Vietnam’s services sector remains a bright spot, partially offsetting some external weakness, according to a report released by HSBC Vietnam on May 31. Illustrative image (Source: VNA) The report, themed “Vietnam May data: Still a long way to go,” said while Vietnam’s May trade data points to no further deterioration, there is still a long way to see a meaningful rebound in its trade cycle. Exports slightly fall According to the report, exports fell 5.8% year on year in May, a slower pace than the market expected, but with lingering broad-based weakness. None of the major categories, including electronics, machinery, textiles/footwear and wooden furniture showed signs of a meaningful rebound. Data as of April 2023 suggests substantial falling shipments in Vietnam’s three largest exporting destinations - US, China and the EU. In particular, with a hefty share of 30%, Vietnam is particularly sensitive to a US economic slowdown. Despite exports falling by … [Read more...] about Vietnam’s services sector remains a bright spot: HSBC
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Vietnam hits peak time for domestic tourism
Crowds flock to Co To island in Quang Ninh province (Photo: VNA) Hanoi (VNA) – The tourism sector served 12.5 million domestic visitors in May, pushing the total number of the group to over 50.5 million in the first five months. Also in May, revenue from domestic travelers is estimated to hit 267.2 trillion VND (11.37 billion USD). The volume of Vietnamese holidaymakers traveling around the country has been on the rise in conjunction with the annual peak of domestic tourism. On the opposite end, the peak time in domestic tourism is also when international tourism hits its low-season travel period. The sector hosted 1.3 million tourists from the Republic of Korea and 399,000 from China in the period from January to May. This year, Vietnam set a target to earn some 650 trillion VND from 110 million visitors, including 8 million foreigners. According to the Vietnam National Administration of Tourism (VNAT), the 4.6 million international arrivals recorded between … [Read more...] about Vietnam hits peak time for domestic tourism
Localities in Mekong Delta augment efforts against IUU fishing
Border guards of Ca Mau province examine a fishing vessel. (Photo: VNA) HCM City (VNA) – In efforts to persuade the European Commission to lift the “yellow card” warning, localities in the Mekong Delta have been taking strong and concerted measures to eradicate illegal, unreported and unregulated (IUU) fishing and help the fisheries sector develop sustainably. In Soc Trang province, the Sub-department of Fisheries said it has coordinated with the provincial Department of Information and Communications to step up checking vessel monitoring systems (VMS) installed on fishing boats and asked VMS suppliers to make timely repair if there are any breakdowns. So far, all fishing vessels over 15m long in Soc Trang have been equipped with smoothly operating VMS. The province’s Border Guard Command has also ordered local border guard posts to intensify the dissemination of the 2017 Law on Fisheries and others to fishermen. As a result, 368 vessels operating in deep-sea … [Read more...] about Localities in Mekong Delta augment efforts against IUU fishing