VN, China sign 15 cooperation agreements
Party General Secretary Nguyen Phu Trong and Chinese Party General Secretary and President Xi Jinping witnessed the signing of 15 cooperative agreements between Viet Nam and China.
The agreement covering various fields from economy, transportation, national defense, health care, tourism and training were sealed on the occasion of Party General Secretary Nguyen PhuTrong’s official tour of China.
Deputy PM signs no-cash policy
Deputy PM Vuong Dinh Hue has signed a policy decision encouraging cash-free transactions in Viet Nam in order to reduce the number of cash-based deals, improve overall electronic payment methods and control tax evasion.
Under the plan, by 2020, total cash transactions will be less than 10% of total market transactions; all supermarkets, shopping malls and distributors will accept credit cards; 70% of water, electronics and telecommunication service providers will accept cash-free payments from households and individuals, and 50% of total urban households will use electronic payment methods for daily transactions.
Business wages rise in 2016
The Ministry of Labor, Invalids and Social Affairs investigated wages in 2,000 businesses with an average of 360 employees in 18 cities and provinces nationwide in 2016, with results indicating an increase from 2015.
Average salaries in 2016 were estimated at VND5.71 million (over US$252) per month, representing a year-on-year rise of 7.5%.
Forbes: five engines guarantee VN’s economic growth in 2017
The US magazine Forbes said Vietnam can meet its target of 6.7% GDP growth in 2017 thanks to five engines, including its resources and trade agreements with other nations.
The magazine cited Oscar Mussons, international business advisory associate with the Dezan Shira& Associates consultancy in Ho Chi Minh City, as saying that firstly, Viet Nam keeps giving foreign companies reasons to invest thanks to its lower tariffs under the trade deals and clear rules on foreign investment.
In 2017, Viet Nam will start to “collect the fruits of having a more structured and competitive business legislation, which is having an impact on attracting more FDI and also helping Vietnam become one of the major manufacturing hubs in the world,” he said.
Standard Chartered Bank: GDP may achieve 6.6% in 2017
Standard Chartered Bank has forecasted that the Vietnamese economy may expand 6.6% in 2017 compared to the Government’s target of 6.7%.
The country’s economic growth is mainly fueled by strong manufacturing and construction sectors, it said.
The bank is optimistic about Viet Nam’s economic prospects, said Standard Chartered Chief Economist Marios Maratheftis, adding that the nation’s economy has recovered after a long time suffering from droughts.
VN ranks second in regional tourism boom
Viet Nam was forecast to enjoy a compound annual growth rate of 9.5% between 2016 and 2021 for outbound travel among Asia Pacific emerging markets, according to MasterCard.
According to a report on the “Future of Outbound Travel in Asia Pacific 2016 to 2021,” MasterCard projected that around 7.5 million Vietnamese people would travel abroad by 2021 in comparison with 4.8 million in 2016.
VN’s shrimp exports to EU increase 7.5%
Viet Nam earned US$589 million from shipping shrimp to the EU in 2016, a yearly increase of 7.5%.
Viet Nam’s shrimp exports to the EU in November 2016 reached US$50.5 million, up 14% compared to the same period in 2015.
Exports to Canada up almost 10%
Viet Nam exports to Canada rose 9.54% to nearly US$2.5 billion for 11 months leading up to December 2016.
Among export items, garment ranked first with US$459.5 million (accounting for 18.9% of total export value but down 5.78%), trailed by footwear (up 16.88% to US$223.5 million) and computers, electronics and components (up 1.92% to US$204.3 million).
It’s noteworthy that although rubber exports reached a value of just US$5.6 million, it enjoyed the highest growth rate of 21.8%.
By Thuy Dung
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