Illustrative image. (Photo: vneconomy.vn) Hanoi (VNA) – The COVID-19 pandemic has put the brake on Vietnam’s economic growth over the last two years but, on the other hand, it has also fueled a significant uptick in e-commerce which recorded a 16% growth to 13.7 billion USD in retail revenue in 2021, according to the White Book on Vietnamese E-business 2022. Last year, the economic growth hit the lowest in 30 years, at just 2.58%, with key services sub-sectors experiencing downturn. Data from the General Statistics Office showed that retailing and wholesaling declined 0.21% year-on-year, causing the economy to decrease 0.02 percentage point. Warehouse and logistics plunged 5.02% and lodging and catering services 20.81%, leading to a drop of 0.3% and 0.51%, respectively, to the GDP growth. Meanwhile, the share of turnover from e-retailing to last year’s total retail sales of goods and services was 7%, a year-on-year rise of 27% from 2020. E-retailing is forecast … [Read more...] about E-retailing to grow 20% this year
E commerce
1,000-ha urban area to HCMC’s east to welcome residents by year end
Quoc Dung, a businessman, was impressed when he saw the expansive view of Aqua City, which spans 1,000 hectares while taking a yacht tour of Ho Chi Minh City's eastern urban area. According to him, this is not just a huge real estate development but also a livable city with a green ecosystem and low construction density. Hai Yen, Dung's wife, returned to the project after six months. She also expressed her surprise at the rapid change in the project. Yen feels more secure in her investment and looks forward to settling in the city and experiencing the high-class utility ecosystem here. Hai Yen and her husband return to the project after six months. Photo by Novaland Phan Thi Thu Thuy, a businesswoman with extensive knowledge in healthcare, is eager to make a home in the urban area. She said that the natural landscape and natural scenery were important factors in her decision to invest in Aqua City. In addition to having a home surrounded by nature, Aqua City … [Read more...] about 1,000-ha urban area to HCMC’s east to welcome residents by year end
IXT released report on Vietnam’s insurance consumers
Vietnamese consumers are more open to online insurance The State Bank of Vietnam’s recent interest rate hike to stabilise the VND and curb inflation has not dimmed the central bank's outlook for economic growth. Despite pandemic-related uncertainties, geopolitical instabilities, and rising inflation, the Vietnamese economy is expected to grow by 7 per cent in 2022, according to the IMF. Vietnam's insurance penetration rate remains between 2.3 per cent and 2.8 per cent, lower than in most emerging and developed markets. However, the insurance industry is embarking on a digital transformation journey that could transform the entire insurance value chain. Experts predict a compound annual growth rate of 23.7 per cent for the life insurance market between 2020 and 2025 and 8.5 per cent for the general insurance industry between 2021 and 2026 in terms of gross written premium. “With the goal of increasing Vietnam's digital economy’s contribution to 20 per cent of GDP by 2025, … [Read more...] about IXT released report on Vietnam’s insurance consumers
