[Round-up] Vietnam Retail Sales Rise 9.8%, Thai PTT Delays Mega Petrochemical Complex Project

Tuan Minh

19:04 29/06/2016

BizLIVE - Thailand’s state-controlled PTT Pcl has postponed plans to construct a $22 billion refinery and petrochemical complex in Binh Dinh province. Vietnam’s retail sales reached $58.41 billion in the first half of this year, increasing 9.8% from a year earlier.

[Round-up] Vietnam Retail Sales Rise 9.8%, Thai PTT Delays Mega Petrochemical Complex Project

Vietnam’s retail sales reached $58.41 billion in the first half of this year, increasing 9.8% from a year earlier.

Vietnam Posts Trade Surplus of $1.5 Billion in H1
Vietnam reported an estimated trade deficit of $100 million in June, resulting in a surplus of $1.5 billion in the first half of this year, according to data of the General Statistics Office (GSO).
The country’s export turnover increased 5.9% year-on-year to $82.2 billion and its imports slid 0.5% to $80.7 billion.
Foreign-invested enterprises posted a surplus of $11.2 billion and domestic ones incurred a deficit of $9.7 billion.
Vietnam Industrial Output Growth Slows to 7.5% in H1
Vietnam’s index of industrial production increased 7.5% in the first six months of this year, much lower than an expansion of 9.7% in the comparable period of 2015, according to GSO.
Vietnam Retail Sales, Service Revenue up 9.5% in Jan-June  
Retail sales and service revenue in Vietnam went up 9.5% year-on-year to 1,724 trillion dong ($76.62 billion) in the first half of this year, GSO data showed.
Retail sales reached $58.41 billion in the period, increasing 9.8% from a year earlier.
Foreign Tourist Arrivals to Vietnam Soar 21.3% y/y to 4.71 Million
Vietnam welcomed 4.71 million foreign visitors in the first six months of this year, representing an increase of 21.3% from the same period of last year, according to GSO.
Asian tourist arrivals climbed 25.7% year-on-year to 3.34 million in the period, of which Chinese visitors jumped 47.9% to 1.2 million.
Credit Grows 6.2% as of June 20: Statistics
Total outstanding loans in the Vietnamese banking system expanded 6.2% in the year to June 20, compared to an expansion of 6.28% in the same period of 2015, according to GSO.
Total money supply (M2) increased 8.07% in the period while deposits at banks advanced 8.23%.
Turkish Airlines Launches New Vietnam Routes
Turkish Airlines has officially launched new routes linking Istanbul with Hanoi and HCM City with five flights per week, according to the Vietnam News Agency (VNA).
The direct flights from Hanoi and HCM City to Istanbul will take 15 and 12 hours, respectively. These flights will be operated by an Airbus 330-300 with 288 seats.
Vietnam among Top 30 Attractive Emerging Retail Markets
Vietnam has continuously been listed among the world’s top 30 attractive emerging retail markets since 2008, according to the ranking in the Global Retail Development Index of the US’s AT Kearney Company.
Many market research companies and experts forecast the retail market of Vietnam sees great prospects for high growth in the future, driven by a population of 91.7 million with high consumption demands, according to VNA.
Vietnam President Hopes for More Investment from Japanese Firms
Vietnamese President Tran Dai Quang has expressed hope that Japanese businesses will increase investment in Vietnam, especially in developing hi-quality infrastructure and supporting industries, VNA reported.
At a reception for visiting President and CEO of Japan’s Sojitz Corporation Yoji Sato in Hanoi on June 28, the state leader urged Japanese firms to provide more support for Vietnam in human resources training, agricultural development and climate change response.
Vietnam recorded a fiscal deficit of 82.9 trillion dong ($3.7 billion) in the year to June 15, rising 24.8% from a month earlier, according to data of the General Statistics Office (GSO).
During the period, the country’s budget spending amounted to 508.5 trillion dong ($22.6 billion), or 39.9% of the year’s plan, rising 23.24% month-on-month.
Thailand’s state-controlled PTT Pcl has postponed plans to construct a $22 billion refinery and petrochemical complex in central Vietnam, citing changes in the country’s leadership and uncertainty in global oil markets, Reuters reported.
Chansin Treechuchagron, PTT’s senior executive vice president for petrochemicals and refining, said the company will delay the project and review investment at the end of the year.
As many as 14,902 companies in Vietnam resumed operations in the first six months of this year, soaring 75.2% from a year earlier, indicating strengthened business confidence.
Meanwhile, 54,501 firms were newly set up, up 20%, and 36,626 businesses became idle in the period, according to the Ministry of Planning and Investment.
Vietnam will likely to outperform in the region although the UK leaving the European Union (EU) will rattle the global economy, the Australia-New Zealand Banking Group (ANZ) has said in its latest report.
“Vietnam remains the Asian economy that continues to withstand the multitude of global challenges that have culminated in Asia’s “trade recession” much better than its relative peers,” says the report.

TUAN MINH

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