Strong recovery

Domestic tourists are busy traveling from North to South . Travel demand appears to have exploded. Most Vietnamese are choosing to holiday in Vietnam. Authorities and tourism businesses took the initiative in building a strategy to attract tourists as soon as the pandemic was under control. A number of large-scale cultural and tourism events have been held since the end of last year. Catering to over 100 million tourists last year, the domestic tourism sector has been a lifesaver for the industry. Rising domestic tourism has led to strong growth in transportation, warehousing, food and beverages, and wholesale and retail, and is gradually returning to pre-pandemic levels./. VNA … [Read more...] about Domestic tourism enjoying strong recovery

Stakeholders have much to say about the current state of the tourism industry, and what must be done Prime Minister Pham Minh Chinh chaired a tourism recovery conference on March 15 and talked to management agencies and tourism businesses about removing obstacles for the industry to thrive once again. Despite being one of the first Southeast Asian countries to fully reopen to international tourism after the pandemic, Vietnam’s tourism industry still trails other countries in the region. The PM raised a series of questions about tourism promotion, competitive advantages, products, and visa policies – all factors that are considered to be subjective causes for Vietnam’s tourism to fail its foreign tourism targets thus far. “Tourism cannot develop alone, and tourism cannot develop if culture and the entertainment industry do not develop,” PM Chinh said. He directed the tourism industry to build green and sustainable tourism products, finance tourism activities, and develop … [Read more...] about Tourism breakthrough within reach

Prime Minister Pham Minh Chinh (R) and Polish Minister of Foreign Affairs Zbigniew Rau at their meeting in Hanoi on March 16. (Photo: VNA) Hanoi (VNA) – Vietnam always treasures and wants to strengthen its multifaceted cooperation with Poland, a traditional friend and partner in Central Eastern Europe, Prime Minister Pham Minh Chinh said while receiving Polish Minister of Foreign Affairs Zbigniew Rau in Hanoi on March 16. The PM thanked the Government and people of Poland for their donation of nearly 1.4 million doses of COVID-19 vaccine and 8 tonnes of medical equipment to help Vietnam overcome the pandemic and boost economic recovery, stressed that the move reflected sincere affection and deep attachment between the people of the two countries. For his part, Rau said he is impressed with Vietnam’s socio-economic development achievements and stated that Poland wants to fortify its collaboration with the nation, the most important partner of Poland in Southeast Asia. … [Read more...] about Vietnam wants to strengthen multifaceted cooperation with Poland: PM

The Prime Minister thanked the government and people of Poland for their donation of nearly 1.4 million doses of COVID-19 vaccine and 8 tons of medical equipment to help Vietnam overcome the pandemic and boost economic recovery, stressed that the move reflected sincere affection and deep attachment between the people of the two countries. For his part, Rau said he was impressed with Vietnam’s socio-economic development achievements and stated that Poland wants to fortify its collaboration with the nation, the most important partner of Poland in Southeast Asia. Regarding the Vietnam - Poland relationship, Prime Minister Pham Minh Chinh expressed his pleasure to see its positive progress over the past time and suggested the two sides increase the exchange of delegations, especially high-level ones and between sectors and localities, to boost political trust and mutual understanding, forming a basis for their bilateral cooperation expansion across all fields. Poland has been … [Read more...] about Vietnam wants to strengthen multifaceted cooperation with Poland: Prime Minister

A wood processing plant in Binh Duong. The wood processing industry is making efforts to regain growth momentum. (Photo: VNA) Hanoi (VNS/VNA) - Faced with a slump in export orders, woodworking firms have been striving to stay afloat in various ways. Do Thi Kim Loan, General Director of Sao Nam Trading and Production Co., Ltd, which makes wooden flooring, said the company’s export orders are down 35-40% year-on-year this year as orders from the US market, its major export market, drop sharply. “With exports to the US plunging, we seek to export to Canada and accept outsourcing orders from Australian customers. “Australian wood flooring importers ship materials to my company, we carry out the final processing stages, pack and re-export them. “This is an adaptation to partially offset the decline in our major market.” Binh Duong-based furniture company Bao Hung has also seen a sharp drop in orders from the US, its key market, this year. Phung Quoc Cuong, its marketing … [Read more...] about Wood industry strives to regain growth momentum

