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CNA
40 minutes ago
- CNA
Vietnam Q2 GDP growth quickens on strong exports, US trade deal brightens outlook
HANOI: Vietnam's economy grew at a faster pace in the second quarter of this year led by strong exports, in an encouraging sign just days after US President Donald Trump said he would place lower-than-threatened 20 per cent tariffs on many Vietnamese products. Concerns over the Southeast Asian manufacturing hub's outlook had been growing in the run up to the trade deal announced on Wednesday (Jul 2), particularly as the United States is Vietnam's biggest export market. Gross domestic product growth in the April to June quarter accelerated to 7.96 per cent year-on-year, from the 6.93 per cent in the first quarter, government data showed on Saturday. It was just short of Hanoi's full-year growth target of at least 8 per cent. "Economic performance in the first half of this year was positive and close to our target amid global and regional economic uncertainties," the National Statistics Office (NSO) said. Exports were a bright spot in the last quarter, rising 18.0 per cent to US$116.93 billion from a year earlier, while imports were up 18.8 per cent at US$112.52 billion, translating into a trade surplus of US$4.41 billion, the NSO data showed. Industrial production in the period rose 10.3 per cent, while June consumer prices rose 3.57 per cent. Trump announced on Wednesday the United States and Vietnam reached a trade deal, under which Vietnamese goods would face a 20 per cent tariff, with trans-shipments from third countries through Vietnam also facing a 40 per cent levy. Vietnam could import US products with a zero percent tariff. The tariff rates were lower than an initial 46 per cent rate threatened by Trump in April. Vietnam hailed the deal as a boost for business and said negotiators were working to finalise details, as business groups awaited clarity on the finer points to assess the impact of the new tariffs. The United States is the largest export market for Vietnam, a regional manufacturing hub housing several multinational companies such as Samsung Electronics and Foxconn. The United States recorded a trade deficit of US$123 billion with Vietnam last year, one of its highest globally. Vietnam is also home to several Chinese companies, which analysts said are likely the main targets for the 40 per cent tariff on trans-shipments. China is Vietnam's largest two-way trading partner on which it relies heavily for components and materials for its manufacturing industries. Fitch Solutions said in a note on Friday that Vietnam's exports and investment will remain strong for the rest of the year and signalled upside risks for its 2025 GDP growth forecast of 6.4 per cent. "With the new 20 per cent tariff, we think the government will speed up industrial upgrading and shift exports from low-margin goods to higher value-added products such as semiconductors," it said in a note. Dominic Scriven, founder and chairman of investment firm Dragon Capital, said the trade deal is "net-positive" and the potential GDP hit is less severe than feared. "With external trade risk now moderating, attention can return to the country's core growth engine, the domestic and private sector economy," he said.
Independent Singapore
an hour ago
- Independent Singapore
'If I resign, we might lose the roof over our heads': Singaporean mum caught between exhaustion and the need to provide
SINGAPORE: In the depths of a current Reddit thread, an honest post from a first-time mother resonated with many. In her mid-20s, she's crisscrossing the pressures of full-time work while taking care of her 9-month-old baby. And right now, she's barely hanging on. Simply thinking about juggling a career and the rigid pace of motherhood has left her emotionally exhausted. She admits, her mental health is deteriorating. The thought of leaving her job has crossed her mind often, but the stakes are just too high. Her family is scheduled to get the keys to their Build-To-Order (BTO) flat next year, and under the long-standing HDB Loan Eligibility (HLE) structure, having employment is vital to safeguarding the loan. Resigning would mean putting at risk not just her professional path, but also that 'roof over their heads.' She's been vigorously searching for a job, hoping for a softer mooring, but the prospects are not that good in the current market. While her job permits her to work from home three times every week — a bonus in present-day work culture — it doesn't mitigate the mental anguish. To make things worse, she recently returned from maternity leave, only to be told she's taken 'too much' of her annual leave, about 18 days over six months. 'Apparently, just because we have annual leave doesn't mean we have to clear it all,' she shared in the thread. The subtle reprimand left her even more deflated. Trapped in the typical clash of contemporary working motherhood, she turned to the Reddit community for some guidance, and possibly, for some direction. The responses were a combination of tough love, financial practicality, and emotional sustenance. 'Don't resign… make them fire you.' One comment took a calculated slant: 'Don't resign (unless you find another job). That's what they want, for you to make it easy for them… Make them fire you if they have to. They can't fire you for using up your annual leave early.' The user continued to recommend that she set boundaries: 'Refuse to OT. Just say you have other obligations now as a mother. Buy yourself time. Fulfil what's needed for your BTO.' 'Your health matters more than anything.' Others focused on the personal cost of burnout. One user wrote: 'If one day you are down, that's it—your family loses you. A company can find a replacement. A family can get another BTO. But your family can't get another you.' 'Speak to your husband first.' At that point, there were also voices of caution. 'There needs to be a consensus if you quit,' one said, pointing out the financial implications of a single-income household. 'It's trading one form of stress for another. Once the elation of quitting wears off, you might panic. Ultimately, it depends on your finances—how long can you tank being jobless?' This user's post exposed a quiet but pressing truth: many young mothers are trapped in a system that isn't planned with them in mind. The emotional toll of childrearing and being a wife at the same time, matched with uncompromising job requirements and inflexible housing guidelines, can become an excruciating burden. Her story isn't unique, but it is incredibly real. For the moment, she's still determining whether to stick it out for the sake of financial stability or jump out in favour of her sanity. If it were your life, your call — what would you do?
