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Minister of Planning and Investment Nguyen Chi Dung says his Ministry is considering revising Vietnam’s economic growth rate target to between 3.5% and 4%, as opposed to the 6.5% originally expected, due to the negative impact caused by the COVID-19 pandemic. This revised target will only be achieved if the prolonged COVID-19 pandemic is successfully brought under control by September and the country enters a new normal status, starting from the fourth quarter of this year, said Minister Dung during a conference held on September 14 in Hanoi to review socio-economic development and public investment. In the event that the revised target proves to be realistic, 2021 will be the second consecutive year that Vietnam has failed to meet its growth target after recording growth of 2.91% last year. “Though the revised rate is a bit low, the growth is quite impressive given global uncertainties,” said Minister Dung. According to the investment minister, the implementation of social …

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People shop at a supermarket. By 2030, up to 75 per cent of Việt Nam’s population could belong to the consuming class (spending more than $11 a day in purchasing power parity terms), up from 40 per cent today. — Photo moit.com.vn HÀ NỘI — Consumption in Việt Nam could grow by US$130 billion over the next decade as Asia continues to be the world’s consumption growth engine, a new report from McKinsey has revealed. Scale continues to be a key characteristic of the region’s consumption story, but a new chapter is being written based on the increasing diversity of the region’s consumer markets. Companies need to get to know the distinct segments of consumers who are set to drive growth and redraw their map of consumption for Việt Nam and for Asia as a whole. Jonathan Woetzel, a McKinsey senior partner in Shanghai and a director of the McKinsey Global Institute, said: “Asia’s consumer story over the next ten years and beyond is not only about scale and growth, but also about …

[Read more...] about Việt Nam’s consumer markets expected to grow by US$130 billion over next 10 years

People shop at a supermarket. By 2030, up to 75 per cent of Viet Nam’s population could belong to the consuming class (spending more than $11 a day in purchasing power parity terms), up from 40 per cent today. — Photo moit.com.vn Consumption in Viet Nam could grow by US$130 billion over the next decade as Asia continues to be the world’s consumption growth engine, a new report from McKinsey has revealed. Scale continues to be a key characteristic of the region’s consumption story, but a new chapter is being written based on the increasing diversity of the region’s consumer markets. Companies need to get to know the distinct segments of consumers who are set to drive growth and redraw their map of consumption for Viet Nam and for Asia as a whole. Jonathan Woetzel, a McKinsey senior partner in Shanghai and a director of the McKinsey Global Institute, said: “Asia’s consumer story over the next ten years and beyond is not only about scale and growth, but also about growing …

[Read more...] about Viet Nam’s consumer markets expected to grow by US$130 billion over next 10 years

People shop at a supermarket. By 2030, up to 75 percent of Vietnam’s population could belong to the consuming class (spending more than 11 USD a day in purchasing power parity terms), up from 40 per cent today. (Photo moit.com.vn) Hanoi (VNS/VNA) - Consumption in Vietnam could grow by 130 billion USD over the next decade as Asia continues to be the world’s consumption growth engine, a new report from McKinsey has revealed. Scale continues to be a key characteristic of the region’s consumption story, but a new chapter is being written based on the increasing diversity of the region’s consumer markets . Companies need to get to know the distinct segments of consumers who are set to drive growth and redraw their map of consumption for Vietnam and for Asia as a whole. Jonathan Woetzel, a McKinsey senior partner in Shanghai and a director of the McKinsey Global Institute, said: “Asia’s consumer story over the next ten years and beyond is not only about scale and growth, but …

[Read more...] about Vietnam’s consumer markets expected to grow by 130 billion USD over next 10 years

Consumption in Vietnam could grow by US$130 billion over the next decade as Asia continues to be the world’s consumption growth engine, a new report from McKinsey has revealed. People shop at a supermarket. By 2030, up to 75 per cent of Vietnam’s population could belong to the consuming class (spending more than $11 a day in purchasing power parity terms), up from 40 per cent today. — Photo moit.com.vn Scale continues to be a key characteristic of the region’s consumption story, but a new chapter is being written based on the increasing diversity of the region’s consumer markets. Companies need to get to know the distinct segments of consumers who are set to drive growth and redraw their map of consumption for Vietnam and for Asia as a whole. Jonathan Woetzel, a McKinsey senior partner in Shanghai and a director of the McKinsey Global Institute, said: “Asia’s consumer story over the next ten years and beyond is not only about scale and growth, but also about growing …

[Read more...] about Vietnam’s consumer markets expected to grow by US$130 billion over next 10 years

