatherland Front Central Committee Do Van Chien presented a report on opinions of voters and the public.

The report showed they are absolutely confident in the leadership of the Party, the management of the State, the effective and efficient operation of the legislative body, and the monitoring of the Government and the Prime Minister.

They expressed concern over issues, including difficulties caused by COVID-19, especially mental health post pandemic, health insurance for COVID-19 treatment, and those regarding oil and gas prices, public investment disbursement, the stock market, the labour market, and education.

The voters said attention should paid to personnel training, inspections and supervision over the purchase of medical equipment, and the settlement of land-related petitions and denunciations.

Socio-economic recovery programmes should be carried out in parallel with keeping a close watch on inflation and prices of major goods like oil and gas, and agro-forestry materials.

Source: Nhan Dan



Vietnam targets 7% GDP growth this year: minister



HANOI — Vietnam is aiming for economic growth of 7% this year, the country’s planning and investment minister said on Monday, higher than an official target of 6.0%-6.5% set previously.

To achieve this, year-on-year economic growth in the third quarter needs to be 9.0% and in the fourth quarter 6.3%, minister Nguyen Chi Dung also said during a government meeting.

Dung said Vietnam’s budget was in surplus, giving scope for fiscal policy to be used to support businesses and residents.

“Credit institutions will need to further cut their lending interest rates to reduce input cost pressure for businesses and for the economy,” he said.

Vietnam, a regional manufacturing hub, started lifting its coronavirus curbs late last year, allowing factories to resume full operations.

The economy is recovering after growing only 2.58% last year, the slowest pace in decades.

The Southeast Asian country reported GDP growth of 7.72% in the second quarter, backed by strong export growth, but warned of upward inflation pressure for the rest of the year. 


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Vietnam spends $40bln importing computers, electronic components since early 2022

Computers and electronic components continue to be the lead group of imported goods, with a turnover of approximately $40 billion, according to the latest data from General Department of Customs.



From the beginning of the year to June 15, the country spent $39.62 billion importing computers, electronic products, and components, an increase of 29.3% from a year ago.

Computers, electronic products, and components remain the largest import item of Vietnam, accounting for 23.36% of the total import turnover of the economy.

The second-largest imported goods were machinery, equipment, tools, and spare parts with $20.43 billion. The largest import market of this product group was Asia.

Importing computers, electronic products, and components from South Korea was $10.53 billion, a sharp increase of 44% from an earlier year. China was after South Korea with $10.36 billion, up 29.2%. Computer import from Taiwan was recorded at $4.98 billion, up 35.5%; from Japan with $2.89 billion, up 39.8%.

From the beginning of the year to the end of June 15, the total import turnover reached $169.58 billion, an increase of 16.3% (equivalent to an increase of $23 0.8 billion) from last year.

In addition to computers, and electronic products, commodity groups with high turnover such as petroleum increased by $2.53 billion, an increase of 128.4%. Coal of all kinds increased by $2.19 billion, equivalent to 135.7% growth.


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Yeah1 to buy TV firm amid restructuring

Online entertainment company Yeah1 plans to buy a 51 percent stake in TV and radio company STV amid a major restructuring endeavor.



The deal is set to be completed this quarter. STV, established in 2008, owns lifestyle TV channel StyleTV, stock and finance channel InfoTV and radio channel Joy FM.

The deal was announced after Yeah1 founder and chairman Nguyen Anh Nhuong Tong sold his entire 12.89 percent stake on June 1 after 15 years of leading the company from an online news website to the first media company to be listed on the Ho Chi Minh Stock Exchange.

Several other major shareholders have also been pulling out since February, including DFJ VinaCapital Venture Investment.

Yeah1 has postponed its annual general meeting twice this year saying more time was needed to prepare important documents.

It reported post-tax profits of nearly VND28 billion last year after two years of losses.

Its contract with YouTube was terminated in March 2020 due to a violation of policies, and what began as an operational error has “turned into a real crisis for the company,” Tong once said.

Yeah1 targets revenues of VND588 billion this year, down 45 percent from 2021 and the lowest since 2017.

It plans to issue 78.6 million new shares to increase its capital.

Source: VnExpress


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