VIETNAM BUSINESS NEWS DECEMBER 5

Vietnamese famers have average income of 3.4 million VND/month

The Ministry of Agriculture and Rural Development reported that the average income for farmers in 2020 was 43 million VND/year, which is equivalent to under 3.4 million VND/month.

In the Draft Strategy for Sustainable Agriculture and Rural Development for the 2021-2030 period (with a vision towards 2050), the Ministry set the goal of raising farmers’ average income and reducing poverty in a sustainable manner. By 2030, the rural population’s income would have to be 3 times higher than in 2020, and poverty rate would fall by 1-1.5 %.

Vietnam targets 100,000 IT enterprises, digital economy to contribute 30% GDP

At a recent event in Da Nang, Deputy Minister of Information and Communications Phan Tam said that Vietnam has had 58,000 ICT enterprises and has set a target for that number to reach 100,000 by 2025.

"The goal is that by 2030, Vietnam will be in the top 50 countries in terms of digital governing, and its digital economy contribute 30% of GDP. Annual digital economic growth would be 3 times higher than GDP growth, creating a digital economy that covers all fields such as health, education, finance - banking, agriculture, transportation – logistics," said Deputy Minister Phan Tam.

Bac Ninh tops for industrial park areas in northern region

Bac Ninh has 5.797ha of industrial park, occupancy rate 99%

According to Savills, with 15 projects, Bac Ninh is leading the North with a total industrial park area of 5,797 hectares and an average occupancy rate of 99% in 2021.

This is also the province with the most approved projects in the first quarter with five industrial parks about to be implemented.

Hanoi's occupancy rate increased slightly by 1%, reaching 91% with 13 projects. Hai Duong increased by 5% over the same period last year, reaching an occupancy rate of 86% with 10 projects. Vinh Phuc and Hung Yen are both at over 88 %. On average, land rent increased by 9.89% over the same period last year, reaching 100 USD per m2.

Prices in Hanoi are still the highest at 129 USD/m2. Bac Ninh reached 106 USD/m2, Hai Phong 101 USD/m2, Hai Duong 79 USD/m2, and Hung Yen 101 USD/m2.

My Thuan – Can Tho expressway progress stalls

According to the My Thuan Project Management Board, so far, the My Thuan - Can Tho expressway project has handed over to the contractor 22.38 out of 22.97 km of required road length, reaching 97%. The remaining 1.35 km is stalled due to 121 residents who are yet to relocate.

Vinh Long province has handed over 12.09/12.53 km (96% of its requirement), with 101 remaining households taking up about 1.1 km. In addition, in this province, there are three positions that have TOkV high voltage line, 20 positions of medium and low voltage electricity and 6.6 km of water supply pipeline.

In Dong Thap province, the contractor has received 10.29/10.44 km (98% of the requirement) and is currently negotiating with 20 households taking up about 0.25 km. The project still has 12 positions of medium and low voltage power lines and seven water supply pipelines.

NA Chairman Vuong Dinh Hue receives ADB Country Director in Vietnam

The meeting took place in Hanoi on December 5, on the sidelines of the Vietnam Economic Forum 2021.

Chairman Hue paid special attention to the bank’s recommendations related to the size of a policy package aiding economic recovery. He called on the bank to provide Vietnam with capital for investment projects and policy advice on sustainable development, as well as financial and technical support for some NA agencies to better fulfill their tasks.

ADB Country Director Andrew Jeffries For highlighted some of the bank’s recent activities in Vietnam,and affirmed that the ADB’s task in Vietnam is to cooperate with and support the development in the country.

HCM City tourism festival kicked off

The 17th Tourism Festival of Ho Chi Minh City kicked off on December 4 and will last on December 25.

The event, organised by the HCM City Tourism Department and the Tourism Association, takes place both in person and virtually on the festival’s website (https://ngayhoidulich.visithcmc.vn), the website on local tourism (www.visithcmc.vn), the Shopee e-commerce platform, and the online travel agent Traveloka.

It attracts the participation of nearly 40 provinces and cities nationwide and 80 businesses running tourism establishments, hotels, places of interest, and entertainment centres, with hundreds of tourism products and services offered.

Vietnamese meat exported to China rises sharply in October

China was Vietnam’s largest meat buyer, among its 14 foreign markets, in October. Vietnam exported 2,020 tonnes of meat and meat products to China for 7.52 million USD, up 61.2 percent and 5.2 percent, respectively, compared to September.

Among the meat and meat products exported, frozen poultry meat accounted for the largest share, 1,230 tonnes, worth 2.25 million USD, marking a month-on-month increase of 266.7 percent in volume and 243.1 percent in value. China purchased 63.1 percent of the total during the month.

Hong Kong (China) was the biggest importer of frozen pork from Vietnam, buying 89.2 percent of the total.

VN Economic Forum 2021: economy shows signs of recovery

Francois Painchaud, Regional Resident Representative of the International Monetary Fund (IMF) in Vietnam told the Vietnam Economic Forum 2021 on December 5 that Vietnam is showing signs of socio-economic recovery though the COVID-19 pandemic remains complex.

