backdoc » September 6th, 2014, 6:27 pm
IN A RECENT POST I MENTIONED THAT THE DONG WAS A WAY TO PLAY THE OPPOSITE SIDE OF THE TRADE.
THESE ARTICLES ARE JUST A TOUCH ON WHY I BELIEVE THIS IS TRUE.
AS THE 5TH LARGEST EXPORTING ECONOMY IN THE WORLD AND MOVING UP THE RANKS QUICKLY IN COMPETITIVENESS, A RAPIDLY GROWING GDP WILL HAVE SIGNIFICANT IMPACT ON THE CURRENCY VALUE IN FACT THE WB ESTIMATES 5.4% THIS YEAR !
I ASK YOU, HOW MUCH WILL THE U.S GROW THIS YEAR ?
AND HOW MUCH ROOM FOR COMPETITIVENESS IS THERE TO GO UP ??
RIGHT, NOT MUCH WHEN YOU'RE THIRD ALREADY. DOC IMO
Vietnam, Russia plan to boost oil and gas cooperation
Thanh Nien News
Thursday, September 04, 2014 14:48Email Print
Rosneft meets PetroVietnam amid $200 million bid on Chevron area
A delegation from the state-owned Vietnam Oil and Gas Group (PetroVietnam) and the Russian Ministry of Energy has met in Moscow and pledged to boost bilateral cooperation in oil and gas exploitation, Vietnam News Agency reported.
Nguyen Xuan Son, a senior official at PetroVietnam, led the delegation to Russia on September 2-3 to meet with leaders from the Ministry of Energy.
The ministry is willing to support oil and gas joint-ventures with Vietnam in the spirit of mutual prosperity, said Russian Deputy Minister of Energy Yuri Sentiurin during a meeting with Son.
For his part, Son thanked the Russian government for its support of the GazpromViet and RusVietPetro joint-ventures and proposed that the ministry continue to create favorable conditions for the companies' effective operations.
He affirmed that PetroVietnam is ready to invest in oil and gas projects in Russia, adding that Vietnam wants to act as a bridge for Russian oil firms seeking to tap the Association of Southeast Asian Nations (ASEAN) market.
Son said he hopes that bilateral cooperation in oil and gas will continue to grow and contribute to tightening the Vietnam-Russia comprehensive strategic partnership as well as beefing up their oil and gas sectors.
While in Russia, Son also met with chairmen of Russia's leading oil and gas groups--Gazprom, Rosneft and Zaruberhneft.
During the meetings, the two sides discussed measures to boost cooperation and enhance the efficiency of existing joint ventures. They also discussed the planned sale of 49 percent of the shares in Vietnam’s Dung Quat Oil Refinery by Gazprom Neft--a Gazprom subsidiary.
According to a deal recently struck by directors of the two groups, Gazprom Neft will also participate in a project to upgrade and expand the Dung Quat refinery in the central province of Quang Ngai, which aims to increase the plant's production capacity to around 10 million tons per year.
In addition, PetroVietnam and Rosneft have agreed to set up a joint venture to explore and exploit two oil fields in Russia’s Pechora waters.
Vietnam rises in global competitiveness rankings
Thanh Nien News
HO CHI MINH CITY - Thursday, September 04, 2014
The Global Competitiveness Report described Vietnamese banks as “vulnerable”. Photo credit: Reuters
European firms feel more buoyant in Vietnam market
Vietnam advanced two spots this year to 68th out of 144 economies considered by the global competitiveness rankings, according to the World Economic Forum.
Following an episode of double-digit inflation in 2011, Vietnam’s macro-economy gradually improved and inflation has since declined to 6.6 percent, the Geneva-based organization said in its annual “Global Competitiveness Report 2014–2015” report.
The report, released on Wednesday, also gave a better assessment of the Southeast Asian country’s public institutions based on improved property rights protections, efficiency, and a lower level of corruption.
In a region where many countries have poorly-functioning labor markets, Vietnam ranks 49th--a figure based on 12 “pillars,” including institutions, infrastructure, health and education, labor market efficiency, technological readiness, innovation and business sophistication, according to the report.
While noting Vietnam's modest progress in the quality of transportation and energy infrastructure, the report said the country’s financial sector and its banks “remain vulnerable”.
“The country’s businesses are especially slow in adopting the latest technologies," the report noted, citing this slowness as a cause for persistently slow productivity gains.
“The degree of business sophistication is low (106th, down eight), with companies typically operating toward the bottom of the value chain,” the report added.
The top of the rankings continues to be dominated by highly advanced Western economies and several Asian tigers.
For the sixth consecutive year, Switzerland leads the top 10, and again this year Singapore ranks as the second-most competitive economy in the world.
Overall, the rankings at the top have remained rather stable, although it is worth noting the significant progress made by the US, which climbed to 3rd place this year, and Japan, which rose three positions to 6th.
The Global Competitiveness Report was introduced by the World Economic Forum in 2004.
Vietnam may cut interest rates further to boost consumption: HSBC
By Thanh Nien News, TN News
Friday, September 05, 2014 10:36Email Print
A factory in Vietnam, where HSBC bank predicts investment from key markets will spur sluggish growth.
Vietnam's slow economic recovery has prompted the central bank to continue cutting interest rates to spur consumption as inflation falls, according to an HSBC report issued on Thursday.
After expanding solidly since last September, Vietnam's score on the HSBC Purchasing Managers’ Index (PMI) eased markedly in August to 50.3 from 51.7 in July on slowing external orders and domestic demand.
“Despite the slowdown, we are not too concerned about Vietnam’s manufacturing sector, which will likely bounce back in the last quarter of this year,” said HSBC.
New investment is expected to fuel export demand from Vietnam’s most important market - the US. The outlook for the domestic sector, however, remains flat.
The Ministry of Finance also introduced incentives to support firms, it said. The corporate tax rate was cut to support businesses and attract manufacturing FDI--particularly for high-tech firms. In January, the rate was reduced to 22 percent from 25 percent; and by 2016, it will be cut to 20 percent.
Foreign-invested enterprises in sectors and regions favoured by the government receive even more advantageous rates.
The central bank already lowered the OMO (Open Market Operations) rate by 50 percentage points to 5 percent to support domestic demand. Should inflation decelerate further, the SBV may cut the policy rate further.
Vietnam's economy expanded 5.18 percent in the first half of 2014 from a year earlier, according to the General Statistics Office. The government is trying to bolster an economy that the World Bank estimates will expand 5.4 percent this year, missing the government target of 5.8 percent.