Chuyên mục: Business

Hot demand for air conditioners

Electronic goods shops and supermarkets in HCM City are offering big promotions on air conditioners, refrigerators and fans as the hot season approaches.  Shops and supermarkets in HCM usually offer discounts of only 10 or 15 per cent, but as the peak hot season is near, they are now discounting fans and air conditioners by ...

Can Tho licenses $14m seafood processing plant

A Viet Nam and Japan joint-venture is planning to develop a seafood processing plant worth US$14 million in the southern city of Can Tho’s Tra Noc 1 Industrial Zone. The joint-venture between the city-based Viet Foods Co and the Marine Foods Corporation of Japan received an investment licence from the municipal People’s Committee Chairman Vo ...

Farmers need support to expand fruit production

LONG AN — Fruit is a key produce of provinces around the Mekong Delta. However, small-scale production and poor links from production to purchase, from process to export, are hindering the development of orchards, attendees heard at a workshop held yesterday in the Mekong Delta province of Long An. According to the Ministry of Agriculture ...

Textile and garment exports fetch $4.89b in two months

The country’s export turnover of textile and garments reached US$4.89 billion over the past two months, up 19 per cent year-on-year, according to the Ministry of Industry and Trade (MoIT). Among products recording significant export growth included fabrics made from natural fibers at 14 per cent, fabrics from synthetic fibers at 14 per cent and ...

Blockchain to change finance sector

As blockchain disrupts the banking and finance industry, experts urged caution was needed in its application together with a proper legal framework to limit risks and ensure development is on the right track. According to Sanjay Chakrabarty, deputy general manager of Orient Commercial Bank (OCB), with blockchain, financial transactions and investment decisions were becoming easier, ...

There really is no substitute for experience

HCM CITY — On busy Orchard Road in Singapore is a very famous hotpot restaurant where customers have to wait an hour or two to be served even if they had booked a table a day ago. Every night from opening time the restaurant is always full with a long list of customers waiting. Surprisingly, ...

RoK cosmetics firm plans to raise market share in VN

SEOUL — AmorePacific, a major cosmetics conglomerate from the Republic of Korea (RoK), is planning to open retail shops and boost online sales to promote the consumption of its products in Hà Nội and HCM City. A representative of AmorePacific revealed the plan while talking to the Vietnam News Agency about its moves to gain ...

Big potential for bilateral trade between Viet Nam and the US: experts

On the sidelines of the DPRK-USA Hanoi Summit on Wednesday, three Vietnamese airlines signed deals with US firms worth more than US$21 billion, but will this spell the start of an increase of bilateral agreements between America and Viet Nam? Viet Nam News reporters spoke with economic experts and investors about the future of bilateral ...

Vietnamese enterprises to boost digital transformation

Increasing profit a few hundred per cent, saving billions of dollars in technology costs, operating complex data systems in real time, transforming appropriate business models, improving operational efficiency and personalising customer experience on large-scale digital platforms at fast speed were the benefits of digital transformation, said Dr. Phương Trầm, FPT head consultant on digital transformation ...

Lenovo eyes factory in Bac Giang

The Lenovo Group from China expressed a desire to develop a computer component manufacturing factory in the northern province of Bac Giang during a meeting with local authorities on Tuesday. The company would need 20-30ha of land for the factory’s development. Products made will be used for export to the US, the provincial portal reports. ...

Regulations needed to support household businesses

The amendments to enterprise and investment laws should be aimed at promoting the development of the private sector, a conference held in Hà Nội was told on Wednesday. Organised by the Việt Nam Chamber of Commerce and Industry (VCCI), the conference aimed to collect opinions about plans to amend the Law on Investment and the Law on Enterprise being compiled ...

Investors pledge VND30 trillion in tourism in central and Central Highland regions

Investors have pledged to invest more than VND36.1 trillion (US$1.5 billion) into 19 tourism projects in the central and Central Highland regions. The 19 projects received initial investment approvals at a conference for the region’s tourism development held on Saturday with the participation of Prime Minister Nguyen Xuan Phuc. Among the seven provinces and cities ...

