03:20 (GMT +7) - Tuesday 23/10/2018


January 2

Released at: 10:50, 02/01/2018 PRESS WATCH

January 2

VET's round-up of news from Vietnamese media for January 2.

Snack market still in infancy

According to an overview of the snack market in 2017, published by Statista, total sales in Vietnam were estimated at $354 million. The size of the country’s market is relatively small compared to the world, at just 1/170 of the US; the world’s largest.

Tariffs cut from Jan 1

From January 1, Vietnam has eliminated import duties on 669 tariff lines, including imports of fruit and vegetables from ASEAN countries. It is estimated that Vietnam spent more than $1.55 billion on importing fruit and vegetables in 2017, up 68 per cent against 2016. Leading exporters were Thailand and China.

Foreign tourist target increased

The government has set a goal of attracting around 15 million foreign tourists in 2018, according to its latest Resolution No. 01/NQ-CP issued on January 1. Inbound tourism has grown sharply over the last two years, reaching an all-time high of nearly 13 million in 2017. The government also expects to lower the poverty rate by 1.5 per cent and the urban unemployment rate to below 4 per cent while increasing healthcare insurance coverage to more than 88.5 per cent.

Work underway to establish European Management School

Deputy Prime Minister Vu Duc Dam has recently issued directions concerning the establishment of the European Management School (EMS) in Vietnam. Considering the Ministry of Education and Training (MoET)’s proposal on the establishment of EMS, the Deputy PM assigned the ministry to work specifically with the EU and guide the French - Vietnamese Center for Management Education (CFVG), the National Economics University of Vietnam, and the Ho Chi Minh City University of Economics to build a project establishing EMS and submit it to the Prime Minister.

Vietnamese second-most optimistic

Although the global economic optimism index has declined over the last 12 months, Vietnam is among the most optimistic countries, according to Gallup International’s 41st annual survey. Vietnam ranks second in terms of the percentage of economic optimists next year, up from 8 per cent last year and equal to the rate at the end of 2015.

Lending in foreign currencies permitted

According to Circular No. 18/2017/TT-NHNN from December 27, which will take effect from January 1 to December 31, commercial banks can provide short-term loans in foreign currencies to export firms that need funds for production and have turnover in foreign currencies. After receiving such loans, exporters must immediately sell the foreign currency to lending institutions, using the spot forex trading method, except in cases where the foreign currency will be used to make payments.

Insurance holders near targets

The number of social insurance holders in Vietnam was 13.57 million as at mid-December, while up to 80.83 million people had health insurance and around 11.49 million had unemployment insurance. Total premiums for social, health, and unemployment insurance were VND261.5 trillion ($11.5 billion), meeting 91.2 per cent of the assigned target and up VND38 trillion ($1.6 billion) against the same period last year. The social insurance sector handed over 9.3 million social insurance books to workers and granted health insurance cards to 16.6 million people. Some 56,700 workers covered by social insurance are yet to participate in the scheme.

User comment (0)

Send comment