Opportunities and challenges for auto industry in 2014

Despite initial signs of recovery, the Vietnamese auto industry is expecting a challenging 2014 as deadline pressures from ASEAN Free Trade Area (AFTA) commitments continue to mount. Total sales exceeded 110,000 vehicles in 2013, nearly 20 percent more than a year earlier.The auto industry expects a 2014 growth rate of …

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Banks released profit results in 2013

A number of banks have released profit results in 2013 that portray both a gloomy and bright picture of the banking industry. The market saw an immense effort by banks to present their balance sheets and debt portfolios as cleaner and safer than in past years. Vietinbank’s Chairman Pham Huy …

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Garment sector aims for 12% export growth in 2014

Le Tien Truong, Vice General Director of the Vietnam Textile and Garment Group (Vinatex) said at a press briefing in Hanoi on January 8 that 2014 is forecast to be a hard year for the economy, but, the garment sector still has a reasonably bright future owing to developed countries …

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PVN exceeds yearly target

The Vietnam Oil and Gas Group (PVN) earned VND762.86 trillion in revenue last year, representing an annual increase of 18% and meeting the target 50 days ahead of schedule. PVN exploited 310 millionth of crude oil on August 8 and 90 billionth cu.m. of gas on October 24. It generated …

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ASEAN car imports enjoy tax break

The tax cut comes following the earlier signing of the ASEAN Trade in Goods Agreement (ATIGA). While ASEAN countries are not a center for automobile production, there are some large manufacturing giants, such as Japan’s Toyota and Honda. Statistics by the Customs Office revealed that 8,826 cars, worth nearly US$150 …

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HSBC forecasts bright year for Vietnamese exports

The future is looking bright for export-oriented businesses, according to a forecast by economists at the Hong Kong and Shanghai Banking Corporation (HSBC). In their latest report, the HSBC said the reason is simple: Vietnam’s economy is export-dependent, with overseas shipment of goods comprising 81% of GDP in 2012. Despite …

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Dong Nai targets US$12 bil from exports

Southern Dong Nai province has set a target to increase exports by 9-10% over last year and earn a total of US$11.8-11.9 billion this year. To fulfill the target, the provincial Industry and Trade Department has developed an action plan focusing on tasks and solutions to assist enterprises clear bad …

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US unveils anti-dumping duty on Vietnam’s steel pipe

In its preliminary determination, the US Department of Commerce (DOC) has found Vietnam and two other Southeast Asian countries dumped their welded stainless pressure pipes on its market. DOC statistics show the US imported US$18 million worth of such pipes from Vietnam, US$18.6 million from Malaysia and US$22.9 million from …

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Exports to Indonesia earn nearly US$2.2 billion

Vietnam’s export earnings from the Indonesian market were estimated at US$2.19 billion in the first 11 months of 2013, rising by 1.8% compared to figures for a year earlier. According to recent statistics, November’s export revenue hit US$241.27 million, up 6.3% from the previous year. Key Vietnamese export items included …

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