Vietnam to look at non-observed economy in 2020

Viet Nam will officially measure the non-observed economy in 2020 to take stock of economic activity taking place unlawfully or at an unregistered household level, under a project recently approved by Prime Minister Nguyen Xuan Phuc. Measuring the non-observed economy will provide a more comprehensive evaluation of the scale of the Vietnamese economy. Using this ...

Shrimp exports to South Korea expected to rise 30% in 2019

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Expectation increases as car demand rises

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More funding needed for Southern Key Economic Region

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Rising motorcycle market revving up

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VN hospitality market to continue growth this year: Savills

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Việt Nam targets to attract 100,000 businesses in agriculture

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CPI targeted at 3.3-3.9% this year: Deputy PM

Ministries, sectors and localities was asked to control the consumer price index (CPI) in the range of 3.3 to 3.9 per cent this year. Deputy Prime Minister Vuong Dinh Hue, head of the National Steering Committee on Price Management, set the goal at the committee’s meeting on reviewing performance last year and planning tasks for ...

Garment and textile sector expect huge challenge

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CPTPP tariff cuts may not reduce auto prices

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Mid-end segment to dominate property market

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US fund invests in VN organic food company

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CPTPP to raise national GDP

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is expected to help raise Việt Nam’s gross domestic product (GDP) by 1.3 per cent, according to an official from the Ministry of Planning and Investment (MPI). The number may amount to 2.1 per cent if there are more open policies for services, Trần Toàn Thắng, ...

Ornamental flower farmers gain different crops this Tết

HÀ NỘI – Farmers growing flowers and ornamental trees for Tết holidays in many provinces are waiting for a bumper crop this year. Some are happy with their gardens, promising a profitable income while the others are facing a poor season due to unusual weather.   In central Bình Định Province’s An Nhơn Town, many farmers ...

Inflation expected to be below 4 per cent this year

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Typhoon Pabuk to cause heavy rains, rough seas

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Official trade of birds nests to China to increase exports

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2018 proves a year to remember

The year 2018 has been a highlight of Việt Nam’s efforts to realise a number of important objectives set out by the Government such as keeping inflation in check, boosting economic growth and improving national product quality and competitiveness. All these targets were accomplished to the backdrop of an increasingly complex international commerce scene. Key ...

Former world boxing champ Shinji Takehara to arrive in VN

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Pharma sector expects solid growth

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Forestry, seafood export reaches record high

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GDP growth in 2019 likely to reach 7 per cent: experts

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Silicon Valley comes to Viet Nam

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Seafood firms struggle in local market

Vietnamese firms export seafood even to tough markets such as the EU, the US and Japan but are unable to sell their products at home. Shark catfish for instance is exported to around 140 countries, including the US and the EU, and shipments this year are expected to be worth over US$2 billion, but is ...

VN must develop parts-supplying industry

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Việt Nam’s rice trademark unveiled at festival

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Quality, price key to conquering Japan: experts

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VN wood and furniture firms eye Mexico, Canada

Mexico and Canada will be promising markets for Viet Nam’s wood and furniture products when the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) takes effect in early 2019, according to the Ministry of Industry and Trade. Deputy Minister Tran Quoc Khanh said exports to Canada were worth over US$129 million last year and are ...

Việt Nam’s GDP could grow more than 6.9% in 2019-20: NCIF

Việt Nam’s economy could grow between 6.9 and 7.1 per cent in the 2019-20 period under stable macroeconomic conditions that could boost foreign direct investment (FDI) and promote economic restructuring and the implementation of free trade agreements (FTAs). The statement was made by Đặng Đức Anh, head of the Analysis and Forecast Division at the ...

MM Mega Market’s links with farmers drive exports of agricultural produce

Having put its fourth food platform into operation in Viet Nam recently, Thai wholesaler MM Mega Market (MM) is fast-tracking production links to promote exports of Vietnamese agricultural products. Viet Nam News speaks with Phidsanu Pongwatana, Managing Director of its Viet Nam operations, on the company’s strategy to develop an agricultural model. We learnt that ...

