EXPORT - IMPORT
- As of late June, total trade turnover valued US$162.57 billion, up 2.4% or US$3.76 billion against the same period last year. In the first half of 2016, Viet Nam ran a trade surplus of nearly US$1.7 billion. Total export turnover was over US$ 82.13 billion, up 5.7% or nearly US$4.44 billion against the same period last year. (mpi.gov.vn, July 19, 2016)
- Vietnam’s rice export is estimated to drop to 5.65 million tonnes in 2016, down 14% against the previous year and 800,000 tonnes lower than initial forecast. At present, Vietnam’s big rice importers like the Philippines and Indonesia are showing no intention of buying more rice. Meanwhile, the purchasing power of China, which accounts for nearly 35 percent of Vietnam’s export volume, is declining. (gdt.gov.vn, July 19, 2016)
FOREIGN DIRECT INVESTMENT (FDI)
- As many as 88 foreign direct investment (FDI) projects with a total registered capital of 2.26 billion USD have landed in the central coastal province of Thua Thien-Hue so far, making the locality the 6th most attractive destination for foreign investors in the central region. (mpi.gov.vn, July 20, 2016)
VIETNAM’S RECENT ECONOMIC DEVELOPMENT
- The World Bank has cut its 2016 growth forecast for the Vietnamese economy by a further two percentage points to 6.0% as the country’s economic activity moderated in the first half of the year. The economy grew by 5.52% in the first six months of 2016, far less than the 6.3% expansion recorded in the same period last year, according to official data. According to the biannual Taking Stock report, price pressures are still under control in spite of an uptick in inflation in recent months.(en.nhandan.com.vn, July 19, 2016)
July 13 – July 20, 2016
- The Ministry of Planning and Investment has issued
a circular guiding inspection and assessment of foreign direct investment across the country. Circular 09/2016/TT-BKHDT aims to ensure foreign- invested firms strictly observe relevant regulations and timely detect violations.
(gdt.gov.vn, July 19, 2016)
- Viet Nam Airlines has been certified as a four-star airline by SkyTrax at the annual World Airline Award in London, the United Kingdom (UK) on July 12.
(chinhphu.vn, July 13, 2016)
- VN, U.S. sign agreement on anti-dumping tariffs on
shrimp on July 18, in Washington D.C., the U.S. Accordingly, Minh Phu Group, a Vietnamese leading shrimp export, will no longer be subjected to the anti- dumping tariffs and get back their duty deposits in recent years. (chinhphu.vn, July 19, 2016)
- Additional tariffs have been officially announced for imported steel billets and rods after an investigation of the Ministry of Industry and Trade found that cheap imports hurt the local industry. The rate for steel billets will be 23.3% in the first year, before being lowered gradually in the following years. Meanwhile, the rate on steel rods will be adjusted up to 15.4%, starting this August, and then start declining after March 21 next year. (gdt.gov.vn, July 19, 2016)
- Ho Chi Minh City’s tax revenues topped VND96.6 trillion (US$4.3 billion) in the first half, with tax revenues from the private sector rising and that from the state sector falling. The amount was 9.5% up year-on-year and around half of this year’s target of VND195.8 trillion, according to the city tax agency. Beer, tobacco and real estate firms were the major contributors. (gdt.gov.vn, July 19, 2016)
ECONOMY
TAX
