Gdp 33 1 percent

Production of electronic parts in Vietnam. (Photo: VNA) HCM City (VNA) – The Singapore-based United Overseas Bank (UOB) has revised up Vietnam’s 2022 GDP growth forecast to 7.0% from 6.5%, assuming no further severe domestic disruptions from COVID-19, and projected growth of around 7.6 – 7.8% in the second half of the year (H2). The sharp rebound in Q2 GDP was driven by manufacturing activities which accelerated for the 4th straight quarter, and a recovery in services output as it continued to regain its footing since the last contraction in the third quarter of last year. UOB said inflationary pressures on Vietnam are manageable as the main source of impact is energy related while food prices are stable. However, upside risks are significant given the rapid pace of gains in energy prices which will eventually spread to the rest of the economy, especially if higher prices persist. VNA … [Read more...] about UBO revises up Vietnam’s 2022 GDP growth forecast to 7%

Currently, nearly 40 tourism business units are eligible to reopen their activities, and five accommodations are qualified to serve guests, bringing the total number of tourist accommodations in the locality to 81, including nine hotels that received a rating of 1-5 stars. Additionally, Ben Tre granted three domestic travel service business licenses, bringing the total number of licensed travel service operators to 24. The local tourist sector mainly concentrates on tourism products inherent in historical culture, ecological conditions and community tourism products. Currently, more than 456,700 travelers selected the Mekong Delta province as a tourist destination, an increase of over 97 percent compared to the same period in 2021 and reaching over 36 percent of the plan. Of which, the number of domestic arrivals was nearly 443,000 people, up 91 percent over the same period of 2021 and the number of international visitors was nearly 14,000. Total revenue from tourism reached … [Read more...] about Number of tourists to Ben Tre rises 97 percent year on year

During the conference, Chief of the GDP’s Office Major General Trinh Van Hung briefed delegates on the conclusion of the Central Military Commission (CMC) on the task performance during the first six months of the year and missions for the second half. In addition, preparation for a conference to review Party and political work in the whole military and the GDP’s head Organs task performance in the first half of 2022 was reviewed at the event. Accordingly, reports on the implementation of the Party and political work in the whole military and task performance of the GDP’s head Organs in the first six months of the year have been carefully prepared, in line with the reality and major tasks for 2022 defined by the CMC, focusing on leadership work for the task implementation in the last six months of the years. Concluding the event, General Cuong acknowledged and hailed the GDP’s relevant units for their preparation for the upcoming conferences, asking them to soon finalize related … [Read more...] about GDP chief chairs meeting of leaders

The national conference in Hanoi on June 30 (Photo: VNA) Hanoi (VNA) – The Politburo held a national conference in Hanoi on June 30 to review the fight against corruption and negative phenomena during 2012 - 2022 and identify orientations for the work in the time ahead. The hybrid event saw the presence of Party General Secretary Nguyen Phu Trong, head of the Central Steering Committee for Corruption and Negative Phenomena Prevention and Control; President Nguyen Xuan Phuc; Prime Minister Pham Minh Chinh; along with key officials of central agencies and the 63 localities. At its fifth session in May 2012, the 11th-tenure Party Central Committee decided to establish the National Steering Committee for Corruption Prevention and Control under the Politburo which is chaired by the Party General Secretary so as to ensure comprehensive leadership over the corruption combat nationwide. On September 16, 2021, the Politburo issued Regulation No. 32-QD/TW that expands the … [Read more...] about National conference reviews 10-year corruption fight

Vietnam has posted GDP growth of 7.72% in Q2 this year. (Photo: VNA) Hong Kong (VNA) – The Lianhe Zaobao daily in Hong Kong, China, on June 30 ran an article highlighting Vietnam’s impressive economic growth of 7.72% in the second quarter. It wrote that with export and consumption recovery, the Vietnamese economy rebounded strongly in Q2, with gross domestic product (GDP) increasing 7.72% year on year – the fastest pace in almost 11 years. This is expected to boost the GDP growth in the first half of 2022 to 6.42% from a year earlier, beyond the Government’s 5.5% expectation. The country recorded a growth rate of only 2.04% in the same period last year. Unveiling the statistics on June 29, the General Statistics Office (GSO) of Vietnam stressed that compared to other ASEAN members and countries in the world, this is a relatively high growth rate, and that the country has also maintained macro-economic stability, according to Lianhe Zaobao. The article noted … [Read more...] about Hong Kong daily spotlights Vietnam’s impressive growth

