Manufacturing, processing maintains strong growth in Q1
Vietnam’s industry grew 6.5 percent year on year in the first three months of 2020, with the manufacturing and processing sector expanding 9.45 percent and remaining as the main engine of the economic growth.
Hanoi (VNA) – Vietnam’s industry grew 6.5 percentyear on year in the first three months of 2020, with the manufacturing and processing sector expanding 9.45 percent and remaining as the main engine of the economicgrowth.
The three-month manufacturing and processing expansion washigher than 7.12 percent growth of last year’s Q1, but lower than 14.3 percentand 11.52 percent of 2018’s and 2019’s same period, respectively, according tothe General Statistics Office of Vietnam (GSO).
Significant growth was reported in some other sectors,including metal production (30.9 percent), beverage production (16.9 percent),electric device manufacturing, and mining of metal ores (both 12.5 percent).
Sharp decline, by contrast, was seen in exploitation ofcrude oil and natural gas (13.7 percent), mining support services (17.5percent), wastewater drainage and treatment (5.6 percent) among others.
The GSO pointed out several key industrial products thatexperienced high growth from January-March, such as rolled steel (54 percent), phoneparts (47.9 percent), television sets of all type (30.9 percent), automobile (17.7percent), and formula milk (17.5 percent).
It also recorded 22.5 percent increase in the industry’s inventory,with the highest level seen in manufacture of rubber-made products and plastics(91.6 percent), manufacture of coke and refined petroleum products (85.7percent), and metal production (68.1 percent)./.
Vietnam’s gross domestic product (GDP) in the first quarter of 2021 is estimated to rise 4.48 percent, higher than 3.68 percent recorded in the same period last year, the General Statistics Office (GSO) General Director Nguyen Thi Huong reported at a press conference on March 29.
The processing and manufacturing sector took the lead in attracting foreign investment in the first three months to March 20, absorbing over 5 billion USD, or 49.6 percent, announced the Foreign Investment Agency (FIA) at the Ministry of Planning and Investment.
In an era of protectionism where the jitters of COVID-19 are still being felt by many economies, Vietnam is soaring to become one of the prime locations for export manufacturers, said a recent article published on the Hong Kong-based global industry analysis firm Counterpoint.
Jinko Solar Technology Ltd of Hong Kong on March 31 was granted a licence for investing in a photovoltaic cell technology project worth 500 million USD in the northern coastal province of Quang Ninh.
Vietnam’s manufacturing sector gained growth pace at the end of the first quarter, with marked increases in output, new orders and exports, leading to stronger rises in employment and purchasing activity, according to a report by the London-based global information provider IHS Markit.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
Vietnam has so far attracted 43,346 valid FDI projects with a total registered capital of 517.14 billion USD. The accumulated disbursed capital is estimated at nearly 331.46 billion USD, accounting for 64.6% of the total registered capital.
More than a product showcase, Vietfood & Beverage – Propack Vietnam 2025 is designed as a comprehensive ecosystem where businesses, experts, and consumers can share knowledge, explore technologies, and connect for collaboration.
Both sides expressed their hope that the outcomes of the discussion will continue to improve the efficiency of customs clearance activities at the customs clearance points and dedicated transport routes of the Huu Nghi – Youyi Guan international border gate pair.
The maximum retail price of E5 RON92 petrol has increased by 207 VND to 19,608 VND (0.75 USD) per litre while that of RON95-III rose by 234 VND to 20,074 VND per litre.
Illustrative photo. (Source: VNA)
