Retail sales revenue increases 10 percent in seven months

In July alone, the figure exceeded VND 327.6 trillion (USD 11.4 billion), up 1.19 percent compared with the previous month.  Customers shop for fresh fruit and vegetables at Aeon Mall in Hanoi’s Long Bien district.  Revenue of the group of food and foodstuff, accommodation and catering services saw noted increases from 10.7 percent to 11.6 percent while that of cultural and educational services experienced the lowest rise of 4.84 percent, reflecting that the demand for such services remained stagnant due to their online prevalence.  The remaining groups expanded from 7.75 percent to 9.6 percent. Disregarding price hikes, the total retail sales and services revenue stood at 8.7 percent, higher than the rate recorded in the first half of this year.  Experts forecast that in August and the remaining months of this year, the goods market will continue to be affected by rains and floods, which will push up prices of products and services.  However, thanks to the good supply sources and close coordination in controlling prices of products managed by the State, there will be no sharp increases in prices, they said.  To continue effectively implementing solutions stimulating production, ensuring supply sources, curbing inflation and stabilizing the macro economy, they suggested the People’s Committees of provinces instruct local households to have suitable breeding plans.  Specifically, sugar firms should reduce the price and improve their competitiveness in the context that the import tax will be cut to almost zero percent in 2018, they said.  The…... [read more]

H1 economic growth of HCMC higher than in previous years Van Nam By Van Nam - The Saigon Times Daily HCMC Chairman Le Hoang Quan (standing) presides over a conference June 23 on the city’s socio-economic performance in H1 - Photo: Van Nam HCMC – Gross domestic product (GDP) growth of HCMC in the first six months of 2014 is estimated at 8.2% compared to the 8.1% and 7.9% in the same period in 2012 and 2013 respectively. Speaking at a conference on June 23 on the city’s socio-economic performance in the first half, Thai Van Re, director of the city’s Department of Planning and Investment, said that the city’s GDP has hit nearly VND379 trillion during the period. Re cited economic experts as noting that the city has gradually got back to the high-growth path. Total retail sales revenues have reached over VND312 trillion, up 12.8% year-on-year. Its export revenues have grown 5.7% to nearly US$14.2 billion while import spending has dropped 2.2% to US$12.4 billion. According to a report of the city’s government, imports of many commodities from China like materials, garment and textile, insecticide, steel and machine will be impacted by tensions in the East Sea. The economic and political situation in the region and the world will see complicated developments in the final half of this year and early next year, causing adverse impacts on economic growth of the nation and HCMC. Notably, sales to China, a large export market, will likely be narrowed down, the…... [read more]

City still faces many problems and challenges Van Nam By Van Nam - The Saigon Times Daily HCMC – Though key economic indicators have turned positive this year, HCMC is still coping with a host of problems and challenges, said Vo Van Thuong, permanent deputy secretary of the city’s Party Committee. Low labor productivity, growth quality and competitiveness are among the problems, Thuong told the second meeting of the tenth HCMC Party Committee on December 1. He said urban problems like traffic congestion, flooding and environmental pollution have remained as pressing as ever. Thuong noted that in addition to opportunities, Vietnam in general and HCMC in particular will have to face a lot of challenges which will be brought about by bilateral and multilateral trade agreements the country has signed and will sign. This year, the city expects its gross domestic product (GDP) to grow 9.8% to VND961.96 trillion (around US$42.76 billion), a three-year high. Its gross regional domestic product (GRDP) growth is put at 7.72%. The respective GDP growth rates were 9.2% in 2012, 9.3% in 2013 and 9.6% last year, according to the city’s report on socioeconomic performance in 2015. Total retail sales revenues from goods and services in the city this year are forecast to pick up 11.4% to more than VND683 trillion. The city’s consumer price index (CPI) would edge up about 1%, lower than the nation’s overall figure of around 2%. HCMC would export nearly US$27 billion worth of merchandise this year, up 9.9% against…... [read more]

