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The office explained that the hike was attributed to the growing consumption demand as Tet (Lunar New Year), the biggest and longest festival in the Southeast Asian nation, fell in the month.
Of the total, the retail sales of goods were 435.4 trillion VND, a year-on-year rise of 18.1%, with the biggest increase seen in garments (27%).
The revenue from lodging and catering services reached 56 trillion VND, representing a year-on-year rise 37.3%. Notably, tourism raked in 2.2 trillion VND, a surge of up to 113.4% from the corresponding time last year, with the highest increases recorded in such localities as Hai Phong (541.5%), Da Nang (387.1%), Tien Giang (380.2%), Lao Cai (196.3%), Hanoi (113.8%) and Ho Chi Minh City (98.7%).
The revenue from other services was valued at 51.2 trillion VND, up 16.8% year-on-year.
The GSO said the purchasing power during the holiday rose about 8-10% against other months and was equivalent to the same period last year, with the strongest growth seen in food, foodstuff and essential goods.
Hoang Anh Duong, Deputy General Director of the Market Surveillance Agency under the Ministry of Industry and Trade, said market management forces have intensified inspections and supervisions, especially on e-commerce platforms and social networks, while coordinating with other competent agencies in controlling the quality of oil and gas products.
More realty businesses established, resume operations in 2022
The number of newly-established enterprises and businesses resuming operations in the real estate market saw a remarkable rise last year, said the Ministry of Construction.
As per statistics from the Ministry of Planning and Investment’s Business Registration Management Agency, there were 8,593 new enterprises and 2,081 businesses resuming operations in 2022, up 13.7% and 56.7% year-on-year.
Meanwhile, the number of firms declaring bankruptcy or dissolution also grew by 38.7% against 2021.
The Ministry of Construction said 2022 still saw many challenges facing realty firms and forcing them to change their business and management plans. The changes included debt restructuring, scaling down production and investment, streamlining apparatus, and suspending new projects, among others.
In the face of complicated economic developments, from the middle of the third quarter to the end of last year, the operations of real estate exchanges also showed signs of difficulties. Less transactions were conducted compared to the beginning of the year, leading to a decrease in the scale of the trading floors, whose number is now more than 1,100.
According to the Foreign Investment Agency under the Ministry of Planning and Investment, 103 transactions of capital contribution and share purchase were recorded in the sector in the year as of December 20, with their accumulative value reaching some 1.6 billion USD.
Vietnam imports 6,300 autos in first half of January
Vietnam’s automobile imports totaled 6,306 units between January 1 and 15, with a total value of US$161 million, according to the General Department of Vietnam Customs.
Vehicles with nine or fewer seats accounted for 91.6% of the total in value and 85.1% in volume.
The rest included bigger passenger vehicles and other special-use vehicles, totaling US$146,674 and US$9.7 million, respectively.
In the first half of this month, Vietnam also spent more than US$174 million on auto parts and still managed to have a trade surplus of US$146 million from the items.
The country saw its vehicle import volume in 2022 soaring to an all-time high of over 173,460 units costing US$3.8 billion.
Auto imports are forecast to fall this year, given the substantial investments in manufacturing lines in Vietnam of automakers such as Hyundai, Toyota and BMW.
Thailand and Indonesia remain the two biggest car exporters of Vietnam, with a combined volume of over 144,000 units.
January FDI nears 1.7 billion USD
Vietnam attracted foreign direct investment (FDI) worth 1.69 billion USD as of January 20 this year, down 19.8% annually, according to the General Statistics Office (GSO).
In the month, local authorities granted licences for 153 new FDI projects worth 1.2 billion USD, up 48.5% in number and 3.1 times in value.
Among these projects, those related to wholesale, retail, and repair of automobiles and motorised vehicles accounted for the lion’s share of the total registered sum, at 54.1% or 651.9 million USD. They were followed by those in the processing and manufacturing industry, which together registered 351.2 million in capital.
Also in January, 28 foreign countries and territories invested in Vietnam. Singapore was the largest with 767.6 million USD, followed by China with 198.2 million USD.
Meanwhile, Vietnamese investors poured 126.7 million USD on their projects overseas, increasing by 3.4 times against the same month in 2022.
