“Bright spot” in the economic picture of Ho Chi Minh City

Although affected by pandemic COVID-19, TP. Ho Chi Minh City has made efforts to overcome difficulties and promote socio-economic development with bright colors to attract investment and export goods.

Investment capital increased by 86.04%

According to the representative of the Management Board of EPZs – IPs TP. HCM (HEPZA), the total investment capital of the city. Ho Chi Minh City attracted from the beginning of the year until now (including new and adjusted ones) reached 117.76 million USD, up 86.04% compared to the same period in 2019.

In particular, the concentration increased sharply in 11 projects with adjusted capital increased by US $ 60.51 million, up 14 times compared to the same period in 2019. There are 6 new projects with registered capital of US $ 5.48 million. , down 74.25% over the same period in 2019. Despite a decrease, in the new investment structure, the investment capital of Vietnamese enterprises increased sharply.

Specifically, the total domestic investment capital reached US $ 51.77 million, up 37.27% over the same period in 2019. Of which, 13 new projects were granted with registered capital of US $ 37.76 million, up 26.55%. In addition, there are 12 adjusted projects increased by 14.02 million USD, up 77.98%.

However, compared to the overall investment attraction of the whole country, including adjusted registered capital and value of capital contribution, share purchase of foreign investors reached nearly 6.5 billion USD (down 23 , 6% compared to the same period in 2019), the situation of attracting investment in EPZs-IPs of the city. HCM has increased over the same period last year. The reason explained by HEPZA is that this capital increase is mainly planned in advance.

Commenting on this development, economic experts said that, although the world economy is seriously affected and unpredictable by the Covid-19 epidemic, Vietnam is now considered a safe destination for Vietnam. investors in the prevention of the Covid-19 epidemic.

In fact, from the end of 2019, to create favorable conditions for domestic and foreign enterprises to invest in the city. HCM, the city has reviewed the current status of operations, as well as the ability to receive enterprises of the EPZs.

According to data from the Department of Industry and Trade of Ho Chi Minh City, up to now, the city has 17 EPZs-IZs out of 19 EPZs-IZs established and put into operation, with the leased land area of ​​nearly 1,800ha / total more than 2,500ha of industrial land, reaching the occupancy rate of 68.4%.

In addition, the city is speeding up the new investment in Vinh Loc 3 Industrial Park in Binh Chanh district with an area of ​​about 200ha, expanding Hiep Phuoc Industrial Park Phase 3 with an additional area of ​​392.89 ha. According to the plan, by the end of this year, the city will have 23 concentrated EPZs-IPs with a total area of ​​5,797,62ha.

Export growth was impressive

According to the statistics of the Customs Department. In Ho Chi Minh City, both export and import turnover of enterprises through the border gates have a good growth rate in the first 4 months of 2020.

Accordingly, as of April 15, 2020, export turnover through Ho Chi Minh City border gates. HCM reached 15.4 billion USD, up 8.1% over the same period in 2019 (the same period reached 14.26 billion USD).

In the first quarter, TP. Ho Chi Minh City remained the leading country in terms of export with a total value of US $ 10.5 billion, up 14.6% over the same period in 2019 and contributing up to 16.6% of the country’s total export turnover.

In April 2020, the amount of goods exported through Ho Chi Minh City border gates. HCM continues to grow. In particular, many key commodity groups of the city have very high export turnover. Leading the group of computers and accessories for export reached US $ 4.78 billion, up 49.7% over the same period in 2019. Next was the export of rice with 675,484 tons, worth 807, $ 39 million, up 31.9% in value over the same period in 2019.

Notably, in the export sector, the non-state economic sector reached US $ 932.7 million, up 15.9%; foreign-invested economic sector reached 2,042 billion USD, up 5.6%. In general, most of the exports in the month increased over the previous month.

Not only export, import goods through ports of the city. Ho Chi Minh City although decreasing compared with the previous time, however, over the same period still grew.

According to the City Customs Department. In Ho Chi Minh City, the import turnover of goods in the first half of April 2020 reached US $ 2.68 billion, accumulated until April 15, 2020 reached US $ 16.71 billion, up 3.57% over the same period in 2019 (period). 1 April 2019 reached US $ 2.53 billion and accumulated 16.13 billion USD.

In particular, many imported items have large and high turnover, such as computers and electronic products with the largest turnover with more than US $ 4.3 billion, up nearly 43% over the same period last year. This group of imported goods has increased, which is also the cause for the increase in export turnover in the last 4 months.

“Household goods and components reached over 328 million USD, up more than 5%; foodstuff for people reached nearly 700 million USD, up about 8%. However, 14 other groups of imported goods with high taxes decreased, causing the budget revenue to decrease by more than 13% compared to the same period in 2019. Representative of HCMC Customs Department. HCM said.

Source: DDDN

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Vietnam’s trade still saw a surplus of US $ 3 billion in the first four months

Vietnam announced a trade surplus of about US $ 3 billion in the first four months of 2020, up 3.4% from the same period last year, according to the latest statistics from the General Statistics Office.

