Business

Vietnam’s GDP growth ranges 5.8 – 6.9% in 2023-24: int’l organizations

Published

4 months ago

June 6, 2023

Vietnam may achieve an economic growth of 5.8 percent at least in 2023 and 6.9 percent at most next year, but there remain a lot of challenges to overcome, according to the predictions by many international organizations.

These forecasts were released Friday at the Government’s monthly meeting for May under the chair of Prime Minister Pham Minh Chinh, focusing on reviews of the socio-economic development in the past five months and set out tasks for the remaining months of the year.

In a report to the meeting, the Ministry of Planning and Investment said that international organizations continue highly valuing Vietnam’s economic growth prospects in 2023 as well as next year.

The International Monetary Foundation (IMF) has forecasted that Vietnam may achieve GDP growths of 5.8 and 6.9 percent in 2023 and 2024, respectively, while the corresponding figures projected by the Organization for Economic Cooperation and Development (OECD), the Asian Development Bank (ADB) and the World Bank (WB) are 6.5 and 6.6 percent, 6.5 and 6.8 percent, and 6.3 and 6.5 percent.

However, the national economy will continue facing many complicated and unpredictable risks and fluctuations, which may come from the slow recovery of its major trading partners, and from the pressure of the global inflation that is assessed to be slowing down but still at high levels.

Among other challenges are the trend to tighten monetary policies in many countries to control inflation; the risk of disruption in global value chains; and problems related to energy security, food security, natural disasters, epidemics, and climate change.

Therefore, the ministry has proposed the government to adopt a number of solutions to support enterprises as well as people to help them overcome difficulties.

Over the past five months, the country’s macroeconomic conditions were kept stable and its inflation was under control thanks to the government’s timely policies and directions, despite the fact that the world economy has been facing complicated and unpredictable changes, said Minister Nguyen Chi Dung.

The average consumer price index (CPI) in the past five months increased by 3.55 percent from a year earlier, while manufacturing and business activities continued to improve.

The index of industrial production (IIP) in May was estimated to increase by 2.2 percent from April and by 0.1 percent year on year.

Addressing the meeting, PM Chinh directed all relevant ministries and localities to take solutions to remove obstacles to enterprises’ operations, support exporters in searching and expanding new markets, continue improving administrative procedures, and promote application of science, technology, and digital transformation in economic activities.

It is necessary to develop a resolution on improving the trade and investment environment, amending mechanisms and policies to attract foreign direct investment, and giving assistance to businesses that face difficulties, the PM requested.

The government has recently sent 26 working groups to all 63 provinces and cities of the country, where they received more than 1,000 opinions and recommendations and resolved 300 recommendations on the spot, the Vietnam News Agency cited PM Chinh as saying.

The government’s chief requested all relevant ministries take effective measures to support exporters, expand export markets and make the best use of the domestic market.

The Ministry of Finance was required to carry on effectively implementing tax exemption, reduction and extension policies, extending deadlines for excise tax payment, and speeding up VAT refund, among other tasks.

The PM also asked the State Bank of Vietnam to continue reducing lending interest rates, restructure the loan repayment terms, keep the foreign currency market stable, and effectively manage the exchange rates.

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Source: https://tuoitrenews.vn/news/business/20230603/vietnams-gdp-growth-ranges-58-69-in-202324-intl-organizations/73563.html

Business

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

Published

36 mins ago

October 4, 2023

TienphongNews

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.

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

Business

Zhejiang Trade Exhibition opens in Hanoi

Published

4 hours ago

October 4, 2023

TienphongNews

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 1

At 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 2

Deputy 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

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

5 hours ago

October 4, 2023

TienphongNews

2023-09-29_163915_291638698-1

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/