January’s CPI increases 0.52% due to high Tet demand
Vietnam’s consumer price index (CPI) in January edged up by 0.52 % month-on-month, fueled by high consumer demand for the Lunar New Year or Tet which fell in the same month, the General Statistics Office said on January 29.
In addition, the prices of goods, food and foodstuffs went up during the final lunar month to prepare for the longest annual holiday and domestic fuel prices rose to global levels, contributing to the rise of the index.
This month’s CPI increased by 4.89 % year-on-year, while the core inflation in January inched up 5.21%.
Among the 11 main commodity groups, nine marked a month-on-month increase in prices, and the rest registered a decline.
Transport services reported the highest rise of 1.39 %, followed by beverage and cigarette with 1.12%.
The prices of catering, other goods and services, apparel, footwear and hat, gold prices, restaurant services, cultural activities, and entertainment posted a growth of 0.82%, 0.72%, 0.62%, 0.57%, 0.46% and 0.42%, respectively.
Household equipment and appliances reported the smallest increase, at 0.36%.
Meanwhile, the prices of housing and construction materials and education fell by 0.12% and 0.15%, respectively.
Int’l tourist arrivals in Vietnam surge during Tet
Vietnam saw a surge in international tourist arrivals during the Lunar New Year (Tet) holiday from January 21 to 26, with hotel bookings by foreign guests accounting for 30-40% of the total.
Hanoi got an estimated 32,000 international guests during the period, with most of them from South Korea, Japan, Singapore, Canada and France.
Khanh Hoa saw a daily average of 15 Vietjet Air flights coming from China, with around 180-220 tourists on each flight. It also served around 1,400 visitors from Kazakhstan and South Korea. The total number of international tourists in the province reached around 11,300 during Tet.
Ninh Binh Province attracted around 29,500 foreigners, while around 10,688 international travelers came to the southern province of Ba Ria-Vung Tau.
The northern province of Lao Cai earned around VND23 billion from inbound tourism.
Saigontourist Group arranged tours for six groups of guests from Hong Kong, Taiwan, France, the U.S., Germany and Switzerland.
There were around nine million domestic tourists during Tet nationwide, up over 47.5% over the same period last year, according to the Vietnam National Administration of Tourism.
However, the number of domestic tourists using accommodation services was estimated at around two million, down 37.5% versus the year-ago period. As a result, total revenue from domestic tourism stood at VND17.5 trillion, down 30%.
SBV seen buying up to US$12 billion in 2023
KB Securities Vietnam Joint Stock Company (KBSV) has forecast that the State Bank of Vietnam (SBV) might buy US$10-12 billion this year to shore up the country’s foreign reserves.
The SBV, the nation’s central bank, bought around US$2 billion on January 11 and 13 when the dollar-dong exchange rate was VND23,450 per dollar.
A new KBSV report said that the dollar-dong exchange rate would rise to VND24,380 per dollar in the first quarter of 2023 as the U.S. Federal Reserve (Fed) will end its interest rate hikes at the end of the first quarter this year.
The ample supply of foreign currency makes it possible for the SBV to step up dollar buying to increase foreign reserves.
Foreign investment capital (FDI) started to recover from the end of November last year, indicating FDI flows would grow in the future.
Rising remittances from abroad to Vietnam will help stabilize the nation’s foreign currency supply, according to the HCMC branch of the SBV.
Hau Giang approves VND550b aquatic feed production project
The Hau Giang management board of industrial parks presented an investment certificate to the Sunjin aquatic feed production plant project worth over VND550 billion, or US$23.6 million, on January 27.
The facility will use advanced technology in production and have a capacity of 126,000 tons per year. When put into service, the project will fetch over US$161 million in revenue and generate an export value of US$40 million annually.
The plant, whose investor is Sunjin Vina Company, will cover 2.6 hectares of land in the Tan Phu Thanh industrial park in Chau Thanh A District, the local media reported.
This was a great start to the new year for investment, Tran Ngoc Hung, head of the management board, said, adding that the board would support the investor to put the facility into operation as soon as possible.
Sunjin Vina will work with the Hau Giang management board of industrial parks to complete relevant procedures to start work on the project on schedule to put the facility’s first phase into operation in May next year, said a representative of Sunjin Vina.