PM urges industry and trade to restructure Prime Minister Nguyen Xuan Phuc urged the industry and trade sectors to accelerate restructuring and renew management towards a market-based economy and strive to maintain export growth at at least 10 per cent. Phuc made his comments at the Ministry of Industry and Trade's conference held yesterday to review works in the first half of this year and discuss tasks for the remainder of the year. Under discussion at the conference were a number of problems including a slowdown in industrial production, rampant food safety violations, weak management towards multi-level marketing and fake fertilisers. The implementation of development strategies for industries such as steel, automobile and mechanical production were not as efficient as expected while efforts to promote the dynamism of the business community amid rapid international integration remained inadequate, Phuc said. "All of these problems press the Ministry of Industry and Trade to hasten restructuring, especially renewing management approaches towards improving productivity through innovations and application of high technology," Phuc said. Opportunities from free trade agreements (FTAs) were there, but institutional reforms and policies must be raised timely to enable firms to grab the available opportunities, Phuc said. Phuc urged the ministry to create favourable conditions to promote the participation of the private sector in business and production. "Most importantly, the sector must strive to maintain export growth at at least 10 per cent," Phuc said. "This is a Herculean task amid the slow recovery of the world economy," Minister of Industry…... [read more]

Viet Nam News HÀ NỘI - Most local enterprises are optimistic about production and business in the second half of this year, according to the General Statistics Office (GSO). About 55.4 per cent of local enterprises expected the production volume to increase by this year-end while 9 per cent said production volume would be reduced. Around 35 per cent predicted stability in production. With regard to production orders, 48.5 per cent of them expected orders to increase while 9.5 per cent of them estimated they would reduce. About 42 per cent of them said export orders would increase. The office said 48 per cent of local businesses expected the processing and manufacturing industry to improve, while 44 per cent thought production orders in the third quarter would increase against the second quarter. Meanwhile, 55.6 per cent of firms surveyed predicted their inventory of products would stabilise by the end of this quarter and 14.7 per cent hoped their inventory would be reduced. The office also reported the total retail sales and services and consumption revenue in the first six months of this year gained a year-on-year increase of 9.5 per cent to VNĐ1,720 trillion. Excluding inflation, this marked an increase of 7.5 per cent, lower than the 8.8 per cent increase in the same period last year, according to the GSO. In the first six months, retail sale revenues reached VNĐ 1,310 trillion, 9.8 per cent higher than the same period last year, accounting for 76.2 per cent of the…... [read more]

The information was announced in a workshop discussing challenges facing Viet Nam’s retail sector in the context of the international integration held in Ho Chi Minh City on June 28. As Viet Nam has joined a number of free trade agreements, including the Trans-Pacific Partnership Agreement and the EU-Viet Nam Free Trade Agreement, strong commitments to expanding the retail market and elimination of tariffs on commodities and retails will be launched. Viet Nam’s total retail sale revenue in 2015 reached nearly VND2,470,000 billion, accounting for 76.2% of the total retail and consumption revenue. Viet Nam’s retail market is seeing a number of prospects, President of the Viet Nam Retailers Association Dinh Thi My Loan said, adding that domestic retailers are being challenged by increasing competition stemming from international integration. The State needs to take appropriate support measures to accelerate the integration process of the businesses as well as orient the retail market to develop in a standard and sustainable way. By Viet Cuong... [read more]

VGP – Viet Nam’s economic prospects hailed; Ten-month FDI hits nearly US$19.3 billion; Trade deficit hits US$4.1 billion through October; Malaysia becomes second largest investor in Viet Nam are economic highlights from October 26-31. Illustration photo VN’s economic prospects hailed International organizations had positive comments on economic prospects for the 2015-2016 period for Viet Nam which is among countries that recorded a GDP growth rate of over 6%. The World Bank (WB) named major growth momentums in Viet Nam including consumption recovery, improved investment environment, and accelerated investment attraction. Ten-month FDI hits nearly US$19.3 bln Close to US$19.3 billion has been poured into a total 2,324 foreign direct investment (FDI) projects in Viet Nam since the beginning of this year. Of the amount, about US$12.42 billion was pumped into 1,658 newly-registered projects, up 24.8% against the same period last year. The remaining US$6.86 billion was added to 667 operational initiatives, up 83.2%. In the ten-month period, foreign investors disbursed US$11.8 billion, representing a year-on-year increase of 16.3%. Trade deficit hits US$4.1 billion through October Viet Nam's trade deficit through the end of October this year, increased to US$4.1 billion from US$3.9 billion in the first nine months. During the first 10 months, the total export value gained a year-on-year surge of 8.5% to US$134.6 billion, while the total import value had a year-on-year increase of 14.3% to 138.7 billion. Number of guest workers outstrips yearly target As of late October, Viet Nam sent 99,415 workers abroad (including 31,772 females), equivalent…... [read more]

