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According to the International Monetary Fund (IMF), Vietnam's GDP based on purchasing power parity (PPP) stood in 25 th position globally in 2022, ranking just below countries such as Australia, and Poland. Specifically, Australia's reached approximately $1.63 trillion, securing 20 th position worldwide, while Poland's stood at around $1.64 trillion, placing it 19 th . The IMF also estimates that by 2023, Vietnam is expected to secure fourth position in Southeast Asia with a forecast GDP PPP of approximately $1.45 trillion. Looking further ahead, by 2026, Vietnam is estimated to have surpassed Thailand, propelling it to the second spot in the region with a figure of around $1.87 trillion. By 2028, Vietnam's economy is anticipated to have reached approximately $2.21 trillion, placing it among the top 20 economies globally. The top 20 economies in 2028, according to the IMF, are predicted to include China, the United States, India, Japan, Germany, Indonesia, Russia, … [Read more...] about Vietnam projected to become 20th largest global economy

Vietnam was the 8th largest trade partner and the largest ASEAN exporter of the US in 2022. (Photo: VNA) Hanoi (VNA) – The current trends in economic and trade cooperation between Vietnam and the US guarantee big growth in two-way trade and investment in next 10 years and warrant upgrading the partnership to a strategic level, said Ted Osius , President and CEO of the US - ASEAN Business Council ( USABC ). In an interview granted to the Vietnam News Agency ahead of the 10th anniversary of the two countries’ comprehensive partnership (July 2013 - 2023), the former US Ambassador to Vietnam said trade and investment play a big role in this relationship. The US is Vietnam’s second largest trading partner and biggest export destination. In 2022, bilateral trade reached a record high of 138.9 billion USD. Vietnam was the 8th largest trade partner and the largest ASEAN exporter of the US. The US was the biggest export market of Vietnam last year. Vietnam’s annual export to … [Read more...] about Current trends guarantee big growth in Vietnam – US trade, investment: USABC leader

The Consulate General of India in Ho Chi Minh City will team up with the Vietnam Yoga Federation to roll out the 2023 International Yoga Day in 22 provinces and cities in Vietnam’s southern region at the end of June. This edition will be the biggest ever since the yoga fest was first launched in the Southeast Asian nation in 2015, Consul General of India in Ho Chi Minh City Madan Mohan Sethi told a press briefing on Tuesday. The yoga event is part of a wide range of cultural exchange, tourism, trade, and investment promotion events to mark 50 years of diplomatic ties between Vietnam and India, said the consul general. Speaking at the press conference, Sethi affirmed that Vietnam plays an important role in India’s Act East Policy, an effort by the Indian government to cultivate extensive economic and strategic relations with Southeast Asia. India strongly believes in Vietnam’s support, he added. “Both India and Vietnam see mutual respect and trust as the pivot of long-lasting … [Read more...] about Int’l Yoga Day to take place in 22 localities across Vietnam in late June

VCCI Vice Chairman Nguyen Quang Vinh speaks at the forum. (Photo: VNA) Hanoi (VNA) - A Child Rights and Business Forum was organised in Hanoi on May 30 by UNICEF Vietnam and the Vietnam Chamber of Commerce and Industry ( VCCI ), emphasising the need for responsible business practices that respect child rights and prevent adverse human rights impacts. “Children are both the present and the future, and business practices cannot be sustainable if they do not account for their impact on children”, said Rana Flowers, Representative of UNICEF in Vietnam. “It requires children to be a key consideration in Environmental, Social, and Governance (ESG) assessments – where impacts and risks are assessed objectively, and key practices identified that can minimise those risks and create a positive impact for children. It will improve competitiveness and sustainability, it will win the support of stakeholders, especially investors, who are socially conscious and looking at ESG risks … [Read more...] about Responsible businesses for Vietnam’s thriving next generation: forum

One man died and at least two others were injured after a truck slammed into multiple motorcycles which were stopping at a red light in Binh Duong Province, southern Vietnam on Tuesday evening. The fatal crash took place on a My Phuoc-Tan Van Road section in the provincial city of Thuan An at around 7:00 pm, when the truck was en route from Thuan An Hoa Street to My Phuoc-Tan Van Road. The truck driver was identified as Ha Dinh Be, 43, residing in the provincial city of Tan Uyen. At the scene of the accident, three damaged motorcycles were found lying in front of the truck. One of the victims, identified as Tran Chi Cuong, 20, a native of northern Nam Dinh Province, was crushed to death by the truck. Meanwhile, Mai Van Han, 36, residing in Binh Duong, and Pham Ngoc Thuy, 43, a native of north-central Quang Binh Province, were injured and rushed to a nearby hospital for emergency treatment. The truck also hit a tractor-trailer, leaving both damaged. Police are … [Read more...] about 1 killed, 2 injured as truck hits vehicles at red light in southern Vietnam