PM launches lunar new year operations of Tan Cang-Cat Lai port
Prime Minister Pham Minh Chinh on January 29 attended a ceremony to give the order to handle the first cargo in the Year of the Cat at Tan Cang-Cat Lai port in Ho Chi Minh City.
Over the past 34 years, the port, run by the Saigon New Port Corporation under the Vietnam People's Navy, has developed from an old military port into a successful trademark both domestically and internationally in terms of maritime economy.
The corporation is operating eight container ports, including the three largest and most modern ones in Vietnam, accounting for 55% of the domestic market share. The Tan Cang-Cat Lai is among 20 container port clusters with highest production in the world.
Last year, despite many difficulties, the corporation posted a rise of 5.4% in revenue and 16.2% in profit, while paying over 1.9 trillion VND (80.96 million USD) to the State budget.
Addressing the event, PM Chinh expressed delight at the operational efficiency of the port and its significant contributions to national socio-economic development as well as national defence. He highlighted the role of Tan Cang-Cat Lai port, the largest seaport of Vietnam, which contributes about 18% to HCM City’s total budget collection.
The PM underlined the need to develop modern and efficient transport and logistics sectors, meeting the import-export demands of businesses and reducing cost, thus enhancing the competitiveness of Vietnamese goods.
The Government leader asked the Saigon New Port Corporation to continue to promote its tradition and its key role in deep-water seaport development in the country, maintaining its position as the pioneer in implementing the Vietnamese maritime economic development strategy until 2030 with a vision to 2045. He pledged that the Government, ministries and sectors will always accompany with and support the firm and the whole Vietnamese business community in general.
Also on January 29, PM Chinh inspected the construction of the Belt Road No.3 in HCM City. The project has a total length of 76km, passing HCM City, Binh Duong, Dong Nai and Long An provinces. It has a total investment of about 75.37 trillion VND (3.21 billion USD), sourced from the central and local budget. Construction work on the route started in 2023 and is expected to complete in 2026.
PM Chinh examined some construction sites of the project and visited the resettlement area for locals who had to relocate to give land for the road at Long Binh-Long Thanh My ward of Thu Duc city.
He asked HCM City and Thu Duc city to promptly complete procedures to provide land for resettled residents, and speed up the construction of the infrastructure system of resettlement area. He requested the city to accelerate ground clearance and ensure that the project is basically completed and opened for traffic in June 2025.
Hai Phong moves to boost tourism development
The tourism sector of the northern port city of Hai Phong will focus on developing sports and yacht tourism towards attracting more holiday-makers with high spending power, according to the municipal Department of Tourism.
The department said it will continue to coordinate with relevant agencies to better the quality of food tour products in connection with sustainably developing city tours, aiming to fully tap the city’s culture, cuisine and architectural values.
According to Chairman of the municipal People’s Committee Nguyen Van Tung, the locality will further invest in developing tourism infrastructure, especially international tourism projects, while strengthening tourism promotion activities in the Republic of Korea (RoK) and effectively exploiting the air route from Hai Phong to Busan of the RoK.
With 367 islands, many beautiful beaches, and a diverse and rich ecosystem, Cat Ba archipelago in Cat Hai district, is an attractive destination to both domestic and foreign tourists all year round. Cat Ba welcomed 10,900 tourists during the Lunar New Year (Tet) holiday (January 20 – 26), up 72.9% year-on-year.
Meanwhile, Do Son district attracted 320,000 visitors during the holiday.
Hai Phong aims to serve 7.5 million visitors in 2023, including 3 million to Cat Ba and 2.5 million to Do Son.
Hanoi’s January CPI moderately increases
Hanoi’s consumer price index (CPI) in January inched up by only 0.35% month-on-month and 3.09% year-on-year, the municipal Statistics Office has reported.
Among the 11 commodity groups, nine saw month-on-month increases, with the highest recorded in transport services (1.14%) as a result of hikes in oil and gas prices in the month, followed by beverages and tobacco (1.01%).
Restaurant and catering services edged up by 0.93%, and the group of cultural, entertainment and tourism activities increased by 0.57%.
