Vietnam’s economy sees recovery momentum in Q2: HSBC
Despite a gloom in the Purchasing Managers’ Index (PMI) in the region, Vietnam’s PMI continued to expand, reaching a ten-month high of 52.7 in May from 52.3 in the previous month.
Hanoi (VNA) – 🎐Despite a gloom in the Purchasing Managers’ Index (PMI) in the region, Vietnam’s PMI continued to expand, reaching a ten-month high of 52.7 in May from 52.3 in the previous month.
According to the latest report on the prospects of Vietnam's market released by t he Hong Kong and Shanghai Banking Corporation (HSBC), economic indicators in the second quarter of this year showed a strong recovery of the national economy.
The number of new orders rose sharply, indicating that manufacturing operations are likely to grow in June. The index of industrial production and exports also recorded consistant growth in the period.
The lingering El Nino will likely continue to affect agricultural output, the report said, however, it also forecasts that the strong development of manufacturing industries and services will lift the GDP growth in this quarter to 6.1 percent.
HSBC also kept its GDP forecast in the whole year of 2016 unchanged at 6.3 percent.
The bank put forward medium-term solutions on financial reform in Vietnam, including broadening the base of profit, and adjusting accounting methods in line with international standards.
Administrative measures to restrain tax evasion, the announcement of tax fraud cases and the simplification of the VAT refund process will be helpful solutions, the report stated.-VNA
Vietnam has strengthened its position, and could become the world’s 10th biggest exporter by 2050, with its export value reaching 1,437 billion USD, the HSBC forecast in its recent report.
Analyst Jayant Rikhye from the Hong Kong and Shanghai Banking Corporation (HSBC) has stated that underestimating the Association of Southeast Asian Nations (ASEAN) would be a mistake.
HSBC attributed the resilience of Vietnam’s manufacturing sector to the country’s rising attractiveness as a manufacturing hub, which helped reel in record FDI in 2015 and should boost exports in 2016
Some foreign economic and financial organisations have maintained an optimistic outlook for Vietnam’s economy in 2016, in spite of the recent slower than expected GDP expansion.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
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.
Illustrative image (Source: VNA)
