Vietnam economic growth

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

An investor watching the market’s movements on September 29. (Photo: VNA) Hanoi (VNA) – Foreign investors have always been interested in Vietnam’s stock market, Don Lam, general director of the VinaCapital Group, said on October 6 at a press briefing on the 2022 Investors Conference which is being hosted by VinaCapital in Ho Chi Minh City. Noting that nearly 100 investors from countries around the world have gathered at the conference this year amid a market slump, he said it is proof of investors' interest in Vietnam. Since the previous conference was held three years ago, the world has changed a lot, but one thing remain unchanged which is Vietnam's attractiveness to investors, Lam said. “Not many countries can overcome the pandemic and recover as strongly as Vietnam,” he said. According to Andy Ho, Chief Investment Officer, Managing Director of VinaCapital, said that the volatility of the stock market has made many investors uneasy. However, it should be noted that … [Read more...] about VinaCapital: Vietnam’s stock markets always attractive to foreign investors

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

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

There is a lot of room for Vietnam and India to develop trade cooperation, and the most important thing is enhancing connectivity , especially infrastructure connectivity, via both land and maritime corridors. (Illustrative image. Photo: VNA) Hanoi Oct. 6 (VNA) - Vietnam and India should further strengthen connectivity to record more robust growth in bilateral trade, which is expected to hit 15 billion USD this year and surpass the record the two countries set in 2021, Indian analysts have said. Data from the General Department of Vietnam Customs shows that two-way trade between Vietnam and India surged to over 13 billion USD in 2021 from about 200 million USD in 2000. This has been a significant outcome, especially given major disruptions to supply chains during the COVID-19 pandemic. It is yet to match potential, however, Indian analysts believe. “There is a lot of room for Vietnam and India to develop trade cooperation, and the most important thing is enhancing … [Read more...] about Strengthening connectivity key to boosting Vietnam-India trade: Analysts ​

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