Over the past 35 years of development, the Vietnam Bank for Agriculture and Rural Development, better known as Agribank, always proves its position and role as a leading commercial bank in Vietnam. It has pioneered monetary policies, contributing to stabilizing the macro-economy, curbing inflation and supporting the country’s economic growth. The bank has cemented its key role in developing the agriculture sector and rural areas and offering credit and services to serve the country’s socio-economic development. Agribank was proud to receive the Vietnam National Brand award for the third consecutive year in 2022 and was among the top 10 Vietnamese strong banking and financial brands the same year. The lender has obtained impressive achievements in digital and green transformation and made substantial contributions to community development. Despite the negative impact of the COVID-19 pandemic, Agribank, with its initiative and flexibility, has employed multiple … [Read more...] about Vietnam’s Agribank wins many local prestigious prizes

High pedestal to reach for 2023’s growth ambitions Vietnam’s economic growth is projected to ease to 6.3 per cent in 2023 from a robust 8.02 per cent last year, as services growth moderates and higher prices and interest rates weigh on households and investors, according to the World Bank’s latest Taking Stock report released last week. Growth is expected to pick up to 6.5 per cent in 2024 as the economies of Vietnam’s main export markets gain strength, the report said. The outlook for Vietnam reflects heightened uncertainty in the global economy. Downside risks include weaker-than-expected growth in Vietnam’s major export markets, which include the United States, China, and the Eurozone, tightening financial conditions, higher domestic inflation, weaknesses in the balance sheets of corporate, banking and household sectors, and financial sector vulnerabilities. The Vietnamese government has set a target that GDP will increase 5.6 per cent in Q1, 6.7 per cent in Q2, 6.5 per … [Read more...] about High pedestal to reach for 2023’s growth ambitions

At a Thursday meeting on the impacts of sweetened drinks on health, Tran Thi Trang, deputy head of the legislation department under the Ministry of Health, said the ministry is proposing to apply excise tax based on the amount of sugar contained within 100 ml of the drinks. The proposal was made as the Ministry of Finance was building a draft law on excise tax for sweetened drinks. Trang said there should be sugar thresholds to determine the amount of taxes to be applied, with a higher level of sugar resulting in more taxes. Drinks with a sugar level below a certain threshold would not need to be imposed such a tax, she suggested. However, the health ministry has yet to provide exact sugar level thresholds for this policy. The ministry said certain food products with low levels of sugar, such as milk and dairy products, would not be applied excise tax. In accordance with WHO definitions, sweetened drinks are those that contain added sugar, such as sweetened soda water, … [Read more...] about Health ministry proposes excise tax on sweetened drinks

The Nordic Embassies in Vietnam (Denmark, Finland, Norway, and Sweden), have co-operated with the Ho Chi Minh National Academy of Politics to share their experiences on green solutions for circular economy and waste management and policy implications for Vietnam at a seminar held on March 23 in Hanoi. The Nordic Embassies in Vietnam share their experiences on green solutions for circular economy and waste management and policy implications for Vietnam at a seminar held on March 23 in Hanoi. The event, which was held in honor of Nordic Day 2023, aims to provide insight into Nordic policies, initiatives, and innovation in green transition, which can be relevant and applicable to Vietnam in eliminating waste and pollution, circulating products, and regenerating nature. Organised for the fifth time, the event is attended by policymakers from central and local government agencies; representatives from chambers of commerce; business leaders, startups, innovators; … [Read more...] about Nordic countries share solutions for circular economy and waste management

Deputy Prime Minister Lê Minh Khái has called on small- and medium-sized enterprises (SMEs) to modernise their production and business models and expedite restructuring efforts following the emerging trends of the green economy, digital economy, and circular economy. Workers in Đại Dũng Mechanical Electrical JSC's factory in HCM City. The Government would improve policies and raise solutions to support enterprises. — VNA/VNS Photo Khái emphasised during his address at the Vietnam Small and Medium Enterprises (VINASME) event on Thursday that the primary objective should be to drive innovation and boost brand competitiveness. The conference was attended by almost 400 representatives from the association's over 64,000 members nationwide. Highlighting the important role of enterprises in promoting economic prosperity and development, Khái said that the business community in Vietnam developed strongly in recent years, with nearly 900,000 firms, over 25,000 … [Read more...] about Deputy PM urges SMEs to make innovations