Global economic outlook

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

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

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

A customer shops at MM Mega Market An Phú's food wholesale and distribution centre in Thủ Đức District in HCM City. In the first nine months of 2023, CPI increased by 3.16 per cent over the same period last year; core inflation rose by 4.49 per cent. — VNA/VNS Photo Mỹ Phương Việt Nam’s gross domestic product (GDP) expanded by 4.24 per cent in the first nine months of this year, the General Statistics Office (GSO) said on Friday. The expansion is nearly the lowest 9-month GDP growth in 13 years, only higher than the same period of 2020 and 2021, which recorded growth rates of 2.19 per cent and 1.57 per cent respectively. In Q3 alone, GDP posted a year-on-year rise of 5.33 per cent, also nearly the lowest third-quarter GDP growth in 13 years, only higher than the same quarters of 2020 and 2021. The information was released at a conference held on Friday in Hà Nội by the GSO. In Q3, the agro-forestry-fishery sector grew by 3.72 per cent, contributing 8.03 per cent to the … [Read more...] about Việt Nam’s economy grows 4.24 per cent in nine months of 2023

Speaking at the opening of the event held in Quang Ninh Province, he emphasized the importance of developing science, technology and innovation. Hundreds of delegates from ministries, businesses and production units and scientists were in attendance to learn about breakthrough technologies and solutions. Before the opening, Deputy Prime Minister Tran Luu Quang, Dat, other Party and state leaders, their counterparts from the Quang Ninh Province Party Committee, People's Council and People's Committee, and ministry and other officials visited the booths set up at an exhibition that is part of the event. Nearly 200 booths showcased technological devices and solutions. Quang called for ensuring products are also competitive in terms of prices. "The product might be good, but the price must also be lower than in foreign markets," he said while visiting the booth set up by auto company Thanh Cong Group. Minister of Science and Technology, Huynh Thanh Dat speaks at the … [Read more...] about Technology is foundation for Vietnam’s rapid, sustainable development: minister

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

An example of a SkyX Solar collaboration with An Phat At a seminar from September 12 to 17, held by the World Sports Goods Industry Federation and the Vietnamese Delegation in Geneva, distinguished brands like Adidas and Decathlon spotlighted Vietnam's crucial role in sustainable manufacturing, praising its robust workforce and rapid assimilation of advanced technologies. Leveraging its National Strategy for Green Growth 2021-2030, Vietnam is making substantial strides towards its sustainable development goals, with an emphasis on evolving its textile and footwear industries by 2035 to align with a circular economic model. This commitment resonates deeply with international sustainability standards, enhancing Vietnam's influence in the sustainable supply chain sector. The role of green certificates – which are emblematic of sustainable and responsible production and the use of renewable energy – is becoming increasingly crucial in today’s market. These certificates are … [Read more...] about SkyX Solar steers sustainable shifts with green IZ and certification in Vietnam

Vietnam's gross domestic product growth accelerated in the third quarter from the previous three months, data showed on Friday, but fell short of this year's growth target as dull demand for exports overshadowed support from monetary easing. GDP in the July-September quarter is expected to have grown 5.33% from a year earlier, faster than the 4.05% expansion in the second quarter, the General Statistics Office said in a report on Friday. Capital Economics said the worst for Vietnam's economy was over but growth remained subdued by past standards. With inflation becoming a growing concern, however, it did not expect a further rate cut from the central bank. The third-quarter figure was much slower than growth of 13.71% in the same period of 2022, when its manufacturing-led economy managed a post-pandemic pickup following a 6% quarterly contraction in 2021. Factory powerhouse Vietnam is targeting growth of 6.5% this year, down from 8.02% last year, but most economists expect … [Read more...] about Vietnam sees Q3 GDP growth capped by weak external demand

The National Cybersecurity Association (NCA) is established on September 8 at its first congress for the 2023-2028 tenure in Hanoi. (Photo: VietnamPlus) Hanoi (VNA) – The establishment of the National Cybersecurity Association (NCA) is expected to contribute to turning Vietnam into a safe and cyber secure country. The Ministry of Home Affairs issued a decision on May 8, 2023, approving the establishment of the National Cybersecurity Association. Under the decision, the association is a socio-occupational organisation of Vietnamese citizens and organisations operating in cybersecurity, set up on a voluntary basis to protect the legitimate rights and interests of members and ensure cybersecurity in line with the Party and State’s orientations and strategies in the field, contributing to national defence and socio-economic development. The event saw the participation of nearly 200 delegates who are members of the NCA, including officials from agencies, business … [Read more...] about NCA aims to promote Vietnam as safe, cyber secure country

The two-day event features a premium networking event as well as bringing together leaders from Cambodia, Laos, Thailand, and Vietnam to promote economic integration within the region and the rest of the world. Martin Brisson, Executive Director of EuroCham Cambodia, said that the purpose of the event was to promote Cambodia as an alternative investment destination to European companies. At the summit, EuroCham Cambodia will release its 2024 White Book, a comprehensive list of policy recommendations covering 12 sectors, as well as its 2023 Business Confidence Survey, a detailed survey among business leaders in Cambodia. EuroCham Chairman Tassilo Brinzer presented the White Book to Cambodian Deputy Prime Minister and Minister of Economy and Finance Aun Pornmoniroth. After diving into the White Book, keynote addresses were given on Cambodia’s investment goals and strategy and EU updates on trade and investment policy with Cambodia. Cambodian Minister of Commerce Cham Nimul also … [Read more...] about ASEAN-Cambodia Business Summit held in Phnom Penh