Recovery

MPI Deputy Minister Tran Quoc Phuong expects a strong recovery of the economy GDP growth in the first quarter was estimated at 5 per cent on-year. Inflation was controlled and the consumer price index in the first four months increased by 2.1 per cent. Vietnam's Business Climate Index by EuroCham has risen to 73 percentage points, an increase of 12 points over the last quarter of 2021, which is the highest since the fourth wave of the pandemic, showing that business executives are upbeat as the country opens up. The number of newly-established enterprises in the first four months hit almost 50,000. Analysing the impact of the world's economic movement on Vietnam, economist Can Van Luc pointed out the forecast of two GDP growth scenarios for the coming years. In the first one, the GDP growth of Vietnam will raise by 5.5-6 per cent, while in the negative scenario, it will be 4.5-5 per cent. Which occurs will be dependent on the process of pandemic prevention, socioeconomic … [Read more...] about Specific solutions needed for a strong recovery

The aviation market in Vietnam is vibrant and recovering with the number of international visitors increasing five-fold, according to experts. The local aviation market experienced a strong recovery in April. VNA/VNS Photo According to the Civil Aviation Authority of Vietnam (CAAV), in April, Vietnam's airports handled 6.6 million passengers, down 14.3 per cent compared to the same time last year but the number of foreign visitors reached more than 230,000 in April, an impressive increase of 502 per cent over the same period last year when COVID-19 was developing in a complex fashion. CAAV said Vietnamese airlines transported 3.28 million passengers, including 80,000 foreigners. Compared to the same period last year, the number of international passengers choosing services of Vietnamese airlines rose 214.7 per cent, while the number of domestic passengers dropped 18.2 per cent. As for cargo transport, in April, 140,700 tonnes of cargo were … [Read more...] about Local aviation market sees strong recovery

Vietnam considers IMF a key partner in pursuing the goal of becoming an upper-middle-income country by 2030, and a high-income country by 2045, Prime Minister Pham Minh Chinh has said. Vietnam’s economic prospects in the post-pandemic period are bright, especially with the upcoming recovery program. Prime Minister Pham Minh Chinh in an online meeting with Deputy Managing Director of the International Monetary Fund (IMF) Antoinette Monsio Sayeh. Source: VGP Deputy Managing Director of the International Monetary Fund (IMF) Antoinette Monsio Sayeh shared the view during an online meeting with Prime Minister Pham Minh Chinh on May 16, expressed her delight at the strong progress in the Vietnam-IMF partnership. The IMF’s executive highlighted Vietnam’s efforts in containing the pandemic and considered the effective vaccine campaign a key factor for the country’s speedy economic recovery. Prime Minister Chinh welcomed IMF’s support for Vietnam in accessing … [Read more...] about Vietnam’s economic recovery on right track after pandemic: IMF

The index stayed in the green for most of the day and closed 12 points higher at 1,240.76 points, extending the recovery streak started Tuesday with a record 4.81 percent gain. Trading on the Ho Chi Minh Stock Exchange fell marginally to VND13.84 trillion, a five-session low. The VN-30 basket, comprising the 30 largest capped stocks, saw 13 tickers dropped, led by TPB of private lender TPBank and SAB of brewer Sabeco. They both closed 2.4 percent lower. PDR of real estate developer Phat Dat dropped 2.1 percent, and FPT of IT giant FPT lost 2 percent. Other losers included VJC of budget airline Vietjet, down 1.8 percent, and SSI of leading brokerage SSI Securities, down 1.7 percent. Ten blue chips closed in the green, with MSN of conglomerate Masan Group and STB of HCMC-based Sacombank closing at ceiling price for the second straight session, gaining 6.9 percent. GAS of Petrovietnam Gas rose 4.06 percent, and TCB of private lender Techcombank climbed 3.4 percent. … [Read more...] about VN-Index extends recovery streak

