General statistics office

Vice chairman of the People’s Committee of HCMC Vo Van Hoan speaks at the conference. (Photo: SGGP) The pandemic has severely impacted all aspects of life, society and economy. According to the General Statistics Office of Vietnam (GSO), the GRDP (Gross Regional Domestic Product) growth rate of HCMC has firstly decreased by 2.8 percent compare to the previous period and not reached the set target, which is 6 percent for 2021, the City’s Vice Chairman said. The city has drastically boosted the disbursement of investment capital that has been implemented promptly and operated simultaneously. However, the country’s largest economic center with the highest population has been hit hard by this pandemic which continues to have complicated and unpredictable developments. The Covid-19 pandemic has caused direct impacts on the city’s economy. HCMC has put forwards four petitions to the Government, including the establishment of a special mission team specialized in economic …

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The Ministry of Planning and Investment is working on the draft Circular on the Set of Statistical Indicators for the Digital Economy. This is the first time that the added value of the digital economy has been accurately calculated relative to the gross domestic product (GDP). Digital enterprises include information and communication technology (ICT) enterprises, telcos and enterprises operating based on ICT platforms. Photo: Trong Dat The set of statistical indicators for the digital economy reflect the development and impact of the digital economy on the national economy. The digital economy comprises all economic activities based on digital platforms, using digital technology and data to create new business models. According to the draft circular, the set of statistical indicators will include a list of indicators on the scale of the digital economy, digital infrastructure, the level of digital media popularity, and the level of universalization of online …

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Workers at the Foster Electric (Vietnam) Co., Ltd in VSIP industrial zone in Binh Duong Province have implemented the '3 on-site' model to ensure stable production amid the COVID-19 pandemic. -— VNA/VNS Photo Businesses in Viet Nam should learn how to overcome unprecedented challenges and adapt amid the impacts of the new wave of COVID-19 infections, experts said during a webinar. The webinar was held on Wednesday with a view to gather policymakers, businesses and organisations to exchange views and help businesses in seeking ways of shifting their business models and operations. Speaking at the webinar, Hoang Quang Phong, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI), said that Viet Nam’s fourth wave of infections and restrictions have made it challenging for businesses, especially as all the southern provinces have been affected along with strict social distancing orders. Phong said it has become more serious as industrial parks and export processing …

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Challenges break the supply chain and transportation Workers are washing bananas in a fruit exporter in the Mekong Delta region. (Photo: SGGP) According to the General Statistics Office of Vietnam (GSO), the agriculture sector earned US$1.89 billion from export in June, US$2.07 billion in July but it reduced to US$1.75 billion in August. The export turnover of aquatic products in Vietnam also dropped sharply in August. General Secretary of Vietnam Association of Seafood Exporters and Producers (VASEP) Truong Dinh Hoe said that only 30-40 percent of aquatic product companies in Southern localities have implemented the model of "three on the spot". The production capacity of these businesses has also declined by 50-60 percent because many workers left their jobs to avoid getting Covid-19, leading to the region’s fall in production capacity by 60-70 percent. Shrimp export which is one of the strong points of the Mekong Delta region also saw a sharp drop due to the …

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"Ceiling prices will limit airlines from improving flight service quality. This will affect the airlines’ ability to compete on quality of service, an important factor in sustainable development," CAAV, stated in a report submitted to the Ministry of Transport. The majority of domestic flight routes have three or more airlines operating. Currently, air tickets on routes under 500 kilometers have a maximum price of VND1.6 million ($69), while the highest ceiling is VND3.75 million for routes of 1,280 kilometers or above. National flag carrier Vietnam Airlines once proposed in 2019 that Vietnam abolish the domestic price ceiling. Vietnam is one of the few countries in the world still employing a price cap. Local carriers served 11.7 million passengers in the first four months, up 9.5 percent year-on-year, according to the General Statistics Office. …

