Asia-Pacific's growth remains strong for 2016, 2017: IMF According to the report, China's growth is forecast to reach 6.5% in 2016 and 6.2% in 2017, which will be less than the country's growth pace of 6.9% in 2015 - the poorest growth in the last 25 years. Japan's growth is expected to continue at 0.5% in 2016, before dropping to -0.1% in 2017 as the effect of the widely anticipated consumption tax increase takes hold, as well as an aging population and high public debt. India remains the fastest-growing large economy in the world with gross domestic product (GDP) expected to increase by 7.5% this year and next, due to the low price in petroleum and a rise in the government's investment and in domestic consumption which make up for the country's swooning export activity. Meanwhile, the Republic of Korea is forecast to climb by 2.7% in 2016 and 2.9% in 2017, thank to a surge in domestic demand. Australia's economy is expected to remain stable at 2.5% this year. The IMF said … [Read more...] about BUSINESS IN BRIEF 5/5
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BUSINESS IN BRIEF 20/4
China’s influence in Laos overshadows Vietnam The gathering was held at the new Laos Investment Centre, chaired by the Lao and Vietnamese governments, and attended by government and business leaders from the two nations. “Vietnam and Laos have been strategic allies since the 1970s,” said Phoikham Houngbounyuang, deputy governor of the Lao province of Xaysomboun. The Deputy Governor said though land-locked Laos is one of the poorest countries across the globe, it has one thing in abundance, access to the Mekong River and massive hydropower potential. China is the largest investor in Laos, he said and currently is eying total FDI of more than US$31.45 billion in 240 investments, principally in hydropower, with Chinese investors currently involved in four of nine dam projects in the Laotian Mekong region. Chinese companies have also committed US$7.2 billion to a railroad linking its Yunnan province to the Lao capital Vientiane as it sees its southern neighbour as an … [Read more...] about BUSINESS IN BRIEF 20/4
BUSINESS IN BRIEF 26/6
Cement sales dip in volume, value Local and export sales of cement dipped 0.7% in volume and 15.7% in value for the five-month period leading up to June of 2016, according to the General Department of Vietnam Customs. Total cement dispatches (local and exports) in the January-May five-month period dropped to 7.127 million metric tons with gross sales tallying in at US$260.639 million, the Department figures show. Bangladesh was the largest overseas market, reporting imports of slightly more than two million metric tons for the period. Other prominent markets included the Philippines, Mozambique, Taiwan, Malaysia, Indonesia, Chile, Peru, Australia, Cambodia, Laos, Sri Lanka, China and Myanmar. Vietnamese entrepreneur wins first place in US competition Đào Xuân Hoàng, a Vietnamese entrepreneur, won first prize for an education application at the Global Innovation through Science and Technology (GIST) Tech-I competition held in Silicon Valley yesterday. Hoàng's Monkey Junior app, which … [Read more...] about BUSINESS IN BRIEF 26/6
BUSINESS IN BRIEF 20/11
Cargill to expand investment in Vietnam The animal feed market in Vietnam has a relatively high potential, which has prompted Cargill group to invest more in the country, according to the US group’s Chairman David McLennan. Talking to the press in Ho Chi Minh City on November 18, McLennan said plans for new factories demonstrate the group’s commitment to the country. Cargill is constructing its 12th animal feed plant in Vietnam with a total investment capital of 30 million USD in the southern province of Binh Duong. The factory, with a capacity of 260,000 tonnes a year, is expected to go into operation in the first quarter of 2017. The group has invested 180 million USD to develop its animal feed mills system with a total capacity of 1.3 million tonnes a year in the country since 1995. Additionally, the groups signed a 10 million USD deal with the Sai Gon International Terminals Vietnam (SITV) to build warehouse in Phu My. Besides expanding its investment in Vietnam, … [Read more...] about BUSINESS IN BRIEF 20/11
BUSINESS IN BRIEF 21/10
Petrol price hike of over VND400 per litre Retail prices of RON 92 petrol and E5 bio-fuel increased by VND441 (US$0,019) and VND392 per litre, respectively, yesterday. Following a joint decision issued by the ministries of Industry and Trade and Finance, the price of diesel 0.05S rose by VND599 per litre, while that of kerosene went up by VND520 per litre. This was the nineth hike Vietnamin fuel prices so far this year with a total increase of nearly VND5,000 per litre. By contrast, the prices have been dropped eight times since the beginning of the year, with the decreases amounting to about VND4,463 per litre. Current ceiling prices of RON 92 and E5 bio-fuel are VND16,845 per litre and VND16,533 per litre, while maximum prices of diesel and paraffin are kept at VND13,023 per litre and VND11,543 per litre. The average global price of RON 92 during the last 15 days was $59.995 a barrel, while that of diesel 0.05S was $62.338 per barrel, the ministries said. They also decided to … [Read more...] about BUSINESS IN BRIEF 21/10