Vietnam experiences a strong recovery Sanjay Kalra, group head and lead economist of the ASEAN+3 Macroeconomic Research Office (AMRO) said, “The Vietnamese economy is expected to grow at 6.3 per cent this year and 6.5 per cent in 2023 and inflation is projected to remain contained. This positive outlook rides on strong external demand, a recovery in domestic consumption, and healthy investments inflows bolstered by an appropriate macroeconomic policy stance.” Thanks to the easing of restrictions and domestic containment measures, the aggregate output gap is expected to narrow significantly by the end of the year. The recovery is, nevertheless, uneven across sectors. While both the manufacturing and service sector outputs have surpassed their 2019 levels, the service sector still has pockets of distress, especially in the tourism, hospitality, and logistics sectors. Consumer price inflation is projected to remain contained under 3.5 per cent as the authorities plan to utilise … [Read more...] about Vietnam experiences a strong recovery amidst external headwinds

Vietnam has risen in official pandemic recovery indices thanks to production continuity and vaccinations, Photo: Le Toan The International Monetary Fund (IMF) released in April its World Economic Outlook report, stating that global growth is projected to slow from an estimated 6.1 per cent in 2021 to 3.6 per cent in 2022 and 2023. This is 0.8 and 0.2 percentage points lower for 2022 and 2023 than projected in January. “Beyond 2023, global growth is forecast to decline to about 3.3 per cent over the medium term. War-induced commodity price increases and broadening price pressures have led to 2022 inflation projections of 5.7 per cent in advanced economies and 8.7 per cent in emerging market and developing economies - 1.8 and 2.8 percentage points higher than projected last January,” the report said. “Multilateral efforts to respond to the humanitarian crisis, prevent further economic fragmentation, maintain global liquidity, manage debt distress, tackle climate change, and end … [Read more...] about Measures put recovery on the front foot

Hanoi’s economy is recovering Major balances ensured According to a report by the Hanoi People’s Committee, key industries are gradually recovering and developing from the impact of the COVID-19 pandemic. Hanoi’s gross domestic product in the first quarter of 2022 increased by 5.83 percent, 16 percent higher than the country average (5.03 percent), three times higher than that of Ho Chi Minh City (1.88 percent), achieving the quarterly growth forecast (5.7-6.2 percent). These figures reflect the growth momentum in many industries and fields. Many major balances have been ensured. The total state budget revenue of Hanoi in the first quarter of 2022 exceeded VND102.40 trillion, or 80.2 percent of the revenue estimate, representing a rise of 9.2 percent against the same period last year. Regarding investment capital disbursement, Hanoi disbursed more than VND4.11 trillion, reaching eight percent of the plan (up by 26.7 percent over the same period last year) as of March … [Read more...] about Hanoi makes strides in economic recovery

The project will include NZ$1 million for medical equipment, provided through UNICEF Vietnam, and NZ$1 million for community level economic recovery support through CARE International and Oxfam in Vietnam. “There is a well-known Māori proverb “Naku te rourou nau te rourou ka ora ai te iwi”, which means “With your food basket, and my food basket, the people will thrive”. In Vietnam you have a similar expression “Lá lành đùm lá rách”. In this spirit, humanitarian support remains an important part of the strategic partnership between New Zealand and Vietnam,” said Ambassador Tredene Dobson. “This project acknowledges that there is a two-fold approach to COVID recovery. On the one hand there is an on-going health response and this is why Aoteara New Zealand is working with UNICEF to deliver medical equipment to areas where it is needed for the ongoing safe and effective response to COVID-19. However, there is also a significant economic impact from the pandemic so following … [Read more...] about New Zealand supports Vietnam’s recovery from the pandemic with NZ$2 million

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

The local aviation market experienced a strong recovery in April. — VNA/VNS Photo The aviation market in Viet Nam is vibrant and recovering with the number of international visitors increasing five-fold, according to experts. According to the Civil Aviation Authority of Viet Nam (CAAV), in April, Viet Nam's airports handled 6.6 million passengers, down 14.3 per cent compared to the same time last year but the number of foreign visitors reached more than 230,000 in April, an impressive increase of 502 per cent over the same period last year when COVID-19 was developing in a complex fashion. CAAV said Vietnamese airlines transported 3.28 million passengers, including 80,000 foreigners. Compared to the same period last year, the number of international passengers choosing services of Vietnamese airlines rose 214.7 per cent, while the number of domestic passengers dropped 18.2 per cent. As for cargo transport, in April, 140,700 tonnes of cargo were transported through Viet … [Read more...] about Local aviation market sees strong recovery