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☆ Weakening global demand hurts Vietnam's garment makers - industry official
▼ + stars: | 2022-11-07 | by ( Khanh Vu | ) www.reuters.com time to read: +2 min

HANOI, Nov 7 (Reuters) - Vietnam's garment industry is expected to face a decline in orders from its key markets over the next two quarters, the country's textile and apparel association said on Monday, amid high inflation that is dampening global demand. The country is among the world's largest manufacturers for brands like Nike, Calvin Klein, Mango, Zara and H&M. He added however that exports this year were still expected to reach the target of $43.0 billion-$43.5 billion. The weakening of the dong currency has also added to the difficulties faced by some garment makers, as imports of their raw materials are more expensive, he said. But he added that exchange rate impacts are limited as the garment industry is now registering a trade surplus.

☆ Vietnam will stick to target to keep inflation under control, PM says
▼ + stars: | 2022-11-05 | by ( Khanh Vu | ) www.reuters.com time to read: +2 min

HANOI (Reuters) - Vietnam will stick to its target to keep inflation under control and ensure macroeconomic stability, Prime Minister Pham Minh Chinh said on Saturday, as the economy faces fresh challenges. The central bank has this year raised its policy rates by a combined 200 basis points and allowed the dong currency to weaken against dollar. Vietnam’s stock market has fallen by more than 20% while the dong currency has lost 6% against dollar over the past three months. “It’s getting more difficult to manage the macro economy,” Chinh said. He said Vietnam will consider raising the national fuel storage capacity and domestic fuel production to avoid future fuel shortages.

☆ Vietnam PM says will keep aiming to control inflation, ensure macro-stability
▼ + stars: | 2022-11-05 | by ( Khanh Vu | ) www.reuters.com time to read: +2 min

HANOI, Nov 5 (Reuters) - Vietnam will stick to its target to keep inflation under control and ensure macroeconomic stability, Prime Minister Pham Minh Chinh said on Saturday, as the economy faces fresh challenges. "It's getting more difficult to manage the macro economy," Chinh said. Vietnam's gross domestic product is expected to grow 8% this year, faster than an expansion of 2.58% last year. Chinh said the government will take measures to ensure that the financial and real estate markets operate in a more transparent and effective manner. He said Vietnam will consider raising the national fuel storage capacity and domestic fuel production to avoid future fuel shortages.

☆ Vietnam to continue facing difficulties securing fuel supplies - minister
▼ + stars: | 2022-11-05 | by ( ) www.reuters.com time to read: +1 min

HANOI, Nov 5 (Reuters) - Vietnam will continue to face difficulties securing refined petroleum products, its industry and trade minister said on Saturday, as authorities scramble to avert a fuel supply crunch. Hundreds of petrol stations in Vietnam's largest cities have shut or limited sales in recent weeks, citing financial difficulties and tight domestic supplies. He said some fuel importers are also facing difficulties accessing bank loans to pay for their imports as they fail to meet banks' requirements. "Partial fuel disruption in the local market is threatening to continue at least until Nov. 11 when the finance ministry adjusts the costs for fuel importers," Dien said. Vietnam on Wednesday urged on its largest fuel trading firms to release stocks to ease concerns about a fuel supply crunch.

☆ Vietnam party chief to visit China's Xi next week
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

Vietnam's Communist Party's Generel Secretary Nguyen Phu Trong is seen in Hanoi, Vietnam April 2, 2018, Picture taken April 2, 2018. REUTERS/Kham/File PhotoBEIJING, Oct 25 (Reuters) - The chief of Vietnam's ruling Communist Party Nguyen Phu Trong will visit China next week on the invitation of President Xi Jinping, Vietnam's government said on Tuesday, in a rare overseas trip by the ageing leader. The visit to Beijing will take place from Oct. 30 to Nov. 2 the government said, without elaborating. Like Xi, Trong has also stayed on as party chief beyond the usual tenure of one or two terms, cementing his influence in a party traditionally governed by consensus among its politburo and powerful central committee. Vietnam and China are among the last five communist-ruled states in the world, along with Cuba, Laos and North Korea.

Last month, the Food and Agriculture Organization's global rice price index rose 2.2% to hit an 18-month high. "The international market has gone up and it will go up further," said Nitin Gupta, vice president for Olam India's rice business. Reuters GraphicsVietnam's unmilled rice output is forecast to hold flat to last year's 43 million tonnes, according to government data. Neighbouring Thailand is aiming to export 7.5 million tonnes this year, up about 7% from its previous target of 7 million tonnes, said Anucha Burapachaisri, a government spokesman. Meanwhile, Pakistan cannot capitalise on India's export curbs after severe flooding ravaged its crop.

☆ Vietnam economy seen growing 8% in 2022, beating official target - govt
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

HANOI, Oct 11 (Reuters) - Vietnam's economy is expected to grow 8% this year, beating an official target for an expansion of 6.0%-6.5%, the government said on Tuesday. Vietnam, a regional manufacturing hub, has seen its economy rebounding from the pandemic, with gross domestic product in the third quarter growing 13.67% from a year earlier. The government said it will pursue "a flexible and prudent" monetary policy during the rest of the year to ensure macroeconomic stability. Vietnam will aim for a growth of 6.5% and will consider an inflation target of 4.5% next year, the government said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Khanh Vu; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ Vietnam Q3 GDP growth up 13.67% y/y on rebound in manufacturing
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

The industrial and construction sector in the July-September period grew 12.91% from a year earlier, the General Statistics Office (GSO) said in a report. Meanwhile, the services sector expanded 18.86%, while the agricultural sector grew by 3.24%. Vietnam, however, is facing upward pressure on inflation, prompting its central bank to increase its policy rates last week. The Southeast Asian country has set an official target for GDP growth of 6.0%-6.5% and containing inflation at 4% for this year. Register now for FREE unlimited access to Reuters.com RegisterReporting by Khanh Vu Editing by Ed DaviesOur Standards: The Thomson Reuters Trust Principles.

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