[Round-up] PM Wants Vietnam to Become New Economic Tiger in Asia

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Vietnam Aims to Become New Economic Tiger in Asia: PM
Vietnam needs to consistently pursue the productivity-based growth model and innovation to become a new economic tiger in Asia, said Prime Minister Nguyen Xuan Phuc at a dialogue with delegates attending the Vietnam Economic Forum 2018 in Hanoi on January 11.
A huge challenge for the Vietnamese economy is how to ensure rapid and sustainable development, thus escaping the middle income trap, Phuc said while calling for greater efforts by ministries, sectors and localities to achieve this year"s 6.7% growth target through improving the quality of growth and sharpening competitiveness of the national economy.
PetroVietnam Told to Thoroughly Deal with Ailing Projects
Deputy Prime Minister Trinh Dinh Dung attended a meeting on January 12 of the Vietnam National Oil and Gas Group (PetroVietnam), asking it to thoroughly address problems of five ailing projects in 2018, according to the Vietnam News Agency.
These projects are the Dinh Vu polyester fibre factory, the Dung Quat shipbuilding factory, and three bio-fuel plants.
Leather, Footwear Sector Targets $20 Billion in Exports
Vietnam sets a target of earning between $19.5 billion and $20 billion from leather and footwear exports in 2018, up 10% from 2017, heard a conference in January 12.
According to the Vietnam Leather, Footwear and Handbag Association (LEFASO), the leather and footwear industry is expected to grow 5% from last year, with the localization rate reaching 55%. Footwear and handbags will remain Vietnam’s top four and 10 exports, respectively.
Government Inspectorate Detected Series of Violations in ACV
The Government Inspectorate has just announced finding several violations related to asset and capital usage and management, equitization, and divestment at Airports Corporation of Vietnam (ACV).
As a result, the Government Inspectorate recommended the relevant agencies to request the company to explain or investigate the total loss of VND3.652.5 trillion ($161 million) and the handling of the 7,225ha area. Deputy Prime Minister Truong Hoa Binh has agreed with this conclusion.
U.S. Says Vietnam Should Have Notified Eight State Firms to WTO
The United States has notified the World Trade Organization of eight Vietnamese firms it says should have been registered as state trading enterprises under the global trading rules, a U.S. filing published by the WTO showed on Thursday.
The United States said it was notifying the WTO on Vietnam’s behalf, a so-called “counter-notification”, because Vietnam had failed to do so.
HCM City, Aomori Foster Hi-Tech Agricultural Cooperation
Ho Chi Minh City hopes to have more cooperation activities with Japanese localities, including Aomori prefecture, to develop hi-tech agriculture, said Chairman of the municipal People’s Committee Nguyen Thanh Phong at a meeting with the Mayors of Hachinohe, Aomori, and Mutsu cities of Aomori prefecture, who have been in HCM City to attend the “Japan Aomori Food Fair 2018”.
Japanese products, including Aomori apples, have become popular among Vietnamese consumers and those in HCM City as well, Phong said.
HCM City Retail Sales Grow More Than 11% in 2017
HCM City’s retail sector has been growing steadily, achieving an 11.3% increase by the end of 2017 compared to 2016, reaching 594.65 trillion dong ($26.2 billion), according to the city’s Department of Industry and Trade.
The city had 207 supermarkets in 2017, an increase of 18 compared to 2016. At least 116 of them are domestic supermarkets, while 91 are foreign-owned.
In addition, there were around 43 shopping malls in 2017, three more than in 2016. Fourteen of them are foreign owned. There were around 1,100 convenience stores in 2017, 218 more compared to 2016.
Monthly Motorcycle Sales Hit 270,000
Over 270,000 motorcycles are sold in Vietnam on average every month in 2017, nearly the volume of car sales in the country in the whole year, according to the Vietnam Association of Motorcycle Manufacturers (VAMM), which comprises of five companies controlling a 95% share of the local market.
Foreign Buying Lifts Vietnam’s Stock Benchmark to Fresh High
The benchmark VN Index of the Hochiminh Stock Exchange, Vietnam’s main bourse, on Friday ended up 0.19% at 1,050.11, marking a new record over the past ten years, as foreign institutional investors picked up large-cap stocks despite profit-taking pressure from domestic players.
This is the fifth higher settlement of the index, which has risen 3.7% over the past five days, exchange data showed.
Vietnam’s Forex Reserves Climb to Fresh Record of $54.5 Billion
The State Bank of Vietnam (SBV), the country’s central bank, has been continuously buying in hard currencies to bring its reserve fund to a new record high of $54.5 billion presently, according to its Governor Le Minh Hung.
Hung unveiled the information at a conference held by Hanoi-headquartered Bank for Foreign Trade of Vietnam, known as Vietcombank, on Friday morning.
StanChart Exits Vietnamese Bank ACB after 12-Year Link
Standard Chartered Bank has unloaded its entire holding in Hanoi-based Asia Commercial JS Bank (ACB) 12 years after becoming a strategic shareholder of the Vietnamese lender.
Standard Chartered APR Limited and Standard Chartered Bank (Hong Kong) Limited have transferred a combined 154.1 million shares, equivalent to a 15% stake, they held of ACB to four foreign investors, according to an announcement by the Vietnam Securities Depository (VSD).
Vietnam’s Overall Bad Debt Contracts to 7.91%
Total non-performing loans (NPLs) in the Vietnamese banking system accounted for 7.91% of total credit as of the end of last year, sliding from 10.08% a year earlier, a central banker has said.
A resolution adopted by the National Assembly, the country’s supreme legislative body, in May and effective in August 2017, lent much support to the handling of bad debt, said Nguyen Kim Anh, deputy governor of the State Bank of Vietnam (SBV), at banking conference in Hanoi earlier this week.

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Tin liên quan
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Cùng dòng sự kiện
Từ khóa: Nguyen Xuan Phuc, PetroVietnam, HCM City, VN Index, ACB, Standard Chartered, State Bank of Vietnam, forex
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