Connect with us

Business

Hanoi urged to bolster economic growth drivers

Published

on

Permanent Government members have asked Hanoi to bolster its economic growth drivers, namely investment, export, and consumption, during a recent meeting with the Standing Board of the municipal Party Committee.

Hanoi urged to bolster economic growth drivers hinh anh 1Part of Hanoi capital city (Photo: VNA)

Hanoi – Permanent Government members have asked Hanoi to bolster its economic growth drivers, namely investment, export, and consumption, during a recent meeting with the Standing Board of the municipal Party Committee.

They highly valued efforts and achievements by the Hanoi Party organisation, administration, and people which have joined the entire country in stablising the macro-economy, controlling inflation, boosting growth, guaranteeing major balances, developing culture, maintaining political stability and social order and safety, consolidating defence – security, and promoting external relations and integration into the world, according to the Government Office’s announcement of the permanent Government members’ conclusions made at the meeting.

However, there remains certain shortcomings, difficulties, and challenges to be addressed, they pointed out, elaborating that Hanoi hasn’t made any considerable breakthroughs in economic development, especially sustainable and substantive development; the growth pace is slower than expected; while environmental pollution, traffic congestion, and infrastructure overload have yet to be improved remarkably.

They requested that the city should be further aware of its role, position, potential, and importance to national development; identify difficulties, challenges, and weaknesses; strongly bring into play self-reliance, solidarity, and the spirit of thinking big and acting bold so that it can develop comprehensively, fast, and sustainably and deserve its status as the national political – administrative headquarters and a big centre in terms of economy, culture, education – training, science – technology, and international integration of the whole country.

Hanoi should actively grasp the situation; stay ready to respond to any circumstances; improve the capacity of forecasting possible impacts on local economic development; make flexible, timely, and effective policy response; and bolster economic growth drivers (investment, export, consumption). Besides, it needs to seriously implement the Government and the Prime Minister’s resolutions and directions on dealing with problems in the monetary, credit, real estate, stock, and corporate bond markets.

The capital needs to improve the management, use, and disbursement of public investment, along with funding for the socio-economic recovery and development programme and the three national target programmes. It should strive to complete the tasks and overfulfill the targets for 2023 so as to create a solid stepping stone for the following years. It is also necessary to mobilise every resource for development, promote public – private partnership, and apply new governance, investment, and management models.

Permanent Government members demanded Hanoi push ahead with administrative reforms; build a system of administrative agencies with strong solidarity, high unanimity, integrity, and democracy that work efficiently and centre on people and enterprises; and develop a contingent of professional, civilised, modern, incorruptible, and devoted cadres and civil servants who work for the sake of the people.

They underlined the importance of quickly devising the Hanoi Capital Planning for 2021 – 2030, with a vision to 2050; and adjusting the general planning for building the city by 2045, with a vision to 2065 that features a reformed mindset and a breakthrough, strategic and long-term vision, capitalises on every distinctive potential, outstanding opportunities and competitive edges, and addresses outstanding problems and weaknesses.

The city was also told to step up the implementation of national digital transformation measures and increase the provision of online public services on the National Public Service Portal.

In addition, Hanoi needs to boost socio-economic development in tandem with preserving and bringing into play traditional cultural values and protecting the environment. Social issues, social welfare policies, job creation, and educational and manpower quality should also be given due attention.

The officials required Hanoi further to guarantee political security as well as social order and safety, step up substantive diplomacy and international integration, enhance disease prevention and public health care, and augment the fight against corruption and other negative phenomena.

Local authorities were also asked to boost the Party and political system building; create a lean, efficient, and effective apparatus; and develop a contingent of moral and capable personnel, especially leaders of agencies, according to the announcement./.

