Travel viet nam

Workers produce electronic components at a factory in the northern province of Hung Yen. — VNA/VNS Photo The Vietnamese manufacturing sector remained in growth territory at the start of the third quarter of the year, but there were some signs of demand softening. As such, output, new orders and employment all increased at weaker rates than in June, according to S&P Global. In a survey released on Monday, S&P Global said the Vietnam Manufacturing Purchasing Managers' Index (PMI) remained above the 50.0 no-change mark for the tenth successive month in July, signalling a further strengthening of business conditions. That said, at 51.2, down from 54.0 in June, the index signalled a softer improvement. New orders increased for the tenth month running, but the rate of expansion eased to the weakest since April. New export business rose solidly, meanwhile, and at a faster pace than total new orders. The continued growth of new orders encouraged manufacturers to keep expanding … [Read more...] about Viet Nam’s manufacturing output continues to rise

A man walks past the entrance to the KBank Building in Rat Burana district, Bangkok. — Photo: Bangkokpost Thailand’s Kasikornbank (KBank) is pressing ahead with plans to become a regional digital bank, with an expansion drive in Viet Nam. Aiming to invest more than 2.7 billion baht (about US$75 million) to fortify its service network within AEC+3 (ASEAN plus Japan, China, and the Republic of Korea), KBank has announced its commitment to broaden its presence in the Vietnamese market in order to serve customers across all segments with digital services. For the Vietnamese market, the bank aims to lend 20 billion baht ($560 million) and have a retail customer base of 1.2 million by 2023. KBank President Pipit Aneaknithi said that KBank aims to be the first foreign bank in Viet Nam to offer fully-fledged 'digital product solutions' to all customer segments. He added that the bank plans to continuously expand into new products and services. KBank currently has an overseas … [Read more...] about Thailand’s bank unveils expansion plans in Viet Nam

A customer at an HDBank transaction office. Viet Nam’s policy rate is expected to rise 50 basis points to 4.5 per cent by end-2023. — VNA/VNS Photo Capital account restrictions largely insulate interest rates in Viet Nam from global monetary tightening and the country’s policy rate is expected to rise 50 basis points to 4.5 per cent by end-2023, according to Fitch Ratings. Under a report on the impact of rising interest rates on Asia-Pacific (APAC) banks released this week, Fitch said annual credit targeting remains a centrepiece of the State Bank of Vietnam's (SBV) monetary policy framework, and the refinancing rate is not a primary policy lever. Moreover, strong foreign investment inflows underpin the dong's resilience, which has depreciated by only 2 per cent year-to-date by end-July 2022, making it the second-best performing currency in APAC behind only the Hong Kong dollar. According to Fitch, Viet Nam’s rates are driven chiefly by economic activity and inflation. … [Read more...] about Monetary stance points to only mildly higher interest rates in Viet Nam: Fitch Ratings

Deputy chairman of the Foreign Affairs Committee of the National Assembly Nguyen Manh Tien speaks at the seminar. — Photo tinnhanhchungkhoan.vn In the face of the explosive wave of global technology, with increasingly favourable policies and rising interest of businesses, the Vietnamese blockchain market is forecast to continue to develop positively. The Foreign Affairs Committee of the National Assembly in collaboration with the Viet Nam Blockchain Association held a seminar on international experience in blockchain technology development and recommendations for Viet Nam last week. The conference aims to learn and enhance experience, standardise solutions for the development and application of blockchain technology, towards perfecting the legal system, and building institutions and policies to create a legal corridor for technology-related activities. Phan Duc Trung, permanent vice president of Viet Nam Blockchain Association, said: "Blockchain technology is a kind of … [Read more...] about Creating a legal corridor for blockchain development in Viet Nam

New regulations on inspection of imported seafood will create favourable conditions enterprises. — VNA/VNS Photo The Ministry of Agriculture and Rural Development has removed COVID-related quarantine requirements for frozen processed seafood products imported for the purpose of reprocessing for export. It issued a circular to this effect last week, and it comes into force on September 11. The ministry said it would foster exports of agricultural products by reducing the number of product categories subject to quarantine and using technology to speed up the customs process. The Viet Nam Association of Seafood Exporters and Producers (VASEP) had petitioned the Government to amend the quarantine regulations saying they were causing the seafood industry “big problems.” Products processed from animals, animal products and those containing aquatic creatures, frozen, dried, cooked, or meant for instant use, continue to be quarantined, and this means the size and number of … [Read more...] about Viet Nam set to scrap COVID quarantine for imported processed seafood

