According to the General Statistics Office, as of September 20, the banking sector’s credit growth was 9.52 percent, much lower than the 11.02 percent rate recorded a year earlier.
Increases in environmental protection taxes on petroleum from the beginning of next year would weigh heavily on inflation, especially as fuel prices rise worldwide, according to the Vietnam Institute For Economic and Policy Research (VEPR).
The petrol retail price saw its highest surge so far this year on Saturday, raising concerns over unpredictable impacts to the economy and the possible increase of goods prices during the upcoming Tet (Lunar New Year) holidays, experts said.
The consumer price index (CPI) of Ho Chi Minh City in August increased 0.48 percent against the previous month and 3.51 percent compared with the same period last year, the municipal Statistics Office reported on August 30.
A surge in exports pushed Vietnam’s trade surplus to 2.85 billion USD in the first seven months of this year, reported the General Department of Vietnam Customs.
Vietnam has recorded robust socio-economic development in the first seven months of the year, with stable macro-economy, and good control over inflation, in the context of the escalating US-China trade war, said Minister-Chairman of the Government’s Office Mai Tien Dung.
Cargo shipping has seen positive growth in the first six months of the year, with 254.8 million tonnes handled via the country’s seaports, up 17 percent on last year.
As the US and China are locked in a trade spat through mutual hiking of tariffs, Indonesia looks likely to be dragged into what may escalate into a global trade war.
Standard Chartered Bank expects Vietnam’s rapid growth of 7 percent year-on-year in 2018, higher than its previous forecast of 6.8 percent, with all domestic engines firing together.
Most construction projects in the northern port city of Hải Phòng are running well above their initial cost estimates, with the cost hikes in some cases reaching thousands of billions of VND, according to a recent inspection by the Government Inspectorate.
The derivatives market has grown strongly over the last three months as investors switch from stocks to derivatives to avoid short-term risks on the stock market.
The benchmark VN-Index fell 13.63 points from the previous trading day to 947.15 points on July 2 when only 62 stocks saw price hikes and 237 others fell.
The consumer price index (CPI) of Ho Chi Minh City in June increased 0.55 percent from the previous month and 3.47 percent compared to the same month last year, the municipal Statistics Office reported on June 29.
The US dollar has appreciated significantly against the Vietnamese dong in the past few days, but local officials and experts believe these hikes won’t affect Vietnam’s economy in any major way.
Vietnam’s economy is forecast to continue improving, with gross domestic product (GDP) to expand by 6.8 percent this year, said the World Bank (WB) in its latest economic update for Vietnam.
Vietnam’s consumer price index (CPI) inched up 0.55 percent in May, the highest monthly increase since 2012, according to the General Statistics Office (GSO).
Global footwear brands like Adidas, Nike and Puma are increasingly turning to Vietnam for their manufacturing needs due to its affordable labour costs and free trade agreements.
Business
