Viet nam maritime administration

Motorbike production line of Piaggio Vietnam's factory in Binh Xuyen Industrial Park, Vinh Phuc Province. — VNA/VNS Photo Tran Viet The confidence of European enterprises in Viet Nam’s economy declined for a second quarter but the S-shaped country still remains in the top five global investment destinations for their companies, the latest Business Climate Index (BCI) published by the European Chamber of Commerce in Viet Nam (EuroCham) showed last week. The BCI dropped below the baseline to 48.0 in Q4 2022, a drop of 14.2 points compared to three months ago and 25 points from the first quarter of the year. Though Viet Nam’s economy grew over 8 per cent for the whole of 2022, this data comes amid continued global economic volatility resulting from a storms of factors including a slowdown in global growth, interest rate hikes, sustained inflation and bruised consumer confidence. The number of companies expecting economic stabilisation or improvement in Q4 dropped to 27 per cent … [Read more...] about Viet Nam remains top 5 global investment sites for EU firms despite sentiment slide

Goods for export at the Tan Cang-Cat Lai Port in HCM City. Viet Nam's exports to India topped $7.96 billion in 2022, up 26.8 per cent year-on-year. — VNA/VNS Photo Duong Giang Two-way trade between Viet Nam and India saw a yearly increase of 13.6 per cent to US$15.05 billion in 2022, statistics from the General Department of Customs showed. During the year, Viet Nam's exports to India topped $7.96 billion, up 26.8 per cent year-on-year. Among its export items, mobile phones and accessories posted the highest turnover with $1.52 billion, up 18.4 per cent, making up nearly 20 per cent of the total export value. Computers, electronics and parts came next with $1.03 billion, up 25 per cent, or 13 per cent, while machinery and equipment ranked third with $804 million or over 10 per cent. Other staples with the highest value increase were coffee with 165 per cent; iron and steel (97 per cent) and footwear (96 per cent). Some items, however, posted large decreases in export value, … [Read more...] about Viet Nam’s trade with India hits record in 2022

In 2022, the retail market in general and townhouses in particular recovered with a better occupancy rate, but the recovery has not reached the level of the pre-COVID-19 period. — Photo tapchixaydung.vn The retail space market has the opportunity to grow strongly in 2023 with the forecast of the recovery of the retail industry, especially with new investment of foreign brands in Viet Nam. Many retail brands are looking at Viet Nam because the economy is strong, and they see the potential. Brands are diverse and range from luxury to mid-market brands, said Nick Bradstreet, head of Asia Pacific Retail, Savills. For example, Lotte is completing a new project, and it is expected to welcome international brands. "The challenge Viet Nam is facing is that there are not enough shopping centres being built to meet the demand from international retailers," he said. Viet Nam’s economy is growing quickly, which creates an attractive retail outlook. By 2025, Viet Nam will be the third … [Read more...] about Viet Nam retail real estate market expects growth in 2023

Seafood processed for export. Import-export was Viet Nam’s bright spot in 2022, hitting a record of around $730.2 billion, of which $371.5 billion came from exports. — Photo vasep.com.vn The 15 free trade agreements (FTAs) to which Viet Nam is a member are expected to give a boost to Viet Nam’s export activities this year, towards the growth target of 6 per cent. Phuc Sinh JSC, based in HCM City, has exported 50 containers of coffee, pepper, cashew nut and other products to Europe, the US and the Middle East in early 2023. The company shipped about US$50 million worth of goods to Europe in 2020 and $63 million in 2021, which grew some 30 per cent last year. It is among the hundreds of domestic firms that are effectively utilising the FTAs, contributing to raising Viet Nam’s agro-export revenue to over $53 billion in 2022. Chairman and General Director of Phuc Sinh JSC Phan Minh Thong noted that with tax incentives, the deals will help Vietnamese goods compete with those … [Read more...] about FTAs provide a push for Viet Nam’s exports in 2023

Remittance flows into Viet Nam approximated $19 billion in 2022. — Photo baotintuc.vn Viet Nam remains one of the 10 countries receiving the most remittances in the world, according to the recent Migration and Development Brief by the World Bank and the Global Knowledge Partnership on Migration and Development (KNOMAD). Despite the COVID-19 pandemic’s major impacts on the global economy over the last two years and growing inflation in many countries, remittance flows into Viet Nam remained relatively stable compared to previous years, the report noted. Total remittances to Viet Nam increased by nearly 5 per cent in 2022 and may go up 3.6-4.5 per cent in the following years after growing 5 per cent in 2021, according to statistics of WB and KNOMAD. Last year, the value rose about US$1 billion to approximate $19 billion, making the country one of the three biggest recipients in the Asia-Pacific and among the top 10 globally in terms of remittances. Some banks perceived that … [Read more...] about Viet Nam among world’s 10 biggest recipients of remittances

