Vietnam’s economy – a bright spot in volatile world: gov't meeting
Removing bottlenecks for local production and business activities must receive top priority so as to promote the economic development, Prime Minister Nguyen Xuan Phuc said at the monthly government meeting on December 2.
Prime Minister Nguyen Xuan Phuc at the monthly government meeting on December 2. (Photo: VNA)
Hanoi (VNA) – Removing bottlenecks for local production andbusiness activities must receive top priority so as to promote the economicdevelopment, Prime Minister Nguyen Xuan Phuc said at the monthly governmentmeeting on December 2.
Reports from relevant ministries and sectors showed that the Vietnamese economycould expand 2.5-3 percent in 2020, while many international organisationsforecast it could grow 2.5-2.8 percent in the year, the PM added.
Amidst complicated developments of the COVID-19 pandemic, Vietnam remains abright spot in the global economy thanks to its positive economic signs duringJanuary-November, including stable macro economy and low inflation rate.
In the 11-month period, trade surplus swelled to a record of 20.1 billion USD,he said, adding 31 groups of commodities joined the over-one-billion-USD club,accounting for 92 percent of the total export revenue.
Disbursement of public capital was pushed ahead, reaching 79.3 percent of theyearly plan and up 34 percent as compared to the same time last year, he said.
PM Phuc laid stress on robust industrial production, which grew 9.2 percentyear-on-year, and the upwards trend of trade and service activities inNovember, with total retail sales of goods and services in the month rising by8.5 percent.
At the meeting, PM Phuc also recalled the success of the 37th ASEAN Summit andrelated meetings, including the adoption of record 84 documents and signing ofthe Regional Comprehensive Economic Partnership (RCEP) that creates a marketcovering nearly half of the world’s population, or about 2.2 billion people.
Regarding the settlement of consequences of natural disasters and floods, theGovernment took timely response to emergency cases, and granted nearly 16,000tonnes of rice and some 1.3 trillion VND to support flood-hit region.
Regarding the recent COVID-19 community infection case, he underlined the needto quarantine, and emphasising the definition of the cause, and strictpunishment for violations of COVID-19 prevention rules committed byindividuals. He also asked localities nationwide to stay vigilant to preventthe pandemic.
In addition, he asked relevant authorities to ensure safety and success for theupcoming important events in December, such as the second National Congress ofVietnamese Ethnic Minorities, and the 10th National Patriotic EmulationCongress./.
Promoting the development of science and technology as well as digital economy is a wise choice for Vietnam to achieve an annual average economic growth rate of 7 percent during 2021-2030, according to experts.
Vietnam will be one of the few nations worldwide to record positive economic growth in 2020 despite a global collapse in trade, travel and investment caused by the COVID-19 pandemic, according to an article recently published by the English language news media publishing group Asia Times.
The Consumer Price Index (CPI) edged down 0.01 percent month-on-month in November on the back of weakening global fuel prices and declining electricity and water prices in the country, according to the General Statistics Office (GSO).
The Consumer Price Index (CPI) in Ho Chi Minh City rose by 0.06 percent in November from the previous month, raising the total CPI rise in the 11-month period to 2.94 percent, according to the municipal Statistics Office.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
Prime Minister Nguyen Xuan Phuc at the monthly government meeting on December 2. (Photo: VNA) 