Coffee prices in Vietnam hovered around a near four-year high this week, following cues from international markets, while harvest was coming to an end in some parts in Indonesia, traders said on Thursday. Farmers in the Central Highlands, Vietnam's largest coffee-growing area, sold coffee COFVN-DAK at 40,200-41,000 dong ($1.77-$1.80) per kg, its highest level since November 2017, and up from 37,800-39,500 dong in late-August. London prices LRCc2 gained $281 or 15.6% in a month, settling at $2,078 on Wednesday. "The upbeat London prices were a result of global fears over robusta beans shortage when Vietnam is under months long coronavirus lockdowns," said a Ho Chi Minh City-based analyst. "But lockdowns don't have huge impacts on beans exports due to dwindling stocks at the end of the season. On-year exports plunge in the first eight months was due to container crunch and higher domestic demand," he added. Some parts of the coffee belt are currently under movement curbs …

[Read more...] about Asia Coffee-Vietnam prices hover near 4-year high, harvest nears end in Indonesia

The exposure of these accounts has been recorded by the Threat Intelligence division of Viettel Cyber Security, the firm's director Nguyen Son Hai said at a recent online forum on IT leadership and information security. He said his firm has detected 16 large-scale data leaks in Vietnam, twice as many as last year, and found that 97,000 accounts in various fields including social networks, banking and securities had being exposed. "Around 2,000 exposed accounts are in the banking and securities sectors. Among these, there is a bank account with a balance of VND5 billion ($220,300) and a securities account with a value of VND30 billion," Hai said. Trinh Hong Ha, Deputy Director of the Information Technology Department under the State Securities Commission, said at the meeting that a securities company has been blackmailed for money recently. Ha said the stock market was "sensitive and complex," and faces the risk of many cyberattacks. Currently, about 95 percent of securities …

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He says: "There's no more pressure. But if you're not strict with yourself, time off from work won't mean anything." The 30-year-old who lives in HCMC's Binh Thanh District decided to quit his media and advertising job in May after working for 10 years. Western countries refer to a year people take after completing high school and before going on to university or taking up a job as a "gap year". This is generally a time to relax and set down goals and interests. Now the concept is becoming popular in Vietnam, but among people in white-collar professions who feel they have lost their drive for work or are running aimlessly and wasting their youth. Ha Manh at Lenin stream during a trip to his native Cao Bang Province in May 2021. Photo courtesy of Manh Manh, a native of the northern Lao Cai Province, had been constantly feeling tired from long working hours. He says he used to earn VND50 million ($2,100) a month but that came at a cost: The nature of his job …

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Ho Chi Minh City authorities have devised plans aimed at bringing all State employees back to work in their workplace from January 15, 2022. According to Ho Chi Minh City’s Department of Home Affairs, one fourth of the State workforce will be permitted to work at offices from September 16 to September 30. State agencies will also raise the number of on-duty officials at buildings to one third of total staff between October 1 and October 31, and half the total from November 1 to January 15, 2022. All State employees are required to be fully vaccinated against the SARS-CoV-2 virus and be granted green cards. After January 15, 2022, all staff, including those with yellow cards (i.e. cards for those with a vaccine dose and negative test results) will resume normal work as Vietnam moves into a new normal. State employees are required to fully comply with the Health Ministry’s COVID-19 guidelines in order to avoid the spread of the COVID-19 pandemic within the …

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Ministry: 24 cities, provinces offer online, television teaching As many as 24 cities and provinces nationwide are offering online and television teaching to students, reported the Ministry of Education and Training. Such localities are An Giang, Bac Lieu, Ben Tre, Binh Duong, Binh Phuoc, Can Tho, Da Nang, Dak Nong, Dong Nai, Dong Thap, Hanoi, Hau Giang, Hung Yen, Kien Giang, Long An, Phu Yen, Quang Binh, Quang Ngai, Soc Trang, Tay Ninh, Ho Chi Minh City, Tien Giang, Tra Vinh and Vinh Long. Other 25 localities are organising in-person classes to all students, comprising Bac Giang, Bac Kan, Binh Dinh, Cao Bang, Dien Bien, Gia Lai, Ha Giang, Ha Nam, Ha Tinh, Hai Duong, Hai Phong, Hoa Binh, Kon Tum, Lai Chau, Lao Cai, Nam Dinh, Ninh Binh, Phu Tho, Quang Ninh, Thai Binh, Thai Nguyen, Thanh Hoa, Tuyen Quang, Vinh Phuc and Yen Bai. The provinces of Ba Ria – Vung Tau, Bac Ninh, Binh Thuan, Ca Mau, Dak Lak, Khanh Hoa, Lang Son, Lam Dong, Ninh Thuan, Nghe An, Quang Nam, Quang Tri, Son …

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