Vietnam growth forecast 2022

The call was due to the first quarter (Q1) of the year getting off to a slow start, likely hampering the total performance for the year. Vietnam’s real GDP growth in Q1/2023 decelerated to 3.32 per cent on-year, and from 5.92 per cent in Q2/2022, missing both the UOB and consensus forecasts. The main cause for the weak performance was due to manufacturing, which dipped into negative territory with a 0.4 per cent decline, for the first contraction since Q3/2021. The sector undershot estimates considerably and saw the slowest pace of expansion since that 6 per cent fall over 18 months ago, when the economy was in a state of shutdown during the pandemic. UOB said that the main cause for the manufacturing sector’s poor performance came primarily from weak external demand, which was largely expected. Exports in Q1 fell just under 12 per cent on-year to $79.2 billion, compared with an almost 13 per cent increase in the same quarter last year, while imports declined by over 14.5 per cent, … [Read more...] about UOB trim GDP growth forecast for Vietnam

According to experts, Malaysia in particular will be a bright spot, contributing to reviving the world economy in the context of a gloomy economy. (Photo: theedgemarkets.com) Kuala Lumpur (VNA) – The Bank Negara Malaysia on March 29 forecast that the country’s economy is projected to grow between 4-5% in 2023, amidst challenges rising from slowing global growth. The central bank said further improvement in labour market conditions, continued implementation of multi-year investment projects and higher tourism activities are expected to support private consumption and investment growth . BNM Governor Tan Sri Nor Shamsiah Yunus affirmed that the Malaysian economy will continue to grow and not fall into recession and the country's financial system will remain a source of strength for the economy in supporting the financial needs. According to experts, in 2023, the global economic environment still faces many challenges due to slow growth and tight monetary … [Read more...] about Malaysia’s central bank optimistic on national economic growth

Vietnam plans to expand its crude oil and petroleum product reserves to 75-80 days of net imports by 2030 and 90 days by 2050. The national petroleum and gas supply reserve infrastructure is predicted to cost VND270 trillion (US$11.4 billion) by 2030. Deputy Prime Minister Tran Hong Ha at the meeting. Source: VGP Minister of Industry and Trade Nguyen Hong Dien commented on March 30 during a meeting of the Appraisal Council for the draft National Petroleum and Gas Reserve Infrastructure Plan. The minister stated that the country's liquefied petroleum gas (LPG) storage infrastructure is limited, with only ten 10,000 m3 or larger warehouses. Furthermore, no operational liquefied natural gas (LNG) warehouses are nationwide. "The development of new gas pipelines connecting warehouses to consumers has also encountered challenges due to a lack of designated corridors within industrial parks for gas pipelines," Dien explained. In the case of petroleum, there … [Read more...] about $11 billion required for Vietnam’s oil and gas infrastructure development

Illustrative image (Source: baodautu.vn) Hanoi (VNA) – Vietnam is one of the most potential markets in the Asia-Pacific region for shoppertainment - a trend that combines online shopping with entertainment, according to a report named “Shoppertainment: APAC’s Trillion-Dollar Opportunity” by the US-based Boston Consulting Group ( BCG ) and TikTok. The report shows that the shoppertainment opportunity in the region is projected to expand to a market value of over 1 trillion USD by 2025, doubling from the 500 billion USD value last year. Indonesia, Japan, and the Republic of Korea will contribute 67% of gross market value (GMV) in shoppertainment by 2025, reflecting their large and established e-commerce bases. Meanwhile, Indonesia, Vietnam, and Thailand add to the mix of some of the region’s most exciting growth markets, and, alongside Australia, will contribute to a remarkable 63% compound annual growth rate (CAGR) over the next three years, quadrupling the market … [Read more...] about Vietnam a potential market for shoppertainment: report

UK Minister of State for Defense Baroness Goldie visited Vietnam on Wednesday and Thursday to continue efforts to strengthen the two countries’ bilateral defense partnership. During the visit, Goldie met with Senior Lieutenant General Hoang Xuan Chien, Vietnam’s Deputy Minister of National Defense, and co-chaired the UK and Vietnam’s Fourth Defense Policy Dialogue – an annual bilateral meeting between the two nations which focuses on the future of joint defense cooperation. The minister also visited the Vietnam Department for Peacekeeping Operations as the UK reaffirms its support for Vietnam in developing as a UN Troop Contributing Nation. The UK has already supported Vietnam’s deployments, including to South Sudan and Abyei, by training medical and engineering personnel. She also shared that the UK is eager to assist with future initiatives. UK Minister of State for Defense Baroness Goldie visits the Vietnam Department for Peacekeeping Operations in Hanoi in a … [Read more...] about UK defense minister visits Vietnam, bolsters bilateral defense partnership

