Urbanisation ratio expected to reach 53 9 per cent in 2023

At the opening of the Hanoi Tourism Festival 2023 on the evening of March 24, Nguyen Manh Quyen, vice chairman of Hanoi People's Committee said: “The festival is the gathering place of unique and special values ​​of tourism associated with tangible and intangible cultural heritage, the values ​​of craft villages, and the cuisine of Hanoi and neighbouring localities, contributing to the development of tourism products for domestic and foreign tourists." The Hanoi Tourism Festival 2023 opened on the evening of March 24 in Hoan Kiem Lake The special feature of this year's festival is that it does not focus too much on display, but on promoting upgraded or renewed tourism products, with many promotions and discounts. The festival gathered about 150 stalls from 12 districts in Hanoi and 14 other localities, as well as nearly 100 units including airlines, tourism businesses, tourist resorts, food, and craft villages around Hanoi. The main activities of the festival … [Read more...] about Attractive products shine at Hanoi Tourism Festival 2023

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

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

A customer examining a vehicle insurance product at Bao Viet Insurance Group’s office. The potential growth of vehicle insurance is high car travel increase. — VNA/VNS Photo Experts have predicted that the health and vehicle insurance sectors will continue to serve as the primary growth drivers for non-life insurance in Viet Nam this year. Data from the Vietnam Insurance Association reveals that non-life insurance and health insurance comprised the largest proportion of the insurance industry's premium revenue last year, accounting for approximately 33.2 per cent, with revenue of VND22.41 trillion. This represented a 24.3 per cent increase from the same period in 2021. In the meantime, vehicle insurance generated a revenue of VND18.1 trillion, comprising 26.8 per cent of the overall market revenue and witnessing an 11.9 per cent growth rate over the same period in 2021. Health and vehicle insurance products are expected to continue to increase this year, especially when the … [Read more...] about Health and vehicles to be main growth drivers for non-life insurers in 2023

Nguyen Hoai Nam, VASEP's deputy general secretary. — VNS Photo Although Viet Nam's seafood exports were estimated at 235,300 tonnes in the first two months of 2023, worth more than US$1 trillion, this represents a drop of 26 per cent over last year in volume and 32.9 per cent in value, according to data from the General Department of Viet Nam Customs. However, the export market is expected to rise in the second quarter of 2023, though the recovery will not be as fast as in the same period last year. Viet Nam News reporter To Nhu spoke to Nguyen Hoai Nam, deputy general secretary of the Viet Nam Association of Seafood Exporters and Producers (VASEP), to learn more about the expectation. What do you think about the prospect of Viet Nam's seafood export to the Chinese market? Vietnamese seafood producers are interested in the Chinese market because it is a large market and has grown continuously over the past five years. China’s imported fresh food products are worth around … [Read more...] about Seafood exports expected to recover in Q2

The signing ceremony between VPBank and SMBC. Following the latest SMBC’s strategic investment, VPBank will become Viet Nam’s second largest bank in terms of owner equity. — Photo courtesy of the bank VPBank on Monday announced that it has entered into an agreement with Japan’s Sumitomo Mitsui Banking Corporation (SMBC) - a subsidiary of Sumitomo Mitsui Financial Group, Inc (SMFG) to issue 15 per cent equity stake through a private placement, officially welcoming SMBC as a foreign strategic investor of the bank. The investment from SMBC will help the bank raise VND35.9 trillion (approximately US$1.5 billion), of Tier 1 capital (equal to VND30,160 per share), increasing its owner equity to approximately VND140 trillion from VND103.5 trillion. This comes as part of the capital raising plan that VPBank has been implementing during 2022-23 in order to enhance its long-term financial strength and support the bank to reach an ambitious growth strategy over the next five years. … [Read more...] about VPBank sells 15 per cent of its charter capital to Japan’s SMBC

Illustrative image (Photo: Bao Viet) Hanoi (VNS/VNA) - Experts have predicted that the health and vehicle insurance sectors will continue to serve as the primary growth drivers for non-life insurance in Vietnam this year. Data from the Vietnam Insurance Association reveals that non-life insurance and health insurance comprised the largest proportion of the insurance industry's premium revenue last year, accounting for approximately 33.2%, with revenue of 22.41 trillion VND. This represented a 24.3% increase from the same period in 2021. In the meantime, vehicle insurance generated a revenue of 18.1 trillion VND, comprising 26.8% of the overall market revenue and witnessing an 11.9% growth rate over the same period in 2021. Health and vehicle insurance products are expected to continue to increase this year, especially when the awareness of people and economic organisations about the role of insurance continues to be improved. Regarding health insurance, the … [Read more...] about Health, vehicles main growth drivers for non-life insurers in 2023

A rice field in Vi Thuy district in the Mekong Delta province of Hau Giang. Vietnam will benefit from the upward trend in rice prices due to limited supply. (Photo: VNA) Hanoi (VNS/VNA) - The Vietnamese rice industry is set to benefit from the high demand and prices this year, with lower input costs leading to expanded profit margins for rice businesses . According to an expert from Vietnam Securities Company Limited Bank for Foreign Trade (VCBS), the country's rice industry enjoys favourable factors, such as weather and geographical advantage. The prolonged drought in China has caused a decrease in the country's output for the 2021-2022 crop, leading to an anticipated six million tonne increase in rice imports for the 2022-23 crop. Meanwhile, inventories in the Philippines have declined due to typhoons and high fertiliser costs, leading to increased rice imports . The cultivated area in India has also dropped due to drought, making the decrease in supply - the main … [Read more...] about 2023 set to be favourable for Vietnamese rice enterprises

Export turnover of Vietnamese dragon fruit is expected to top 1 billion USD in 2023./. Hanoi (VNA) – The Ministry of Agriculture and Rural Development has announced that the country's total export value of dragon fruit so far this year topped 47 million USD, a fall of 48.7% compared to the same period las year. The fruit has been exported to more than 40 countries and territories with China, India, the US, Thailand and the Netherlands being the biggest import ers. However, in the first two months of 2023, its export saw a slump in some markets such as the Republic of Korea (RoK) and Japan with decreases of 25.9% and 35.4%, respectively year-on-year. However, the export of the fruit is expected to bounce back as China - the biggest importer with 70% from Vietnam - has reopened its door. Export turnover of the fruit is expected to top 1 billion USD in 2023./. VNA … [Read more...] about Dragon fruit export turnover reaches 47 million USD

The annual forum, co-organized by the Vietnamese Ministry of Planning and Investment and the World Bank Group’s International Finance Corporation (IFC), serves as an uninterrupted and close dialogue mechanism between the Government and the domestic and foreign business communities in order to improve business conditions to promote the development of the domestic private sector and facilitate the investment environment, thus contributing to Vietnam's sustainable economic growth. In her opening remarks, MPI Deputy Minister Nguyen Thi Bich Ngoc said throughout its 25-year history, VBF has always adhered to the goal and mission of acting as a bridge between the business community and Government agencies. Through the forum, the business community has provided feedback and recommendations to improve the business and investment environment and promote sustainable socio-economic development, while constantly renewing their vision and operation methods towards paying greater attention to … [Read more...] about 2023 Vietnam Business Forum focuses on green growth