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Vietnam economy is Asia's shining star during Covid – BBC News

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4 years ago

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.css-14iz86j-BoldTextfont-weight:bold;Vietnam has minimised the economic damage from Covid-19 and is the only country in South East Asia on track for growth this year.

Its economy is expected to grow 2.4% this year, according to latest figures from the International Monetary Fund.

The IMF credited “decisive steps to contain the health and economic fallout from COVID-19” for the country’s success.

Vietnam has had only 1,288 Covid-19 cases and 35 deaths.

The IMF is predicting a strong economic recovery in 2021, with growth projected to strengthen to 6.5% “as normalisation of domestic and foreign economic activity continues.”

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Although Vietnam lacks the health infrastructure of many wealthier countries, it has been widely praised for its public health measures, which quickly brought numbers under control.

It was quick to develop testing kits, and used a combination of strategic testing, aggressive contact tracing to help control numbers.

The country has seen slower growth this year and its once-thriving tourism sector has taken a particularly bad hit, but it has avoided the worst economic effects of the pandemic.

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Work from home windfall

A number of factors have cushioned the blow, according to Michael Kokalari, chief economist for Vinacapital, a Vietnam-focused investment company.

Perhaps the most unexpected windfall has come from the huge increase in the number of people working from home globally.

“People have bought a new laptop computer or they’ve bought new office furniture, for both working and spending more time at home. Well, a lot of those products are made in Vietnam,” he told the BBC.

Vietnam’s exports to the US have increased by 23% in the first three quarters compared to the same period in 2019, with electronics exports up 26%.

Tariffs woes

Vietnam’s manufacturing sector has grown enormously over the past decade because businesses have started to look elsewhere as labour costs in China increased.

The ongoing US-China trade war has also made China a less attractive place to manufacture, with a number of tariffs in place on exports.

Many multinationals have started operating in Vietnam, including global technology leaders like Apple and Samsung.

Apple now has plans to manufacture its high-end Airpods studio earphone in Vietnam.

The pandemic has also prompted more companies to consider manufacturing there, because of the need to diversify their supply chains, said Mr Kokalari.

“When Covid comes, you thought you had a global supply chain, and you find out that you only have a China supply chain and you can’t produce.

Well that’s a much more urgent, emotionally catalysing problem,” he added.

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S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

2 days ago

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September 13, 2024

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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.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

Statistics Canada reports wholesale sales higher in July

Published

2 days ago

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September 13, 2024

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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.

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

3 days ago

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September 12, 2024

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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.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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