Why vietnam economy is booming

2In 2023, revenues of Vietnam’s e-learning market are expected to reach around $3 billion with a compound annual growth rate of about 20.2 per cent during 2019-2023, according to a report by Ken Research. Photo: doanhnhansaigon.vn Hanoi – Experts are positive about the development of Vietnam’s education technology (edtech) market in 2023 if local edtech companies can overcome post-pandemic challenges. Pham Giang Linh, managing director of Galaxy Education told the Tuoi tre (Youth) newspaper that Vietnam’s edtech market was formed in 2006 and 2007 – the first development stage of the digital economy in the country, but it only attracted wide attention in the period from 2020-2021, when demand for e-learning increased sharply due to the COVID-19 pandemic. In 2022, Vietnam saw the establishment of more than 100 edtech startups which strongly attracted capital from foreign investors, he said, citing examples like Topica, ELSA, ColderSchool, Edmicro, Vuihoc, and Educa, which … [Read more...] about 2023 – Time for edtech to thrive in Vietnam

In 2023, revenues of Vietnam’s e-learning market are expected to reach around 3 billion USD with a compound annual growth rate of about 20.2% during 2019-2023, according to a report by Ken Research (Photo: doanhnhansaigon.vn) Hanoi (VNA) – Experts are positive about the development of Vietnam’s education technology (Edtech) market in 2023 if local Edtech companies can overcome post-pandemic challenges. Pham Giang Linh, managing director of Galaxy Education told the Tuoi tre (Youth) newspaper that Vietnam’s Edtech market was formed in 2006 and 2007 – the first development stage of the digital economy in the country, but it only attracted wide attention in the period from 2020-2021, when demand for e-learning increased sharply due to the COVID-19 pandemic. In 2022, Vietnam saw the establishment of more than 100 Edtech startups which strongly attracted capital from foreign investors, he said, citing examples like Topica, ELSA, ColderSchool, Edmicro, Vuihoc, and Educa, … [Read more...] about 2023 – Time for Edtech to thrive in Vietnam

Performers participate in a street parade celebrating the Songkran Festival in Ayutthaya, Thailand. (Photo: Xinhua/VNA) Bangkok (VNA) – Thailand 's economy could grow as much as 4% this year, the fastest rate in five years, thanks to the recovery of the tourism sector and domestic consumption, Thai Deputy Prime Minister and Energy Minister Supattanapong Punmeechaow said on February 1. GDP ), Supattanapong, who is in charge of economic affairs, told a seminar. economic growth outlook for 2023 at 3.8% but cut its 2022 growth estimate to 3% from 3.4% as exports weakened. Official GDP figures for 2022 will be released by the Thai government on February 17. VNA … [Read more...] about Thai economy may grow 4% this year

96 per cent of urban household wastes to be safely processed in 2023. - Illustrative image (Photo:VNA) Hanoi – Vietnam targets having 96 per cent of urban household wastes collected and processed up to standards this year, said Director of the Ministry of Natural Resources and Environment’s Vietnam Environment Administration Hoang Van Thuc. Up to 92 per cent of operating industrial and processing areas will have concentrated wastewater treatment systems while 40 per cent of household wastes will be processed through incineration, electricity generation, and recycling models instead of landfilling, Thuc said. Last year, Vietnam’s recycling industry expanded by 11.3 per cent annually, placing the country the 10th globally in terms of metal, plastic, paper and glass recycling, laying a foundation for circular economic development The Vietnamese Government has set a goal to raise the rate of solid waste collected and safely treated to 100 per cent in 2050 as part of the approved … [Read more...] about 96 per cent of urban household wastes to be safely processed in 2023

Illustrative photo (Source: VNA) Hanoi (VNS/VNA) – Vietnam’s textile, garment and footwear sectors aim to achieve a total export value of 77-80 billion USD in 2025 and 106-108 billion USD in 2030, according to the strategy for the development of Vietnam’s textile and footwear industry. Under the development strategy approved by the Government, for the long term, the garment, textile, leather and footwear sectors are still key export industries of the economy. The sectors will continue to promote investment in the production of materials and auxiliary materials, as well as supporting industries. They will encourage the production of fabrics from domestically produced yarn to reduce imports, and form a complete supply and value chain in the region. For the leather and footwear industry, Nguyen Duc Thuan, Chairman of Lefaso, said domestic enterprises need to actively adapt to the requirements of the market and brands on sustainable development standards for products. They … [Read more...] about Garment, footwear exports aim to reach 80 bln USD by 2025

