Vietnam and its timeless beauty Vietnam, a truly fascinating country, offers a 3,260km coastline, connecting the north and south with white sandy beaches. Beyond its significant coast, the country boasts overlapping ranges of mountains, primaeval forests, and world-famous caves. The destination is also known for its rich history, deep culture and arts, and unique street food cuisine. More than its diverse natural landscape, Vietnam also has vibrant cosmopolitan cities such as Hanoi and Ho Chi Minh City, each with their own distinct ambience and rhythm. Hanoi offers a traditional setting with a heritage dating back 1,000 years. Ho Chi Minh City is a high-energy urban and business centre with skyscrapers and a bustling streetscape. There are also the idyllic landscapes of the Vietnamese countryside and craft villages. These include bountiful fruit orchards across the Mekong Delta; narrow Hoi An streets adorned with bright red Bougainvillea trellises of ancient yellow houses; and the terraced paddy fields in Sapa. Vietnam has become one of the top destinations in the Asia-Pacific region, attracting tourists from all over the world. The US-based Go Overseas website ranked Vietnam 8th on its list of top 10 travel destinations for 2019, saying the nation is “filled with beauty at every turn”. As a home to eight UNESCO World Heritage sites, Vietnam was also rated as one of the 10 most unique destinations in Southeast Asia in 2019 by The Quarterly Tourism Monitor , while Condé Nast Traveler ranked Vietnam 9th of its 20 favourite destinations of 2020. Factors to turn Vietnamese tourism into an economic juggernaut Prior to 2020, global demand for travel and tourism was booming around the world, with growth of roughly 4 per cent per annum expected over the next decade (2019-2029). In addition, Vietnam’s GDP growth, young population, and rapidly expanding middle class are all driving tourism. According to World Bank statistics, between 2002 and 2018, GDP …
Historical gdp growth
VIETNAM BUSINESS NEWS MARCH 4
Imports-exports contribute $2.37 billion to State budget in Jan-Feb State budget collection from import-export activities reached 54.76 trillion VND (2.37 billion USD) in the first two months, or 17.38 percent of the estimate and a year-on-year rise of 7.53 percent, according to the General Department of Vietnam Customs. In February alone, the collection was 23.66 trillion VND. As Tet (Lunar New Year) holidays fell in the month, the customs department worked together with relevant agencies to combat smuggling and trade frauds while increasing inspections. The customs force detected 967 cases in total from January 16 to February 15, seizing goods of 258.67 billion VND and contributing 8.6 billion VND to the State budget. State budget collection was estimated at 220.5 trillion VND in total in the first two months of 2021, equivalent to 16.4 percent of the year’s estimate./. Risky to invest in forex trading plaforms: Deputy Governor Forex trading via investment platforms had not been licensed in Viet Nam, posing significant risks to investors, Deputy Governor of the State Bank of Viet Nam Dao Minh Tu warned. Tu said at the Government’s meeting on Tuesday in Ha Noi that the operation of forex trading platforms was currently illegal, adding that the trading of foreign currencies and derivatives must be provided by credit institutions and commercial banks licensed by the State Bank of Viet Nam. Until now, no forex trading platforms had been licensed for trading, he stressed, warning about risks when investing via these platforms. Recently, some organisations like Lion Group called for investments in forex through Fx Trading Markets with attractive interest rates of up to 300 per cent per year and commissions. Lion Group attracted around 40,000 investors nationwide. Tu urged people to be cautious with these appealing calls, adding that there were signs of in-transparencies and frauds. “The skyrocketing profits in the current situation …
Agriculture, a bright spot in grim economic picture
Impressive achievements According to Nguyen Xuan Cuong, Minister of Agriculture and Rural Development (MARD), the agriculture sector faced many difficulties and challenges caused by the Covid-19 pandemic, which directly affected production and export, import and consumption of agricultural products. The combined efforts of the Party, the National Assembly, the Government, the Prime Minister, localities, the business community and farmers helped the agriculture and rural development sector realize dual goals, both increasing growth and effectively combating the pandemic. As a result, the sector’s gross domestic product (GDP) grew 2.65 percent, total export turnover reached US$41.25 billion, over 62 percent of communes achieved the status of new-style rural communes, forest coverage rate reached 42 percent, rural residents’ annual income reached VND43 million per capita. In terms of cultivation, the crop structure was converted more efficiently by promoting intensive farming and application of advanced science and technology, especially for key crops, and controlling and increasing the use of new and high quality seed varieties. Rice production output reached 42.7 million tonnes, not only fully meeting the demand for domestic consumption but also meeting the needs of processing for animal feed and export. In particular, high-quality rice accounted for over 85 percent of exported rice, raising the average export price from US$440 per tonne in 2019 to US$496 in 2020. The year 2020 saw a restructuring of the agricultural sector, improved production scale and level and a strong shift to commodity production on the basis of each region’s advantages. Notably, the consumption market for agricultural, forestry and fishery products continued to develop, and the domestic market was expanded significantly. Nine commodity groups maintained an export turnover of over US$1 billion, with five recording a turnover of over US$3 billion, including timber and wood products, …
[Read more...] about Agriculture, a bright spot in grim economic picture