Speaking at an event for "Support to Vietnam for the implementation of the Paris Agreement” (VN-SIPA), Jens Schmid-Kreye, deputy director of the Department of Economic Cooperation and Development at the German Embassy in Vietnam said, "The Vietnamese government and people can depend on the assistance of the German government to help the country strive towards the objectives of the Paris Agreement." Jens Schmid-Kreye, deputy director of the Department of Economic Cooperation and Development, Embassy of Germany in Vietnam Schmid-Kreye urged Vietnamese agencies and sectors to continue "joining hands and working collaboratively towards the goal of carbon neutrality by 2050 by implementing the Nationally Determined Contribution (NDC) and the Just Energy Transition Partnership." Vietnamese ministries and sectors are integrating strategic policies and plans with solutions to execute the NDC to provide a foundation and legal framework for achieving net-zero emissions by 2050. … [Read more...] about Vietnam aggressively implementing the Paris Agreement

Vietnam now sees a sharp increase in rice orders from the Philippines and China. Acccording to Pham Thai Binh, General Director of Trung An Hi-tech Agriculture Joint Stock Company in the Mekong Delta city of Can Tho, the company has signed an order to export 2,000 tonnes of rice to China and is under negotiation for another batch of 20,000 tons. Statistics from the General Administration of Vietnam Customs show that in the first two months of this year, China imported 152,640 tons of rice from Vietnam worth 90 million USD, a year-on-year increase of 86% in volume and 120% in value. Vietnamese rice exported to China enjoyed an average price of 589.7 USD per ton, 18.3% higher than that of the same period last year. Chinese customers mainly imported Vietnam’s high-quality rice like fragrant rice and sticky rice with high prices. Meanwhile, the Philippines is anticipated to import about 2.8 million tons of rice from Vietnam during the 2022-2023 crop because the country’s rice … [Read more...] about Vietnam expected to export 7 million tons of rice this year: Ministry

A meeting session of UN General Assembly. (Photo: VNA) New York (VNA) – A global problem, climate change requires a global approach based on multilateral cooperation and institutions, particularly the respect for international law and the UN Charter, Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the United Nations (UN), has said. Vietnam’s engagement in UN resolution that urges the International Court of Justice (ICJ) to outline nations' legal obligations related to curbing climate change disasters and their impacts on vulnerable communities proves the country’s point of view, the ambassador said in a recent interview to the Vietnam News Agency right after the resolution was adopted on March 29. The resolution, co-sponsored by 132 countries, calls on the ICJ to lay out nations' obligations for protecting Earth's climate, and the legal consequences they face if they don't. The court's opinion would be non-binding. Giang described the adoption of … [Read more...] about Vietnam emphasises global multilateral approaches to solving climate change issues

An art performance at the ceremony (Photo: VNA) HCM City (VNA) – The People’s Committee of Ho Chi Minh City organised a ceremony on March 23 to celebrate the 50th anniversary of the diplomatic ties between Vietnam and Italy (March 23, 1973-2023). In his remarks, Chairman of the People’s Committee Phan Van Mai highlighted the increasingly close ties between the two countries, saying over the past 50 years, the bilateral relationship has grown actively across spheres, both bilaterally and multilaterally. The good traditional friendship has also been consolidated and enhanced, the official added. Notably, during the COVID-19 pandemic, Vietnam presented Italy with more than 300,000 masks, while Italy donated 2.8 million doses of vaccines to the Southeast Asian nation. This vividly demonstrates the intensive and effective strategic partnership and friendship between the two countries, he said. HCM City, for its part, has actively worked to promote cooperation with … [Read more...] about 50th anniversary of Vietnam-Italy diplomatic ties celebrated in HCM City

Vietnam ese Deputy Minister of Foreign Affairs Le Thi Thu Hang (R) and Italian Undersecretary for Foreign Affairs and International Cooperation Maria Tripodi (Photo: VNA) Rome (VNA) – Vietnamese Deputy Minister of Foreign Affairs Le Thi Thu Hang and Italian Undersecretary for Foreign Affairs and International Cooperation Maria Tripodi co-chaired the fifth political consultation between the two ministries to discuss orientations to promote the bilateral Strategic Partnership in the coming time. The two sides expressed their delight that the consultation was held on the occasion of the 50th anniversary of the establishment of the bilateral diplomatic ties, and the 10th founding anniversary of the Strategic Partnership. They highly appreciated outstanding results in bilateral economic cooperation with the two countries becoming each other's important trading partner in the region. Two-way trade reached more than 6.2 billion USD in 2022, up 11% year-on-year, thanks to … [Read more...] about Vietnam, Italy agree on orientations to enhance Strategic Partnership