VN to reduce pepper area to focus on quality

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Viet Nam, RoK ink action plan to lift bilateral trade to US$100 billion by 2020

Vietnamese Minister of Industry and Trade Tran Tuan Anh and Korean Minister of Trade, Industry, and Energy Sung Yunmo signed a memorandum of understanding (MoU) in Seoul on Thursday on an action plan to reach US$100 billion in bilateral trade by 2020. The signing was witnessed by National Assembly Chairwoman Nguyen Thi Kim Ngan, who ...

VN spends $260 m to import cars in November

About 13,000 cars worth US$260 million were imported to the Vietnamese market in November, up 2,000 units and $27 million compared with previous month, according to the most recent General Statistics Office (GSO) report. After import stood still in the first nine months of this year, the volume in the last two months sharply increased. ...

Domestic cement industry to face more pressure

The cement production industry may face increasing pressure from an anticipated excess of supply over demand, although the industry posted good sale results this year. The Ministry of Construction estimated cement and clinker sales at 95-96 million tonnes for the full year of 2018, up by 12 per cent over the previous year. For 2019, ...

US$8.3 billion invested in industrial parks and economic zones

In the first 11 months of this year, total foreign direct investment (FDI) in new industrial and economic zones increased by US$8.3 billion, according to the Department for Economic Zones Management under the Ministry of Planning and Investment. Industrial parks and economic zones registered for 560 new FDI projects with total investment capital of over ...

More work needed on VN tea exports

The Vietnamese tea sector should work harder to improve the quality of its exports in order to better tap the global market, including Russia, experts have said. According to experts, Viet Nam currently ranks fifth in the list of global tea exporters. However, Vietnamese tea is sold at just US$1.60 per kilo, almost three times ...

VN needs to simplify property laws for foreigners

Viet Nam’s real estate market must solve many difficulties to increase the number of foreigners buying property in Viet Nam, experts said. “To promote foreigners’ trading of real estate products on the local market, Viet Nam should increase the portion of property products available for foreigners in each project,” Nguyen Hoai An, director of CBRE ...

Binh Duong is a magnet for foreign investors

As one of the fastest growing provinces in the key southern economic zone, Binh Duong is among the hottest investment destinations in the country. It was chosen to host the 2018 Horasis Asia Meeting on November 25-26. On November 27, participants who attended the meeting were taken on a tour to see for themselves what ...

VNPT to auction Viteco shares

Telecom operator Việt Nam Posts and Telecommunications Group (VNPT) will auction 765,000 shares of Viteco Việt Nam Telecommunications Technology Joint Stock Company on December 14. The auction will be held at the Saigon-Hanoi Securities Joint Stock Company. The number of shares put up for sale is equivalent to 49 per cent of Viteco’s charter capital. ...

500 Startups Việt Nam secures $14M to invest in local companies

Early-stage venture capital investor 500 Startups Việt Nam has raised US$14 million to invest in local companies, said the fund in its latest blog post. The amount raised was $4 million more than the initial target set when it announced the fund in 2016. 500 Startups Việt Nam is backed by Silicon Valley startup accelerator ...

Vietnamese goods increase presence in Singapore

Vu Thi Thanh Hanh, general manager of Learth Viet Nam Co Ltd, said sales of her company’s VietJoy leaf tea products were very good three months after they entered the Singaporean market. There were seven kinds of leaf tea products, moringa leaf tea, guava leaf tea, mulberry leaf tea, soursop leaf tea, roselle flower tea, ...

Four key industries in HCM City see positive growth

HCM City’s Index of Industrial Production (IIP) in the first 10 months of the year increased by nearly 8 per cent compared to the same period last year, propped up by high growth of electronic equipment and machinery. Production in electronic equipment and machinery sector grew by 17.3 per cent while the mechanical sector increased ...

Việt Nam one of top destinations for foreign investment

HÀ NỘI — Việt Nam is one of top targets for cross-border investment, according to PwC’s survey released recently. In its survey of 1,189 business leaders across the 21 Asia-Pacific Economic Cooperation (APEC) economies, PwC found that the biggest winners across APEC for foreign investment will be Việt Nam, China, the US, Australia and Thailand, ...