Of the international arrivals , 88% came to the country by air, 10.9% by road, and 1.1% by sea. Revenue from tourism services went up 89% while earnings from accommodation and restaurant services rose 22%, the General Statistics Office said, attributing the increases partly to many holidays during the five months. Recently, Vietnamese tourism has continually been honoured by foreign media, helping enhance its attractiveness to international travellers. Notably, Cat Ba of Hai Phong city has been given the second place among the 10 most spectacular beaches in Asia by Microsoft Travel; Ninh Binh province named among the world's top 10 best hidden family vacation spots to visit in 2023 by Canada’s The Travel magazine./. VNA … [Read more...] about Foreign visitors to Vietnam surge over 12-fold year on year

Apple on May 17 announced the expansion of the Apple Store online into Vietnam. Customers throughout the country can now shop direct with Apple and receive a service delivered by dedicated team members ready to share their expertise in Vietnamese. Meanwhile, in mid-May, eDiGi, Vietnam’s foremost premium Apple retailer, announced the closure of its store after five years. The store entered the market when official Apple products were struggling to compete against smuggled counterparts. Backed by one of Vietnam’s top retail companies, IPP Group, eDiGi aimed to carve a niche for itself in Ho Chi Minh City’s District 1, Ho Chi Minh City. The accolades poured in as eDiGi secured the coveted Apple Premium Reseller and Apple Service Provider certifications, becoming the country’s pioneering haven for Apple aficionados seeking unrivalled services. However, eDiGi found itself grappling with a market where affordable prices outweighed immersive shopping experiences, and it struggled to … [Read more...] about Apple retailers set for price competition shake-up

Vietnam’s long-awaited Power Development Plan VIII (PDP8), confirmed in mid-May, is a milestone in the country’s journey towards energy transition. The main objective of the legislation is to achieve energy security for Vietnam, progressing on its climate change commitments towards the middle of this century, and more specifically to export 5,000-10,000MW of power by 2030. Towards these goals, the PDP8 proposes a new energy mix with a substantial reliance on renewables and the development of smart transmission grids to support the renewables industry, including connecting the power grids with neighbouring countries. “We appreciate the government for the approval of the PDP8, as it provides a clear path to the completion of the grid interconnection, which is critical for us and Electricity of Vietnam (EVN) to complete agreement on the tariff and schedule of the power purchase agreement (PPA). We target completion of the PPA in Q4 of 2023 in order to break ground in 2024,” said Ian … [Read more...] about Power overhaul plan picks up steam

The People’s Committees of District 5 and District 11 in Ho Chi Minh City have joined forces with Green Resources Technology Company to place 200 solar-powered rubbish bins at key spots to encourage residents and tourists to sort garbage. District 11 will install 84 solar-powered trash cans at sidewalks, the yards of state agencies, and schools. These green rubbish bins are set to gradually replace the current public trash cans. In the first quarter of 2019, the administration of District 5 piloted the installation of 21 hi-tech trash cans at 10 schools. The district decided to expand this pilot program this year due to the positive results of the installation. These bins have two compartments for organic waste and other rubbish. Twenty-six solar-powered trash cans were placed at some parks and the headquarters of state agencies in the district in the first quarter of 2023. In early June, the district will install 74 other hi-tech rubbish bins with three compartments for … [Read more...] about Ho Chi Minh City installs solar-powered trash cans to boost waste classification

General Director of the Vietnam News Agency (VNA) Vu Viet Trang (R) hands over the prize to writer Tran Duc Tien at the ceremony. (Photo: VNA) Hanoi (VNA) – Writer Tran Duc Tien was awarded the “Hiep si De Men” (Cricket Knight) Prize at the presentation ceremony for the fourth "De Men Award for Children" 2023 in Hanoi on May 31. De Men Award for Children ". The Cricket Desire Prize is presented to the winners. (Photo: VNA) Four winners of the "Khát vọng Dế Mèn" (Cricket Desire) Prize were also named, including a collection of paintings by 11-year-old Hoang Nhat Quang from Lang Son province; "Ông Ba Bị và những đứa trẻ trong mơ" (Mr. Ba Bi and the Children in Dreams, a long story by Lac An; "Ở một nơi có rất nhiều rồng" (In a Place with Many Dragons, a draft of a long story by Moc An; and "Vua ngan xóm hồ" (The King of the Duckweed Village, a draft of a long story by writer Uong Trieu. The prizes are granted to young artists (Photo: VNA) As scheduled, The … [Read more...] about Writer Tran Duc Tien wins “Cricket Knight” Prize 2023