Experts attributed a sharp decline in car sales to the Lunar New Year (Tet) holidays, impacting consumers' purchasing power. Consumers tend to wait for new models and releases at this time of year, contributing to lower sales during this period.
Amid Mexico’s increasing import taxes on countries without a Free Trade Agreement (FTA), Vietnam is gaining recognition as a promising trade partner for this Latin American nation.
Indonesia recorded deflation for five straight months, from May to September, considered the worst since the seven-month deflationary period in 1999, when it was hit hard by the Asian financial crisis, according to the Central Statistics Agency (BPS).
Enterprises should spot their opportunities and risks on the basis of specific domestic and international economic development scenarios in the next 12 months to sketch out, and rationally adjust their business strategies amidst global headwinds, experts said at a business forum held in Ho Chi Minh City on August 22 by Forbes Vietnam and several organisations.
Domestic consumption is likely to lose steam as consumers face uncertainties, along with changes to shopping trends. Meanwhile, businesses have reported it's increasingly difficult to maintain purchasing power and reduce inventory buildup, said industry insiders and economists.
Experts gathered at the Vietnam wood and furniture forum in Ho Chi Minh City on March 6 to discuss ways ahead for the sector which is facing formidable challenges posed by global economic slowdown, widespread inflation and conflicts.
Vietnamese enterprises and authorities are taking action right from the start of 2024 to promote industrial production though many challenges remain in the global economy.
The Ministry of Industry and Trade (MoIT) has ordered local firms to ensure sufficient supply of goods of affordable prices for the upcoming Tet (Lunar New Year) holiday, as demand on this occasion is forecast to increase 10% from the same time last year.
Purchasing power for the traditional Lunar New Year (Tet holiday) will increase 10% from the same time last year, according to the Ministry of Industry and Trade.
Vietnam’s economy has made good recovery since the beginning of this year; however, inflation risks could weight on the country’s growth outlook, according to experts.
Reaping numerous records in production, the agriculture sector continues to maintain its target of 54-55 billion USD in export turnover this year, despite facing difficulties due to the negative impacts of reduced purchasing power in many large markets.
Lower tariffs, an easy trading environment, convenient logistic services, and a wide range of materials for manufacturing furniture make Vietnam a promising hub of furniture manufacturing, according to India-based market research company Mordor Intelligence.
Vietnam's exports of agro-forestry-aquatic products are forecast to rebound in the second quarter as import market economies have shown signals of recovery, insiders have said.
Retail stocks have dropped significantly due to the decline in business results in the context of the global economic recession and high interest rates.
Ho Chi Minh City recorded a year-on-year rise of 5.7% in total retail sales of goods and consumer service revenue in January, according to its Department of Industry and Trade.