The slight increases were seen in other groups like garments, footwear and headwear with 0.22%; household utensils, 0.21%; education equipment, 0.03%; medicines and medical services, 0.02%; and goods and other services, 0.57%.
Meanwhile, prices of housing, electricity, water, fuel and construction materials, and postal and telecom services slightly dropped by 0.69% and 0.01%, respectively.
Gold prices rose 0.65% month-on-month and 1.96% year-on-year, while the US dollar price was down 2.24% from December and up 3.4% against the same period last year.
According to the office, the capital city welcomed some 374,000 tourists in January, up 3% from the previous month and 3.5 times higher than the figure recorded in the corresponding time last year.
Of the holidaymakers, around 245,000 were foreigners, a 16-fold rise year-on-year, mainly from the Republic of Korea (RoK), Japan, the US, China, the UK, Singapore, France, Germany, Thailand, and Malaysia.
HCMC records 1.8 million bus commuters during Tet
The subsidized bus routes in HCMC received nearly 1.8 million passengers from January 12 to 25 (the 21st of the 12th lunar month to the 4th day of the lunar new year), up 98% over the same period last year.
The HCMC Management Center Of Public Transport added more commuter bus trips on certain routes during the Lunar New Year (Tet) holiday, especially at the Tan Son Nhat International Airport and the new Mien Dong Coach station, resulting in a surge in bus commuters.
At the new Mien Dong Coach station, bus lines No. 93, 56, 150, 55, and 76 operate 404 trips per day, serving an average of 10,000 bus commuters a day.
Bus lines around the Tan Son Nhat airport handle around 2,000 passengers a day, of which the number of guests arriving and leaving the airport reached about 600 passengers a day.
Particularly, bus line No.109, running from the Saigon Bus Station to Tan Son Nhat, operated 24 hours per day with an additional 20 bus trips per day during Tet.
The subsidized bus lines of No. 103 (Cho Lon Bus Station – Tan Son Nhat airport – Nga Tu Ga Station) and No. 152 (Trung Son – Ben Thanh – Tan Son Nhat Airport) operated 120 bus trips per day.
Meanwhile, the non-subsidized bus line No. 72-1 (Tan Son Nhat airport – Vung Tau) operated with a frequency of 12 bus trips per day.
Four gas stations in HCMC await dissolution
Four gas stations in HCMC have halted their operations pending dissolution, according to the HCMC Market Surveillance Department.
Among them are a gas station on Phan Van Tri Street in Go Vap District, a Hoang Phong gas station in District 7, a filling station in Binh Thanh District and a Truong Thieu Sinh Quan petrol station in Cu Chi District.
The gas station in Go Vap District suspended operations, citing repairs last year. The HCMC Department of Industry and Trade approved its request for repairs from October 5 to 20 last year. However, the owner of the station wrote to the department seeking approval to allow it to extend the duration to November 15.
A market surveillance team of the HCMC Market Surveillance Department on December 18, 2022, inspected the gas station and found it was conducting dissolution procedures.
Meanwhile, the Hoang Phong petrol station in District 7 is halting its operation with the permission of the HCMC Department of Planning and Investment, the local media reported.
As for the gas station in Binh Thanh District, it suspended its operation but failed to notify any competent agency. As such, the HCMC Market Surveillance Department imposed a sanction on the gas station on October 28 last year.
The station on November 8 wrote to the HCMC Department of Industry and Trade asking for a suspension to repair the station. On December 15, a representative of the gas station said that the station was conducting dissolution procedures.
Moreover, the petrol station in Cu Chi District halted its operation on January 25 this year. The station will stop its business activities after dissolution procedures are completed.
Int’l tourist arrivals in Vietnam surge during Tet
Vietnam saw a surge in international tourist arrivals during the Lunar New Year (Tet) holiday from January 21 to 26, with hotel bookings by foreign guests accounting for 30-40% of the total.
Hanoi got an estimated 32,000 international guests during the period, with most of them from South Korea, Japan, Singapore, Canada and France.
Khanh Hoa saw a daily average of 15 Vietjet Air flights coming from China, with around 180-220 tourists on each flight. It also served around 1,400 visitors from Kazakhstan and South Korea. The total number of international tourists in the province reached around 11,300 during Tet.
