Business News

Incoming remittances to Vietnam would rise 10% year-on-year to some US$12.5 billion this year, the Foreign Exchange Management Department under the State Bank of Vietnam (SBV) announced at a press conference yesterday, December 28.

Despite a negative impact caused by the COVID-19 pandemic, the country's exports have scored a success this year with 11-month export revenues reaching approximately US$300 billion.

According to the Ministry of Planning and Investment's Foreign Investment Agency, $15.2 billion was poured into 1,738 newly-licensed projects, a decrease of 31.1 per cent in number but a rise of 4.1 per cent in value.

In 2020, Tien Thinh Trading and Construction Services Co., Ltd. implemented dozens of solar projects in many southern provinces and cities, with total revenues of the company reaching around $430,000. However, this year the firm only implemented a few small-scale projects with total revenues shrinking to one-tenth lower.

Minister of Industry and Trade of Viet Nam Nguyen Hong Dien and Minister of Trade, Industry and Energy of the Republic of Korea (RoK) Moon Sung-wook have agreed to launch measures to support enterprises in adapting to COVID-19 and foster cooperation between the two countries’ enterprises in trade, industry and energy in the upcoming time.

The ministry praised local enterprises especially garment and textile ones for having weathered heavy impacts of the COVID-19 pandemic, working hard very early to persistently maintain production, and promptly finalize contracts on schedules.

Permanent Deputy Prime Minister Pham Binh Minh assigned the Ministry of Transport to work with other ministries, agencies, and localities to meticulously consider and decide on the resumption of international commercial air routes.

The World Bank (WB) and the Global Knowledge Partnership on Migration and Development (KNOMAD) forecast that the amount of remittances to Vietnam in 2021 could reach 18.1 billion USD, continuing to increase compared to 2020.