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Vietnamese Economy Rebounds But Challenges Remain

May 7, 2022


Vietnamese workers at a plant of manufacturing of electronic parts, May 7, 2022

Assembly motorcycles at Honda Vietnam, one of successful Japanese--run businesses in Vietnam, May 7, 2020


 Vietnamese Economy Rebounds But Challenges Remain

Vietnam News Today (May 5, 2022) --

Vietnam, Monaco forge closer cooperative relations

Both Vietnam and Monaco boast huge potential for stronger cooperation, Vietnamese Ambassador to France and Monaco Dinh Toan Thang told Prince Albert II during his credentials presentation on May 3.

Thang affirmed that Vietnam wishes to maintain and further expand cooperation with Monaco through mutual support at multilateral forums and the exchange of delegations at all levels.

Primary areas of cooperation, according to the Ambassador, are green economy, maritime, digital transformation, climate change response, conservation of ecological diversity, tourism development, and cultural exchange.

He expected that the two countries would further promote their bilateral relations in an effective manner as they are celebrating 15 years of their diplomatic relations in 2022.

Prince Albert II expressed his admiration for Vietnam’s recent development achievements, including its success in Covid-19 control, and agreed that the two countries need to increase contact, exchange and inform each other about connectivity and cooperation possibilities between the two sides.

He shared the view that Monaco and Vietnam have many things in common, including those issues related to the ocean, the protection of the natural environment, and the assurance of sustainable development. He suggested that the two countries continue to closely coordinate and support each other at international forums such as the United Nations, Francophonie and other international organizations.

After the ceremony, Ambassador Thang attended a banquet hosted by Minister of Foreign Affairs and Cooperation Isabelle Berro Amadei. The two sides informed each other about their socio-economic development, highly appreciated the good relationship between Vietnam and Monaco, and agreed to further strengthen exchanges to fully tap into the potential for cooperation between the two countries, cited VOV.

The same day, Ambassador Dinh Toan Thang had a meeting with Michel Dotta, chairman of the Monaco Economic Board (MEB).

The two sides discussed the possibility of supporting firms to establish partnerships and do business, and taking advantage of opportunities from the EU-Vietnam free trade agreement (EVFTA) as well as new cooperation partnerships within the framework of the Francophone Community, for post-pandemic economic recovery.

Hanoi welcomes 550,000 visitors during the four-day holiday

The capital city of Hanoi served over 550,000 tourists during the four-day holiday of the Liberation of the South and National Reunification Day (April 30) and May Day (May 1), an almost 20-fold increase compared to that of 2020, according to the municipal Department of Tourism (DoT).

Nearly 2,000 of the visitors were foreigners, the department said. Total revenue from tourism activities was estimated at over VND1.5 trillion (US$65.4 million), a 17-fold rise against 2020’s figure.

The DoT attributed the sharp increase in the number of tourists to the surging demand after tourism activities have returned to normal.

To promote tourism and attract visitors, the city has organized the Hanoi Tourism Gift Festival 2022, attracting more than 65,000 visitors. A variety of activities and events were also held at tourist attractions in the city on this occasion, with highlights being the launch of the bicycle tour “Footprints of Bat Trang Ancient Village” and a pedestrian street at Son Tay Ancient Citadel, among others.

The occupancy rate of hotels and resorts is estimated at about 42.2 percent. Hotels and tourist apartments with high occupancy rates include Somerset Tay Ho (60 percent), Tay Ho's InterContinental Hanoi Westlake (60 percent), Lotte Hanoi (80 percent) and Inter Continental Hanoi Landmark 72 (60 percent), according to VNA.

Shopping centers and dining services also recorded a 40 percent increase in revenues compared with the same period last year.

The President Ho Chi Minh Mausoleum welcomed nearly 45,000 visitors during the holidays, according to the mausoleum’s management board.

The management board has coordinated with the DoT to present 30,000 packages of gifts to tourists.

Vietnamese economy rebounds but challenges remain

The Vietnamese economy is rebounding strongly with impressive growth in newly established enterprises, industrial production and export-import, but is still faced with quite a few challenges and difficulties.

According to a report by the Ministry of Planning and Investment, the Vietnamese economy continued to recover in April on top of the momentum recorded in the first quarter of 2022. Specifically, industrial production rose 2% from the previous month and 9.4% over the same month last year. Overall industrial production grew 7.5% in the first four months of 2022 while manufacturing expanded by 11.3%. The number of workers in factories also rose 1.3% month on month and 3.9% from a year earlier.

Total retail sales and consumer services in April climbed 12.1%, which translated into a 6.5% rise for the four months. Exports during January-April went up 16.4% while imports rose 15.7%, with a trade surplus of US$2.5 billion.

Tourism saw a strong recovery as international arrivals in April rose more than twofold compared to March and over fivefold compared to the same month last year. Disbursement of foreign direct investment was estimated at US$5.92 billion, the highest figure since 2018.

Notably, the number of new enterprises in the first four months of 2022 rose by 12.3%, while those returning to business soared by 60.6%. Total additional capital rose by 39.4%, reported NDO.

