[Round-up] Party Chief to Visit China, Vietnam Economy May Grow 6.8% in 2017

Tuan Minh

17:50 09/01/2017

BizLIVE - Party General Secretary Nguyen Phu Trong will pay an official visit to China from January 12 to 15. Forbes has named five engines that will help Vietnam meet its economic growth target of 6.8% in 2017.

[Round-up] Party Chief to Visit China, Vietnam Economy May Grow 6.8% in 2017

Chinese President Xi Jinping (left) and Vietnam Communist Party General-Secretary Nguyen Phu Trong. Photo: Reuters

Party Chief to Pay Official Visit to China in mid-January
General Secretary of the Vietnam Communist Party’s Central Committee Nguyen Phu Trong will pay an official visit to China from January 12 to 15, according to the Party Central Committee’s Commission for External Relations.
The visit will be made at the invitation of Party General Secretary and President of China Xi Jinping, the commission said in an announcement on January 8.
PM Approves China Border Gate Development
PM Nguyen Xuan Phuc agreed with a proposal put forth by authorities of the northern province of Cao Bang for an urban development plan at Tra Linh National Border Gate, according to the Vietnam News Agency (VNA).
According to the Prime Minister, developing services is the right direction for Cao Bang province, in general, and Tra Linh district, in particular, which is consistent with the locality’s advantage of a long contiguous border with China.
President Highlights Growing Relations with Japan
President Tran Dai Quang hosted a reception in Hanoi on January 9 for the newly-accredited Japanese Ambassador to Vietnam, Kunio Umeda, VNA reported.
President Quang highlighted the growing strategic partnership between Vietnam and Japan in the fields of politics, economics and trade thanks to the regular exchange of high-level delegations.
Solar Panel-Producing Factory Inaugurated in Bac Giang
The $100 million factory manufacturing solar panels Trina Solar (Vietnam) was put into operation on January 6 in the Quang Chau Industrial Park in Viet Yen district, northern Bac Giang province.
The factory, which has a capacity of 800 MW per year, is the seventh one going into operation in Bac Giang province, according to VNA.
Made-in-Vietnam Goods Should Make Inroads in Global Market: President
Vietnamese enterprise should strive to promote Vietnamese products in the global market and improve their share in the home market, said President Tran Dai Quang at a meeting with 115 businessmen in Hanoi on January 7.
The leader stressed that global integration is a consistent policy of the Party and State, adding that it has helped attract foreign resources to Vietnam, expand export markets and improve the country’s economic competitiveness.
Foreign Beer Companies Boost Investment in Vietnam
With high growth potential, Vietnam has become a promising destination for leading global beer companies, according to the Sai Gon Giai Phong newspaper.
Belgian Anheuser Busch InBev firm opened a beer factory in the southern province of Binh Duong, while the Netherlands’ Heineken plans to expand its factory in the southern province of Ba Ria – Vung Tau and increase productivity from 50 million liters at present to 60 million liters by 2025.
Leather, Footwear Sector Forecasts $18 Billion in Export Earnings
The leather and footwear sector forecasts its export earnings can reach $18 billion this year, up more than 10% from 2016, while manufacturing index would grow by 5%.
Vietnam Targets $7.1 Billion Seafood Exports This Year
The Directorate of Fisheries under the Ministry of Agriculture and Rural Development (MARD) has set a goal of $7.1 billion in seafood export revenues this year, about the same as the 2016 exports, VNA reported.
It targets a total fisheries production of 6.85 million tons for the whole year, including 3.05 million tons of sea catch and 3.8 million tons from aquaculture, Nguyen Ngoc Oai, deputy head of the directorate, said at a recent conference organized by the ministry.
Vietnam Can Meet 6.8% Growth Target in 2017: Forbes
Vietnam can achieve its economic growth target of 6.8% in 2017 set by the government thanks to five engines that include continued foreign investment, spreading economic consumption, expanding private business, growing export production, according to Forbes’ forecast.
Overseas players are occupying larger portions in the retail market in Vietnam, where the middle income and wealthy class is projected to reach 33 million by 2020, or one third of the population, compared to 12 million in 2012, thanks to a fast-growing economy.
According to a recently-released report by the Ministry of Industry and Trade, foreign retailers occupied a share of 70% of retail sales via convenience stores and 17% of the sales at trade centers last year.
Samsung Vietnam pocketed $39.9 billion from shipping its products abroad in 2016, representing a rise of 9.9% from a year earlier, said Hyun Woo Bang, deputy general director of the company, said at conference of the Ministry of Industry and Trade in Hanoi last weekend.
With Vietnam’s export turnover reaching an estimated $175.9 billion last year, Samsung Vietnam’s exports accounted for 22.7% of the host country’s total exports, compared to 20% recorded in 2015.
The Vietnamese government will need to take out loans worth up to 340 trillion dong (roughly $15 billion) this year, of which 54.11% will be used to offset the fiscal deficit and the remaining to repay principal.