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New momentum For over one week now, more than 94% of businesses in the Southern economic hub has resumed their production with over 95% of workers being back to work after Tet holiday. Workers at Go Vap district-based Joint Stock Company 28.1 under the Corporation 28 of the General Department of Logistics, which specializes in garments making, are working with the highest capacity, focusing on orders from the U.S., Australia, and European countries. Working for the company for more than 21 years now, Nguyen Van Hong from Hai Duong province said that good income and policy offered by the company make him feel secure at work. Despite difficulties facing the garment sector due to COVID-19, his company has ensured orders uninterrupted, so workers have resumed work since the beginning of the lunar New Year. In addition, good Tet welfare policy has helped keep workers attached to the company. Senior Colonel Tran Doan Thoan, Director of Joint Stock Company 28.1 informed that the … [Read more...] about Businesses in Ho Chi Minh City speed up production to achieve set targets

Illustrative image (Photo: VNA) Hanoi (VNA) – Vietnam’s GDP growth reaches 8.02% this year, a record high in the 2011-2022 period as the economy is recovering strongly, General Director of the General Statistics Office (GSO) Nguyen Thi Huong told a press conference in Hanoi on December 29. The agro-forestry-fishery sector expanded by 3.36%, contributing 5.11% to the total added value of the whole economy. The industry-construction sector grew by 7.78%, contributing 38.24% while the service industry rose by 9.99%, making a 56.55% contribution to the economy. About the economic structure 2022, the agro-forestry-fishery sector accounted for a proportion of 11.88%, industry and construction 38.26%, services 41.33% and product taxes, exclusive of product subsidies, 8.53%. With an annual growth of 7.18%, final consumption contributed to 49.32% of the general growth. Asset accumulation rose by 5.75%, contributing 22.59%, while trade in exports, imports and services adding … [Read more...] about Vietnam’s GDP expands by 8.02% in 2022

A production line of smart, environmentally friendly sensor products of Hyundai Kefico Vietnam Co., Ltd invested by the RoK in Dai An II Industrial Park, Hai Duong province (Photo:VNA). Hai Duong (VNA) – The northern province of Hai Duong has set a target to attract 400 million USD in foreign direct investment (FDI) in 2023, according to Vice Director of the provincial Department of Planning and Investment Nguyen Duy Hung. The locality licensed five new FDI projects worth 15.8 million USD in January. Meanwhile, 5.6 million USD was added to three existing projects. Hung said that the locality will speed up work on the province's master plan in the 2021 – 2030 period, with a vision of 2050 as a basis for building priority criteria to attract investment projects, especially planning of a key industrial zone for large-scale, modern and environmentally friendly investment projects. It will focus on maximising resources to develop synchronous and modern socio-economic … [Read more...] about Hai Duong targets 400 million USD in FDI in 2023

Vietnamese people's cultural and human values should be central to the capital’s industrialization process. Hanoi aims to spearhead the nation's industrialization and modernization until 2030, with an eye on 2045. Hanoi has seen major transformation over the years. Photo: Pham Hung According to the municipal Party Committee, the goal of the plan is to transform the mindset and build consensus in the political system and people to achieve socioeconomic development objectives. The Party Committee emphasized the use of science-technology and innovation, specifically Industry 4.0 advancements, as a key solution for the country’s modernization in the 2021-2030 period. “This would help Vietnam to make breakthroughs in productivity and improve the economy's competitiveness,” stated the plan. For Hanoi, the plan identifies key targets for economic growth, enhancing socio-cultural values, urban development, and environmental protection. By 2030, Hanoi and other … [Read more...] about Hanoi to spearhead the nation’s industrialization efforts until 2030

Agro-forestry-fishery exports reach 3.7 bln USD in January (Photo: VNA) Hanoi (VNA) – Vietnam’s export of agro-forestry-aquatic products reeled in over 3.7 billion USD in January, down 23% against the same period last year, according to the Ministry of Agricultural and Rural Development. Exports of key farm produce reached more than 1.7 billion USD, down nearly 13%, while the export of seafood, and timber and wood products was estimated to decrease 31% and 30% to 600 million USD and 1.1 billion USD, respectively. Vietnam ’s export of agro-forestry-aquatic products hit a record revenue of over 53.22 billion USD in 2022, up 9.3%, including nearly 11 billion USD from aquatic products./. VNA … [Read more...] about Agro-forestry-fishery exports reach 3.7 bln USD in January

Despite near-term trade headwinds, tourism has emerged as a source of growth for Vietnam to mitigate the challenges ahead in 2023, according to the “Vietnam at a glance” report released by HSBC on February 6. Foreign tourists visit Vietnam (Photo: VNA) The report stressed that January’s data showed Vietnam continues to face difficulties in trade and the inflationary pressure of increasing prices. However, in spite of slowing trade, there are still pockets of resilience in Vietnam’s economy, and tourism will be a key one in 2023. Following its re-opening last March, Vietnam’s domestic tourism has been soaring, easily surpassing its 2022 target of 60 million to over 100 million tourists. Meanwhile, international tourism, which previously accounted for 60% of tourism receipts, saw a tepid recovery post COVID-19, with tourist arrivals reaching 3.6 million, only 20% of 2019’s level. But there are good reasons to expect a more meaningful recovery, in … [Read more...] about Tourism – a source of growth in Vietnam for 2023: HSBC