Ninh Binh Province attracted around 29,500 foreigners, while around 10,688 international travelers came to the southern province of Ba Ria-Vung Tau.
The northern province of Lao Cai earned around VND23 billion from inbound tourism.
Saigontourist Group arranged tours for six groups of guests from Hong Kong, Taiwan, France, the U.S., Germany and Switzerland.
There were around nine million domestic tourists during Tet nationwide, up over 47.5% over the same period last year, according to the Vietnam National Administration of Tourism.
However, the number of domestic tourists using accommodation services was estimated at around two million, down 37.5% versus the year-ago period. As a result, total revenue from domestic tourism stood at VND17.5 trillion, down 30%.
Work starts on road project in Thanh Hoa
The northern province of Thanh Hoa this morning, January 27, broke ground on a 14.6-kilometer road connecting two national highways, 1 and 45.
The VND1.4-trillion road project will connect Hoang Kim Commune in Hoang Hoa District and Thieu Long Commune in Thieu Hoa District. The road will have a designed speed limit of 80 kilometers per hour.
The project comprises a two-kilometer bridge spanning the Ma River and two access roads. The project is slated for completion in December next year, the local media reported.
The project will pave the way for the establishment of industrial parks in the region and shorten the time needed for vehicles to travel among districts in the western part of the province.
As this large-scale road project requires much land, the authorities of the localities through which the road will pass, the project management board and the relevant agencies have had to team up to facilitate site clearance and resettlement, Mai Xuan Liem, vice chairman of the Thanh Hoa People’s Committee, said at the groundbreaking ceremony.
Book Street Festival in HCMC reports Tet sales of over VND6 billion
The Book Street Festival 2023 lured over 585,000 visitors and buyers, with total book sales reaching over VND6 billion.
Under the theme “HCMC – Spring of Happiness, Spring of Prosperity”, the event was held from January 19 to 26 (the 28th of the 12th lunar month to the 6th of the lunar new year), with over 41,285 books sold during the Tet holiday.
The bestsellers comprised How to Win Friends and Influence People by Dale Carnegie, My Sweet Orange Tree by José Mauro de Vasconcelos (Vietnamese versions), Vo Van Kiet – Tram Nam Mot Chu Dan and Muon Kiep Nhan Sinh by John Vu.
Fahasa, Phuong Nam Book and the HCMC General Publishing House attracted huge numbers of book buyers and visitors.
The Book Street Festival 2023 was organized on Le Loi Boulevard, the section from Nguyen Hue Boulevard to the Quach Thi Trang Roundabout in District 1.
This is the largest ever book festival in Vietnam, with the participation of over 20 publishers and organizations.
It featured some 38 stalls with around 50,000 book titles and nearly 100,000 books and introduced limited-edition books with precious materials for the first time at the “Vietnamese Book Art” exhibition.
The highlight of the book festival was the exhibition space with the Ho Chi Minh Cultural Space, the 135th birthday of former President Ton Duc Thang and the 325th anniversary of Saigon-Cho Lon-Gia Dinh-HCMC.
Dung Quat refinery operates at 110% capacity during Tet
Binh Son Refining and Petrochemical Joint Stock Company (BSR), the operator of Dung Quat Oil Refinery in the central coastal province of Quang Ngai, has kept the refinery running at 110% capacity over the Lunar New Year holiday, or Tet.
BSR, a PetroVietnam subsidiary, produces 590,00 tons of petroleum products to meet the rising local demand in January.
The firm has deployed staff on duty throughout to increase the facility’s output by 1.5 times.
BSR recently imported two shipments of crude oil totaling 160,000 tons to maintain production.
The company’s revenue in 2022 amounted to VND167,123 billion, rising by 65% over 2021. Its net profit reached VND14,450 billion, an increase of 115% year-over-year.
Dung Quat is scheduled to undergo its fifth maintenance in the second quarter, which is expected to last about 50 days. The estimated output may drop by 1-1.2 million cubic meters.
Over 30,600 tourists visit Sapa during Tet
Sapa, a tourist hotspot in the northern upland province of Lao Cai, attracted 30,699 visitors and booked VND100 billion in tourism revenue during the first three days of the Lunar New Year (January 22-24).
