Vietnam economy

Addressing the event, Mexican Ambassador to Vietnam Sara Valdes Bolano said that both Mexico and Vietnam are well-known for agricultural products. Mexico can supply Vietnam with high quality products at reasonable prices, she said. Mexico is now the world’s 15th biggest food exporter and the biggest avocado producer, she noted, adding that Mexico is also famous for strawberry, banana and beef. The country’s food production growth reached 13 percent in 2017, the ambassador noted. The Sagarpa and the Ministry of Agriculture and Rural Development of Vietnam have worked together to finalise a memorandum of understanding on plant protection and food products, and another on researching and importing fresh products, she said. The signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is expected to promote the trading of agricultural products between the two countries, said the ambassador. A Sagarpa representative said that Mexico has … [Read more...] about Vietnam, Mexico seek partnership in food industry

North Korean leader Kim Jong Un visits a newly built sports goods factory in Pyongyang in this undated photo released by North Korea's Korean Central News Agency (KCNA). Reuters/KCNA North Korean leader Kim Jong Un reportedly wants to follow a "Vietnam-like" opening of the  country's economy.  Some analysts doubt that's possible given the country's troubled economic past and nature of the Kim regime. It's also unclear if and when the US will lift sanctions on Pyongyang, which has gone back on vows to denuclearize before.  Could North Korea's economy, the most isolated in the world, ever follow in the footsteps of Vietnam's? Even as Pyongyang warms up to the leader of the free world, some analysts doubt it. Seoul-based Maeil Business Newspaper reported Kim Jong Un said during a private summit with South Korea that he saw a "Vietnam-like" opening of the country, probably referring to Hanoi in 1986. Vietnam's ruling communist party dropped collectivism to … [Read more...] about North Korea reportedly wants a ‘Vietnam-like’ debut to the world economy

The capital was poured into 1,362 new projects and 507 existing ones and used to contribute capital and buy shares in domestic companies, said Deputy Minister of Planning and Investment Nguyen The Phuong at a conference on technology transfer in the FDI sector in Hanoi on June 25. According to him, after 30 years Vietnam of opening its door to foreign investors, the FDI sector has become an important part of the economy. To date, the country has attracted nearly 26,000 projects with a registered capital of 326 billion USD. Disbursement is estimated at 180 billion USD. Foreign investment accounts for 25 percent of the country’s total investments and contributes 20 percent of GDP. Last year, the sector contributed nearly 8 billion USD to the State budget, 14.4 percent of total revenue. At present, 58 percent of foreign investments focus on processing and manufacturing, generating half of industrial production value. Along with creating jobs and increasing the quality of human … [Read more...] about FDI registered for Vietnam exceeds US$20 billion in H1

Of the figure, nearly US$380 million was used to buy vegetables, up 36.5% from last year, while more than US$980 million was spent on importing fruit, up 0.5% against the same period last year. Thailand was the largest supplier of fruit and vegetables to Vietnam, accounting for 43.3% of total imports. China was second, making up 23.1% of imports. Since the beginning of the year, imports of fruit and vegetables in most markets have grown, with the exception being Thailand. The US has enjoyed the strongest growth of 86%, trailed by the Republic of Korea (up 82%) and Chile (up 73%). It’s noteworthy that despite being the largest supplier, imports from Thailand dropped more than 17.4% during the first nine months of this year. In the opposite direction, Vietnam’s fruit and vegetable exports are estimated to be at US$3.3 billion in the first 10 months of 2018, up 15.5% from the first 10 months of 2017. VOV Related news Fruit, vegetable exports valued at US$3.3 billion Fruit … [Read more...] about Vietnam spends over US$140 million per month on importing fruit and vegetables

The National Assembly has issued a resolution on State budget estimates for 2019, in which total State budget collection will likely reach over 1.411 quadrillion VND (60.67 billion USD), while the total spending will hit more than 1.633 quadrillion VND. National Assembly deputies press button to approve resolution on State budget estimates for 2019 at the 14th NA's sixth session Budget overspending is estimated to reach 222 trillion VND, or 3.6 percent of the gross domestic product (GDP), in which central budget overspending will be 209.5 trillion VND and local budget overspending 12.5 trillion VND. The total state loans will top 425.2 trillion VND.  The legislature agreed to use 10.38 trillion VND left from the central budget in 2017 to offset lower State and local budget collections and assist localities lacking funds to pay salaries. As much as 138.5 billion VND funded by the World Bank will be used for banking management and the modernisation project during the 2016-2020 … [Read more...] about Vietnam’s state budget collection forecast to surpass $60 billion in 2019