Source: https://en.vietnamplus.vn/hanoi-urged-to-bolster-economic-growth-drivers/253699.vnp

Business

Emerging trends expected to power Vietnam’s tourism boom: study

Published

on

Several ongoing trends in the Vietnamese tourism sector have contributed to its strong recovery in the wake of the global COVID-19 pandemic, with the increasing travel demands of Gen Z and families with kids as significant contributors, according to the Visa Global Travel Intentions Study (GTI) 2023.

Vietnam, with its stunning landscapes and diverse cultural heritage sites, has become a popular destination for travelers from around the world.

According to the study, it is vital for both travelers and industry stakeholders to understand new trends in Vietnamese tourism following the pandemic.

In terms of leisure trips, families with kids and ‘Silvers’ – individuals older than 60 – made an average of 2.4 trips over the past 12 months, more than any other market segments, according to the GTI 2023.

Besides ticking visiting landmarks, Vietnamese tourists are now placing a strong emphasis on leisure-focused and experiential journeys.

Relaxation was the main driver of travel, followed by shopping and exploration.

As the country blossoms into a playground for adventure seekers and culture enthusiasts, tourists are opting for personalized experiences that enable them to immerse themselves in local customs, traditions, and cuisine.

Environmental awareness was also a primary catalyst for travel over the past year. As such, Vietnamese travelers demonstrated remarkable interest and action in sustainable travel.

Up to 73 percent of those surveyed said they were either interested or very interested in sustainable travel options, while half had actively looked for these options when planning trips.

With an increasing number of travelers seeking eco-conscious options, the tourism sector is witnessing a shift toward greener travel practices, more support for local communities, and the preservation of natural resources.

Given the country’s growing middle class and their increasing disposable income, Vietnamese travelers are embarking on more domestic and international trips and they seek unforgettable experiences and bonding opportunities.

About one-fifth of the respondents said visiting and connecting with friends or families would be a key motivation for travel in the next year.

Shopping has also become an integral part of the Vietnamese travel experience, with many Vietnamese travelers seeking out unique souvenirs and indulging in retail therapy as part of their journeys.

Sustainable tourism is increasingly preferable for Vietnamese travelers

Sustainable tourism is increasingly preferable for Vietnamese travelers.

Amid the strong development of digital technology, Vietnamese tourists prefer seamless transactions and optimal security measures.

The digital revolution is transforming payment methods, and Vietnamese travelers have embraced the convenience of credit, debit, and pre-paid cards.

Almost all Vietnamese respondents in the GTI 2023 indicated that they intended to use these cashless payment options during their journeys, streamlining transactions and enhancing their overall travel experiences.

Accordingly, 64 percent of the Vietnamese respondents said they brought their digital wallets along with them for their travels.

Thus, the incorporation of cashless payment solutions has become a pivotal pillar in travel, fostering convenience, security, and efficiency for travelers while contributing to the industry’s overall vitality.

“Vietnam’s tourism is entering a new era where the role of digital payments will advance side by side with the industry as customers demand more efficient and secure payment services,” said Dang Tuyet Dung, Visa country manager for Vietnam and Laos.

“Adapting swiftly, hotels, restaurants, and tour operators must cater to evolving traveler needs, supported by the growing use of cashless payment methods for added convenience.”

Amid the global recovery from COVID-19, Vietnam’s tourism sector is rebounding. Domestic tourism has been pivotal, with locals exploring their own country, bolstering local businesses and jobs.

Vietnam welcomed over 7.8 million foreign visitors between January and August this year, meeting 98 percent of its full-year target of eight million international tourist arrivals.

The tourism sector also served 86 million domestic tourist arrivals in the eight-month period, according to the General Statistics Office.

Like us on Facebook or  follow us on Twitter to get the latest news about Vietnam!

Source: https://tuoitrenews.vn/news/business/20230928/emerging-trends-expected-to-power-vietnams-tourism-boom-study/75848.html

Continue Reading

Business

Zhejiang Trade Exhibition opens in Hanoi

Published

on

The 2023 Zhejiang International Trade Exhibition and the 11th Zhejiang Export Fair, the largest and oldest expo independently held by China’s Zhejiang authority in ASEAN, opened at the Hanoi International Convention Centre on September 28.

