Connect with us

Business

Vietnam to become the 4th largest economy in Southeast Asia: IMF

Published

on

Vietnam’s GDP is estimated to reach US$340.6 billion this year, making it the fourth-largest economy in Southeast Asia.

Vietnam to become the 4th largest economy in Southeast Asia: IMF
Vietnam is the only country in Southeast Asia which is forecasted to have positive growth this year, at 1.6 per cent and will reach 6.7 per cent by 2021.

This is revealed in the International Monetary Fund (IMF) World Economic Outlook released on Tuesday.

Accordingly, Vietnam is the only country in Southeast Asia which is forecasted to have positive growth this year, at 1.6 per cent and will reach 6.7 per cent by 2021.

IMF forecasts Vietnam’s economy will rank fourth in Southeast Asia this year, surpassing Singapore and Malaysia.

Specifically, the country’s GDP is estimated to reach US$340.6 billion, exceeding Singapore with $337.5 billion and Malaysia with $336.3 billion.

Meanwhile, Thailand’s GDP will reach $509.2 billion this year, the Philippines $367.4 billion, and Indonesia $1.088 trillion.

For GDP per capita, the IMF forecasts that Vietnam’s GDP per capita ranks sixth in ASEAN, reaching $3,497 per person this year, followed by the Philippines with $3,372, Laos $2,567, Cambodia $1,572 and Myanmar $1,332.

Overall, the average growth forecast for ASEAN-5 member countries including Indonesia, Malaysia, Philippines, Thailand and Vietnam will decrease by 3.4 per cent, while that of Asian emerging and developing countries will decrease by 1.7 per cent.

China continues to be the only major economy expected to grow, reaching 1.9 per cent this year and up to 8.2 per cent by 2021. For the US, the IMF forecasts that the country’s GDP will decrease by 4.3 per cent this year.

Economies of France, Italy, the UK and Spain are forecasted to decrease by about 10 per cent. For Europe, the figure is 8.3 per cent.

IMF revised the global GDP forecast to fall by 4.4 per cent this year, and will be up to 5.2 per cent by 2021.

The baseline projection assumes that social distancing will continue next year but will subsequently fade over time as vaccine coverage expands and therapies improve. Local transmission is assumed to be brought to low levels everywhere by the end of 2022.

“We were projecting a somewhat less severe though still deep recession this year, relative to our June forecast,” said Gita Gopinath, IMF’s economic counsellor and director of research.

“Moreover, recovery is not assured while the pandemic continues to spread. With renewed upticks in COVID-19 infections in places that had reduced local transmission to low levels, reopenings have paused, and targeted shutdowns are being reinstated. Economies everywhere face difficult paths back to pre-pandemic activity levels,” she noted.  VNS

Source: https://vietnamnet.vn/en/business/vietnam-to-become-the-4th-largest-economy-in-southeast-asia-imf-681824.html

Business

Businesses register to implement tourism safety criteria

Published

on

Two foreign tourists receive free face masks from a volunteer in front of the HCMC Central Post Office in this file photo – PHOTO: VNA

HCMC – HCMC has kicked off a tourism stimulus program, wherein enterprises operating in the tourism industry will have to register to fulfill three criteria, including safety for tourists, in line with the municipal tourism authority’s requirements.

The program, which will last until the end of 2021, will focus on safety, attractiveness and competitive prices, with safety being given the most importance by the authorities.

“Hundreds of businesses have completed the registration. We will make a list of safe businesses and tourist destinations that will be added to the digital safe tourism map,” noted Nguyen Thi Anh Hoa, director of the HCMC Tourism Department, at the HCMC Tourism Stimulus Conference that took place on October 23.

Nguyen Thi Khanh, vice chairwoman of the HCMC Tourism Association, pointed out that having a good set of tourism safety criteria is important to make the tourism stimulus program more effective.

She observed that the tourism market has also seen a positive response as guests who had previously canceled their tours due to the Covid-19 outbreak have registered to travel once again.

With regard to the stimulus program, from now until the end of 2021, HCMC will introduce 200 tourism products, 20% of which will be new. For example, there will be half-day city tours around HCMC comprising traveling along the Saigon River or rowing a boat on the Nhieu Loc-Thi Nghe canal.

As part of the program, 30 hotels will offer discounts from 20 to 60% and more than 10 will offer discounts of 15 to 20%.

Source: https://english.thesaigontimes.vn/79119/businesses-register-to-implement-tourism-safety-criteria.html

Continue Reading

Business

Trade remedies imposed on Vietnamese goods surge

Published

on

Workers process seafood for export in the Mekong Delta city of Can Tho. Seafood is one of Vietnam’s products subject to the largest number of trade remedies – PHOTO: TRUNG CHANH

HCMC – Vietnam was among four countries worldwide subject to the largest number of trade remedies from January to September 2020, according to the Ministry of Industry and Trade.

The number of trade remedies imposed on Vietnamese goods in nine months doubled that of last year, with the most affected products being steel, aluminum, seafood, wood and construction materials, which are also the country’s key export products.

