Industry targets

Market leader Hoa Phat Group last month exported over 12,000 tonnes of products, mostly cold-galvanized steel, to North and South America. This followed an export of 10,000 tonnes in January to Belgium and Spain. The company targets producing 300,000-400,000 tonnes of steel products this year, 30-40 percent of which are likely to be exported. Its competitor Hoa Sen Group last month set a new export record of 121,000 tonnes of galvanized steel worth more than $100 million. The group has a network of over 85 countries and territories, with main markets being the U.S, Mexico, Europe and Southeast Asia. Vietnam’s steel industry is expected to see growth of 5-6 percent this year, with global demand set to rise by 4.1 percent thanks to recovery in developed markets, according to the Vietnam Steel Association (VSA). Other drivers for growth include expectations of rising public investment in infrastructure, the recovery of the real estate market and more foreign direct investment, … [Read more...] about Steel industry expected to recover this year

The Hanoitimes - Supporting industries hold significant meaning in Vietnam’s efforts to restructure the economy and enhance national competitiveness, said Minister of Industry and Trade Tran Tuan Anh. Samsung Vietnam on February 4 signed a memorandum of understanding (MoU) with the Ministry of Industry and Trade (MoIT) and the Hai Duong People’s Committee in providing assistance for Vietnamese enterprises in supporting industries, according to the MoIT. Overview of the signing ceremony. Source: MoIT. Attending the ceremony, Deputy Prime Minister Vuong Dinh Hue said the move would help Vietnam’s supporting industries further integrate in the global value chain. Hue said over the past few years, the domestic supporting industries have transformed significantly, particularly with the manufacturing and processing sector becoming a major driving force for economic growth and expanding at an annual growth rate of 9%. However, there remains a lack of leadership … [Read more...] about Samsung assists Vietnam enterprises in supporting industries

Google will stop tracking users across their internet searches to sell targeted ads, the tech giant said Wednesday. Google confirmed in a blog post that it will not build alternative methods to track users after phasing out its existing tracking methods, which involve using third-party cookies. “Today, we’re making explicit that once third-party cookies are phased out , we will not build alternate identifiers to track individuals as they browse across the web, nor will we use them in our products,” David Temkin, Google’s director of product management, ads, privacy and trust, said in a blog post. ADVERTISEMENT Google announced last year it would phase out third-party cookies with a goal of doing so within two years, meaning the tech giant may stop tracking users by early 2022. The plan was part of Google’s larger privacy initiative, known as Privacy Sandbox, aimed at developing standards to enhance web privacy. Google’s plan to phase out third-party cookies … [Read more...] about Google to stop tracking users for targeted ads

The Hanoitimes - Higher inflationary pressure, unstable crude oil and gas prices from geopolitical tension and the ongoing US – China trade war are among major risks to Vietnam’s economy this year. Vietnam is forecast to reach GDP growth of 6.48% in 2020 amid growing global uncertainties, meaning the 6.8% target set by the National Assembly is very challenging, said Nguyen Duc Thanh, director of the Vietnam Institute for Economic and Policy Research (VEPR). Overview of the workshop. Source: Ngoc Thuy. Higher inflationary pressure, unstable crude oil and gas prices from geopolitical tension in Iran and the ongoing US – China trade war are among major risks to Vietnam’s economy this year, said Thanh at the launch of VEPR’s quarterly macroeconomic report on January 16. Thanh cited the consumer price index (CPI) last December which rose over 5% versus the end of 2018, due to a surge in food prices, as a reason for concern. The upcoming Lunar New Year festival is … [Read more...] about Vietnam would struggle to reach GDP target in 2020: Expert

The Hanoitimes - In 2019, nine state firms were supposed to proceed with privatization, but only three in the prime minister-approved list for privatization completed the process. In the 2016 – 2019 period, only 36 out of 128 state-owned enterprises (SOEs) subject to privatization under the instruction of Prime Minister Nguyen Xuan Phuc completed the process, meeting 28% of the plan, according to Dang Quyet Tien, director of the Corporate Finance Department under the Ministry of Finance (MoF). Dang Quyet Tien (standing), director of the Corporate Finance Department under the Ministry of Finance (MoF). Source: MoF. The authority approved privatization schemes for 168 SOEs during the period with total asset value of VND443.05 trillion (US$19.03 billion), of which state capital makes up VND206.69 trillion (US$8.92 billion). In 2019, nine SOEs were supposed to proceed with privatization, but only three in the PM-approved list for privatization completed the … [Read more...] about Vietnam’s SOE privatization meets just 28% of target