Macroeconomic stability continued to be maintained and inflation was kept in check although Vietnam was facing considerable pressure. The consumer price index during the January-April period rose by 2.64% year on year.

Despite such impressive results, the Vietnamese economy is still facing various challenges due to the complex global situation, inflationary pressure, rising oil prices and supply chain disruptions, said Minister of Planning and Investment Nguyen Chi Dung.

He emphasized that Vietnam’s economic recovery is positive but has not met expectations, adding that it will take time for some sectors to recover while the implementation of support policies is slow.

At the April meeting of the Government, Prime Minister Pham Minh Chinh asked for support policies to be implemented quickly and effectively so that people and enterprises can truly enjoy their benefits, helping to improve the business climate and enhance the people’s welfare.

He called for close monitoring of global economic developments, especially inflation and prices of fuels and strategic materials to make accurate forecasts and take prompt response measures.

In addition, the Government requested localities to take bold actions to accelerate the disbursement of public investment and establish working groups to remove barriers facing key projects in 2022. They also need to expedite the roadmap for cutting and simplifying administrative procedures and improving the business climate.

Vietnam remains attractive destination for Japanese investors: JETRO chief

Vietnam in the eye of Japanese investors is a potential market that boasts factors for steady growth, says Nobuhiko Sasaki, chairman and CEO of the Japan External Trade Organization – an agency that promotes Japanese trade and investment.

Sasaki made the statement in an interview recently granted to following Japanese Prime Minister Fumio Kishida’s official visit to Vietnam from April 30 to May 1.

The two countries’ ministries, agencies, localities and businesses had signed and exchanged documents of cooperation, especially in new fields such as energy, digital transformation and the environment that shows the investment trend in both countries, he said.

The recent development of the Japanese supermarket chain Aeon Mall also shows that Vietnam’s retail market is developing rapidly, even in rural areas, he noted.

Assembly motorcycles at Honda Vietnam, one of successful Japanese--run businesses in Vietnam. Photo: VNA

According to the JETRO executive, trade and investment cooperation between Japan and Vietnam has made progress in recent years. Japan has poured US$64.5 billion into 4,935 investment projects in Vietnam. Both Vietnam and Japan are important trading partners of each other when Vietnam is Japan’s third largest export market and the latter is the former’s fourth largest export market.

The number of Japanese companies entering Vietnam is increasing, and the Japan Business Association in Vietnam (JBAV) is now represented by approximately 2,000 Japanese enterprises, cited VOV.

Sasaki cited the results of a JETRO-run survey saying 55% of Japanese companies operating in Vietnam have business expansion plans in the next one or two years, the highest rate among Southeast Asian countries.

In his opinions, Japanese investors all appreciate Vietnam’s production and market potential, and the two countries can build a relationship to complement each other’s strengths and weaknesses.

Since JETRO opened its first office in Hanoi in 1993 and another in Ho Chi Minh City in 2000, he said Vietnam has increasingly become a favorite destination for Japanese manufacturing companies.

JETRO is currently interested in digital transformation, innovation, green economy, decarbonization, agricultural and seafood export. It is considering boosting bilateral cooperation in innovation - a field of cooperation where demand between the two sides is rapidly increasing, he said.

Sasaki expressed his belief that FDI inflows from Japan to Vietnam would continue to increase considerably in the coming time, especially after Prime Minister Fumio Kishida’s visit to Hanoi.

230,000 HCM City kids get first Covid-19 vaccine shot

More than 230,000 children aged five to under 12 years old in HCM City have got their first Covid-19 vaccine shot, according to a report by the city’s Department of Health.

The vaccination of this age group began on April 16, when 200 sixth-grade students became the first batch to receive their shots.

Officials said the vaccination was necessary to ensure the health of students and allow them to attend classes in person.

The city plans to inoculate nearly 900,000 children aged five to under 12, and this is expected to be completed by September this year.

To implement the vaccination campaign, the city has trained more than 7,500 medical workers and set up medical teams as well as medicines and equipment for emergencies.

It has also set up 109 vaccination stations, cited VNS.

About 30,000 sixth-grade students are expected to get the shots in the campaign.

The health department said that 93.5 per cent of parents of sixth-grade students have agreed for their children to be vaccinated.

Vietnam began the campaign to inoculate children in the 5-11 age group on April 14 with the vaccination of nearly 200 sixth-grade pupils in the northern province of Quang Ninh with Moderna vaccines.

A sixth-grade student of the Hong Bang Secondary School in HCM City’s District 5 gets vaccinated against Covid-19 on April 16. Photo: VNA

The shipment of the first batch of Moderna vaccines, sponsored by the Australian Government, arrived in Vietnam on April 8.

Vietnam has so far approved two vaccines for use on children aged five to 11 - Pfizer-BioNTech and Moderna.

The recommended gap between two doses of anti Covid-19 vaccines for this age group is four weeks; and both doses have to be of the same vaccine.

Vietnam News Today (May 5): Vietnamese Economy Rebounds But Challenges Remain | Vietnam Times


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