Experts upbeat about real estate

Experts remain upbeat about the development of the property market next year, driven by huge market demand and new real estate development trends. According to Nguyen Tran Nam, chairman of the Viet Nam Real Estate Association, the real estate sector still had momentum for development next year and this would continue for the next 30-50 ...

GDP growth set at 6.6-6.8 per cent for 2019

The National Assembly (NA) has set the nation’s gross domestic product (GDP) growth for 2019 at 6.6-6.8 per cent, as stated in the Government’s draft resolution on the nation’s socio-economic development plan. The GDP growth rate in 2018 is estimated at 6.5-6.7 per cent. The consumer price index (CPI) growth rate for 2019 is set ...

European business remains positive about doing business in Viet Nam

New data from EuroCham’s Business Climate Index (BCI) has revealed that European business leaders remain positive about doing business in Viet Nam. Over 200 representatives of EuroCham member companies responded to the latest BCI, covering the third quarter of this year, which was released yesterday. Confidence in Viet Nam’s trade and investment environment is at ...

TPBank enables cardless QR cash withdrawal

TPBank is the first bank in Việt Nam to allow cash withdrawals using a QR Code at both its ATMs and Livebank service without needing a card. TPBank on Monday said it had completed an update allowing cash withdrawals by QR Code. To use the function, customers need to download QuickPay for iPhone or Android ...

Auto support industry needs to take development initiative

The domestic automobile parts industry has failed to reach the set target despite support from the Government, said Nguyen Thi Tue Anh, deputy director of the Central Institute for Economic Management (CIEM). She said Viet Nam needed to promote the development of support industries to compete with other countries in the region. “It is important ...

Business environment improved but yet to hit targets: experts

Việt Nam’s business had improved remarkably over the past five years since the Government took action to cut conditions and raise national competitiveness, however, it had not yet reached its targets, said experts at a conference in Hà Nội on Friday. The Government’s Resolution No 19 aims to tackle difficulties for businesses and create favourable conditions for ...

Plastics industry has more room for development

The plastics industry with more than 2,000 firms has grown strongly in recent decades, with exports and domestic sales increasing year after year. According to the Việt Nam Plastics Association, there is still much room for growth, but a lack of domestic supply of raw materials is among the factors hindering it. Hồ Đức Lam, ...

Việt Nam GDP would reach $2.5 trillion and per capita income of $18,000 by 2045

At the current growth rate, Việt Nam’s GDP in 2045 is set to reach US$2.5 trillion with per capita income of US$18,000, Prime Minister Nguyễn Xuân Phúc said during a speech yesterday in front of the National Assembly. However, achieving this scenario would be “a tremendous challenge” and required current and future generations to be ...

Moody’s upbeat about Viet Nam’s economic outlook

Viet Nam’s expansion has charged ahead despite the recent financial and trade turmoil, which has affected many emerging Southeast Asian markets, Moody’s Investors Service has said. In a report titled ‘Viet Nam outlook: Resiliency amid emerging market uncertainty’ released recently, Moody’s forecasts that Viet Nam’s GDP growth would maintain an expansion of 6.7 per cent ...

October CPI up 0.33%, lowest rise in 3 years

Viet Nam’s consumer price index (CPI) inched up 0.33 per cent in October, the lowest month-on-month increase in the past three years, according to the latest update of the General Statistics Office (GSO). The average CPI in the first 10 months of this year rose by 3.6 per cent year-on-year. According to Do Thi Ngoc, ...

Project seeks to make textile sector more green

A project to make the textile industry more environment-friendly has been launched in Ha Noi by the World Wide Fund for Nature and the Viet Nam Textile and Apparel Association. “Greening Viet Nam’s textile sector through improving water management and energy sustainability” will engage multiple players in the sector to promote better river basin governance ...

VN exporters could benefit from US-China spat

HCM CITY — With the US-China trade war escalating, Việt Nam may be able to increase exports of items like furniture, agricultural products, and leather products to the US, a conference heard in HCM City yesterday. In its most recent move, the US imposed a 10 per cent tariff on US$200 billion worth of Chinese ...

