EXPORT - IMPORT
- Viet Nam enjoyed a trade surplus of US$1.8 billion in the first seven months of the year. In July, Viet Nam gained US$14.7 billion from exporting while its import turnover obtained US$14.6 billion, generating a surplus of US$100 million. The total export and import turnover in seven months reached nearly US$193 billion, of which the export and import value achieved respective figures of US$95 billion and US$96.8 billion, down 0.9% and up 5.3% compared to the same period last year. (chinhphu.vn, July 27, 2016)
- Agro-forestry-fishery shipments abroad brought home an estimated 17.8 billion USD in the first seven months of the year, a year-on year surge of 5.1 %. During the period, some 2.93 million tons of rice were sold abroad and yielded 1.32 billion USD, down 18.4 % and 14.4 % in quantity and value from the same time last year. China remained Vietnam’s largest rice importer with more than 35% of the market share, followed by Indonesia with 11.6 %. (mpi.gov.vn, July 27, 2016)
FOREIGN DIRECT INVESTMENT (FDI)
- The northern province of Vinh Phuc has attracted 3.43 billion USD in foreign direct investment (FDI) with 222 projects as of mid-July, 2016. Although ranking third among the locality’s largest foreign investors, Japan takes the lead in capital disbursement, business operation efficiency and contribution to local budget.
Japan is running 26 projects valued at over 786 million USD in Vinh Phuc.
(gdt.gov.vn, July 22, 2016)
VIETNAM’S RECENT ECONOMIC DEVELOPMENT
- The Government recently issued Resolution 63/NQ-CP on an action program to realize the National Assembly’s Resolution on socio-economic development plan in the 2016-2020 period. (mpi.gov.vn, July 27, 2016)
- The July consumer price index (CPI) in Ha Noi rose 0.11% compared to June and 2.6% year on year. (chinhphu.vn, July 26, 2016)
July 20 – July 27, 2016
- Local textile and garment enterprises are at risk of
missing their export target for 2016 due to reduced competitive ability and lack of export orders. The Việt Nam Textile and Apparel Association (VITAS) proposed that the Government not increase minimum wage in 2017 and only increase it once every two or three years to create favourable conditions for competition. (gdt.gov.vn, July 25, 2016)
- The European Chamber of Commerce in Vietnam (EuroCham) released the Business Climate Index (BCI) for Q2 on July 21, which is posted at 77 indicating positive sentiment from EuroCham members on the local business environment. (gdt.gov.vn, July 22, 2016)
- The World Bank and the State Bank of Vietnam signed legal agreements for 3 projects, worth US$371 million in total, to support with economic competitiveness, climate change response and green growth, and water supply and waste water treatment. (worldbank.org, July 25, 2016)
- The Department of Overseas Labour has reported
that 54,131 Vietnamese workers went to work abroad in the first 6 months of this year, accounting for 54.13% of the year’s plan. Taiwan (China) is the market receiving the largest number of Vietnamese laborers (over 29,200 laborers), followed by Japan (over 15,600), the Republic of Korea (over 4,000), Malaysia (over 1,600), Saudi Arabia (over 1,700 laborers), and others.
(chinhphu.vn, July 26, 2016)
- The Ministry of Construction has issued Circular
No.14/2016/TT-BXD on guiding procedures for the grant of contractor licenses and management of foreign construction contractors in Viet Nam, which will come into effect from August 15, 2016. Accordingly, foreign contractors are allowed to launch construction activities in Viet Nam only when they are granted with construction licenses by Vietnamese authorities.
(mpi.gov.vn, July 27, 2016)
ECONOMY
LABOUR
CONSTRUCTION