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The Hanoitimes - Vietnam would be among four economies hardest hit by the Covid-19 outbreak, behind Singapore, Thailand and Hong Kong (China). The Ministry of Planning and Investment (MPI) has forecast Vietnam’s GDP growth to slow to a 7-year low of 5.96% in 2020, indicating a less optimistic outlook compared to its assessment one week ago, local media reported. Data: MPI. Chart: Ngoc Thuy. Previously, the MPI predicted Vietnam’s GDP in 2020 to grow 6.09% in case the Covid-19 (nCoV) is contained by the end of the second quarter, representing a 0.7 percentage points lower than the target set by the National Assembly and nearly one percentage point compared to 2019. The MPI suggested Vietnam would be among four economies hardest hit by the Covid-19 outbreak, behind Singapore, Thailand and Hong Kong (China). The latest prediction of the MPI is similar to those of domestic economists. Pham The Anh, chief economist at the Vietnam Institute for Economic and Policy Research (VEPR), told VnExpress that Vietnam’s economic growth is predicted to be shaved off by one percentage point, while ANZ predicted a decrease of 0.8 percentage points in the first quarter due to the epidemic. The MPI also estimated Chinese arrivals coming to Vietnam would decline by 2.3 million if the outbreak is controlled by the end of the second quarter, while those from other countries are likely to decrease between 50% and 60%. “As Chinese tourists spend an average of US$743.6 each, and international tourists of US$1,141, a loss of US$5 billion would be incurred if the epidemic persists to the end of June,” said the MPI in its report. Preliminary assessment from the Vietnam Tourism Advisory Board (TAB) said the damage in the first quarter could be up to US$7 billion and exceed US$15 billion until the end of the second quarter. With tourism under pressure from the outbreak, the aviation industry is set to face a similar fate. Before the epidemic, 11 Chinese …

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The Hanoitimes - Vietnam is expected to have 511 individuals with a total net worth of over US$30 million by 2025, or an increase of 31%. While the number of ultra-rich people in Vietnam slightly went down in 2020 as a result of the Covid-19 pandemic, the country is set to be among the world’s top five countries with the fastest growing rate of people with ultra-high net worth, according to 2021 Wealth Report by Knight Frank. In order to be included in the 1% richest people in Vietnam, one needs to have assets worth at least US$160,000. Source: AutoPro In 2020, the number of people with ultra-high net worth (over US$30 million) in Vietnam was estimated at 390, down from 405 recorded last year. Meanwhile, the figure of high-net-worth individuals, someone with a net worth of over US$1 million including their primary residence, declined by 6% year-on-year from 20,645 to 19,491. Knight Frank, however, expected Vietnam to have 511 individuals with a total net worth of over US$30 million by 2025, or an increase of 31%, as well as 25,812 with over US$1 million, up 32%. As the Covid-19 pandemic caused severe economic impacts worldwide, countries around the world, including Germany, New Zealand, and Thailand, also witnessed a sharp drop in the number of ultra-rich people. According to Knight Frank’s report, in order to be included in the 1% richest people in Vietnam, one needs to have assets worth at least US$160,000. For Monaco, which has the world’s densest population of super-rich, the entry point for the principality’s branch of the 1% club is US$7.9 million. In second place comes the home of the private bank, Switzerland, where US$5.1 million gains such access, followed by the US, which has the highest number of ultra-high net worth residents with US$4.4 million. Singapore, in fourth place, is Asia’s highest entry, with the level of wealth required being US$2.9 million. The figures also vary for Vietnam’s neighboring countries, …

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Foreign ship arrivals down 6 percent in first two months Vietnam’s sea ports have berthed some 4,900 foreign vessels over the last two months, a decline of 6 percent year-on-year, according to the Vietnam Marine Administration. The fall was due largely to the impact of COVID-19, which is resulting in major fluctuations in the transport sector, a representative of the administration said. Despite the lower number of foreign ships, the volume of import and export goods through ports grew. In January and February, 35.3 million tonnes of imports and 26 million tonnes of exports were handled at ports nationwide. The former represented an annual increase of 14 percent while the latter was as same as that last year. In particular, nearly 1.3 million TEUs for exports and 1.2 million for imports were handled during the period, up 32 and 16 percent, respectively, year-on-year; the highest growth since the pandemic began. Meanwhile, the arrival of domestic vessels totalled 5,300, up 11 percent year-on-year./. Quang Ninh’s Van Don airport reopens on March 3 The Ministry of Transport has decided to allow Van Don International Airport in the northern province of Quang Ninh reopen from 6:01am on March 3 after the COVID-19 pandemic has been put under control in the locality and the airport is safe to transport passengers. The airport was temporarily shut down from January 29 after an airport security staff was confirmed positive for the coronavirus SARS-CoV-2 that causes the COVID-19 pandemic. The national flag carrier Vietnam Airlines announced earlier that it will resume flights between Ho Chi Minh City and Quang Ninh on March 3, thus becoming the first to restart flights to the Van Don airport since the local COVID-19 outbreak began. From March 3 to 17, one weekly flight will ply the route between the two destinations, on Wednesdays. Flight numbers will be increased to three a week, on Wednesdays, Fridays, and Sundays, from March 18 until the …

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