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Images showing the e-wallet market by share of active users by Robocash Group. — Photo Courtesy Robocash Group The modern e-wallet market in Viet Nam is surging and is expected to reach 50 million active users by July 2024, experts said. In a report, Robocash Group said: “the modern e-wallet market in Viet Nam is booming with 90 per cent of the market falling on three wallets: Momo, Moca and ZaloPay.” The country is seeing tough competition, given that there are 40 electronic wallets in operation, the report said. Robocash Group estimates that by July 2024, the e-wallet market will have 50 million active users, 100 million by May 2026, and 150 million by July 2030. In addition to the already mentioned wallets, there are three other major competitors including ShopeePay (AirPay), ViettelPay and VNPT Pay. The top six already account for 99 per cent of the market. According to a Decision Lab study, at the end of 2021, 56 per cent of the Vietnamese population that had an … [Read more...] about E-wallet market in Viet Nam estimated to reach 50 million users by 2024

An automobile assembly line. The S&P Global Viet Nam's PMI posted 47.4 in January, up from 46.4 in December but still pointing to a solid monthly deterioration in the health of the manufacturing sector. — VNA/VNS Photo Viet Nam is predicted to record a rise of 6.6 per cent in industrial production in 2023, according to S&P Global Market Intelligence. S&P Global noted the Vietnamese manufacturing sector continued to face challenging business conditions in the opening month of 2023. Production and new orders continued to decline. That said, there were some signs of improvement in demand as new business fell at a softer pace, helped by a renewed expansion in new export orders. The S&P Global Viet Nam Manufacturing Purchasing Managers' Index (PMI), released on February 1, posted 47.4 in January, up from 46.4 in December but still pointing to a solid monthly deterioration in the health of the manufacturing sector. January data signalled a further marked decline in … [Read more...] about Viet Nam’s industrial production to rise 6.6 per cent in 2023: S&P Global

During their meeting, FM Son and Cambodian Deputy Prime Minister and Foreign Minister Prak Sokhonn were pleased with the fruitful developments of the bilateral relationship in recent times, and agreed to continue promoting the exchange of high-level visits via all channels, enhancing people-to-people exchange; maintaining and optimizing the effectiveness of existing bilateral cooperation mechanisms; fostering economic connections; strengthening cooperation between localities, especially those that share borders; and exerting effort to speed up tourism recovery. They also agreed to accelerate negotiations towards completing the remaining 16% of the land border demarcation and marker planting in order to build a common borderline of peace, friendship, cooperation and sustainable development between the two nations; and closely coordinate at regional and international forums as well as sub-regional mechanisms, and support each other's candidacy to multilateral organizations. Sokhonn … [Read more...] about Foreign Minister meets Cambodian, Philippine, Malaysian counterparts

As of the end of last year, the total outstanding loans for real estate projects in Vietnam hit over VND1,200 trillion (US$51.5 billion), according to the Ministry of Construction. Property enterprises borrowed some VND800 trillion ($34.1 billion) from banks and issued bonds worth roughly VND419 trillion ($17.9 billion) via private placement. In particular, banks offered loans worth about VND180.7 trillion ($7.7 billion) for urban area and housing projects in 2022, or 22.8 percent of the total loans for the real estate sector. In addition, loans for office for lease projects and industrial and export processing zones stood at more than VND41.8 trillion ($1.8 billion) and VND40.1 trillion ($1.7 billion), respectively. Meanwhile, investors of tourist site and resort projects asked for loans of nearly VND32.7 trillion ($1.4 billion). The figures were over VND57.5 trillion ($2.45 billion) for restaurant and hotel projects, VND144.2 trillion ($6.1 billion) for projects to build … [Read more...] about Property loans in Vietnam top $51bn in 2022

The Ho Chi Minh City Department of Transport is formulating a plan to lease part of the local roadways and sidewalks for activities other than traffic purposes. The transport department has requested relevant units to review and create a list of streets whose roadbeds and sidewalks are suitable for activities other than traffic. On November 15, 2022, this agency asked the municipal People’s Committee to consider replacing Decision No. 74/2008 on the management and use of roadbeds and sidewalks in the metropolis. The department is now making a draft plan that will be considered as a replacement of Decision No. 74/2008. The draft plan highlights that part of the roadways and sidewalks can be temporarily leased for activities such as merchandise sales, installation of public works and utilities, parking service, and cultural activities. The transport department will continue to check the current state of road traffic infrastructure to complete this plan. After more than 14 … [Read more...] about Ho Chi Minh City mull over leasing part of roadways, sidewalks

Prime Minister Pham Minh Chinh speaks at the conference. (Photo: VNA) Binh Dinh (VNA) – Prime Minister Pham Minh Chinh urged the north-central and central coastal regions to create more breakthroughs in development to match their potential and advantages while addressing a conference in Quy Nhon city, Binh Dinh province, on February 5. The conference touched upon the implementation of the Government’s action plan to materialise the Politburo’s Resolution No. 26-NQ/TW dated November 3, 2022 on orientations for socio-economic development and national defence and security in the two regions by 2030 with a vision towards 2045. It was also intended to promote investment in the regions with the theme of “Linkage - Breakthroughs from maritime economy - Rapid, sustainable development.” The regions hold strategic positions and roles of special significance in terms of economy, especially maritime economy, politics, culture, social affairs, environment, external relations, … [Read more...] about PM asks north-central, central coastal regions to create development breakthroughs

Domestic interest rates are beginning to cool somewhat, Le Toan As per the World Gold Council (WGC), in Vietnam, consumer demand for gold in Q4/2022 increased 58 per cent on-year to 13.5 tonnes, from 8.5 tonnes in Q4/2021. The rise was supported by a 48 per cent on-year increase in bar and coin demand over the same time frame from 6.1 tonnes to nine tonnes, and an 80 per cent on-year increase in jewellery demand from 2.5 tonnes to 4.5 tonnes. “Vietnam saw the greatest increase in annual gold demand among the ASEAN markets in 2022, with a 37 per cent rise compared to 2021. It also led in annual jewellery demand with a 51 per cent rise compared to 2021, taking it to a 14-year high of 18 tonnes,” said Andrew Naylor, the WGC’s CEO for Asia-Pacific (excluding China). “Several factors had an impact, including a slight decline in local gold prices in the fourth quarter, rising income levels as salary cuts were restored, and strengthening consumer confidence on the back of robust GDP … [Read more...] about Experts take stock of factors involved in market prospects