Export turnover to top US$239 billion this year

The country’s export turnover this year could reach US$239 billion, increasing 11.2 per cent from last year, said Deputy Minister of Industry and Trade Do Thang Hai. Agricultural and seafood exports were expected to reach $27.5 billion, representing a 5.4 per cent year-on-year increase; material and minerals $5.1 billion, up 6 per cent; and processing ...

Technology continues to attract investment

A Việt Nam Report survey on the 500 most profitable companies in the country said most business insiders expect technology to remain the leader in attracting investment. The survey announced the Profit500 Ranking for Việt Nam in Hà Nội on Monday. Technology was the most common answer among enterprises (51.4 per cent of respondents), construction ...

Ceiling rates for airfares unchanged

The Ministry of Transport will keep the ceiling rates for airfares unchanged despite proposals from airlines to increase the rate. The ministry on Monday asked relevant agencies to contribute their opinions on the draft circular on price of air transportation service on domestic flights. Accordingly, the ceiling rates for airfares for domestic routes would be ...

Japanese, local firms to develop freezer trucks

Automobile manufacturer Isuzu Viet Nam (IVC) has inked a strategic partnership agreement with a local truck-body producer, Quyen Auto, to produce refrigerated trucks as part of Isuzu’s special-use vehicles segment. Quyen Auto will supply refrigerators and freezer units for thel Isuzu trucks, including the light duty Q-Series, medium duty N-Series, and middle-size and heavy F-series. ...

VN to import 300,000 tonnes of raw cashew

Viet Nam will need to import more than 300,000 tonnes of raw cashew nuts in the remaining months of the year for processing to meet the demand of importers, according to processing companies. Cao Thuc Uy, CEO of Cao Phat Co Ltd, one of the country’s leading cashew processors and exporters, said last year, 1.3 ...

Mechanics industry going global

With more than three quarters of exhibitors attending a recent conference coming from overseas, organisers say it truly is a global affair. Visitors at the 6th International Precision Engineering, Machine Tools and Metalworking Exhibition & Conference (MTA HANOI 2018). — VNS Photo Vũ Hoa The 6th International Precision Engineering, Machine Tools and Metalworking Exhibition & ...

Grab to operate as traditional taxi

HÀ NỘI — Ride hailing firms like Grab may soon have to display electronic lights on their cars showing the word ‘TAXI’, if the Government approves a proposal from the Ministry of Transport (MoT). App-based taxi companies may soon have to change the way they operate according to proposals from the Ministry of Transport. It ...

Ninh Bình offers ideal vacations

NINH BÌNH — Located around 100km to the south of Hà Nội, Ninh Bình Province hosts spectacular karst mountains reflected on rivers. The most beautiful site may be Tam Cốc with mountains, caves and cliffs sprouting along gentle Ngô Đồng River. The site has been dubbed the “inland Hạ Long Bay”. Sail away: A boat ...

Tra fish exports to exceed $2b

Tra fish export value is expected to exceed US$2 billion this year, higher than the industry’s target, due to the US-China trade war, according to experts. Tra fish export value is expected to exceed US$2 billion this year, higher than the tra fish industry’s target. – Photo congthuong.vn Trương Đình Hòe, general secretary of the ...

VN fastest growing ASEAN economy: SCB

Standard Chartered Bank continues to expect Việt Nam’s robust GDP growth of 7 per cent in 2018, driven by strong FDI-supported electronics manufacturing and rising consumption. Manufacturing and agriculture are likely to remain the primary growth drivers in the second half of the year. — VNA/VNS Photo Manufacturing and agriculture are likely to remain the ...

Dragon fruit prices hit rock bottom

The price of dragon fruit in the central province of Binh Thuan, the country’s largest producer of the crop, has fallen significantly in the last two weeks. Binh Thuan province produces more than 500,000 tonnes of dragon fruit each year. — Photo ndh.vn Although prices are low, traders are still unwilling to purchase this kind ...

