Viet nams marine strategy

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

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

Pineapple processing at Dong Giao Foodstuff Export JSC in the northern province of Ninh Binh. Agriculture plays a pivotal role in the economies of Viet Nam and the Netherlands and is deeply imprinted in the culture and people of the two countries. — VNA/VNS Photo Thuy Dung Due to their similar geographical features and advantages, the Viet Nam and the Netherlands have increased their sustainable development partnership in agriculture, water management, and climate change adaptation, said Ambassador of the Netherlands to Viet Nam Kees van Baar. Agriculture plays a pivotal role in the economies of Viet Nam and the Netherlands and is deeply imprinted in the culture and people of the two countries, the diplomat told Dau tu (Vietnam Investment Review). Close co-operation between the two sides has resulted in new visions and the blooming of business cooperation, with a growing number of the Netherlands' companies doing business and investing in Viet Nam. The Netherlands is the … [Read more...] about Viet Nam, Netherlands eye further cooperation in sustainable development

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

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

Huawei Viet Nam granted 54 laptops to Tien Cat Primary School in the northern province of Phu Tho. Photo courtesy of the Huawei Viet Nam Huawei Viet Nam has implemented a series of activities to support education in mountainous areas. The company has granted 54 laptops to Tien Cat Primary School in the northern province of Phu Tho and 100 tablets in Bac Kan Province with an aim of ending the shortage of technological equipment for teachers and students in the mountainous areas. Fang Yu, Deputy General Director of Huawei Viet Nam said: “As the world's leading provider of IT infrastructure and smart devices with 35 years of history in the world, Huawei believes that primary education plays an extremely important role for talent development for the country and society. As we are entering the digital age, the school's orientation to fostering students' computer knowledge from primary school is a very right direction.” Huawei Vietnam will also build two new schools including Son … [Read more...] about Huawei Viet Nam brings education technology to mountainous areas

Flight occupancy rate is high, especially in the days after Tet, from January 28, reaching approximately 100 per cent on most routes. — VNA/VNS Photo The number of passengers using Viet Nam's airlines over the Tet (Lunar New Year) Holiday was more than 20 per cent higher than two years ago, before the COVID-19 pandemic halted travel. Flight occupancy rates in the days after Tet reached approximately 100 per cent on most routes, 10 per cent higher than in the same period in 2020. During the peak travel season, from January 6 to January 29, airlines such as Vietnam Airlines, Pacific Airlines, and VASCO served 2.4 million passengers, corresponding to more than 14,500 flights on domestic and international networks. Statistics from the Ministry of Transport (MoT) show that domestic airports welcomed more than 1.9 million passengers in seven days of the Lunar New Year, an increase of 58 per cent compared to last year. Vietnamese airlines transported more than 967,000 passengers, … [Read more...] about Viet Nam’s airlines see 20 per cent increase in Tet Holiday travel