JOB CUTS CONTINUE FOR THE LEATHER AND FOOTWEAR INDUSTRY
Due to a decline in orders, PouYuen Vietnam, a shoe manufacturer whose clients include Nike and Adidas, has announced it will eliminate nearly 6,000 permanent positions between late May and early June. This will be the largest series of terminations since the corporation began operations in Ho Chi Minh City in 1996.
VIETNAM PROJECTED TO BECOME 20TH LARGEST GLOBAL ECONOMY
According to the International Monetary Fund (IMF), Vietnam's GDP based on purchasing power parity (PPP) stood in 25th position globally in 2022, ranking just below countries such as Australia, and Poland.
AROUND 88,000 FIRMS EXIT MARKET IN JANUARY-MAY
Around 25,500 firms have halted their operations and are awaiting dissolution, surging 34.1% against the year-ago period, while 7,300 others have completed procedures for disbandment, a 6.5% year-on-year rise.
VIETNAM’S OUTBOUND INVESTMENTS DOWN IN JAN-MAY
Vietnamese businesses have poured US$316.4 million into their projects overseas in the past five months, down 6.5% against the same period last year, according to the Foreign Investment Agency under the Ministry of Planning and Investment.
CUT ON AUTOMOBILE REGISTRATION FEES TO FACILITATE AUTO INDUSTRY
Nguyễn Ngọc Thanh, Deputy Director of the Department of Industry under the Ministry of Industry and Trade, said that many reasons greatly affected the consumption of automotive products such as difficult access to bank capital, high interest rates, high exchange rates and inflation, leading to high inventory of auto products in recent years.
PM ORDERS ENHANCEMENT OF FOREIGN INVESTMENT ATTRACTION EFFICIENCY
Under the document, ministers and heads of minister-level agencies, Government agencies and chairmen of the People’s Committees of centrally-run cities and provinces must promptly implement tasks assigned on them earlier in luring foreign investment.
ECONOMIC PERFORMANCE IN FIRST FOUR MONTHS
Vietnam’s consumer price index (CPI) rose 3.84% year-on-year in the first four months of this year, primarily due to higher prices for education, housing and construction materials, culture, entertainment and tourism, food, and electricity.
EXPLORING NEW MARKETS EXPECTED TO FUEL FOREIGN TRADE
Việt Nam witnessed declines in both exports and imports in the first four months of 2023, and exploring new markets is now considered one of the solutions to foreign trade bottlenecks.