Of the total number of tourists, 8,000 are international travelers, according to statistics released yesterday, January 25, by the tourism information and culture division of Sapa Town.
To attract visitors during the Lunar New Year holiday, or Tet, Sapa held the Sapa Spring Festival, during which the government of the mountainous town coordinated with the relevant units to organize a variety of cultural and folk activities across local hamlets to introduce traditional culture and customs of ethnic minority people to visitors.
According to operators of lodging facilities in Sapa, they did not face an overwhelming demand during the Tet holiday. They said hotel bookings reached around 40% on the second day of the lunar new year and exceeded 95% from the third to the fifth day, with most bookings for mid- and high-end facilities in the center of Sapa, Thanh Nien newspaper reported.
At community-based tourism sites, hotel bookings averaged 45% during the holiday, with Ta Van and Muong Hoa communes receiving most bookings. From January 24 to 29, or from the third to the eighth day of the lunar new year, these locations recorded hotel bookings at over 80%.
Market’s uptrend may slow down in the near future
The market's uptrend in the near future may slow down and the risk of correction is increasing, brokerages have said.
The market's gaining momentum lingered in the first session of the Year of the Cat, said Viet Dragon Securities Co. However, the uptrend somewhat slowed down before the profit-taking supply, as shown by the Shooting Star candle.
On the Ho Chi Minh Stock Exchange, the VN-Index gained 0.81 per cent, to close Friday at 1,117.10 points.
On the Ha Noi Stock Exchange, the HNX-Index rose 0.40 per cent to close Friday at 220.76 points.
“Market still remained in green at the end of the session, showing that the pressure of supply is not great. It is expected that the market will temporarily step back in the next session to find a balance after the recent rise,” said Viet Dragon Securities Co.
“Therefore, investors should slow down and observe the cash flow to support the market in the near future. However, it is possible to wait for good price accumulation in stocks with an active accumulation background.
“The market's uptrend in the near future may slow down and the risk of correction is increasing.”
Saigon-Hanoi Securities Co (SHS) said the VN-Index had entered a new phase of accumulation to wait for the opportunity to create a real uptrend. The market situation, although not yet confirmed as an uptrend, will move in the recovery phase and will create many opportunities for investors including short, medium and long term.
In the short term, the current rally can push VN-Index to move toward 1,150 points. Short-term investors can disburse in the next correcting sessions, said SHS.
According to analyst Nguyen Huy Phuong from Viet Dragon Securities Joint Stock Company (VDSC), the market's uptrend continued in the first session of the Year of the Cat. However, the uptrend somewhat slowed down amid profit-taking. It is expected that the market will temporarily step back in the next session to find a balance after the recent uptrend.
Analyst Pham Binh Phuong from Mirae Asset Securities said that the market started the new year on a positive movement, but selling pressure at high prices appeared again after a long Tet (Lunar New Year) holiday. The above movement shows that the short-term trend of VN-Index is positive. "We see that the 1,120 - 1,130 zone may witness shaking sessions," said analyst Phuong.
Regarding the transactions of foreign investors, they continued to be active net buyers last Friday.
Foreign investors net bought VND518.88 billion on HOSE, including Hoa Phat Group (HPG) with VND174.05 billion, Vingroup (VIC) with VND91.37 billion, HCM Securities Co (HCM) with VND65.11 billion. Foreign investors were net buyers on HNX with the value of VND33.43 billion.
In the next trading sessions, VN-Index is likely to continue going up to conquer the resistance level of 1,150, said BIDV Securities Co.
Industry Ministry says to safeguard local firms amid import spike
The Ministry of Industry and Trade would step up efforts to protect the interests of local producers and exporters amid an import surge, the Vietnam News Agency reported.
To mitigate the adverse effects of the sharp import growth and support domestic manufacturers, the ministry would work out policy measures for preventing the evasion of trade remedies and origin fraud.
Meanwhile, it would warn exporters about commodities that are possibly subject to trade remedy investigations. They were told to stay well-informed to avoid risks.
In 2022, 22 countries launched trade defense investigations of Vietnamese commodities such as wooden products, tra fish, shrimp, footwear and apparel, with 225 cases.
Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes
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