After nearly 30 years of enforcement, the Petroleum Law now needs revisions to be in line with international practices and Việt Nam’s energy development strategy.
Capital account restrictions largely insulate interest rates in Việt Nam from global monetary tightening and the country’s policy rate is expected to rise 50 basis points to 4.5 per cent by end-2023, according to Fitch Ratings.
The State Bank of Việt Nam (SBV) has so far this year sold about US$12-13 billion to stabilise the domestic forex market, according to Viet Dragon Securities Corporation (VDSC).
The State Bank of Vietnam (SBV) will make every effort to not tighten the monetary policy immediately to support economic recovery and stabilise the market, VNDirect Co forecasts.
The State Bank of Việt Nam (SBV) sold about US$7 billion in the first five months of this year to balance the supply and demand sources of the greenback in the domestic forex market, according to the Viet Dragon Securities Corporation (VDSC).
Politics & Laws
Việt Nam has succeeded in developing its sea and island tourism with attractive tourism products, leading to a rise in both domestic and international visitors. However, the rapid growth of the industry requires planning to ensure sustainable development in the future.
Minister of Agriculture and Rural Development Lê Minh Hoan said that it is necessary for the nation to shift from agricultural production to an agricultural economy.
Trương Hùng Long, director of the Department of Debt Management and External Finance under the Ministry of Finance, spoke with Vietnam News Agency about improving the national credit rating.
The capitalisation of Việt Nam’s banking sector is expected to increase by nearly US$2.8 billion this year.
Fitch Ratings has affirmed Việt Nam's long-term foreign-currency issuer default rating (IDR) at 'BB' with a positive outlook.
Việt Nam's strategic financial objectives in the 2021-30 periods aim to reach a balance between achieving sustainable finance and major socio-economic developmental goals.
Việt Nam will need to cut taxes and fees, in addition to using the petroleum price stabilisation fund petrol prices keep rising, said a leader from the Ministry of Industry and Trade.
Experts have suggested the Government, the Ministry of Industry and Trade, the Ministry of Finance and localities need to think more carefully about the plan to jointly restructure the NSRP to reduce the adverse impact of the plant’s production problems on the market.
In a resolution on the socio-economic tasks to be accomplished in 2022 and financial outlays, the Government has designated it as a year of economic recovery. Efforts made by both foreign and domestic enterprises will play a key role in achieving the goals.
The Qatari ambassador to Việt Nam Mohamed bin Ismail Al Emadi writes for Việt Nam News on the National Day of Qatar.
The Central Highlands province of Đắk Nông is seeking local and foreign investing in many sectors like high-tech agriculture, mining, renewable energy, and tourism, and will offer the most favourable investment terms and cooperate with investors, its leader has said.
Việt Nam is expected to achieve its rice export target of 6.3 million tonnes worth US$3.2 billion this year due to high global demand and an increase in export prices.
Fitch Solutions have revised its 2021 average forecast for the Vietnamese đồng to VNĐ22,900 per US dollar from VNĐ23,000 per US dollar previously and VNĐ22,800 per US dollar from VNĐ23,200 per US dollar in 2022 as the central bank tolerates a stronger đồng over the short term.
In the last three months of 2021, Việt Dragon Securities Company (VDSC) believes that the US central bank’s tapering may affect the global stock market, the securities firm said in its new strategic report.
Life & Style
Việt Nam’s two biosphere reserves of Núi Chúa and Kon Hà Nừng have received UNESCO recognition after a vote at the ongoing meeting in Nigeria.