Economic growth

Earth Overshoot Day is a concept that marks the date when humanity has used all the biological resources that the Earth regenerates during the entire year. This year, Earth Overshoot Day fell on July 28, which means on this day, we had used all of the world’s natural resources budget for 2022. Tim Evans, CEO of HSBC Vietnam The date is coming earlier and earlier each year. In 1970, we overshot this threshold two days before the year’s end. This year, we overshot the threshold by 156 days. The truth is we consume a lot and waste a lot. Think about the resources you consumed in the past week: the clothes you bought, the food you ate, the distance you travelled. Think about everything you threw away: single-use plastic items like bags, bottles, coffee cups, straws, boxes, and more. Along with this, the extraction, processing, and manufacture of goods for society account for a staggering 62 per cent of total global greenhouse gas emissions. Excess emissions are released … [Read more...] about From waste to wealth: circular economic prospects

The General Statistics Office (GSO) last week reported that after growing 5.03 per cent in Q1 2022, the Vietnamese economy bounced back to 7.72 per cent in Q2, and 13.67 per cent in Q3. Vietnam impressing with GDP growth - illustration photo In the first nine months of this year, it grew 8.83 per cent against the 1.42 per cent in the same period last year and only 2.12 per cent in that of 2020, representing the biggest 5-month increase in a decade. The agro-forestry-fishery expanded 2.99 per cent on-year, while the rates of the industry and construction sector and the service sector were 9.44 and 10.57 per cent, respectively. “The 9-month economic situation has flourished in almost all sectors. The economy’s production and business activities in Q3 have strongly grown on-year,” said GSO general director Nguyen Thi Huong. “Many sectors have bounced back strongly, especially industrial production, making it more favourable for the economy to reach the desired growth … [Read more...] about Vietnam impressing with GDP growth

The combination of golf and tourism may be a solid boost to the tourism sector that has suffered adversities of the Covid-19 pandemic. As approved by the Hanoi People’s Committee, the Kinh Te & Do Thi (Economic & Urban) newspaper, in cooperation with the Vietnam Golf Tourism Association, will host the “Hanoi Golf & Cultural Exchange Week 2022” in Hanoi’s Dong Mo Golf Club during October 17-22, 2022. The sporting event is expected to connect all domestic and international golfers, introduce and promote new tourism products, and attract foreign visitors to Hanoi tourism sites. Editor in Chief of Kinh Te & Do Thi newspaper Nguyen Minh Duc and Vice Permanent Chairman of the Vietnam Golf Tourism Association Pham Thanh Tri share their opinions on the threshold of the event. How did you come up with the idea of the “Golf Tourism and Culture Week – Hanoi 2022” event? Chief Editor Nguyen Minh Duc : I have thought there should be an … [Read more...] about Golf tournament expected to boost tourism in capital city

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

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

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