A group of Vietnamese tourists on a Europe tour. Three EU countries are refusing to issue visas to Vietnamese having the new passports that are being issued since July 1 since they lack information about place of birth. — Photo nld.com.vn The rejection of Viet Nam’s new passport by some EU member countries is affecting HCM City tourism companies since their customers are unable to travel to those countries. Issued since July 1, the new passports are not accepted for visas by Germany, Spain and the Czech Republic since they lack information about place of birth. Tran Thanh Vu, general director of Vinagroup International Travel JSC, said many customers who booked tours to Europe obtained the new passports and could cancel their tours. According to tourism companies, travel to Europe is picking up and they have booked hotels and flight tickets for tour groups. The countries refusing to accept the new passports are key tourist destinations in Europe. Lai Minh Duy, general … [Read more...] about Refusal to issue visas to new VN passport causes problems for travel firms

Workers of Thuan An Wood Processing Joint Stock Company check products. Wood exporters should be prepared to deal with trade investigations that increase with rapid international integration. — VNA/VNS Photo Experts have urged wood exporters to diversify markets, standardise supply chains and be well equipped with trade defence knowledge in the face of increasing trade protectionism. According to the Viet Nam Administration of Forestry, the stronger the wood export, the higher the risk the wood industry faced with trade defence lawsuits. Ngo Sy Hoai, Deputy President of the Viet Nam Timber and Forest Product Association, said that the wood export of Viet Nam increased sharply in recent years. Viet Nam was currently the fifth largest wood exporter in the world, Hoai said, adding that together with the trend of trade liberalisation with several free trade agreements (FTAs) Viet Nam signed, other countries were increasing trade defence measures with Viet Nam. Viet Nam … [Read more...] about Wood exporters urged to prepare for increased trade remedy investigations

A Petrolimex petrol station. — VNA/VNS Photo The Viet Nam National Petroleum Group (Petrolimex) is adopting a range of solutions in order to complete production and business targets for the third quarter and the entire year in the context of unforeseeable fluctuations in petrol prices. One of the solutions is to modernise inventory management while engaging in negotiations with major petrol distributors to ensure supply to meet demand for petrol. At the same time, the group has taken steps to cut costs in all production and business activities through several projects on centralised fleet management, asset management and customer relationship management. Petrolimex has also worked to increase non-cash payment in retail sales and researched the possibility of building truck stops to provide better services for customers. Under its own plan on digital transformation, the immediate focus is to automate the network of petrol warehouse and retail outlets, and roll out a national … [Read more...] about Petrolimex applies solutions to cope with fluctuations in petrol prices

A shipper of Giao Hang Tiet Kiem. Technology would help logistics companies to reduce costs and increase efficiency in the booming e-commerce. — Photo yeah1.com Tech is rapidly changing the e-logistics landscape, raising the need for Viet Nam to increase the application of advanced technologies to develop an efficient logistics industry to grab opportunities arising from e-commerce. According to Tran Thanh Hai, deputy director of the Import-Export Department, Viet Nam has a young population with fast access to technology together with a digital economy market forecast at more than the US$50 billion, providing great potential for e-commerce and e-commerce logistics. While logistics costs in Viet Nam remain high, Hai said it was necessary to use technology to improve efficiency. A report by global supply chain service provider Aligity last year showed the logistics cost in Viet Nam was more than 20 per cent of GDP, compared to the world average of 11 per cent. Hai pointed out … [Read more...] about Tech to transform e-logistics landscape

Viet Nam has the cheapest valuations and second highest EPS growth in Southeast Asia, as this table shows. — Source VinaCapital “Viet Nam’s economy is even stronger than we had expected at the beginning of the year, but that strength is not reflected by higher stock prices due to the [US’s] aggressive rate hikes and the recent regulatory crackdown in Viet Nam,” Michael Kokalari, chief economist at VinaCapital, has said in a report. “That said, we expect over 20 per cent [company earnings] growth in 2022, which should support a recovery in the VN-Index by the end of 2022.” July economic statistics have not only reinforced VinaCapital’s forecast of 7.5 per cent GDP growth in 2022 but also make it look like the economy would grow by a stunning 10 per cent year-on-year in the current quarter, he said. “Our expectation that Viet Nam’s economy will grow by at least 7.5 per cent this year (and by at least 10 per cent in Q3) leads us to believe that the consensus forecast for 16 per … [Read more...] about Stock market to benefit from unexpectedly strong domestic growth: VinaCapital