Hong Kong

Check out the latest developments in Vietnam for today.

In Vietnam, the largest youth job losses are seen in the textile industry with 15% of total, followed by hospitality & catering services, and agriculture.

This is mainly due to the government bond segment growing 10.5% quarter-on-quarter in the first quarter, to reach US$53.3 billion.

TTI wants to attract 180 – 200 local firms to join its supply chains to generate a combined revenue of US$2.5 billion per year.

The figure saw a sharp increase from the previous estimated loss of VND10 trillion (US$429.1 million) in early February and VND25 trillion (US$1.07 billion) in late February.

It is estimated that 20-30% of the volume and revenue of Vietnamese shipping lines are generated from the Chinese market.

Strong support from the government to enterprises, as well as Vietnam’s effective anti-virus measures have been key factor for Texhong to expand investments in the country.

Vietnam should take advantage of being the second country in Southeast Asia to sign a free trade agreement with the EU to attract FDI from Europe.

FDI commitments in the January – February period totaled US$6.47 billion, down 23.6% year-on-year.

Vietnam is predicted to be among four economies hardest hit by the Covid-19 outbreak, behind Singapore, Thailand and Hong Kong (China).