Henig: Hanoi enters New Year with fresh optimism
11:46 | 01/01/2023
Facing a range of difficulties and challenges last year, Hanoi has realised and even exceeded all 22 of its socio-economic targets, Secretary of the municipal Party Committee Dinh Tien Dung told the Vietnam News Agency (VNA) in a recent interview.
According to the official, the capital city grew 8.8 percent, higher than the nation’s average level of about eight percent. It saw better-than-expected outcomes in its Gross Regional Domestic Product (GRDP), GRDP per capita, growth rate of export turnover, and reduction of poor households.
Dung said 2023 is key to Hanoi’s socio-economic development plan for the 2020-2025 period and takes the work theme of discipline, responsibility, action, innovation, and development.
This year, Hanoi will strive for an increase of 7 percent and above in GRDP, with its rates of social investment and export growth expected to hit 10.5-11 percent and 7.5-8 percent, respectively.
Concerning tasks to be completed to realise such goals, the official stressed improving the business climate and economic restructuring; developing the quality, effectiveness, and competitiveness of local craft villages; and encouraging the application of technological advances, among others.
The city will also work to complete its planning for 2021-2030 with a vision to 2050 for submission to the Prime Minister.
Dung said in the future, the capital will develop two affiliated cities – one to the north of the Red River (Me Linh-Soc Son-Dong Anh) andother to the west of Hanoi (Hoa Lac-Xuan Mai), serving as a premise for further growth.
Hanoi prioritises fostering cultural and social development to be on par with economic growth, while continuing its plan for investment in education, health, and culture, he affirmed.
Henig: Vietnam targets textile-garment export growth
06:00 | 03/01/2023
(VEN) – Free trade agreements (FTAs), especially new-generation ones, are expected to help Vietnam reach a textile and garment export value of US$45-47 billion in 2023.
Major 2022 achievements
Vietnamese textile and garment exports reached US$42 billion this year, lower than the US$44-billion target, but the chair of Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang believes this was a major achievement given the world market’s significant slowdown in the final quarter of the year.
In the first half of 2022, domestic textile and garment enterprises operated at maximum capacity to fulfill export orders, earning export revenue of US$22.3 billion, up 17.7 percent from the same period in 2021. Textile and garment exports began slowing down in both value and quantity in August, and in September, some enterprises lacked production orders. Vietnam’s textile and garment export revenue reached only US$3.18 billion in October, down 3.3 percent compared to the same time in 2021, including US$307 million worth of yarn exports (down 34 percent), and US$2.87 billion worth of textile and garment exports, a slight growth of 1.7 percent.
Giang attributed the decreases in export value and orders to the high inflation and falling purchasing power of major markets, noting that Vietnam was not the only country affected by the difficult situation. The textile and garment export values of China and Pakistan, for example, decreased 13.6 and 16.8 percent, respectively. Thanks to the high achievements in the first half of 2022, Vietnam’s textile and garment export revenue in the first 11 months of the year grew 18.5 percent compared to the same period in 2021, he said. The industry exported 47-50 different products to 66 countries and territories, making good use of FTA commitments, including tax incentives, he added.
Despite difficulties expected at least until the end of the first quarter of 2023, Vietnam set a textile and garment export revenue target of US$47 billion in 2023. FTAs with attractive incentives continue to be a driving force for the industry’s export growth and attraction of foreign investment in raw material and accessory development to make up for the shortage of domestic supply. Digitalization has helped sector enterprises reduce costs and improve management, production and trading efficiency.
Domestic businesses, including the industry’s leader, Vietnam National Textile and Garment Group (Vinatex), and the TNG Investment and Trading JSC, have been applying green production. “We have orders lasting 4-5 months, including those for recycled yarn spinning, knitting, dyeing and sewing,” said Vinatex Chair Le Tien Truong. TNG reached a production output of an estimated 1,500 tonnes of product, 70 percent of which was recycled fiber.
Economists say controlling the quality of supply chains has become the biggest challenge for textile and garment exporters. The industry is urging the government to issue policies promoting investment in green production, especially the development of human resources specifically for green production through postgraduate and short-term training, and international cooperation in training.
Tran Thanh Hai, Deputy Director of the Ministry of Industry and Trade’s Agency of Foreign Trade: Domestic enterprises need to adopt a roadmap for green production development and quickly adapt themselves to its contents.
Bui Viet LINK
Pimpy There are some games being played with the Iraqi dinar and it looks like Al-Sudani is looking for ways to put a stop to this. I really think it’s a cat and mouse game between America and China and Iraq’s right in the middle of it.
yada [I wish I could find evidence that the dinar is no longer pegged to the US dollar but I can’t. Can anyone help?] The evidence is in front of you. The fluctuation of the dinar and dollar the past 15 days was it. It had never move this much prior to this because it wasnt, it was moving up and down. And going forward, the Float in itself is proof.
SO IT BEGINS! Central Banks Start NEW Debt Buying Spree As Inflation Continues To Rise.
Greg Mannarino: 1-3-2023
Russia’s All In With Gold & Yuan – Putin’s Breaking Away From The West
Sean Foo: 1-2-2023
Russia has just doubled the share of gold and Yuan in their wealth fund. This is a groundbreaking move that signals their commitment to de-dollarization and moving away from the Western financial system.
This is only the beginning and sets up a blueprint that many other countries could follow. In 2023, the future of gold is looking real bright while the dollar’s fate is getting rather grim.
Here’s what you must know!