Day: April 21, 2022

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at 23,123 VND/USD on April 21, up 16 VND from the previous day.

With the current trading band of +/-3 percent, the ceiling rate applicable to commercial banks during the day is 23,816 VND/USD and the floor rate 22,429 VND/USD.

The opening-hour rates at commercial banks all decreased.

At 8:25 am, BIDV listed the buying rate at 22,825 VND/USD and the selling rate at 23,105 VND/USD, both down 15 VND from the closing-hour rates on April 20.

Meanwhile, Vietcombank kept both rates unchanged from the closing-hour rates on the previous day, listing the buying rate at 22,795 VND/USD and the selling rate at 23,105 VND/USD./.

Source: Vietnam News Agency

Vietnam can become the second largest digital economy in Southeast Asia in 2025, while the country’s e-commerce market will draw more large-scale businesses, forecast experts at an online seminar in Ho Chi Minh City on April 20.

They also said that online businesses will involve more economic sectors and more big players in the time to come.

Do Huu Hung, General Director of AccessTrade, held that e-commerce should be the first step, followed by logistics and delivery services to win stronger confidence among consumers and improve their shopping experience.

Hung said that with better logistics and delivery services, the digital economy can make up 50-60 percent of the Vietnamese economy in the future.

The years of 2020 and 2021 can be described as a special period with unprecedented changes under impacts of COVID-19, where online business in Vietnam enjoyed a breakthrough growth in both domestic and foreign markets.

According to the “E-Commerce White Book 2020”, the global revenue from B2C e-commerce activities is likely to rise by 1.5 times in the 2019-2023 period from 1.94 trillion USD to over 2.88 trillion USD. The book also predicted that Southeast Asia, including Vietnam, will see high growth.

Phan Binh, Director of J&T Express Vietnam, said that businesses do not need giant shops but high quality products which will be delivered to customers through suitable services.

Currently, many foreign firms have sought business opportunities in the potential market of Vietnam with the motto of “Think Global, Act Local”. Meanwhile, online business activities have drawn a large number of companies, cooperatives, business households and individuals in both rural and urban areas.

Experts advised enterprises operating online business to seek seek supports in consultations and solutions to develop one-stop-shop model.

They also underlined the need for wider coverage of delivery services to meet the demand of the booming e-commerce sector./.

Source: Vietnam News Agency

Vietnamese Minister of Industry and Trade Nguyen Hong Dien said the initiatives, measures, and concrete actions devised at the meeting will create new impulses for bilateral economic and trade relations, along with the countries’ coordination within ASEAN and other multilateral and regional cooperation frameworks.

The two sides reviewed cooperation outcomes and shortcomings in trade and relevant areas since the third meeting held in 2018.

They applauded the positive growth in bilateral trade which stood at 18.8 billion USD in 2021, up 17.9 percent year on year despite impacts of the COVID-19 pandemic.

The officials agreed to actively coordinate and facilitate import and export activities between the two countries towards a mutually beneficial and more balanced trade. They also identified ways for strengthening links in agriculture, transport connectivity, and investment.

Vietnam and Thailand agreed to boost coordination and mutual support at sub-regional, regional, and multilateral mechanisms like ASEAN, Asia-Pacific Economic Cooperation (APEC), the Asia – Europe Meeting (ASEM), the Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS), the Mekong – Lancang Cooperation, the World Trade Organisation (WTO).

To ease the pandemic’s impacts on regional economies, they also agreed to tighten cooperation in implementing and upgrading the ASEAN Trade in Goods Agreement (ATIGA) and ASEAN Plus free trade agreements, with a focus on measures for facilitating trade, removing non-tariff barriers, and enhancing transparency so as to ensure uninterrupted goods flows and consolidate intra-ASEAN trade and regional supply chains, thereby contributing to post-pandemic regional economic recovery.

Vietnam, Thailand discuss ways for promoting bilateral trade hinh anh 3

Minister of Industry and Trade Nguyen Hong Dien (Photo: VNA)

Talking to the Vietnam News Agency, Minister Dien said both countries are determined to develop increasingly extensive, effective, and substantive relations on the basis of mutual respect and understanding, and win-win cooperation at all levels and in all fields.

Thailand is the largest trade partner and export market of Vietnam in ASEAN, and also ranks ninth among the foreign investors in Vietnam which, in turn, is the second biggest trade partner of Thailand in the bloc.

The two sides are dynamic economies in the Asia-Pacific region and boast much potential for further stepping up their trade and partnerships in relevant aspects, including energy, transport, logistics, finance, banking, agriculture, and investment. Both are also members of many free trade agreements (FTAs), including the Regional Comprehensive Economic Partnership (RCEP).

Given this, they are holding major opportunities for reinforcing ties within regional supply chains and production networks so as to effectively tap into FTAs, according to Dien./.

Source: Vietnam News Agency

Nguyen Van Nen, Secretary of the Ho Chi Minh City Party Committee, on April 20 hosted a reception for Speaker of the Indian Lok Sabha (the lower house) Om Birla, who is on an official visit to Vietnam.

Briefing the Speaker and the parliament delegation of India on the COVID-19 prevention and control work in Vietnam and the southern city in particular in recent times, Nen thanked India for its help to the city in the fight against the pandemic. The assistance, including medical masks, drug and medical equipment and technology transfer, has contributed to the city’s efforts to overcome difficulties to keep the pandemic under control and promote economic recovery, he said.

According to the city leader, the ongoing trip to Vietnam by Speaker Birla and the Indian delegation takes place at the time when Vietnam and Ho Chi Minh City in particular have been organising numerous activities marking the 50th anniversary of the diplomatic ties between Vietnam and India (1972-2022).

Speaker Birla highlighted HCM City as a typical city for Vietnam in the struggle for national liberation in the past and a rising star in the national development process.

He expressed his pleasure and belief that the Indian community living and working in the southern city will contribute to act as a bridge to promote cooperation and development of the two countries’ peoples.

According to Birla, India hopes HCM City and Indian localities speed up cooperation in information technology that India is strong in. Besides, it is necessary to create favourable conditions for both countries’ businesses to learn about and promote cooperation and investment in tourism as India and Vietnam boast potential and strengths in the area./.

Source: Vietnam News Agency

The retail prices of oil and petrol were adjusted up starting from 3pm on April 21 following the latest adjustment by the Ministry of Industry and Trade (MoIT) and the Ministry of Finance.

Accordingly, the ceiling retail price of RON95 bio-fuel was raised by 836 VND to 27,992 VND (1.22 USD) per litre, while that of E5RON92 was adjusted up 663 VND to no more than 27,134 VND per litre.

At the same time, the price of a litre of diesel is capped at 25,359 VND per litre, an increase of 979 VND. Kerosene price is also adjusted up by 801 VND per litre.

This is the first increase after the latest three consecutive reduction in petrol prices, with a total reduction of nearly 2,500 VND per liter.

The adjustment has been made in line with the world’s trend in petrol prices, the two ministries said./.

Source: Vietnam News Agency