Hanoi (VNA) - The following is a brief review of the day’s events as reported by the Vietnam News Agency. - Prime Minister Pham Minh Chinh outlined main tasks to improve the material and spiritual life of labourers at a meeting on coordination between the Government and the Vietnam General Confederation of Labour (VGCL) in Hanoi on February 1. The ministries of planning and investment; industry and trade; foreign affairs; and labour, invalids and social affairs should coordinate with the VGCL in boosting production and business, expanding the market, creating more jobs for labourers, and improving their skills, the Government leader said. Read full story - A book by General Secretary of the Communist Party of Vietnam (CPV) Nguyen Phu Trong regarding the fight against corruption and other negative phenomena will be released at a ceremony in Hanoi on February 2, according to the CPV Central Committee’s Commission for Internal Affairs. The debut is timed for the 93rd … [Read more...] about ☕ Afternoon briefing on February 1

Illustrative image (Photo: asean.org) Bangkok (VNA) – The Economic Intelligence Centre of the Siam Commercial Bank forecasts the CLMV countries , namely Cambodia, Laos, Myanmar and Vietnam, will gain a stronger growth momentum in 2023, but remain below its growth potential prior to the COVID-19 outbreaks. The rebound will be uneven across countries, depending on economic fundamentals and country-specific risks, the centre said in its February 1 report. SCB EIC expects that the Cambodian economy will grow 5.5% this year, 3.0% in Laos and Myanmar, and 6.2% in Vietnam. According to the report, domestic demand and tourism will be key drivers for CLMV economic recovery in 2023. Domestic demand will gain support from improvements in the labour market, as seen in Vietnam’s Q4/22 employment soaring to its highest level since the COVID-19 outbreaks. Meanwhile, the service sector will benefit from rising tourist arrivals this year, particularly Chinese visitors who made up … [Read more...] about CLMV countries to grow stronger this year: Thai bank

Economic expert Dinh Trong Thinh Last year ended with many fluctuations for investment channels due to the COVID-19 pandemic, the geopolitical conflicts, and the US Federal Reserve (FED)'s adjustments of interest rates. This year, those difficulties are forecast to remain. Economic expert Dinh Trong Thinh spoke to Vietnam News Agency about prospects of investment channels. What is your overview of the development of investment channels such as gold, real estate, and securities in 2022? 2022 had a prominent feature that at the beginning of the year all investment channels attracted a large volume of capital and saw significant growth, except for the savings deposit channel. The investment channels of gold, securities, and real estate all thrived. For instance, the real estate prices in the first six months of the year increased by about 60 per cent. For securities, stock prices in the first months of the year also increased and the VN-Index reached more than 1,600 points. … [Read more...] about Investment channels expected to be better this year

People shop for food at a market in Aceh - westernmost province of Indonesia. (Photo: AFP/VNA) Jakarta (VNA) – The Indonesian government plans to spend 476 trillion Rp (31.8 billion USD) on social assistance protection as the country is transitioning from the COVID-19 pandemic to the endemic disease phase. Indonesia’s President Joko Widodo said that his government will not abruptly revoke the massive spending on social programmes aimed at helping the people and businesses cope with the devastating economic impact of the pandemic over the last three years. Speaking at a recent meeting of the National Committee for COVID-19 Handling and National Economic Recovery (PC-PEN), Joko Widodo said that after lifting restrictions at the end of 2022, Indonesia is in an interim phase in which it must maintain caution, especially in deciding on economic measures. In contrast to other nations that have recently experienced high inflation, according to the President, Indonesia has … [Read more...] about Indonesia to spend nearly 32 billion USD on post-pandemic social protection

Le Trung Kien, Head of Hai Phong Economic Zone Management Board presents gifts to representatives of Nomura-Haiphong Industrial Zone Development Corporation (investor of Nomura Hai Phong Industrial Park) (Photo: VNA) Hai Phong (VNA) – Hai Phong will always accompany with and create optimal conditions for investors, vowed Nguyen Trung Kien, head of the Economic Zone Management Board of the northern port city, during a meeting with foreign-invested businesses in the city on January 31. Kien thanked the firms for choosing Hai Phong as their long-term investment destination, expressing his hope that the partnership between the two sides will continue to be strengthened, benefiting both sides. He said that 2023 is predicted to be a tough year, but local authorities will support and give best conditions for businesses to overcome common difficulties of the world economy. In following years, Hai Phong will continue to expand industrial parks and clusters, while improving … [Read more...] about Hai Phong pledges optimal conditions for investors