Why is vietnam economy growing

"It's pretty remarkable, and it really does show the commitment of the U.S. and U.S. companies to this market and to this relationship," U.S. Ambassador to Vietnam Marc E. Knapper told reporters Tuesday. "We see tremendous potential and actual business being done and the prosperity generated from it." This week, executives from 52 U.S. companies are meeting with top Vietnamese officials, including Prime Minister Pham Minh Chinh and National Assembly Chairman Vuong Dinh Hue, to discuss regulatory issues and investment opportunities. The grouping of corporations is the largest U.S. business delegation to ever visit Vietnam. American executives are keen explore opportunities in one of the fastest-expanding economies in the world, where GDP growth reached 8.02% last year. U.S.-ASEAN Business Council President and former U.S. Ambassador to Vietnam Ted Osius said the large delegation signifies an ever-increasing interest in ASEAN countries compared to past eras. "This part of … [Read more...] about US companies show ‘remarkable’ commitment to Vietnam: Ambassador

A kilogram of husked local Vietnamese Musang King ranges from VND500,000-850,000 per kilogram, equivalent to VND1.5-1.8 million per kilogram (husk removed). The price has increased 10% over the a year ago. Malaysia’s Musang King is considered the "best durian in the world" and is currently grown by Vietnamese farmers in the Central Highlands and the Mekong Delta. The fruit regularly sells out at local markets, and buyers have to wait between two weeks and a month to receive their stocks. Oanh, a durian connoisseur in Ho Chi Minh City, said Musang King durian flesh is fragrant, supple and fat. "I have to pay deposits a month in advance to receive the goods." A fruit shop in Hanoi also reported that it had just sold 10 unhusked Musang Kings for VND700,000 per kg (2-4 kg per fruit). "Since it is a fallen fruit, and is shipped by air, the quality is high. No matter how many we have, customers buy them all," the store manager said. Explaining the high price of Vietnam-grown … [Read more...] about Vietnam-grown Musang King durian more expensive than imports

"Clearing the Runway for Intra-Asia Trade" sheds light on trade growth drivers, potential headwinds, and multi-stakeholder action required to unlock the 2030 opportunity. Trade in just 12 key markets, known as the Asia 12, accounts for 88% of intra-Asia trade today and could more than double in value from USD 6.4 trillion in 2020 to USD 13.5 trillion in 2030. Vietnam has rapidly grown into an important regional manufacturing hub. The country is expected to leverage this position further in the coming decade and trade value with the rest of the Asia 12 is forecast to rise from USD 326 billion to USD 465 billion by 2030. “Intra-Asia trade holds incredible potential over the coming decade, built off the immense economic success that key regional economies have accomplished in recent years,” said Michelle Ho, President for UPS Asia Pacific, Middle East and Africa. According to the study, four segments have driven the surge in trade among the Asia 12: retail, industrial … [Read more...] about Vietnam’s trade with top 11 Asian markets is set to grow significantly

A deal of that size would mark one of the largest real estate transactions in Southeast Asia in the last few years. Discussions between CapitaLand, majority owned by Singapore state investor Temasek Holdings, and Vinhomes, which has a market value of $8 billion - have taken place for some projects owned by Vinhomes, four sources told Reuters . Vinhomes, Vietnam's biggest real estate developer by market capitalization, is part of Vingroup (VIC.HM), the country's largest conglomerate. One of the sources said CapitaLand is considering buying part of Vinhomes' Ocean Park 3 project, a 294-hectare resort city style development near the Vietnamese capital city of Hanoi, or another project in the northern city of Hai Phong. The value of the deal was still being negotiated, the person said, adding the talks reached advanced stage. The sources declined to be identified due to the sensitivity of the matter. When contacted by Reuters , CapitaLand Development did not directly … [Read more...] about Singapore’s CapitaLand in talks to buy Vietnam property assets from Vinhomes – sources

The event was co-hosted by the Vietnamese Ministry of Foreign Affairs, the municipal People’s Committee, and the Vietnam Economic Times magazine. Speaking at the event, Deputy Prime Minister Tran Luu Quang hailed localities and businesses in the Central and Central Highlands regions for issuing strategies and action plans on green growth and digital transformation and seeking eco-friendly development models. The Vietnamese government supports effective cooperation with like-minded countries, international organizations, and business communities at home and abroad in the process of fulfilling sustainable development, green growth, and digital transformation goals, he said. Deputy Foreign Minister Ha Kim Ngoc said with geographical advantages and an ideal climate for the development of green energy, the Central and Central Highlands regions are attractive investment destinations for foreign investors. Stefanie Stallmeister, Operations Manager of the World Bank (WB) in Vietnam, … [Read more...] about Third Vietnam Connect Breakthrough Forum 2023 held in Da Nang

