Economy and commerce
Asia sees first regional recession in 60 years
The Asian Development Bank (ADB) says the Covid-19 pandemic has pulled the region’s developing economies into recession. It is the first time in six decades that “developing Asia” – a designation that includes 45 countries – has seen a regional slump. The ADB says developing Asia’s economy ...
Auto sales down 25 pct
Auto sales fell 25 percent year-on-year in the first eight months to 151,903 units due to the continuing impacts of the Covid-19 pandemic. Passenger cars accounted for 109,694 units, followed by commercial vehicles and special-purpose vehicles, according to the Vietnam Automobile Manufacturers Association (VAMA). Sales in August, ...
Dat Nguyen
New stimulus package to boost spending power of low-income groups
The government will this week consider measures to increase the purchasing power of low-income groups and support small businesses. Lavaron Sansnit, the director-general of the Fiscal Policy Office, said on Sunday that the Finance Ministry would urge the government’s centre for economic situation administration to approve ...
Fruit prices go down because of decline of export
According to the Agro Processing and Market Development Authority and the Institute of Policy and Strategy for Agriculture and Rural Development – IPSARD’s annual report of agro product price, dragon fruit dropped continuously to VND3,000- VND3,500 per kilogram in August while it had been VND6,000- ...
Cambodia, South Korea wrap up second round of FTA Talks
Cambodia and South Korea ended the second round of their negotiations on free trade agreement (FTA) today with positive progress. It was a remarkable progress after four days of virtual meeting held from Aug. 31 to Sept. 3, said Seang Thay, Secretary of State at the ...
Vietnam dodged the coronavirus bullet, so why are its workers struggling?
Along a busy highway on the outskirts of Vietnam’s largest city, a worn-out looking woman carrying all her worldly possessions in a handful of plastic bags picks her way through a web of swaying hammocks, looking for one that’s empty so she can lay her ...
Sen Nguyen
Three-Decade Economic Boom Comes to a Sudden Halt in Vietnam
For the past three decades, Vietnam has known only good — or great — economic news. The nation’s consistent growth as an exporter, propelled by Communist leaders who began embracing market-oriented policies in the late 1980s, pushed many into the middle class. The coronavirus pandemic changed ...
John Boudreau and Nguyen Dieu Tu Uyen
Laos faces serious budget deficit
An elevated fiscal deficit will result in growing public debt, which will ramp up pressure on Laos’ debt servicing capacity amid the COVID-19 crisis, the Vientiane Times reported on August 21. The Lao Government has estimated that the budget deficit will rise from 6.69 trillion kip (700 million USD) , ...
VNA
Mekong Delta localities urged to work harder to complete yearly targets
In a document informing the PM’s conclusion in a meeting with leaders of the Mekong Delta localities, PM Phuc called for the engagement of the whole political system in implementing the Government’s resolutions on supporting COVID-19-hit people and solutions to remove difficulties facing business and ...
VNA
Moody's downgrades Laos's rating to Caa2, outlook changed to negative
Moody’s Investors Service (“Moody’s”) has today downgraded the Government of Laos’s issuer rating to Caa2 from B3 and changed the outlook to negative. This concludes the review for downgrade initiated on 19 June 2020. The decision to downgrade the rating to Caa2 reflects Moody’s assessment that ...
