(Bloomberg) — Vietnam’s Communist Party on Monday nominated a little-known official to be the country’s next prime minister, tasked with reviving the economy in the wake of the pandemic while navigating growing U.S.-China tensions.
Pham Minh Chinh, who rose through the ranks of Vietnam’s national security apparatus and has a PhD in law, is the only candidate for prime minister put forward by the Politburo. The National Assembly is expected to approve the 63-year-old, who has also served on a powerful anti-corruption steering committee, later in the day.
Chinh will be the main point person for Vietnam’s interactions with the world even though other members of Vietnam’s Communist Party are better known and seen as more powerful. General Secretary Nguyen Phu Trong, 76, was re-elected to a rare third term on Jan. 31 by the National Party Congress during the once-in-five-year leadership transition wrapping up this week.
Prime Minister Nguyen Xuan Phuc, 66, was elected president on Monday, allowing him to stay among the country’s top leaders. Vuong Dinh Hue, 64, a former minister of finance and ex-deputy prime minister, has been approved as chairman of the National Assembly — one of the four top positions in the government.
Vietnam has a collective “four pillar” leadership structure made up of general secretary, prime minister, president and chair of the National Assembly, as the parliament is known. The leaders govern in consultation with the 18-member politburo with the prime minister holding significant influence over project funding and detailed policy implementation.
Chinh was first secretary at Vietnam’s embassy in Romania in 1989 and became deputy public security minister in 2010. He is also a member of the country’s Central Steering Committee for Anti-Corruption led by Trong.
The new prime minister was party chief of the northeastern coastal province of Quang Ninh, home to the World Heritage Site Ha Long Bay.
Analysts do not expect Chinh and the other leaders to veer from Vietnam’s long-held policies, including further opening its markets to the global economy and balancing relations with its powerful neighbor China and the U.S.
“You don’t have people vying for prime minister who have alternative economic policies,” said Carl Thayer, emeritus professor at the University of New South Wales in Australia. “His job is to implement policies that have already been well thought out.”
The new prime minister will grapple with economic reforms required by new trade deals and the need to address bottlenecks in the manufacturing sector with improved infrastructure, including ensuring reliable energy, said Peter Mumford, Southeast & South Asia practice head at risk consultancy Eurasia Group. The government will also be pressed to deal with pollution that increasingly concerns the nation’s growing middle class.
Key priorities will include working closely with the Biden administration to resolve tensions around trade and Vietnam’s currency, Mumford said.
The party’s five-year plan continues to endorse “socialism with a market orientation.” Hanoi has signed more than a dozen free trade agreements in recent years.
The latest blueprint calls for average economic growth of 6.5%-7% during 2021-2025, versus 5.9% the previous five years and increasing per capita GDP to $4,700-$5,000 by 2025, from $2,750 at the end of 2020.
The leadership selection process occurs in secret and involves political compromises for party unity.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