PCF National Secretary visits VN National Secretary of the French Communist Party (PCF) Pierre Laurent has confirmed that the PCF always supports the Vietnamese Party, State and people in their national construction and defense in the past and at present. During bilateral meetings with Party General Secretary Nguyen Phu Trong and PM Nguyen Tan Dung in Ha Noi on October 27, the French official expressed his pleasure to return Vietnam in the light of positive developments in the relations between the two countries, which were elevated to strategic partnership in 2013. They agreed to carry out activities in 2020 on the occasion of the 100th founding anniversary of the PCF to which late President Ho Chi Minh was among the founders. PM attends Foreign Ministry’s Patriotic Emulation Congress PM Nguyen Tan Dung asked to consistently follow goals for national interests, active renovation, dynamism, and creation along with taking advantage of opportunities and making efforts to overcome shortcomings and difficulties to successfully protect the nation at the Patriotic Emulation Congress of the Ministry of Foreign Affairs in the 2011-2015 period. He required the diplomatic staff to stick to the Party and State’s diplomatic policies, work harder to gains more achievements in the diplomatic and international integration activities, contributing to creating a more favorable environment for fast and sustainable development. In the process of intensive international integration, the patriotic emulation in the diplomatic sector should be innovative and contribute to ensuring the international and regional peace, stability, cooperation and development, he asserted.…... [read more]

VGP – Total retails sale and services revenues in 10 months of 2015 were estimated at VND2.661 trillion, a year-on-year increase of 9.6%, according to the General Statistics Office. In October only, the retails sales and services revenue attained VND274,800 billion, up 1.4% against the previous month and up 6.7% compared to the same period last year. Of the figure, the revenues earned from retails sales, staying and restaurants and travel contributed VND211,000 billion, VND30,600 billion and VND2,800 billion while revenues from other services gained VND30,400 billion. The industrial production index in October rose 8.8% against the same period last year, including the growth of mines and ores (up 6.7%), the manufacturing and processing industry (up 9.1%), electricity production and distribution (up 12.3%) and water supply and waste management (up 9.4%). The industrial production index witnessed a year-on-year increase of 9.7% over the recent 10 months of the year. By Thuy Dung... [read more]

Vietnam strives to improve SOE equitisation efficiency Vietnam is grappling with inefficiencies as it works towards the equitisation of State-owned enterprises (SOEs). Vietnam has carried out continual reforms over the past two decades, reducing the number of SOEs from more than 12,000 in the 1990’s to the current 5,600, only 800 of which are completely owned by the State. However, the proportion of equitised funds at privatised firms is still limited, even less than 5 percent at some major groups. Minister of Planning and Investment Bui Quang Vinh said since 95 percent of the stake in those instances are owned by the State, their operations and administration remain unchanged despite their privatisation. Director of the Central Institute for Economic Management Nguyen Dinh Cung said the critical question is not the number of equitised SOEs but rather how to improve the management and use of the State capital at those firms as well as the efficiency of their administration, production, and business activities, he added. Minister Vinh said the SOE privatisation will not be efficient unless the presence of shareholders is increased and they are capable of changing the business administration. Many economists pointed to an excess of objectives set for SOEs as an obstacle to their performance. Meanwhile, almost all SOEs are operating in various fields and have complicated finances, demanding too much time to prepare and call for major investors. To enhance equitisation, the Ministry of Finance plans to deploy an array of measures such as pushing SOE equitisation…... [read more]

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