Viet Nam's foreign exchange reserves will recover to the level of three months of imports. — Photo nhadautu.vn VNDirect Securities Corporation expects Vietnamese foreign exchange reserves to recover to 3.3 months of imports and reach US$102 billion by the end of this year from the current level of $89 billion last year, said in its updated macro report. Analysts of VNDirect have made forecasts and said that with the US Federal Reserve (Fed) slowing down the rate of interest rate hikes this year and improving Vietnamese foreign exchange reserves, it would stop the decline price of Vietnamese dong. At the same time, the rate at the end of this year is likely to decrease by 1-2 per cent. Besides, experts also expect a trade surplus of $13.4 billion this year, from a trade surplus of $12.4 billion last year. In addition, the current account will turn into a surplus at 1.4 per cent of GDP this year from a projected deficit of 0.8 per cent of GDP last year. According to data … [Read more...] about Viet Nam’s foreign exchange reserves to grow this year

Containers at Gemalink deep-sea port in Ba Ria-Vung Tau Province. AMRO forecasts Viet Nam’s GDP growth in 2023 at 6.8 per cent. — VNA/VNS Photo Hong Dat Viet Nam’s GDP growth in 2023 has been adjusted upward to 6.8 per cent in the ASEAN+3 Macroeconomic Research Office (AMRO)’s January Update, up from 6.5 per cent in its October report. This is in contrast to its downward projection for most economies in ASEAN+3. In its January update, AMRO estimated ASEAN+3 growth for 2023 at 4.3 per cent, down from the 4.6 growth in the previous projection. The region’s growth in 2022 was also revised down from 3.7 per cent to 3.3 per cent. The downward projection is mainly due to the continuing weakness of Plus-3 economies, especially China, where growth has become much weaker. China’s 2022 growth was estimated at 3 per cent and is forecast to grow by 5 per cent in 2023 (down from the 5.3 per cent in October projection). Viet Nam’s economy meanwhile was projected to expand 8 per cent in … [Read more...] about AMRO revises Viet Nam’s 2023 GDP upward despite regional slowdown

The HCM Stock Exchange (HoSE) in HCM City. The market is expected to continue to be supported and gain points in the next trading sessions. — Photo hsx.com The market's uptrend will continue to be consolidated in the first trading session of the Year of Cat. Indices recorded a new high and closed above the resistance area of 1,100 points of VN-Index, equivalent to 1,120 points of the VN30-Index. Although cash flow has not improved much, supply pressure has not put great pressure on the market. The market is expected to continue to be supported and gain points in the next trading sessions. Therefore, investors can still expect the market's ability to expand the uptrend and exploit some short-term opportunities in stocks with positive accumulation background, said Viet Dragon Securities Co. The market continued to record new highs and surpassed the resistance zone of 1,100 points of the VN-Index in the last trading week. 2022 was an eventful year for the Vietnamese stock … [Read more...] about Positive prospects for Viet Nam stock market this year

Hong Kong’s Secretary for Commerce and Economic Development Algernon Yau. (fifth, right) and representatives from Viet Nam and Hong Kong attend the Vietnam and Hong Kong - Guangdong - Macao (China) partnership business forum. — Photo courtesy of the Hong Kong Commerce and Economic Development Bureau Viet Nam is always a very good business partner of Hong Kong (China), and the two sides have maintained effective trade and investment ties over the past years, according to Hong Kong’s Secretary for Commerce and Economic Development Algernon Yau. Trade between Viet Nam and Hong Kong grew 11.8 per cent each year during the 2017-2021 period. In 2021 alone, the value reached 220 billion HKD (US$28.1 billion), up 19 per cent year-on-year. Hong Kong is the fifth largest trade partner of Viet Nam, while Viet Nam is the seventh largest trade partner of Hong Kong, and the second biggest among the ASEAN countries, only after Singapore. The two-way trade in the first half of 2022 stood at … [Read more...] about Viet Nam remains good business partner of Hong Kong: official

Workers at a foreign-invested firm in Binh Duong Province. — VNA/VNS Photo Chi Tuong Foreign investment inflows into Viet Nam will likely reach US$36-38 billion in 2023, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment. Disbursement of foreign investment this year is expected to hit $22-23 billion, Deputy Director of the FIA Do Van Su told baodautu. The opening of China's economy might affect Viet Nam's foreign investment attraction, Su said, adding that China remained the leading investment destination in the region, so when they opened up, capital would flow into this market while that to Viet Nam and other economies in the region would be limited. On the contrary, the investment capital movement of South Korea, Japan, and Taiwan from mainland China would be accelerated. This shift would be accelerated until 2025, and Viet Nam would be a preferred investment destination for investors, Su told the online newspaper. Currently, … [Read more...] about Foreign investment flow into Viet Nam to reach $36-38 billion in 2023