Unskilled laborers laid off

Mon, January 5th, 2009

In a seminar on the nation's economic outlook for 2009, many speakers agreed the best way to effectuate the Government’s stimulus package of US$ 6 billion is giving jobs to laborers, which is the basis for balancing the macro economy and boosting purchasing demand.

Prime Minister's 5-point plan for struggling economy

Mon, January 5th, 2009

Vietnam has shifted its priority from containing soaring inflation to preventing economic recession. The fight against slowing economic growth is even harder than that against inflation considering the limited resources of the country as well as the ongoing international financial crisis.

As trade slows, China rethinks its growth strategy

Mon, January 5th, 2009

Particularly noteworthy have been Beijing's steps to help labor-intensive sectors like garment production. For instance, China has been restoring export tax rebates for the textile sector that it had been phasing out. Municipal governments have also stopped raising the minimum wage, which had doubled over the last two years in some cities, reaching a peak of $ 146 a month in Shenzhen.

Hard times bring wedding bell blues to apparel factory workers

Mon, December 29th, 2008

The global economic slowdown has resulted in a dramatic slump in orders from overseas customers of Vietnamese factories and thousands of workers have either been stood down or had their hours cut. So they try to make their weddings as simple as possible. Despite their efforts, almost all factory workers are haunted by wedding debts.

HCM City hotels to cut rates up to 30% to attract visitors

Mon, December 29th, 2008

Vietnam Airlines would discount fares by 30% for guests from key markets to create a strong promotion program from next January to September for the country's tourism sector. In December 2007, bookings for December 2008 at some hotels reached 60% but this month, bookings for December 2009 just reach 20%.

IMF: Vietnam's economy is facing challenges, needs continued reforms, data quality, communication

Mon, December 29th, 2008

Vietnam's economy is facing a number of challenges. After accelerating in 2007, growth momentum eased over the course of 2008, as the government sought to stabilize an overheating economy. While the government made commendable progress in stabilizing the economy, Vietnam has, more recently, begun to experience adverse effects from the global economic slowdown. Exports of goods and services are slowing, reflecting a downturn in key trading partners' economies. Private remittances and foreign direct investment, two major factors supporting economic activity in 2007, are also slowing from high levels, as a result of the deterioration in global economic conditions. These external challenges are compounded by domestic challenges stemming from a large current account deficit, as well as weaknesses in the banking and corporate sectors.

Mapletree to build business park in Binh Duong; strategic real estate development

Mon, December 29th, 2008

The AmCham Singapore company will build a US$ 400 million business park (75 hectares) and a US$ 110 million modern warehousing space (420,000 square meters).

Textile sector stitched big targets together: MoIT long term development plan

Mon, December 29th, 2008

MoIT, in late November 2008, approved the Cloth Investment and Production Programme for exports to 2015. Accordingly, Vietnam would produce one million square metres of cloth by 2010 and 1.5 million square metres by 2015. "We will attach great importance to the sector's production of cloth, other related materials and accessories." The industry's localisation ratio now stood at 35 per cent and would be raised to 50% by 2010, 60% by 2015 and 70% by 2020.

State to labour under job cuts in Vietnam

Mon, December 29th, 2008

Massive job cuts in domestic and overseas labour markets amid the global financial malaise will hold Vietnamese labour authorities back from controlling the nation’s unemployment rate in 2009. MOLISA originally planned to create 3 million new jobs in 2009-2010; now employment is falling in Hanoi, HCM City, Binh Duong, and elsewhere.

Property market to remain stagnant for some time: experts

Mon, December 29th, 2008

Analysts say that the number of buyers is still small even though land prices in some districts have dropped as much as 60% compared to the beginning of this year. Prices of apartments in District 7's Phu My Hung have also gone down by about 30 percent. The chairman of HCMC Real Estate Association said the city property market can only recover at the end of 2009.

HCMC port relocation making slow headway

Mon, December 29th, 2008

So far, only Saigon New Port has shifted to its new site in District 2's Cat Lai but the country’s largest container port said it really needed capital for equipment for its new project, Cai Mep Thuong Port, in Ba Ria-Vung Tau.

U.S. manufacturers cut jobs, pay amid downturn

Mon, December 29th, 2008

In 2009, compensation for its most senior executives will be cut by as much as 50 percent, while pay for senior managers will be reduced 5 to 35 percent, and other management and support staff will see cuts of up to 15 percent.

The Nam Hai, Hoi An: Exclusive Rates for Local Residents

Sun, December 28th, 2008

The Nam Hai, winner of Travel and Leisure's 2008 award for Best Resort Design and nominated to the Conde Nast Hot List, is offering an exclusive rate for AMCHAM Members from December 15th to March 31st 2009.

Retailers Brace for Major Change

Sat, December 27th, 2008

The good news for retailers is that 2008 is almost over. The bad news: 2009 could be worse. Many retailers are rethinking how they do business, as others prepared for a large number of bankruptcies and store closures, a reduced number of suppliers, less selection, and shorter lead times.

Vietnam devalues currency

Fri, December 26th, 2008

The central bank set the dong midpoint at 16,989 per dollar, from 16,494 on Dec 24 after a two-day cabinet meeting in which Prime Minister Nguyen Tan Dung said gross domestic product had grown 6.23 percent this year. Next year will be worse, Dung predicted. "The year 2009 will be tougher than 2008, as we will be faced with a strong impact from the global economic downturn," a government statement quoted Dung as telling the cabinet in HCM City.

U.S. Retail Sales Plummet, Down 5.5% in Nov, 8% in Dec

Fri, December 26th, 2008

"There has been a major contraction in consumer spending," said Michael McNamara, vice president of research and analysis for MasterCard Advisors. Luxury goods, once considered immune from economic turmoil, were hardest hit. Including jewelry sales, the luxury sector plunged by a whopping 34.5%.

India's Textile Industry Unravels

Mon, December 22nd, 2008

Textile factories, including India's notorious garment-making sweatshops, are among the country's first manufacturing businesses to suffer as American and European clothing retailers slash orders amid slumping consumer spending. India's second-largest employers after agriculture, textile concerns employed 35 million workers last year. But the companies have already shed 700,000 jobs this year and at least 1.2 million textile employees are expected to be out of work by March, according to the government's Ministry of Textiles.

Hard-up firms given double boost: Beijing allows delay in social security payments

Mon, December 22nd, 2008

The Federation of Hong Kong Industries estimated that one in four Hong Kong processing factories would have folded by the end of the year. It said 55,200 Hong Kong plants in the Pearl River Delta employed about 9.8 million migrant workers.

Watson Wyatt acquires Smart HR

Mon, December 22nd, 2008

"This acquisition greatly strengthens Watson Wyatt's presence in the broader ASEAN market place and Asia Pacific overall," said Bob Charles, Watson Wyatt's Asia Pacific Regional Managing Director. "By establishing operations in Vietnam, we can provide our global and regional clients with world-class consulting advice in one of Asia's most dynamic emerging markets."

Senator Baucus urges progress on US beef, trade preferences

Mon, December 22nd, 2008

But Baucus, a Democrat from Montana, where beef is a major export, and chairman of the influential Senate Finance Committee, praised Vietnam for allowing imports of beef from cattle under 30 months old.