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Many investors have offered to sell their homestays as they do not have enough money to pay debts and maintain operations. Many investors have offered to sell their homestays T., the owner of a homestay in Hoa Lu in Ninh Binh province, said he built a 400 square meter homestay in 2019. At first, the homestay had many customers, and he thought he would able to pay bank debts quickly. Homestay was a favorite form of accommodation chosen by a large number of tourists, especially the youth, for the competitive prices and novel experiences. However, the Covid-19 pandemic broke out in 2020, which caused the number of guests to plummet. He cut the workforce to save money and stopped operation temporarily, hoping to reopen later. In September 2020, he offered to sell the homestay at VND15 billion, but could not find buyers. As he has incurred heavier losses since the fourth Covid-19 outbreak, he has offered to sell it at VND12 billion. But the number of calls asking about the …

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Vietnam continues to be attractive investment destination: HSBC The Vietnamese market will remain an attractive investment destination for foreign investors moving forward, the Hong Kong Shanghai Banking Corporation (HSBC) Vietnam said in its monthly macroeconomic update for September 2021. The bank cites statistics from the Vietnam Leather, Footwear and Handbag Association (LEFASO), noting more than 30% of garment makers have suspended production, prompting garment exports to drop by 4.5% in August compared to the previous month. Notably, Vietnam’s leather and footwear industry currently makes up 15% of the world’s market share, a two-fold increase during the past 10 years. Vietnam is also one of the world’s largest textile and garment makers, just behind China and Bangladesh. However, Vietnamese exports of mobile devices and components recorded a sharp increase in August, achieving an annual growth rate of 11%. Meanwhile, exports of computers and electronic products also …

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Nearly 35 per cent of textile and garment factories in the country are shut down, according to the Vietnam Textile and Apparel Association. Vietnam is the world's third largest textile and garment producing country behind only China and Bangladesh. The market share of its leather and footwear industry is 15 percent after doubling in the last decade. Consumers in the US and Europe will suffer from the disruption, especially as the festive season approaches. The international sportswear company Nike is a prime example of the importance of Vietnam in the global supply chain. Of its 112 factories, 88 are in Vietnam and produce half of all its footwear products. Adidas is also facing difficulties since Vietnam accounts for nearly 30 percent of its global supply. Its Taiwanese supplier Pouyuen, which has factories in Vietnam, is among the companies to suspend production. The Delta variant of Covid that has hit the country has raised questions about the viability of the Vietnamese …

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Photo: baodautu.vn The General Statistics Office has just released a report on the economic situation in the first eight months of 2021. The negative impact from the pandemic exacerbated difficulties, notably in the southern economic region. In August alone, the industrial production index went down 7.4 per cent on-year. However, the figure increased by 5.6 per cent compared to the first eight months of 2020. Total retail sales of consumer goods and services only decreased by 4.7 per cent over the same period last year. If excluding the price factor, the figure decreased by 6.2 per cent. The sluggish growth in consumption demand indicates a negative impact from the pandemic. VCBS forecasts Q3 growth of about 2-2.5 per cent over the same period. The consumer price index (CPI) in August 2021 increased by 0.25 per cent compared to the previous month, which is equal to an increase by 2.82 per cent compared to July 2020, corresponding to an increase of 2.51 per cent compared to …

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He says: "There's no more pressure. But if you're not strict with yourself, time off from work won't mean anything." The 30-year-old who lives in HCMC's Binh Thanh District decided to quit his media and advertising job in May after working for 10 years. Western countries refer to a year people take after completing high school and before going on to university or taking up a job as a "gap year". This is generally a time to relax and set down goals and interests. Now the concept is becoming popular in Vietnam, but among people in white-collar professions who feel they have lost their drive for work or are running aimlessly and wasting their youth. Ha Manh at Lenin stream during a trip to his native Cao Bang Province in May 2021. Photo courtesy of Manh Manh, a native of the northern Lao Cai Province, had been constantly feeling tired from long working hours. He says he used to earn VND50 million ($2,100) a month but that came at a cost: The nature of his job …

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