Zhejiang Trade Exhibition opens in Hanoi hinh anh 1At the opening ceremony of the exhibition (Photo: VNA)

Hanoi – The 2023 Zhejiang International Trade Exhibition
and the 11th Zhejiang Export Fair, the largest and oldest expo independently
held by China’s Zhejiang authority in ASEAN, opened at the Hanoi International
Convention Centre on September 28.

The 4,000sq.m expo features 120 booths, displaying
products in hardware and machinery, textiles and inputs, interior and exterior
furniture, electronics and household appliances.

The three-day event is hosted by the Department of Commerce of Zhejiang province, and co-organised by Zhejiang Yuanda International Exhibition Co Ltd and
the Vietnam National Trade Fair and Advertising Company (VINEXAD).

Deputy Director of the Asia-Africa Market Development under the Ministry of
Industry and Trade  (MoIT) To Ngoc Son
said this is the 11th year the two sides have coordinated to
organise the trade promotion activity which marks the full recovery of economic
and trade exchanges between the two nations after three years of hiatus due to COVID-19.

Zhejiang Trade Exhibition opens in Hanoi hinh anh 2Deputy Director of the Asia-Africa Market Development To Ngoc Son speaks at the opening ceremony. (Photo: VNA)

The event is expected to create more cooperation opportunities for businesses
from both nations in the context that the global economy is facing a gloomy outlook,
he said, adding Zhejiang province – an important gateway in China’s eastern
region has an important role to play in the Vietnam – China trade, with Vietnam
– Zhejiang trade revenue accounting for 10% of the total trade between
the two nations in 2022.

Launched in 2011, the expo has been a platform not only for product exhibition
and promotion but also for Vietnam and China to strengthen economic and cultural
exchanges and multifaceted cooperation between their localities.

Last year, Zhejiang’s exports
to Vietnam reached 14.5 billion USD, an increase of 17.99%, while imports were 6
billion USD, up 14.21% over the same period last year.

The exhibition will run until September 30./.

Source: https://en.vietnamplus.vn/zhejiang-trade-exhibition-opens-in-hanoi/268734.vnp

Continue Reading

Business

Vietnam’s nine-month economic growth reported at 4.24% YoY

The country’s GDP grew by 4.24% in the first 9 months, exceeding the growth rate of 2.19% and 1.57% in 2020 and 2021, according to data from the General Statistics Office.

Published

on

The results suggest that the economy is experiencing a notable upswing, potentially due to favorable economic politics or external factors.

The gross domestic product in the July-September quarter was estimated to increase by 5.33% from a year earlier, faster than the growth rate of 4.05% in the second quarter.

The recent growth registered in the country’s economy is a positive sign, indicating a continued recovery from the pandemic-induced downturn. Despite a slight decrease in growth compared to the same period last year, the economy remains stable and may continue to grow in the coming months.

In September, the consumer price index increased by 3.66% compared to the same period last year. The average value recorded in the third quarter of 2023 grew by 2.89% compared to the third quarter of 2022.

In the reviewed period, the total import and export turnover of goods reached $497.66 billion, down 11% over the same period last year. Of which export value hit $259.67 billion, down by 8.2%, while import value hit $237.99 billion, down 13.8%.

With regard to trade balance, the country posted a trade surplus of $2.29 billion in September and $21.68 billion during the nine months.

Industrial production in September increased by 5.1% year on year, up 0.1% from the previous month, while the January-September period showed an increase of 0.3% from the previous year.

In addition, the total retail sales and consumer service revenue in the first 9 months of 2023 is estimated to reach VND 4,567.8 trillion, an increase of 9.7% year on year (the same period in 2022 increased 20.9%). 

Source: https://e.nhipcaudautu.vn/economy/vietnams-nine-month-economic-growth-reported-at-424-yoy-3355298/

Continue Reading

Trending