Vietnam is the second fastest-growing digital economy in the world, following India, and has the fastest e-commerce growth in Southeast Asia, Vietnamese Deputy Prime Minister Tran Luu Quang said at the Vietnam Connect Forum 2023 held in Da Nang on Friday. According to the deputy prime minister, Vietnam has recorded an average digital economy growth rate of 38 percent per year over the past few years. The nation’s digital economy was valued at some US$23 billion last year. According to Google and Temasek, the value of Vietnam’s digital economy may reach $49 billion by 2025 and $120-200 billion by 2030. Meanwhile, the Vietnamese Ministry of Industry and Trade informed that Vietnam’s retail e commerce revenue in 2022 grew 20 percent year on year to hit $16.4 billion, making up 7.5 percent of the country’s total retail sales of consumer goods and services, news site Vietnamplus reported. Deputy PM Quang said boosting innovation is the top priority of countries to recover and … [Read more...] about Vietnam reports fastest e-commerce growth in SE Asia: Deputy PM

Could you shed some light on the visa openness of other countries in the region? Pham Hong Long, dean of Tourism Studies at the University of Social Sciences and Humanities in Hanoi Back in 1996, Malaysia launched a programme to attract retired people with a 10-year visa. Last year, the initiative was renamed My Second Home and now targets anyone 21 years old and above. Malaysia has also introduced a premium visa initiative to attract wealthy foreigners to invest and reside in the country for a period of 20 years. In addition, it currently grants visa exemption to 162 countries. Thanks to its open visa policy, the country received over 7 million tourist arrivals in 2022, double the figure of Vietnam. Elsewhere, Thailand has extended stays to 45 days for citizens from 65 countries, while the Philippines grants visa exemption for 157 countries. Singapore is also known for its attractive visa policies. Citizens from 162 countries are entitled for visa exemption there … [Read more...] about Vietnam should expand visa policy to welcome growth

The interest rate hikes by the US Federal Reserve and other central banks that began to significantly accelerate in the second half of 2022 have impacted the tech industry and investors in significant ways. These hikes are expected to continue, at least in the short term, until the central banks are satisfied that inflation is under control or lose their nerve. When that happens is anyone’s guess. Eric Johnson, counsel at Freshfields Bruckhaus Deringer LLP This rapidly changing financial environment has made it more difficult for digital economy companies, especially those that are currently not profitable, to raise money in both public and private markets. Many investors have adopted a wait-and-see approach until the situation becomes clearer, and are revisiting the assumptions behind the sky-high valuations that many tech companies previously commanded. The recent failure of Silicon Valley Bank in the US has sent a shockwave through the tech and venture capital … [Read more...] about Supporting the digital economy space

As part of the agreement signed on March 20, IFC is providing a USD 40 million loan to SHB, which is the first step towards a total financing package of USD 120 million. This funding will help SHB support local businesses and enhance their participation in the global supply chain. The investment from IFC is expected to more than double the number of SME loans and outstanding loan volumes for women-owned businesses by 2025. Furthermore, more than one third of the funding will be solely targeted at omen-owned SMEs, with support from the Women Entrepreneurs Opportunity Facility (WEOF) and the Women Entrepreneurs Finance Initiative (We-Fi), through a performance-based incentive program which encourages financial institutions to provide financing to women-owned small businesses. This is particularly important, as SMEs generate 40% of Vietnam's gross domestic product (GDP) and 50% of jobs, yet 62% of total SME financing needs go unmet. An IFC study estimates that Vietnam’s financing gap … [Read more...] about IFC helps boost lending for Vietnam’s smaller businesses

The fact that the visit to Vietnam this time has the largest number of US companies ever indicates a shift in the investment wave to Vietnam and other ASEAN countries. A delegation of 52 US major corporations has come to Vietnam to seek investment opportunities and cooperation in high-potential fields such as innovation, the digital economy, and the space industry. Overview of the press briefing. Photo: HT The information was revealed at a press conference held by the US-ASEAN Business Council (USABC) on March 21, noting that the trip marks the 10th anniversary of the Vietnam-US Comprehensive Partnership. Senior executives from 52 U.S. companies, including Boeing, Lockheed Martin, SpaceX, Netflix, Apple, and Ford, will meet with Prime Minister Pham Minh Chinh, Chairman of the National Assembly Vuong Dinh Hue, and heads of various ministries to discuss policies related to sales, supplies, and investment opportunities. Ted Osius, President and CEO of the … [Read more...] about Largest-ever US business delegation seeks investment opportunities in Vietnam