Bac Giang attracts large investments in tourism development

Ten investors have pledged to invest more than VND35 trillion (US$1.52 billion) into 16 tourism development projects in the northern province of Bac Giang. A bird view of Bo Da Pagoda – a tourist attraction in Viet Yen District, Bac Giang Province. The northern province is calling for investment in tourism development. — Photo vietyen.bacgiang.gov.vn ...

Viet Nam gains 6 more points in Business Climate Index

Viet Nam gained 84 points for the second quarter of 2018 in the Business Climate Index (BCI), up six points from the previous quarter, according to new data from the BCI survey released by the European Chamber of Commerce in Viet Nam (EuroCham) on October 4. More than 70 per cent of companies surveyed reported ...

Airports to receive more than 100 million passengers this year

Việt Nam is expected to receive about 105 million passengers passing through airports in the country in 2018, according to the Civil Aviation Administration of Việt Nam. Passengers queue for checking in at Nội Bài International Airport. – VNA Photo Đinh Việt Thắng, director of the Civil Aviation Administration of Việt Nam, said 2018 could ...

Customs agency reports more auto imports

Việt Nam imported 11,172 cars between January and September, up 5,142 units from the same period last year. Automobile imports from ASEAN countries increased sharply in recent months. — Photo VnEconomy According to General Department of Việt Nam Customs statistics, more than 10,800 – 92 per cent – were imported from Thailand and Indonesia. The ...

Vietnamese office market has huge potential for growth

HCM CITY — Growth in the domestic office market has continued this year and is set to remain at record levels well into the future after more than 7 per cent growth in grade A rents last year, according to Savills Việt Nam. Growth in the domestic office market has continued this year and is ...

After 30 years, FDI still pays dividends for VN

It has been 30 years since Việt Nam promulgated the Law on Foreign Investment on December 29, 1987. This was an important milestone that made it possible for Việt Nam to open up its economy and integrate with the world. Many global leading companies have entered Việt Nam, such as Coca-cola, Intel, Canon, Samsung, Toyota, ...

Over 20,500 cars sold in August

The Vietnamese people bought more than 20,500 cars in August, decreasing 4 per cent compared with the previous month, according to a report from the Vietnam Automobile Manufacturers’ Association. The Innova model by Toyota Motor Vietnam. The company ranked second in August sales with over 4,700 units. — Photo Toyota Of the figure, there were ...

SMEs’ productivity: Better, but still limited

HÀ NỘI — Although Việt Nam has focused on increasing labour productivity and overall productivity growth, there have been relatively few opportunities for SMEs to get customised support as they grow, said Max Bulakovskiy, policy analyst in Global Relations at the Organisation for Economic Co‑operation and Development (OECD). Workers make handicrafts at Hiền Lương Bamboo and ...

Growth rate of retail sales and services up 11.3%

HÀ NỘI — Việt Nam’s total revenue from retail sales and services in the first nine months of this year is estimated at nearly VNĐ3.24 quadrillion (US$138.64 billion), up 11.3 per cent year-on-year, according the General Statistics Office (GSO). The increasing demand for books and notebooks for the new school year contributed to the country’s ...

Kiên Giang Province calls for investment in 81 projects

The Mekong Delta province of Kiên Giang is calling for investment in 81 projects in fields such as tourism, commerce, the environment and high-tech agriculture. Phú Quốc Island in Kiên Giang Province.— VNA/VNS Photo Duy Khương Phạm Vũ Hồng, chairman of the provincial People’s Committee, said the projects would run until 2020. Of these projects, ...

VN fruits need to gain domestic market before exporting: experts

Viet Nam’s fruit sector should focus on gaining trust from domestic consumers before focusing on exports, said deputy general director of the Plant Cultivation Department under the Ministry of Agriculture and Rural Development (MARD) Nguyen Nhu Cuong. Viet Nam’s fruit sector should focus on gaining trust from domestic consumers before focusing on exports.— Photo zing.vn ...

US Fed raises benchmark interest rate amid strong economy

WASHINGTON — With the US economy still strong, the Federal Reserve raised the benchmark interest rate on Wednesday for the third time this year but showed no indication it would be more aggressive in efforts to head off inflation. The US central bank still foresees another rate hike in December, three more next year, and ...