The Ministry of Industry and Trade is keeping a close watch on the export of key products, especially those that are being investigated or subject to trade remedies. The ministry has published a list of 13 at-risk products on its website and the list will be updated regularly.

As of late September, the ministry has reported 193 trade remedies on Vietnamese goods, including 108 anti-dumping cases, 22 anti-subsidy cases, 23 tax evasion cases and 40 safeguard cases. Sixty-two percent of the cases were from the United States, the EU, India, Canada and Australia.

Speaking to Thanh Nien newspaper, director of the Trade Remedies Authority of Vietnam Trieu Dung noted that trade remedies have affected Vietnamese goods worth some US$12 billion since the first case was reported in 2003. Vietnam has appealed successfully in 65 of the cases.

Dung stated that the number of trade remedies imposed on Vietnamese goods would definitely increase in the time to come. The Trade Remedies Authority has worked with 12 trade associations to help Vietnamese businesses avoid or resolve problems related to trade remedies.

According to an international trade expert, the increase in the number of trade remedies is understandable in the context of the rising protectionism worldwide and it is also proportional to Vietnam’s import and export revenue.

“When a country opens a safeguard investigation into a Vietnamese product, it means Vietnam’s increasing exports of the product are putting pressure on the country’s domestic production,” he explained.

Trade remedies are a tool to protect domestic production and, as such, Vietnam is imposing trade remedies on the fertilizers, steel and other products of several countries.

Source: https://english.thesaigontimes.vn/79115/trade-remedies-imposed-on-vietnamese-goods-surge-.html

Continue Reading

Business

Handover of US$30-million GPPD battery factory in Binh Phuoc

Published

on

A ceremony was held on October 19th, 2020 at Becamex Industrial Park in Binh Phuoc Province to hand over the GPPD factory project from the general contractor WorldSteel Group to GPPD Energy Co., Ltd. as the investor.

GPPD factory project, invested by GPPD Energy Co., Ltd. with 100% investment capital of Singapore, is built in Becamex Industrial Park in Binh Phuoc. GPPD Pte Co. boasts a batterry manufacturing history spanning 66 years and has the most advanced, fully automatic alkaline battery production line in the world. In Vietnam, this is the first mercury-free manganese zinc alkaline battery factory, which comes with very high requirements on construction and finishing techniques.

The factory covers an area of over 30,000m2 with a total investment of US$30 million, and has a total capacity of 936 million products/year, including phase-1 capacity of 336 million products a year and phase-2 output of 600 million products a year.

Especially, when the GPPD factory comes into operation, it will contribute significantly to the economic development of Binh Phuoc Province in terms of job creation for local workers, tax payment and supply chain development.

Representative of GPPD company – Ms. Huang Xiao Yun – Chairman (Left) – Representative of WorldSteel Group – Mr. Nguyen Khanh Lam – Chairman and CEO (Right) shake hands during the signing ceremony.

This project is assumed by WorldSteel Group as the general contractor. Although the early and mid-2020 project implementation phase was an extremely difficult time not only in Vietnam but all over the world as the extremely complicated Covid-19 epidemic affected most respects of life, WorldSteel’s team have focused on the highest service spirit, best control, excellent operation to ensure progress and quality for each work item.

Representative of the investor – Ms. Huang Xiao Yun, General Director of GPPD Energy Co., Ltd., stated at the ceremony:

On behalf of the GPPD, I would like to express my sincere gratitude to all WorldSteel employees, also to the Government of Vietnam and Becamex Industrial Park for their help. Our head office in Singapore is also very fortunate to invest in Vietnam. Today, Vietnam’s first alkaline battery factory has been established. We have 66 years of battery manufacturing history and have the world’s most advanced, fully automated alkaline battery production line. Clean batteries produced will fill gaps in the Vietnamese battery market and create green energy for Vietnam. We will also train outstanding Vietnamese industrial workers to contribute to local technology innovation and industrial development.

Representatives of both sides conduct the opening ceremony.

In addition, WorldSteel Group in Vietnam is known as the first company in Vietnam and Asia to achieve the US IAS AC472 certificate, an important certificate demonstrating the ability to meet stringent quality standards in the field of steel structures for industrial buildings according to American quality standards.

An overview of the project completed by WorldSteel Group.

World Steel Group is increasingly asserting its position in the domestic and international markets by developing many key projects including Hoa Phat Iron and Steel Complex project, CPV Food – Binh Phuoc Becamex, the items in the Long Son Petrochemicals project, and different stages of Tongwei Group’s projects in Tien Giang and Hai Duong.

It has also assumed overseas projects such as Thailand 7-Eleven project, Philippines Coca Cola Warehouse project, Steel Bridge in Singapore, and especially projects in the US market. These projects have received the investor’s trust, praise and appreciation for the quality of the work, construction progress and implementation capacity.

Source: https://english.thesaigontimes.vn/79112/handover-of-us%2430-million-gppd-battery-factory-in-binh-phuoc.html

Continue Reading

Trending