Economic outlook

Thailand’s Prime Minister Srettha Thavisin is welcomed by Cambodia n Prime Minister Hun Manet (second from left). (Photo from Prime Minister Hun Manet’s Facebook) Phnom Penh (VNA) - Economic cooperation was the centre of discussion at talks between Cambodian Prime Minister Samdech Thipadei Hun Manet and his Thai counterpart Srettha Thavisin during the latter's first official visit to the neighbouring country. The two leaders discussed comprehensive cooperation between the two countries, according to a statement released following the talks on September 28. The talks focused on many important areas including trade, investment, tourism, education, vocational training, diplomacy, business relations, people-to-people exchanges, air, railways and roads connectivity, digital economy and green economy as well as issues related to immigration, cross-border security and cyber security. The two PMs also instructed relevant ministries and agencies of the two countries to … [Read more...] about Cambodian, Thai PMs agree to strengthen economic ties

A foreign-invested footwear material factory in Thuan An city, Binh Duong province (Photo: VNA) Hanoi (VNA) – Many foreign press agencies have run articles featuring Vietnam’s economic growth, pointing to rosy signs in its recovery. French wire service AFP cited statistics by the General Statistics Office (GSO) showing the economy grew 5.33% in the July-September period from a year earlier, and that loan interest rate reductions, an extension of tax payments and increased public investment had a positive impact. Nikkei Asia also said the growth was accelerated thanks to tourism, noting “the services sector helped boost economic output during the three months through September, driven mainly by retail and tourism. The sector is estimated to account for about 40% of Vietnam's GDP.” “Travelers returned to popular destinations like the central city of Da Nang, with the number of foreign visitors entering the country from July to August reaching 2.25 million, already … [Read more...] about Foreign media upbeat about Vietnam’s economy

The formulation of capital planning is an integral component of Hanoi's endeavors to achieve its developmental goals by 2030, with a forward-looking perspective reaching to 2045. Hanoi commits to transforming into a globally interconnected metropolis by 2045, serving as the country's visage, said Deputy Secretary of the Hanoi Party Committee Nguyen Van Phong at a scientific conference on the Hanoi Planning Orientation for 2021-2030 , with a vision to 2050, held today [September 29]. Overview of the conference. Photos: Thanh Hai/The Hanoi Times Phong said the city's goal is not merely to vie for supremacy with other provinces and cities in the country but to position itself globally, comparable to countries in Asia and the world. During the conference, Deputy Chairman of the Hanoi People's Committee Ha Minh Hai said that the formulation of the capital planning for the 2021-2030 period, with a vision to 2050, is an integral component of Hanoi's endeavors to … [Read more...] about Hanoi aspires to become a global city

Vietnam’s GDP in the first nine months of this year rises by 4.24% year-on-year. (Photo: VNA) Hanoi (VNA) – Vietnam’s gross domestic product (GDP) in the first nine months of this year rose by 4.24% from the same period last year, the General Statistics Office (GSO) announced on September 29. In the third quarter, the country's economic growth rate was estimated at 5.33% compared to the same quarter of 2022. The GSO assessed that although the nine-month growth rate is only higher than those in the same period of 2020 and 2021 in the past 12 years, it showed a positive trend of increasing gradually over the quarters: 3.28% in the first quarter, 4.05% in the second quarter and 5.33% in the third quarter. In the January-September period, the agro-forestry-fishery sector expanded by 3.72%, contributing 8.03% to the total added value of the entire economy. The growth rates of the industrial and construction sector and the service industry were 5.19% and 6.24% with … [Read more...] about Vietnam’s nine-month GDP increases by 4.24%

The country’s economic growth hit 5.33% year-on-year in the third quarter. Vietnam’s GDP in the first nine months expanded by 4.24% year on year, data from the General Statistics Office (GSO) showed today [September 29]. Data: GSO. Chart: Hai Yen/The Hanoi Times For the third quarter of this year, the country’s economic growth reached 5.33% compared to the same period last year. This growth rate only exceeds the figures for 2020 and 2021, which were significantly affected by the Covid-19 pandemic, but is still seen as a “positive trend”. Growth in the first quarter was a modest 3.28%, while the second quarter saw a slightly higher growth rate of 4.05% . Over the entire nine-month period, the GDP  grew by 4.24%, the lowest growth in 13 years during a time when the pandemic affected the economy. For 2023, the Government has set an ambitious target of 6.5% GDP growth, while the economy grew 8.85% last year . The primary driver of the economy … [Read more...] about Vietnam’s GDP growth expands by 4.24% in a 9-month period