He said the country can achieve a GDP growth rate of 2.5 percent this year and 6.6 percent in 2022. Temporary but timely assistance measures must be provided for the worst-hit households or enterprises when a country gradually moves towards reopening, he noted.

The pandemic has considerably affected employment, especially in the informal sector, and small- and medium-sized enterprises (SMEs), but Vietnam can still realise its aspirations, provided that more drastic reforms are made, the IMF official said.

 

Vietnam needs new growth models for post-pandemic recovery

Vietnam must strongly foster the renewal of growth model to accelerate economic recovery post-COVID-19, said experts at a dialogue held by Vietnam Economics Times on Saturday.

It is urgent for Vietnam to innovate growth model at the time of COVID-19 as it will help the country boost recovery after the pandemic crisis, one of the country’s major goals in short term prioritised by the Party and Government in 2022 and the 2022 – 2025 period, experts said.

To create breakthroughs for the economy, experts recommended Vietnam to focus on five points of science and technology; transforming from how the country allocates resources from administrative to market mechanism; economic diversification based on regional advantages; restructuring of urban spaces; and restructuring of enterprises and economic organisations. 

More golf travellers to come to Vietnam after pandemic

Vietnam has recently honored with the World’s and Asia’s Best Golf Destination. The country, thus, has competitive edges to gain a stronger foothold in the golf tourism market post-COVID-19, experts said.

There are about 60 million golf players worldwide, and Vietnam is completely capable of conquering this segment. It is likely that golf tours will remain attractive to luxury travellers post-pandemic.

Golf courses must get prepared to welcome back foreign tourists when international travel resumes. It is crucial to apply technology for greater exchanges among golf clubs and better connection among golf courses and local authorities must help improve linkages among tour operators to boost golf tourism.

Additionally, Vietnam needs to open more golf tournaments, attractive enough to both local and international golfers.

Transport Ministry asked to review airport development plan

Deputy Prime Minister Le Van Thanh has asked the Ministry of Transport to thoroughly review the content of its draft master plan on the development of airports nationwide from 2021 – 2030, with a vision to 2050.

Under the draft plan, six new airports will be built in the next 10 years, raising the total in the country to 28, haft of which are international. The 28 airports will be capable of serving up to 278 million passengers annually and more than 95 percent of the population can reach an airport within 100km, according to the plan.

Vietnam will also place focus on developing major airports in Hanoi Capital region (Noi Bai International Airport) and Ho Chi Minh City and its surrounding region (Tan Son Nhat and Long Thanh Airports).

By 2050, the country expects to have 29 airports, including 15 domestic ones as an airport in the southeast of Hanoi will be built.

Covid-19 causes VND500 trillion losses for Vietnam

The Vietnamese economy could lose more than VND500 trillion in output over the past two years due to the impact of the COVID-19 pandemic, said Nguyen Thanh Phong, deputy head of the Party Central Committee’s Economic Commission.

Addressing a national economic forum in Hanoi on December 5, Phong said Vietnam’s GDP would expand 7% if the SARS-CoV-2 virus did not attack the country in 2020-2021. However, the resurgence of the virus in late April 2021 hampered national economic recovery efforts and the growth rate for 2021 is projected at around 2.5%.

To minimize losses, he suggested Vietnam quickly find measures to restore the momentum of its economic growth.

VND445 trillion relief package for economic recovery proposed

A group of leading experts have recommended that Vietnam need approximately VND445 trillion or 5.48% of its 2021 GDP for its relief package to revitalize its economy from the COVID-19 impact in 2022-2023.

The proposal was put forward by the experts at a national economic forum to seek solutions to post pandemic economic recovery and sustainable development held in Hanoi on December 5.

The prolonged COVID-19 outbreak has taken its heavy toll on the national economy, and without a special relief package Vietnam will lose out and be left behind, warned experts.

Vietnamese car market bustling at year-end

The prolonged Covid-19 epidemic makes customers hesitate when buying a car. However, other customers foresaw the registration fee reduction as well as the year-end discount program, so they came to deposit to buy a car.

A 50 percent reduction in registration fees and a discount on car prices by dealers to stimulate consumer demand and to clear out their inventory of “last year's model”, foreseeable auto sales will certainly hike in the peak shopping season before the Lunar New Year.

According to VAMA's ffigure recently, VAMA’s 17 member units have sold 29,797 vehicles in October, an increase of 120 percent compared to the previous month. Of 29,797 vehicles, approximately 19,865 passenger cars, 9,492 commercial vehicles and 404 specialized vehicles have been sold, up by 138 percent, by 94 percent, and 45 percent respectively compared to the previous month.

Construction of first floating commercial center in Vietnam kicked off

Works on the first floating commercial center in Vietnam has kicked off at the Ecopark urban area in Hung Yen province. Once completed, the floating mega trade center is expected to attract nearly five million visitors per year.

The project includes three commercial towers on water and a shopping mall on land, interconnected by foot bridges designed in the Venetian style. 

It covers tens of thousands of square meters and is expected to draw more than 100 fashion brands, food and entertainment centers. The project is invested by Ecopark Group with an investment of US$132 million. 

Compiled and translated by Hoang Viet

VIETNAM BUSINESS NEWS DECEMBER 4

VIETNAM BUSINESS NEWS DECEMBER 4

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