CNA
3 hours ago
- CNA
'No perfect' CPF system exists, but its self-reliance principle is still pertinent: SM Lee
SINGAPORE: As Singaporeans live longer, the Central Provident Fund's (CPF) philosophy of self-reliance remains as pertinent as ever, Senior Minister Lee Hsien Loong said on Saturday (Jul 5). He added that while there is "no perfect CPF system", Singaporeans are generally in a good state now. As society's needs and working patterns change, and life expectancies lengthen further, the government will have to adapt and update the CPF scheme to keep it "fit-for-purpose" for new generations, he said. "This will be a perpetual process of innovation and adaptation. But that's the nature of many public policy issues," he said, adding that there is never a "once-for-all final solution". The CPF scheme is one such government policy that will always evolve and improve, but the same can be said of many others, including housing, healthcare, education and security, he added. SM Lee was speaking at the launch of a commemorative book by CPF to mark its 70th anniversary at Our Tampines Hub. The launch was also joined by Minister for Manpower, Dr Tan See Leng. At the launch, CPF also introduced a new one-stop financial guidance platform, Plan Life Ahead, Now! (PLAN), where members can access a personalised dashboard of financial planners. In Singapore, each generation funds its own retirement needs, SM Lee said. 'While self-reliance works well for the majority of the population, we recognise its limits for lower-income workers and for those who have not been in the workforce, such as housewives,' he added. In these cases, the government complements members' savings with targeted state support, such as the Workfare Income Supplement scheme, Silver Support Scheme and tax incentives to encourage voluntary CPF contributions from family members, he said. The government also provides additional support through packages for the Pioneer, Merdeka and Majulah generations, and periodic top-ups, which ensures a certain degree of intergenerational equity. 'But the basic principle remains: You must try your best to provide for your own future needs. And if that is still not enough, the government will be there to help you,' he said. Looking back at the past 70 years of CPF's history, SM Lee said "some very tough choices" were made in adjusting CPF rules and schemes. For example, the government had to cut employers' contribution rates by 15 per cent in 1985, after the total CPF contribution rate of 50 per cent from both employees and employers proved too high to sustain. The government also had to repeat the process of cutting CPF contribution rates during the Asian Financial Crisis in 1997, and in the early 2000s after the 9/11 terrorist attacks in the United States. It took them until 2015 to finally reach the total contribution rate of 37 per cent, which is about the "right level for the long term", SM Lee said. "NO OTHER PAINLESS WAY OUT" In his speech, SM Lee recalled meeting the late Lord Paul Myners, a British financial expert and UK city minister, who had done a comprehensive review of institutional investments made by UK insurance companies and pension funds. "He explained to me bluntly that with people living longer, there were basically only three ways for them to still have enough for retirement: One, save more while working. Two, spend less every month, to make their retirement savings last longer; or three, work longer and retire later," he said. "There is no other painless way out." All countries are confronted with this trilemma, and Singapore is no exception. "But that doesn't mean there is no way forward. It is still possible to make balanced, practical and politically workable arrangements in these three dimensions, to ensure Singaporeans' retirement adequacy," he said. The delinking of the CPF withdrawal age from retirement age has made it easier to raise retirement and re-employment ages to encourage workers to work longer, he said. While the national retirement age is 63, many choose to continue working, perhaps in a lighter job, beyond that, he added. SM Lee said that every change to the CPF system must be "carefully thought through". "In the end, for the whole CPF system to function and endure, Singaporeans must have faith that the scheme is sound and that the rules ultimately serve their best interests," he said. Today, public trust in the CPF is "very high", SM Lee added. People "faithfully" make their contributions every month, and many members voluntarily top up their own and their family members' CPF accounts with cash. Even when members reach 65 years old - when CPF payouts start - about 30 per cent do not make any withdrawals. "They are confident their money is safe, and they know that they are getting more than a fair deal," SM Lee said. NEW FINANCIAL PLANNING TOOL SM Lee penned the forward of the new book, called Save & Sound: 70 Years of CPF, which can be downloaded at CPF's website. The book chronicles the organisation's journey over the past seven decades and documents how the CPF system has evolved over the years. Through its new one-stop financial guidance platform, CPF members can access a personalised dashboard which consolidates digital CPF planners, such as the retirement payout planner, home purchase planner and the health insurance planner. The dashboard also pools together curated educational resources and features a new financial fitness questionnaire, where members can conduct self-assessments on their overall financial health. Announcing the launch of PLAN with CPF, CPF Board CEO Melissa Khoo said the dashboard seeks to enable members to make more informed financial decisions across different life stages. 'As we mark our 70th anniversary, we want to build on the CPF Board's legacy of service and innovation, and strengthen our commitment to support members through life's milestones, she said. CPF will also hold a CPF70 and Life's Supermarket exhibitions at Our Tampines Hub, which runs until Jul 10.
