Money 

China’s wealth gap widens as more than half of its provinces missed growth targets

China’s economic development gap is widening with tougher times looming after more than half of its provinces missed their economic growth targets last year and the effects of the trade war with the US taking a toll on the domestic economy. Seventeen of 31 Chinese provincial-level divisions failed to meet their gross domestic product growth rate goals in a year where the national economy expanded at 6.6 per cent, its slowest pace in 28 years, according to a review of local annual economic reports by the South China Morning Post.…

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Vietnam 

Việt Nam targets $40 billion in exports from textile and garment industry – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Vietnam Textile and Apparel Association (VITAS) set the industry development target this year for export turnover at US$40 billion, which would mark a 10.8 per cent year-on-year increase. The industry’s trade surplus is expected to reach $20 billion this year. Employment will be ensured and income for 2.85 million workers would be increased, said VITAS. These targets were based on a successful year in 2018, when export turnover of garments and textiles products reached more than $36 billion, marking a year-on-year…

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Israeli online broker eToro targets Southeast Asia’s young and savvy investors with global outlook

eToro, the Israeli online broker previously known for offering highly leveraged trade on bitcoin, is planning expansion in Southeast Asia and potentially Hong Kong, as it sees growing demand from thirty-somethings seeking to trade beyond their domestic markets. Chief executive Yoni Assia said he expects Asia this year to contribute up to 30 per cent of the company’s total revenue, up from 15 per cent in 2018, thanks to growing markets in Vietnam, Malaysia, Philippines and Thailand for cryptocurrency trading services. “In Asia’s competitive landscape, we don’t see a lot…

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Vietnam 

Việt Nam targets to attract 100,000 businesses in agriculture – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Việt Nam wants to attract 100,000 businesses to invest in agriculture. It hopes between 3,000-4,000 businesses will be large scale with the rest medium sized. This information was released by Deputy Director General of the Ministry of Planning and Investment (MPI)’s Enterprises Development Agency Nguyễn Hoa Cương at the forum entitled “Businesses accompany agriculture, farmers and rural areas in 2019” held in Hà Nội on Tuesday. At the conference, representatives from MPI, the Ministry of Agriculture and Rural Development and…

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China and Hong Kong stocks slide on reported Huawei investigation, lower China GDP targets

Hong Kong and China stocks slid in early Thursday trading, as traders began weighing the impact of a reported US investigation of Huawei Technologies as well as slashed growth targets among China’s provinces. The Hang Seng Index dropped 0.2 per cent, or 61.45 points, to 26,840.65 as of 10:24am, despite opening in positive territory. The Shanghai Composite Index dipped 7.19 per cent, or 5.87 points, to 2,563.23. US federal authorities are carrying out a criminal investigation into Chinese telecommunications giant Huawei Technologies for allegedly stealing trade secrets from US companies…

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Vietnam 

Hà Nội targets 7.4-7.6% economic growth for 2019 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — The Hà Nội People’s Committee has set 22 targets for socio-economic development in 2019, focusing on State budget restructuring, improvement of its investment and business environment and promotion of the innovation and startup ecosystem. The capital city’s gross regional domestic product (GRDP) is planned at 7.4-7.6 per cent in 2019 and export growth is projected at 7.5-8 per cent. These targets are set in the city’s action programme No 12/Ctr-UBND on the socio-economic development and State budget estimation in 2019, signed…

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Vietnam 

Habeco targets $515m revenue in 2019 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

A beer production line at Habeco’s Hà Nội-Mê Linh beer factory in the capital. – Photo congnghieptieudung.vn Viet Nam News HÀ NỘI — The Hà Nội Beer Alcohol and Beverage JSC (Habeco) has set a revenue target of more than VNĐ12 trillion (US$515 million) in 2019, 9 per cent higher than last year’s figure. The brewer will also contribute above VNĐ5 trillion ($215 million) to the State budget, Habeco’s General Director Ngô Quế Lâm said at a conference to review the company’s performance in 2018 and outline tasks…

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Vietnam 

PV Power targets $1.4b in 2019 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — PV Power has set targets for total revenue of VNĐ32.77 trillion (US$1.4 billion) and pre-tax profit of more than VNĐ2.5 trillion ($107.3 million) for 2019. Its profit after tax is projected to reach VNĐ2.28 trillion. Việt Nam’s second-largest electricity producer generated more than 21 billion kWh of electricity last year, higher than the 2017’s output of 20.58 billion kWh. According to PV Power’s estimation, its total revenues reached VNĐ33.36 trillion ($1.43 billion) in 2018, surpassing the year’s target by 6…

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China Evergrande targets modest sales growth for 2019 amid weak outlook for property market

China Evergrande Group, one of the country’s biggest property developers, has set its sales growth target for 2019 at the lowest in at least five years amid weakening demand. Evergrande is targeting 600 billion yuan (US$88 billion) in contracted sales this year, according to a filing to the Hong Kong stock exchange on Monday. That is 9 per cent higher than the 551 billion yuan of contracted sales recorded last year, the most modest goal in terms of growth since at least 2015, according to a review of its past…

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Vietnam 

City sets high targets for 2019 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HCM CITY — HCM City targets 8-8.2 per cent growth for its industrial sector in 2019, according to its Department of Industry and Trade. Its four key sectors — food processing, chemical–rubber, mechanical engineering, and information technology – are expected to grow at marginally higher rates. The city also targets 12 per cent growth in retail sales of goods and services and 11 per cent growth in exports. Speaking at a meeting on Thursday to review the performance of the industrial and trading…

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