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Vietnam earned 110.7 billion USD in revenue from the IT industry in the first 10 months of 2021, up 9 percent from the same period last year, data from the Ministry of Information and Communications (MIC) showed. Vietnam earned over 2.56 quadrillion VND (110.7 billion USD) in revenue from the IT industry in the first 10 months of 2021, up 9 percent from the same period last year, data from the Ministry of Information and Communications (MIC) showed. Of the figure, 11 percent or 292 trillion VND was generated by Vietnamese enterprises, the MIC said, adding the third quarter's revenue was 26.8 percent higher than the previous quarter. The electronics and hardware sector contributed nearly 90 percent of total revenue, or 2.27 quadrillion VND (98.1 billion USD). The sector exported 88.3 billion USD worth of products, equivalent to 32.5 percent of the nation’s total export turnover. Revenue from the cybersecurity sector rose by 8 percent to exceed 1.53 trillion … [Read more...] about Revenue from IT industry reaches $110.7 billion in 10 months

At the event (Photo: baothanhhoa.vn) Jakarta (VNA) – A conference on promoting trade connectivity between the north central coastal province of Thanh Hoa and Indonesia was held in both face-to-face and virtual forms on November 26. The Vietnamese Embassy and Trade Office in Indonesia in collaboration with the provincial People’s Committee and the Indonesia n Embassy in Vietnam jointly organised the event. It aimed to create conditions for enterprises from the two sides to seize and expand trade opportunities and promote the consumption of their products, therefore recovering and stabilising their production and business operations. Speaking at the conference, Nguyen Ngoc Vinh, Counsellor at the Vietnamese Embassy in Indonesia, said as the two countries are making efforts to control the COVID-19 pandemic, sustainable economic recovery is a top priority, in which the cooperation between the Vietnamese and Indonesian governments and businesses play a very important role. … [Read more...] about Thanh Hoa, Indonesia strengthen trade conectivity

A shrimp processing factory in the Mekong Delta province of Ca Mau (Photo: VNA) HCM City (VNS/VNA) – Despite the prolonged COVID-19 pandemic, shrimp exports have remained strong this year, also causing local retail prices to rise in the Mekong Delta. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in the first 10 months shrimp exports rose by 2.6 percent to 3.2 billion USD, with shipments to the US rising sharply. The US accounted for 24 percent of exports as they rose 25 percent to nearly 1.7 billion USD. The EU accounted for 12 percent at 864 million USD after rising by 7 percent, and the Republic of Korea accounted for 9 percent at 643 million USD. Exports to Japan fell by 7 percent to 1.08 billion USD, and to China, by a whopping 24 percent to 872 million USD. Frozen small white shrimp, processed white-leg shrimp, fish balls, surimi, whole fillet, cut pieces, dried anchovies, and dried squid were some of the best-selling … [Read more...] about Shrimp farming gradually recovers in Mekong Delta, exports remain robust

Illustrative image (Photo: Xinhua) Phnom Penh (VNA) – Cambodia’s National Assembly (NA) on November 25 approved the draft budget of 8.5 billion USD for the government spending in 2022, a rise of 8.4 percent over that of 2021. Speaking during a NA session, Economy and Finance Minister Aun Pornmoniroth said the budget is equal to 27.95 percent of the kingdom's gross domestic product (GDP). He said that the 2022 budget is essential to respond to the impacts of COVID-19, restore economic growth, and ensure the success of the commune elections and the success of the ASEAN summits when Cambodia is the host. Pornmoniroth held that the Southeast Asian nation's economy is projected to grow 4.8 percent in 2022 from 2.4 percent in 2021. To meet the expenditure next year, the government is expected to earn a total revenue of 6.3 billion USD next year, up 19.3 percent from this year, the draft budget law said, adding that it has also planned to borrow another 1.6 billion … [Read more...] about Cambodia NA approves draft State budget spending for 2022

Demand for industrial, logistics estates at core of enquiries next year: Savills Demand for industrial and logistics estates in addition to ready-built factories and warehouses will continue to be the core of enquiries next year, according to an expert from property consultancy Savills Vietnam. “However, in terms of new trends, data centres and cold storage facilities are in demand and have gained traction in 2020 and 2021,” John Campbell, manager of Industrial Services at Savills Vietnam told the Vietnam Investment Review. “Next year, we expect this to continue, as Vietnam is now on the radar for hyperscale facilities.” Low-value industries are beginning to set up elsewhere in Southeast Asia as Vietnam no longer offers the same incentives, he said, adding that these industries such as textiles and furniture struggle to source affordable labour and land in Vietnam. However, foreign and high value-added investors remain bullish on Vietnam’s long-term growth, … [Read more...] about VIETNAM BUSINESS NEWS NOVEMBER 23

Vietnam Airlines wide-body Boeing 787-9 Dreamliner (Photo courtesy of Vietnam Airlines) Hanoi (VNS/VNA) - Vietnam Airlines, the country's national flag carrier, looks to dominate the Vietnam-US route as preparations have been completed for its first direct flight to the US, which is scheduled to take off on November 28, said General Director of Vietnam Airlines Le Hong Ha. The Vietnam-US route was among one of the most in-demand pre-pandemic. There were 24,000 Vietnamese university students and a 2.2 million strong Vietnamese community in the US in 2020. Two-way trade has been on the rise in recent years reaching 90 billion USD in 2020 and projected to hit over 100 billion USD this year, making the Southeast Asian economy one of the US’s top trading partners. As a result, the airline is confident demand will quickly recover once the pandemic is put under control and mobility restrictions relaxed, Ha said. Competition, however, is expected to be fierce as the … [Read more...] about Vietnam Airlines aims to win largest share on direct Vietnam-US route