Vietnam-China relations have made substantial progress over the past decade, with numerous positive outcomes that benefit both countries and contribute to regional and global peace, stability, and development. Hanoi supports comprehensive relations with Beijing and Guangdong, especially in fields of trade–investment, healthcare, science and technology, and urban development. Secretary of the Hanoi Party Committee Dinh Tien Dung (l) and Chairman of the Chinese People’s Political Consultative Conference Wang Huning (r). Photos: The Hanoi Times Secretary of the Hanoi Party Committee Dinh Tien Dung stressed the view during a meeting with the Chairman of the Chinese People’s Political Consultative Conference Wang Huning on September 28. At the meeting, Dung expressed his delight at visiting China and Beijing again , where he witnessed significant progress and accomplishments made by the Chinese people. He extended warm congratulations to the Chairman of the … [Read more...] about Hanoi supports comprehensive relations with Beijing, Guangdong

During the January – September period, Vietnam exported some 259.67 billion USD worth of products, a year-on-year fall of 8.2%. Meanwhile, the country's imports totaled 237.99 billion USD, down 13.8% year on year. Regarding the structure of exported goods in the period, processed goods accounted for 88.3% of the total export value, with 292.22 billion USD. As for imported goods, materials for production made up 93.7% of the value, with 223.08 billion USD. The U.S. was the largest export market of Vietnam with 70.9 billion USD, while China was the largest import market of the Southeast Asian country with 79.1 billion USD. According to the Ministry of Industry and Trade, the drop in Vietnam’s exports was attributed to slow recovery of the global economy, falling demand and high interest rates in developed countries such as the U.S., E.U. nations and China, coupled with a tightened monetary policy and high levels of inventory. The ministry will continue to keep a close watch on … [Read more...] about Vietnam posts trade surplus of 21.68 billion USD in nine months

At the meeting between Dinh Tien Dung , Politburo member and Secretary of the Hanoi Party Committee and Wang Huning , a member of the Politburo Standing Committee and Chairman of the National Committee of the Chinese People’s Political Consultative Conference ( CPPCC ) in Beijing on September 28. (Photo: VNA) Beijing (VNA) – Dinh Tien Dung, Politburo member and Secretary of the Hanoi Party Committee paid a courtesy call to Wang Huning, a member of the Politburo Standing Committee and Chairman of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC), in Beijing on September 28. Dung informed his host on the aims of his delegation’s visit to China, which are to further concretise and implement the shared understanding between the top leaders of the two countries and parties reached during General Secretary of the Communist Party of Vietnam (CPV) Nguyen Phu Trong’s official trip to China last year, and to carry out the cooperation … [Read more...] about Hanoi leader meets with China’s top political advisor

During the working session, the Nghe An provincial Party Committee’s Commission for Information and Education informed the delegates about the profound outcomes in the province’s socio-economic development in the first nine months of 2023 and the results of the commission’s recent activities. Also, delegates discussed how to raise the quality and efficiency of information dissemination of information about sea and islands in 2023 and the coming years. Speaking at the event, Senior Captain Tran Xuan Van emphasized that over the past years, the Naval Region 1 Command and the Nghe An provincial Party Committee’s Commission for Information and Education have closely worked together to effectively implement information dissemination on national sea and islands. In Nghe An province, Flotilla 137 coordinated with local authorities to carry out mass mobilization work, gratitude activities, cultural and artistic exchanges, sports events associated with information dissemination on national … [Read more...] about Naval Region 1 works with Nghe An province

The event is being organised by the Vietnam National Entrepreneur Association in collaboration with the Vietnam National Administration of Tourism - the Ministry of Culture, Sports and Tourism and reputable businesses in the tourism industry. Dr. Dinh Viet Hoa, president of the Vietnam National Entrepreneur Association and head of the organising committee said, "This summit will introduce opportunities and solutions for comprehensive tourism development, along with innovative technologies and training to guide tourism business activities." “The event is a response to government policies that aim to support startups and develop small and medium-sized enterprises in the tourism ecosystem,” Hoa added. Dr. Vu Tien Loc, chairman of the Vietnam International Arbitration Centre and honorary president of the Vietnam National Entrepreneur Association, said, "Tourism plays an important role in the economic and social development of countries around the world. Resolution … [Read more...] about New tourism industry summit set for October