Once broken, the domestic investment sector is estimated to have a trade deficit of US $ 7.1 billion over a four-month period while foreign-invested companies record a trade surplus of 10.1 billion. U.S. dollar.

Exports of domestic companies are estimated to have increased by 12.1% over the same period to US $ 26.45 billion in the period, accounting for 31.9% of the country’s export. Meanwhile, FDI enterprises gained US $ 56.49 billion from foreign shipments, increasing by 1.5% and accounting for 68.1% of the total.

In April alone, Vietnam’s exports and imports reached US $ 19.7 billion and US $ 20.4 billion, down 18.4% and 7.9%, respectively, compared to the previous month.

Viet Nam enjoys a trade surplus of US$3 billion in the first four months of 2020, according to the General Statistics Office (Photo: chinhphu)

Overall, Vietnam’s trade turnover may reach USD 162.83 billion during the period from January to April, up 3.4% from the same period last year, of which its export value may be amounted to 82.94 billion USD, up 4.7% compared to the previous year, and imports were estimated at 79.89 billion USD, up 2.1%, as reported by vietstock

During the review period, 15 items participated in the USD 1 billion export club, accounting for 80.1% of the total export value.

Increasing concerns about the possibility of trade suspension in major markets of Vietnam due to the Covid-19 pandemic, local companies have stepped up import and export activities in the last 10 days of March. , Samsung completed exporting its new smartphone.

As a result, phones and parts are expected to have the largest export revenue of all exports between January and April at US $ 16.2 billion, up 1.1% from over the same period and account for 19.5% of Vietnam’s total exports.

VGP has reported that important export items of Vietnam include phones and accessories ($ 16.2 billion), electronics, computers and spare parts ($ 12.4 billion), apparel (8. , $ 9 billion), machinery, equipment and tools ($ 6.9 billion), footwear ($ 5.5 billion), wood and wood products ($ 3.4 billion), vehicles and tools tools (US $ 2.7 billion) and fishery products (US $ 2.2 billion).

In addition, electronic products, computers and components earned about 12.4 billion USD, up 28.6% over the previous year; garments with 8.9 billion USD, down 5.8%; equipment and spare parts with US $ 6.9 billion, up 29.6%; footwear with US $ 5.5 billion, up 1.3%; wood and wooden products with US $ 3.4 billion, up 10.1%; means of transport with US $ 2.7 billion, down 3.9%; seafood with US $ 2.2 billion, down 8.5%, among others.

The US remained Vietnam’s largest importer for four months with 20.3 billion USD, up 13.4%. Followed by China (13.1 billion USD), EU (10.7 billion USD), ASEAN (8.2 billion USD), Japan (6.7 billion USD) and South Korea (6.2 billion USD). .

China was the largest exporter of Vietnam in four months with 22.7 billion USD, down 0.1%, followed by South Korea (15.5 billion USD), ASEAN (9.9 billion USD), Japan. Japan (US $ 6.4 billion), US (US) US $ 4.7 billion) and EU US $ 4.5

Source: GOV

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Foreign groups have stepped up their plans to penetrate or expand in Vietnam

While China is struggling with the pandemic and is losing the confidence of foreign investors, its resilience has been proven to make Vietnam an ideal investment and production center for Southeast Asia.

Vietnam has been chosen as the ideal destination for HZO policy, a US-based company, a US-based company that produces protective nano coatings with a notice of opening a production facility. first production in Vietnam in Yen Phong Industrial Zone, the northern province of Bac Ninh.

The country is also rumored to be Apple’s next destination, the iconic U.S. multinational technology for consumer electronics, computer software and online services. Recently, gigantic recruitment announcements are listed in Vietnam on LinkedIn, including a chief executive position based in Hanoi and test engineers in Ho Chi Minh City.

These job announcements add credibility to reports that Apple can increase manufacturing outsourcing for Vietnam, while Foxconn, the world’s largest electronics contract manufacturer and main supplier. Apple, also has a base in Bac Ninh to produce for the technology giant.

Sharing the same trend, other US giants such as Google, Microsoft, HP and Dell have also announced their plans to settle in Vietnam. While Google asked suppliers to calculate the cost of moving some devices from China to Vietnam via road, sea and air after considering the impact of coronavirus on the operation of themselves, Microsoft aims to launch its latest Surface computers and laptops in the country.

HP and Dell are also expected to transfer up to 30% of their notebook computers to Vietnam.

As China gradually loses priority in global production, large-scale international manufacturers are adopting policies to expand China + 1 – with Vietnam emerging as a clear alternative. Clearly in many reviews.

China dominates decline

In a report published last week, global manufacturing consulting firm Kearney pointed out that China is increasingly losing stakes from American companies during the Trump administration, and the main beneficiary of this. are smaller Southeast Asian countries. Along with American companies, this move has also happened to businesses from other major economies.

The coronavirus has stagnated production and logistics worldwide, especially exposing the holes of Japanese companies dependent on China for more than 20% of their spare parts and materials needs. Japan has prepared 240 billion yen (2.23 billion USD) in subsidies for fiscal year 2020 for companies moving production out of China. Consumer product maker Iris Ohyama is set to become the first Japanese company to receive government subsidies to move production out of China as part of a more flexible supply chain effort.

