After the holiday, domestic gold prices on May 4 increased by VND100,000/tael to exceed VND26.8 million/tael due to rising world gold prices.

Construction of the Vung Ro Oil Refinery in the central province of Phu Yen is scheduled to begin this summer after more than two years of delays caused by land clearance difficulties, according to the Phu Yen Planning and Investment Department.

The slowdown in the Consumer Price Index (CPI) in April was attributed to the government’s effective management and suitable measures to control the inflation rate and stabilize the macro-economy.

The Made in Thailand Outlet 2010 trade fair will take place from May 5-8 at the Hanoi Friendship Culture Place.

Vietnamese tra fish account for 99.9 percent of the global market share, and this percentage is expected to be maintained over the next few years, says Nguyen Huu Dung, Vice Chairman of the Vietnam Association of Seafood Exporters and Producers (VASEP).

The government is preparing to splash out on Vietnam’s tourism market amid a surge in foreign tourist arrivals this year.

The Rong Do Company in HCM City is planning to increase the volume of its dragon fruit exports to the US due to the market’s rising consumer power.

In the short term, an increase in the trade deficit is an indication of economic recovery but this will affect the balance of payment, foreign currency reserves and exchange rates, and destabilise macro finances.

The export turnover of agro-forestry-fishery products reached US$ 5.6 billion in April, driving the total export value in the first four months of this year up by 12.8 percent year-on-year, according to the Ministry of Agriculture and Rural Development (MARD).

The national flag carrier Vietnam Airlines (VNA) on April 30 launched a direct air route from Hanoi and Ho Chi Minh City to Shanghai, at the Shanghai JC Mandarin hotel. 

The Vincom Centre Shopping Mall, the country’s largest commercial centre, opened in Ho Chi Minh City on April 30. 

Deputy Prime Minister Nguyen Sinh Hung has agreed with the State Bank of Vietnam (SBV) proposal to host the annual meeting of the Asia Development Bank (ADB) in Hanoi on May 3-6, 2011.

The Prime Minister has approved a plan to develop Vietnam’s island economy up through 2020 with an estimated capitalization of more than VND162 thousand billion.

A Vincom Centre Shopping Mall opened in Ho Chi Minh City on April 30 after 22 months of construction.

Halong Shipping, located in Quang Ninh province delivered a car carrier, the “Victory Leader,” with a capacity of 4,900 vehicles, to Ray Car Carrier of Israel on April 29.

A trade fair on local agricultural and industrial products and Nam Bo craft villages opened in southern Tay Ninh province on April 28 with Deputy Prime Minister Truong Vinh Trong in attendance.

The country’s exports in April were estimated to reach US$5.7 billion, US$0.55 billion higher than the previous month, an increase of 33 percent compared to the same period last year, according to figures released by the Ministry of Industry and Trade.

The Vietnam Chamber of Commerce and Industry (VCCI) and the Daiwa Capital Markets company will work together to help Vietnamese businesses restructure and improve their competitiveness and ability to attract investment.

Vietnam will reduce tax rates and abolish tariffs applied to 7,640 categories out of 9,222 of the current import tariffs as promised in the ASEAN-India Free Trade Area (AIFTA) agreement.

Trade value between China’s Zhejiang province and Vietnam reached more than US$1.4 billion in 2009. Businesses in Zhejiang invested nearly US$300 million in Vietnam while Vietnamese businesses invested around US$20 million in Zhejiang.

Vietnam attracted nearly US$6 billion in foreign direct investment (FDI) over the past four months of this year, said the Foreign Investment Agency under the Ministry of Planning and Investment.

The State Bank of Vietnam (SBV) Governor Nguyen Van Giau signed a decision on April 27 to keep the prime interest rate unchanged at 8 percent per annum.

The US-based International Business Machines (IBM) opened a US$2 million centre to help Vietnamese businesses in Ho Chi Minh City-based Quang Trung Software City on April 27.

Despite the fact that Vietnam now ranks second among coffee exporters and has become an important member of the International Coffee Organisation (ICO), most of its coffee is exported unprocessed.

The Japan Bank for International Cooperation (JBIC) will continue to provide capital to Vietnam, said its Senior Executive Director Fumio Hoshi at a meeting with the Minister of Finance Vu Van Ninh in Hanoi on April 27.

Vietnam is steering its seafood industry toward sustainable development, ensuring high quality, hygiene and reasonable prices.

Timor Leste wants to learn Vietnam’s experiences in growing rice for export, said Timor Leste President Jose Ramos Horta.

Exports in April rose by 2 percent over March to stand at US$5.7 billion, bringing the nation’s four-month export value to US$20.1 billion, a year-on-year increase of 8.9 percent.

The economy in the first quarter continued to recover at a higher growth rate than in the same period last year, but was still fraught with considerable risks.

It is high time that Vietnam mulled over how it could use investment more effectively instead of just getting foreign direct investment (FDI) at any cost.