Global markets

Rikkeisoft's leaders announced the establishment of RKTech in the US and appointed Bui Hoang Tung as their Senior Executive Vice President of Rikkeisoft Corp. and CEO of RKTech Corp. — Photo courtesy of the firm Rikkeisoft on Tuesday officially announced the establishment of its subsidiary company - RKTech in the US, acting as a bridge coping with timezone and communication challenges between US businesses and Viet Nam-based production teams. Located in Plano, Texas - a technology hub in the US, RKTech could help US companies easily access Southeast Asian IT services as an alternative to ones from other outsourcing countries such as India and Argentina. RKTech will develop and deliver high-value IT services to the US market. This is also an opportunity for the corporation to access global cooperation, helping them achieve their goal of becoming a billion-dollar company in the next five years. RKTech also appointed Bui Hoang Tung as their Senior Executive Vice President of … [Read more...] about Rikkeisoft enters the US market to realise the “Go Global” strategy

Visitors to Ba Den Mountain in Tay Ninh province (Photo: VNA) Hanoi (VNA) – With stronger tourism growth forecast for this year, the domestic market is expected to give the strongest boost to the recovery of this sector. Not Chinese travellers or any other sources of international tourists , it is the domestic sector that will remain the “brightest” factor helping Vietnam’s tourism continue recovering strongly in 2023, Nguyen Huu Y Yen, General Director of the Saigontourist Travel Service Co. Ltd, said as cited by Thanh nien (Young people) newspaper. He said before the COVID-19 pandemic broke out, the three biggest sources of foreign visitors to Vietnam were China, Russia, and the Republic of Korea (RoK). Charter flights from the RoK have been resumed just recently while there haven’t been many Chinese tourists , and Russian tourists haven’t returned. The European and US markets have begun to bounce back but are unlikely to record a breakthrough in 2023, he … [Read more...] about Domestic market to drive tourism recovery in 2023: insider

The country is forecast to be the second-fastest growing economy in Asia-Pacific this year. Vietnam would continue to prioritize macroeconomic stability and containing inflation in anticipation of greater challenges from both domestic and international fronts in 2023. Prime Minister Pham Minh Chinh at the meeting. Photos: VGP Prime Minister Pham Minh Chinh gave the remarks during a monthly Government meeting today [February 2]. According to Chinh, Vietnam’s socioeconomic performance in January has been positive with strong results in all fields and sectors, especially in industries, agriculture, and tourism. The World Bank in its latest global economic outlook report forecast Vietnam’s GDP in 2023 at 6.3% year on year, down 0.2% from the previous assessment, but still the second highest in Asia-Pacific. In addition to economic development, the authorities have taken measures to ensure social welfare and provided financial support for 25 million eligible … [Read more...] about Vietnam prioritizes macroeconomic stability in 2023: PM

An overview of Ho Chi Minh City (Photo: VNA) HCM City (VNS/VNA) – Ho Chi Minh City is likely to face hurdles caused by a global recession this year and escalating uncertainty, Vice Chairman of the municipal People’s Committee Duong Anh Duc has warned. Speaking at a meeting on February 1, he said the global economic slowdown and inflation would impact the city’s socio-economic development, slowing its recovery. Global growth is expected to decrease from 3.2% last year to 2.7% this year, he said. The real estate, stock and bond markets are all expected to face huge challenges this year amid tightening monetary policy, according to Duc. Many local businesses lack orders because of the weak global demand, and the situation would not improve until the middle of the year, he said. The city would organise meetings to discuss measures to support businesses and workers, and seek ways to supply the economy with capital amid the tight monetary policy, Duc said. For … [Read more...] about HCM City to face economic challenges, recovery to be hit

Seafood exports reached a record 11 billion USD in 2022, up 24% year-on-year and 22% higher than the year’s target of 9 billion USD. (Source: VNA) HCM City (VNS/VNA) - Despite huge challenges, the seafood sector in 2022 posted a new record in export value of 11 billion USD, up 24% year-on-year and 22% higher than the year’s target of 9 billion USD. Le Hang, communications director of the Vietnam Association of Seafood Exporters and Producers (VASEP), said that this was the highest export value in more than 20 years. Of the amount, shrimp exports hit a record 4.3 billion USD, pangasius exports reached 2.4 billion USD, and tuna exports were 1 billion USD, she added. Vietnam’s largest seafood export markets are the US, Japan, China and the EU. Seafood exports to the US reached more than 2.1 billion USD last year. Meanwhile, exports to China hit a record 1.8 billion USD, up 57% year-on-year. Exports to the EU and the Republic of Korea brought in 1.3 billion USD and 950 … [Read more...] about Seafood exports reach record 11 billion USD in 2022, challenges ahead

