Half term 2022

Omnichannel shopping will still dominate the retail market and businesses need to continue improving their competitiveness to optimize the shopping process. E-commerce is still growing strongly, contributing to post-pandemic economic recovery, local experts said. Local consumers shop more on e-commerce floors in Vietnam. Photo: PVcomBank The market still has a lot of room for development with 71% of Vietnam’s internet users having made at least one online purchase. More than 90% of Vietnamese users will continue to use digital services, and 81% believe online shopping will become an indispensable part of daily life. Some local experts said that it is undeniable that the strong investment foundation during the pandemic has created momentum for businesses to develop e-commerce. At the same time, the field of digital transformation and online business accounted for a more important proportion of the management and operation of Vietnamese enterprises. Speaking … [Read more...] about Vietnam’s e-commerce: driver for economic recovery in post-Covid-19

Vietnam continues to benefit from its broad re-opening strategy, which saw a huge crowd flocking to tourist hotspots in the country and household spending rebound. Vietnam’s economic recovery is gaining momentum despite heightened global uncertainty related to the protracted war in Ukraine, higher commodity prices, and tightening global financial conditions, according to the World Bank. Cargo handling at Dinh Vu port, Haiphong. Photo: Cong Hung In its latest report, the World Bank pointed out the robust growth of industrial production by 9.4% in April, comparable to pre-pandemic rates. Manufactures of apparel, footwear, electronics, electrical equipment, and metal products were the most dynamic sub-sectors, registering double-digit growth rates, it added. However, machinery manufacturing slowed from 26.6% year-on-year in March to only 5.1% in April. This deceleration was related to supply chain disruptions caused by lockdowns in China, which led to a … [Read more...] about Vietnam’s economic recovery gaining momentum

A customer makes a deposit at a bank in Binh Duong Province. — VNS Photo Many banks have increased deposit interest rates by 0.1-0.6 percentage points amid the growing demand for funds. Last year the average interest rates on bank deposits for six months and 12 months were 4.7 per cent and 5.5 per cent, down half a percentage point from 2020, Bảo Viẹt Securities said. The State Bank of Viet Nam said in 2021 rates were at their lowest level in five years. But rates, especially at small- and medium-sized banks, have increased sharply since the beginning of this month. Currently the peak rates are 6.5-7.4 per cent. NamABank offers the highest rate for online savings even for small amounts. Customers depositing money via its e-banking application for 16-36 months can get 7.4 per cent interest. For 12 months it is 6.4 per cent. Sai Gon – Ha Noi Commercial Joint Stock Bank (SHB) has increased rates by 0.2-0.4 percentage points. For 36 months the rate is 0.4 percentage … [Read more...] about Banks hike deposit interest rates on demand for funds, inflation

Southeastern localities remain FDI magnets Watanabe Nobuhiro, Consul General of Japan in Ho Chi Minh City, said a new wave of Japanese investment is expected in the near future thanks to Vietnam’s newly relaxed entry policies. Cao Tien Dung, chairman of the Dong Nai People’s Committee, said the province attracted US$1.32 billion and US$1.27 billion in foreign investment in 2020 and 2021, respectively. The figure is expected to reach about US$1.1 billion in 2022, Dung said. Binh Duong Province attracted more than US$1.68 billion in foreign investment in the first quarter of 2022. As of now, the province has nearly 4,050 FDI projects with total registered capital of US$39.4 billion. The Mekong Delta province of Long An continues to lead the choice of foreign investors due to its outstanding growth potential. According to the Foreign Investment Agency under the Ministry of Planning and Investment, Long An Province ranked second across the country in FDI attraction in 2021, with … [Read more...] about FDI companies prove resilient during pandemic

Many blue-chip stocks are at attractive price ranges for investment A significant increase On May 17, Vietnam's stock market had a breakthrough session, reaching the highest point globally with the VN-Index rising by more than 56 points (+4.8 per cent) and crossing the threshold of 1200 points. All key stocks in the VN-30 group gained, in which many codes in the banking, consumer, and retail sectors grew strongly. The Masan shares of billionaire Nguyen Dang Quang increased to their limit of VND96,500 ($4.20) per share, with nearly 1.6 million units transferred. Foreign investors bought more than 500 thousand. This is a major breakthrough for the consumer-and-retail giant as other stocks have been on a downward trend over the past weeks. This is in line with the declining trend worldwide and pressure from local retail investors to sell-off. However, the demand from institutional investors for large and industry-leading stocks showed signs of strong growth. A … [Read more...] about Vietnamese stocks see world-leading growth