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Vietnam PM promises economy will rebound from COVID-19 hit | Saltwire – SaltWire Network

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HANOI (Reuters) – Vietnam’s exports are likely to rise 10.7% in 2021, with annual inflation expected below 4%, the prime minister said on Wednesday, promising lawmakers that economic revival lay ahead.

Pham Minh Chinh told the national assembly that Vietnam, consistently one of Asia’s fastest-growing economies, had been badly hit by the coronavirus, which disrupted its supply chains and hit workers in key industries.

Vietnam’s gross domestic product (GDP) contracted 6.17% in the third quarter of 2021 from a year earlier as the containment measures hit, the sharpest quarterly decline on record.

Chinh said he expected GDP to expand 6.0% to 6.5% next year, with the government aiming to cap inflation at 4%.

“Realising 2022 targets is a heavy task, but we definitely will revive our economy,” he said, despite the pandemic having put macroeconomic stability at risk.

“Inflation is facing upward risks and there have been disruptions in the supply chains … workers’ lives have been badly hit.”

Although Vietnam had largely reined in COVID-19 until May, a fast-spreading outbreak of the Delta variant in its economic hub of Ho Chi Minh City led to wide curbs on movement and commerce, hitting key manufacturing provinces nearby.

This month, the government said Vietnam would miss its garment exports target this year, by $5 billion in the worst case, hit by curbs and a shortage of workers.

It expected $34 billion of textile exports, shy of the targeted $39 billion, and a shortage of 35% to 37% of factory workers by year-end, it said.

Ho Chi Minh City has suffered a mass exodus of workers since lockdowns eased last month, on worries they would get stuck again if there was another wave of infections.

(Writing by Martin Petty; Editing by Kim Coghill)

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

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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

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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.

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

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4 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)

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