Aug. 8 – Vietnam has surpassed India to move to second behind China in apparel exports to the United States, shipping garments worth US$4.76 billion in May this year against India's exports of US$3.14 billion.
Out of the total US$73 billion dollars annual imports by the US till May-end, Vietnam managed to capture 6.55 per cent share while China remained the largest exporter to the American market with 30.6 per cent share, according to data released by the U.S. Department of Commerce.
Aug. 7 – Hong Kong-based Dragonair announced yesterday that it will open a new air-route to Hanoi on October 26, 2008.
Besides transporting passengers from Hong Kong to Hanoi and vice versa, Dragonair plans to conduct tourists and businessmen from North Asia, North America, Australia and New Zealand to Hanoi as well.
by Chua Siew Joo
Aug. 6 – At a recent HIV prevention and drug detoxification symposium in Hanoi, Deputy Prime Minister of Vietnam, Truong Vinh Trong, urged ministries, sectors and localities to prioritize prevention programs to curb the spread of HIV/AIDs.
Aug. 5 – Vietnam is doubling export duties on steel to 20 percent to limit overseas sales of the product.
According to the official Vietnam News Agency, the new duty will replace the current 10 percent tax and be imposed on steel billets and finished products from Aug 10.
HANOI, July 31 – Vietnam welcomed an estimated 2.6 million international arrivals in the first seven months of this year, a year-on-year increase of 6.6 percent, the Vietnam National Administration of Tourism said Tuesday.
The number of foreign tourists rose by 3.1 percent to more than 1.6 million while the percent of foreigners coming to Vietnam for business surged 38.4 percent to 505,500. Foreign visitors originated mainly from China, the United States, South Korea, Japan, Thailand and Australia the VNAT said.
July 30 – Located in the middle of Vietnam, Danang is the country’s fourth largest city and in recent years has become the commercial and industrial hub of central Vietnam.
As one executive, the chairman of software development company Enclave has commented in the San Jose Mercury News, Danang is the Ho Chi Minh City of 10 years ago, a rising economic power. Its current 13 percent economic growth rate is higher than the nation’s whole.
By Chua Siew Joo
July 28 – The economies of Asia are experiencing soaring inflation rates driven by rising food and fuel prices. Vietnam’s inflation rate has hit an impressive 27.4 percent in July, with the rest of the Asian economies, including Japan, achieving rates of between 7.5 percent and 11 percent. Such hikes, in the context of a looming global economic recession, are read by some to portend a second Asian financial crisis.
The Asian Development Bank (ADB) has warned that rising inflation could hit investment and corporate earnings, besides potentially destabilizing governments in the regions. High inflation rates, considered being the a regressive form of taxation will have the greatest impact on the Asian poor which makes up two-thirds of the world’s poor population.
July 22 – China is protesting a preliminary agreement that will allow state oil firm PetroVietnam and Exxon Mobil to explore oil in the South China Sea near Vietnam's south and central coast.
Chinese diplomats in Washington warned Exxon that the move is a breach of Chinese sovereignty and could affect its future business interests in the country.
According to Reuters, unnamed sources said that while Exxon Mobil was sure of Vietnam's sovereign rights to the area in question, it could not dismiss China's warnings as out of hand.
July 18 – Vietnam has been plagued with severe power outages that are affecting business in the country.
The Deputy Prime Minister has already ordered power suppliers to hurry the construction of electricity power plants and facilities to meet rising demand.
In Ho Chi Minh City, shops and restaurants have resorted to using electric generators to keep business running although not all the businesses in the city can afford to buy generators.
Blackouts in the city’s district 3 and Binh Thanh reported incidents of knocked out traffic lights causing traffic jams and vehicular accidents.
July 16- The Vietnamese Commerce and Information Technology are making the final preparations for the launch of a portal for foreign markets on September 1st.
The new portal also aims to attract local business.
In addition, there will be versions of the Vietnam export portal in English and other foreign languages that will showcase Vietnamese enterprises and products.