Grade A rents rose by 5.2 percent year-on-year in the second quarter to US$57.71 per square meter, or 2020 rates, according to property consultancy Knight Frank. There has been no new supply this year, it said. The vacancy rate edged down by 0.5 percentage points from the first quarter to 6.6 percent. "Tenants still prefer the central business district, but they have to consider farther spots in case they need over 1,000 sq.m of space or have limited resources," Leo Nguyen, director of occupier strategy and solutions at Knight Frank, said. Grade B rents were up 5.9 percent from a year earlier to $33.79 but fell 0.7 percent quarter-on-quarter as some landlords reduced them to attract customers. The vacancy rate was 0.7 percentage points higher than in the previous quarter at 8.2 percent. Many firms are considering moving to non-central business district (CBD) areas or letting their employees work remotely. "Demand for grade B offices with an area of up to 4,000 sq.m mainly … [Read more...] about HCMC office rents return to pre-Covid levels

Trade promotion plays a key role for the dairy sector How has the dairy sector recovered from the pandemic? Despite the prolonged pandemic, the domestic dairy market still reached VND113.7 trillion in revenues in 2020 and VND119.3 trillion in 2021. The country produced about 1.77 billion liters of fresh milk in 2021, up 4.5 percent compared to 2020, while powdered milk volume saw positive growth of 13.1 percent year-on-year to 151,500 tonnes. Vietnamese dairy businesses have strengthened trade promotion activities and sought export markets. Currently, Vietnamese dairy products are available in 50 countries and territories. In 2021, the sector had a turnover of nearly US$300 million. Milk is a special product and export markets always put quality at the top. Therefore, Vietnam’s milk and dairy product exports to foreign markets are considered a great success. Tran Van Trung, chairman of the Vietnam Dairy Association What are the opportunities for the dairy … [Read more...] about Dairy sector milks trade agreements for greater opportunities

UK trade minister Anne-Marie Trevelyan said the country wants to be a part of Vietnam’s development story in the 21st century, and fostering bilateral trade relations is among its priorities. Vietnam and the UK should set a trade turnover target of over US$10 billion by 2023, which would be a meaningful step to mark the 50 th anniversary of Vietnam-UK diplomatic relations next year. Chairman of the National Assembly Vuong Dinh Hue (mid) at the forum. Source: VNA Deputy Prime Minister Le Van Thanh gave the remarks at the Vietnam-UK High-level Forum on Economy and Trade held on June 29. The event is one of the highlights of a visit to the UK by the high-ranking delegation from the National Assembly of Vietnam led by Chairman Vuong Dinh Hue from June 28-30. According to Thanh, the Vietnam-UK strategic partnership has progressed strongly over the years and contributed to socio-economic development in each country. Thanh expected the partnership would … [Read more...] about Vietnam-UK target US$10-billion trade turnover by 2023

Illustrative photo (Source: VNA) Hanoi (VNA) – A host of new policies , including those on minimum wage increase , paper bill elimination , and new ordinary passports, are due to come into force in July. Accordingly, a new decree, coded 38/2022/ND-CP, on raising the regional minimum wage for labourers will come into effect on July 1. The 6 percent increase is equivalent to a rise of 260,000 VND (11.20 USD) in Region 1, and 240,000 VND, 210,000 VND, and 180,000 VND in Regions 2, 3, and 4, respectively. The document to this effect also specifies that the minimum hourly wage will range from 15,600 to 22,500 VND, which also depends on the region. The geographical classification is determined based on the employer’s place of operation. Region 1 covers Hanoi and Ho Chi Minh City's urban areas; Region 2 encompasses Hanoi and HCM City's rural areas, along with major urban areas in the country like Can Tho, Da Nang and Hai Phong; Region 3 covers provincial cities and the … [Read more...] about Policies to take effect in July

The system is making steady progress towards transiting to launch by around Pi2 Day - June 28, the development team announced on the Pi Network app last Tuesday. Since Monday night, Pi miners in Vietnam have started to wait for the transition. Many claimed to be business owners and said they will accept the token as a payment method as soon as the coin can be exchanged. Pi and other cryptocurrencies are not legal tender in Vietnam, Dao Minh Tu, the deputy governor of the State Bank of Vietnam, has said. Huynh Tan of HCMC said he has signed in the app to earn rewards every day for the last three years. "I have joined the project since its beta stage. Now it is about to enter the mainnet stage, so I hope to be able to exchange Pi for money or something." He said prices of thousands dollars is "very unlikely" as there are 100 billion tokens, but the ‘consensus price’ may be of any number. A poll on a Pi group found 75 percent of nearly 3,400 users believing in a ‘consensus … [Read more...] about Pi miners anxiously await monetization