Corporate

The International Monetary Fund (IMF) on July 16 said Vietnam’s economic growth is projected to slow to 6.5 percent in 2019 from a 10-year high of 7.1 percent in 2018, reflecting weakening external conditions. Illustrative image (Source: VNA) The IMF said trade tensions and volatility affected Vietnam in 2018, but the economy had remained resilient, fueled by growth in middle class incomes and consumption, a strong harvest and surging manufacturing. The strong economic momentum is expected to continue in 2019, aided by competitive labour costs and other strong fundamentals, including a diversified trade structure, and recently signed free trade agreements which are spurring reforms, according to the IMF. However, Vietnam’s gross domestic product (GDP) growth is expected to fall to 6.5 percent in 2019 due to weakening external conditions, the IMF said. The country’s inflation would increase from 3.5 percent in 2018 to 3.6 percent and 3.8 percent in 2019 and … [Read more...] about IMF forecasts Vietnam’s economy to grow by 6.5 percent in 2019

International Monetary Fund chief Christine Lagarde announced on Tuesday (Jul 16) she had submitted her resignation from the global lender, saying she had more clarity about her nomination to be the next head of the European Central Bank. Christine Lagarde stepped away from the IMF leadership post she has held since 2011, sparking a wave of speculation about who would replace her. (AFP/MANDEL NGAN) Lagarde said in a statement her resignation was effective Sep 12, opening the way for the IMF to launch the search for her successor, which is likely to be another European. "With greater clarity now on the process for my nomination as ECB President and the time it will take, I have made this decision in the best interest of the Fund," Lagarde said in a statement. She said her resignation would expedite the selection for the next head of the IMF. Lagarde's resignation comes two weeks after her nomination on Jul 2 for the ECB's top job. She did not immediately resign from the IMF … [Read more...] about Lagarde resigns as IMF chief, cites more clarity on ECB post

The first-of-its-kind International Bakery Equipment Show is slated to take place at Saigon Exhibition and Convention Centre in Ho Chi Minh City’s District 7 this October. A wide assortment of pastry will be showcased at the International Bakery Equipment Show in Ho Chi Minh City The event, to be jointly held by Vietnam’s Ministry of Industry and Trade in tandem with the Taipei Bakery Association (TBA), Chan Chao International, Vietnam National Trade Fair & Advertising Company (Vinexad), and Yorkers Exhibition Service Vietnam, is expected to attract 70 domestic and international businesses to showcase their products in 130 booths. Many well-known and prestigious local and international pastry brands have registered to partake in the event, such as ABC, Unifood, Japanese oven-maker Rheon; baking machine-maker Sanko (Japan); BakeMate (India), Namchow, Uni-President, and Chung Pu (Taiwan). On display will be a dazzling array of baking machines, packaging, … [Read more...] about First ever International Bakery Equipment Show comes to Vietnam

Chinese tech giant Huawei said on Monday (Jul 15) it plans to invest US$3.1 billion in Italy over three years, as the firm looks to strengthen its foothold in Europe after the US labelled it a major security risk. Huawei - a leader in next-generation 5G wireless technology - is subject to US sanctions over concerns about its ties to the government in Beijing. (AFP/FRED DUFOUR) Huawei - a leader in next-generation 5G wireless technology - is subject to US sanctions over concerns about its ties to the government in Beijing and Washington has urged allies to shun the firm. Announcing the investment plan Huawei's managing director for Italy Thomas Miao said trade tensions between the US and China were not having an impact on Huawei's business in Italy for now. "The (Italian) government has an open and transparent policy that will not be affected by the problems between the United States and China," he told a press conference in Milan. "Over the next three years, we will invest … [Read more...] about Huawei says it plans to invest US$3.1b in Italy

Workers of Duc Giang Garment Co Ltd in Ha Noi cut and sew garments for export to the European market. - VNA/VNS Photo Tran Viet After the EVFTA comes into effect, Most Favoured Nation (MFN) tariffs will automatically replace the Generalised System of Preferences (GSP) rates which the EU has applied for developing and underdeveloped countries. This means for the first few years of EVFTA's implementation, most local garment and footwear products will not benefit from the EVFTA because MFN rates for those products are higher than GSP rates of 9 per cent for garment products and 3-4 per cent for footwear products at present. Specifically, most apparel products that Viet Nam has been exporting to the EU will see export tariffs eliminated gradually from the MFN tariffs of 12 per cent to zero in 3-7 years after the EVFTA comes into effect. Similarly, footwear products will be exempt from MFN tariffs of 12.4 per cent in 3-7 years. Those that will enjoy the immediate tariff cut are products … [Read more...] about Garment, footwear firms must wait for EVFTA benefits