A survey from credit reporting and marketing firm Tokyo Shoko Search Co., Ltd., said 37% of the 2,600 businesses asked to leave China.

Since the start of the US-China trade war, Japanese electronics maker Sharp has been planning to shift production of computers from China to Vietnam to ship goods to the US. According to Japanese TV channel NHK, Sharp is also considering shifting production of multifunctional office equipment to Thailand instead of China.

Meanwhile, it is reported that Nintendo, one of the largest video game developers based in Japan, will also pull part of console production from China to Vietnam.

Across the pond, European leaders and businesses have also considered such moves to reduce their dependence on the Chinese market. Last week, EU Trade Commissioner Phil Philan said the bloc would try to reduce our trade reliance after a pandemic.

Meanwhile, British Foreign Minister Dominic Raab, representing Prime Minister Boris Johnson when he recovered from coronavirus, spoke of economic relations with China, there was no doubt that we could not do business as usual. after the recent crisis after a phone call with G7 leaders.

Raab explained that the pandemic taught the UK the value and importance of cooperation and that the UK could not depend solely on China.

Last year’s US-China trade war triggered the trend of moving production lines from China to Southeast Asia and other markets, but the virus outbreak reaffirmed the risk of supply chain disruption. when the world economy depends too much on a big market.

Vietnam is currently highly appreciated by the international community for strong and timely actions to respond to pandemics while maintaining economic growth momentum and ensuring social security.

In addition, various support packages to rescue the business community, including foreign-invested enterprises, have emerged as a new driving force of foreign capital inflows into Vietnam after the pandemic ended. end.

Members of the European Chamber of Commerce in Vietnam (EuroCham) welcome government restrictions, including Directive No. 11 / CT-TOT of March 4, which directs urgent tasks and solutions to address them. solving difficulties of production and business establishments, extending tax payment time limits and paying land rents, and suspending social insurance payment.

About 75% of businesses surveyed by EuroCham agree that extending tax payments will help them overcome pandemic difficulties.

Minimize losses

According to Ousmane Dione, Country Director of the World Bank in Vietnam, if the COVID-19 pandemic is gradually under control in the coming months, Vietnam’s economy will recover relatively quickly thanks to a solid foundation.

The World Bank also believes that the Vietnamese government is determined to curb economic losses from the crisis by taking necessary preventive and treatment measures, in addition to providing financial policies to support the majority of people and businesses to cope with the immediate burden.

In addition, the latest market report of real estate services firm JLL shows that companies that want to diversify their production portfolio outside of China are attracted to Vietnam thanks to its proximity to China, Free trade agreement and the government’s desire to build Vietnam into a manufacturing center in Southeast Asia. These comments are a plus in the eyes of foreign businesses planning to relocate facilities or expand operations outside of China, the report noted.

Shirakawa Satoko, head of English and English speaking businesses of Kizuna JV Corporation, said foreign investment inflows will pour into Vietnam after the pandemic if the country can minimize the damage. The company has accelerated the construction of ready-made space in the Mekong Delta province, Long An Giuoc district with the scale of 80,000 square meters. The construction is expected to end in the fourth quarter of the year to welcome foreign investment, Sat Satoko said.

Asia Times quoted Alexander Vuving, professor at the Asia-Pacific Center for Security Studies Daniel K. Inouye in Honolulu, Hawaii, saying the pandemic was a great opportunity for Vietnam to strengthen its soft power, because It helps broadcast generous behavior towards the international community.

Many analysts are now expecting Vietnam to get the lion’s share of the second wave factory moving group, due to the growing pandemic and anti-China sentiment in the west driven by the perception that China Quoc is primarily responsible for the outbreak.

“Vietnam benefits greatly from this diversification because it’s friendly, while still saving costs for investors from the west” Mr. Vuving said. ‘In many cases, Vietnam will be their first choice when they look around for a reliable alternative.”

Source: VIR

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Economists: Vietnam is among the safe economies after COVID-19

Vietnam has been listed as the 12th strongest economy, according to The Economist’s report, on the financial strength of 66 emerging economies after the collapse of COVID-19.

The rankings look at the vulnerability of selected economies on four potential sources of risk – public debt, external debt and the cost of borrowing and contingency insurance.

The economist calculated their likely foreign payments this year (current account deficit plus their foreign debt payments) and compared this to the foreign exchange reserves of surname. The national ranking on each of these indicators is then averaged to determine its overall position.

Vietnam is in a safe group thanks to strong and stable financial indicators.

Accordingly, quite 30 emerging economies face great pressure, the worst being Lebanon and Venezuela.

Botswana tops the list of safe economies, followed by Taiwan (China) and South Korea.

Economists think most economies are strong enough to survive a pandemic. The 30 weakest economies are relatively small, accounting for only 11% of the GDP of 66 economies.

It says COVID-19 hurts emerging economies by locking down their population, damaging their export earnings and discouraging foreign capital.

Even if the pandemic disappears in the second half of this year, GDP in developing countries, measured by purchasing power levels, will be 6.6% smaller than the IMF forecast in October, the report said.

Source: VNA

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