By 2025, the Ministry of Information and Communications expected Vietnam to have 80,000 digital tech firms, meeting at least 50% of digital tech and services from state agencies. Vietnam aims for the digital technology industry to lead the implementation of Industry 4.0 in the country, with revenue growth 2.5 times higher than the overall GDP expansion rate. ICT to help Vietnam realize the digitalization process. File photo The target was revealed in the Ministry of Information and Communications (MIC)’s directive for information and communication technology (ICT) development in 2023 and the 2024-2025 period. "Digital technology focused on design, creation, and manufacturing in Vietnam is the main industrial sector driving the nation's industrialization and modernization, contributing to greater digitalization capability and shaping a digital country," the MIC stated. Under the plan, the ministry expected revenue from the ICT sector would hit US$165 … [Read more...] about Digital technology to spearhead Vietnam’s drive for Industry 4.0

Vietnam's real estate market continues to show strong appeal to foreign investors despite global economic difficulties. The foreign direct investment (FDI) into Vietnam’s real estate market in 2022 rose by over 70% yearly to US$4.45 billion, focusing on industrial and large-scale commercial projects, according to the Ministry of Construction (MoC). Real estate projects in Hanoi. File photo The MIC’s report suggested that real estate stands second among sectors with the highest FDI attraction in 2022, which showcases “the strong appeal of the market to foreign investors amid a difficult global economic environment.” Neil MacGregor, Managing Director of Savills Vietnam, echoed this view by saying foreign investors remain attracted to Vietnam, especially in production, retail, logistics, and real estate. He expected the attention from foreign investors would help the local real estate accelerate the recovery process this year. Regarding this sentiment, HSBC … [Read more...] about FDI to Vietnam’s real estate rises by over 70% in 2022

ChatGPT and AI is set to boom in Vietnam In the early days of 2023, ChatGPT released by OpenAI is becoming popular all over the world. ChatGPT is a chatbot providing solutions to complex problems directly like composing essays, coding, and drafting business proposals. Within a few seconds after entering keywords, ChatGPT will provide text, images, audio, and other entertainment media in excellent quality. Just a few weeks after launching, this “super AI” has reached over 10 million users and has rapid growth. This success helps OpenAI negotiate an investment agreement worth $30 billion, more than double its valuation in 2021. After investing $1 billion in ChatGPT in 2019, Microsoft is planning to invest another $10 billion in exchange for 49 per cent of OpenAI's stake. This tech giant is considering integrating ChatGPT into Word, Powerpoint, Outlook, and even the Bing search engine to compete for market share with Google Search. Eric Boyd, CVP of AI Platform at Microsoft, … [Read more...] about ChatGPT and AI booms in Vietnam

Riccardo Puliti, IFC’s new regional vice president for Asia and the Pacific. — Photo courtesy of IFC Riccardo Puliti, who was on Wednesday appointed IFC’s new regional Vice President for Asia and the Pacific, will focus on addressing multiple crises amid global economic slowdown. An Italian national, Puliti will oversee IFC’s regional efforts in spurring private sector growth and identifying impactful collaborations for a green, resilient, and inclusive recovery in response to multiple crises and a deteriorating global economic outlook. Economies in the Asia and Pacific region continue to suffer from COVID-19 disruptions. At the same time, Russia’s war in Ukraine, tightening global financial conditions, weaker global growth, and more frequent disruptive weather events linked to climate change threaten to dampen the region’s growth trajectory, according to the World Bank’s latest Global Economic Prospects report. In taking on the role of IFC’s Vice President for Asia and the … [Read more...] about IFC appoints new regional Asia-Pacific VP

Chairing the Government’s monthly teleconference with localities on February 2, PM Pham Minh Chinh requested keeping a close watch on the domestic and foreign market situation. He asked for extensive monitoring of product price and inflation to enable a quick response to the current situation. He also requested timely forecasts and risk warnings while adopting a sound, flexible and effective monetary policy in close and synchronous combination with monetary, fiscal and other policies. The PM also requested that associated ministries ensure the liquidity and safety of credit organizations, gearing credit into production and trade, priority areas and growth pillars. Another important topic is stepping up cashless payment, while tackling difficulties for real estate market, prioritizing capital for transparent and effective enterprises, and enhancing social investment attraction and public-private partnership. Localities need to take initiative for the disbursement of public … [Read more...] about Macro-economic stability, inflation control continue to be priority: Prime Minister