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The firms intended to add 8,079 flights to their plans in the period, equivalent to 32% of the total, lifting the total 33,691 flights.
CAAV said the daily average number of flights will increased to 1,087 from 826.
The routes that will see more flights include Ho Chi Minh City to Hanoi, Da Nang, Dong Hoi, Vinh, Thanh Hoa, Chu Lai, Hai Phong, Qui Nhon, Hue and vice versa, it added.
As many as 1,901 flights are expected to be operated on the HCM City – Hanoi route during the holiday, up 22%. Meanwhile, about 1,618 flights will be conducted on the Hai Phong – HCM City route, up 54%.
Notably, the number of flights on HCM City – Chu Lai and Hue – HCM City routes is expected to surge 131% and 122% to 1,208 and 1,867, respectively.
Market likely to continue under sell-off pressure
The Vietnamese stock market experienced a choppy week, with the VN-Index falling to below 1,000 points before bouncing back to 1,027.36. Analysts believed that besides strong selling pressure and increased mortgage settlement during the downtrend, investors were also negatively affected by the movements in interest rates, exchange rates, and bond markets.
On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index closed the week at 1027.36 points. The index hit the bottom at 962.5 points last Tuesday, a dip of 37.35 per cent compared to the peak of this year at 1,536.24 points. The loss was even worse than the fall caused by the COVID-19 pandemic at the beginning of 2020.
However, bottom-fishing demand in the following two sessions increased as the market's sentiment was lifted after news that the State Bank of Viet Nam had officially raised the operating interest rate by 100 basis points, and authorities and businesses denied all failed rumours.
The HNX-Index on the Ha Noi Stock Exchange (HNX) finished the week at 213.7 points.
For the week, the VN-Index gained 0.7 per cent, while the HNX-Index lost 1.7 per cent.
Liquidity improved slightly, up 8.2 per cent compared to the previous week, with the total trading value on all three exchanges reaching over VND12.64 trillion per session (US$509 million).
Hiking deposit interest rates helps ensure capital mobilisation for economy
Increasing deposit interest rates is in line with the general trend, ensuring liquidity safety and capital mobilisation for the economy, Deputy Governor of the State Bank of Vietnam (SBV) Pham Thanh Ha has said.
At the Government’s regular press conference in Hanoi on October 29, the official affirmed that the central bank always directs credit institutions to concentrate capital for prioritised entities and business organisations that have great contributions to the national economic growth.
The State Bank is concentrating on directing and ensuring credit growth in accordance with the macro-economy and the ability to access capital of the economy as well as businesses, he noted.
Early this year, the central bank set a creadit growth target of 14%, higher than the levels of 2020 and 2021. As of October 25, the growth has expanded by 11.5% compared to the same period last year.
The recent adjustment of interest rates by the SBV aims to ensure that credit institutions have the ability to mobilise additional capital to ensure liquidity safety, and provide capital for the economy, he noted.
According to the official, many countries around the world also continue to raise interest rates for two reasons - fighting domestic inflation and supporting the devaluation of local currencies against the USD.
The most important issue is controlling inflation, contributing to stabilising the macro economy and ensuring liquidity of credit institutions as well as of the whole economy, he stressed.
Macroeconomic stability helps push stock market development
Macroeconomic stability will be a good foundation for developing the stock market, Deputy Minister of Finance Nguyen Duc Chi said at the Government’s regular press conference on October 29 in Hanoi.
About the reasons behind the plunge of the stock market in the recent past, Chi said the global stock market also fell sharply due to the impact of high inflation, changes in monetary and fiscal policies in many countries across the world, and this situation also has a direct impact on Vietnam's stock market.
He added that adjustments to the monetary policy, interest rate hikes and strict management of the credit room have affected the cash flows.
The official said the stock market will operate stably, safely and transparently if businesses and market members strictly implement information disclosure.
Violations will be strictly handled according to the provisions of law, while attention will be paid to strengthening inspection to monitor the market, listed companies, securities companies, fund management bussiness and investors.
In the long term, the Ministry of Finance has planned to review the Law on Securities, while promote the restructuring of the stock market to ensure the capacity of securities and fund management companies, he went on.
SMEs participating in digital transformation grow rapidly
The Small and Medium Enterprises Support Programme for Digital Transformation (SMEdx) of the Ministry of Information and Communications has reached about 490,000 SMEs by the end of last month, accounting for 61 per cent of the total number of enterprises nationwide, achieving an average growth rate of 20 per cent per month.
More than 62,000 SMEs choose to use the platform in the SMEdx programme, an average increase of 15 per cent monthly.
After the COVID pandemic, most businesses, including SMEs, are aware that digital transformation is an irreversible trend for businesses to adapt and overcome the difficulties of the pandemic.
Therefore, the number of SMEs accessing the SMEdx platform has increased sharply, from 190,000 enterprises in April to more than 490,000 enterprises last month, a growth of 250 per cent.
Among the nine excellent foundation groups of the SMEdx programme, the enterprise governance platform is the most used by enterprises (39.8 per cent), followed by human resources and organisation (17 per cent), tourism and hotel platforms (16 per cent), technology infrastructure platform (14 per cent), and financial accounting platform (10 per cent).
To support SMEs in implementing effective digital transformation, the SMEdx programme is committed to providing three to six months free of charge to SMEs with less than 50 people.
Hai Phong to reduce seaport infrastructure fees for watercraft
The northern port city of Hai Phong will consider reducing seaport infrastructure fees for watercraft by 50 per cent at the upcoming city council meeting.
According to the draft amending Resolution No 148/2016/NQ-HDND dated December 13, 2016 of the People's Council of Hai Phong City on seaport infrastructure fees, the fee for imported and exported goods entering and leaving by inland waterway transport in the city will be cut by 50 per cent.
The draft will be considered and approved by the city’s People's Council at the upcoming ninth session of the 16th term, taking effect from January 1 next year. The City People's Committee is to direct related departments, branches and agencies and units in the implementation of the resolution.
According to the Viet Nam Inland Waterways Administration, associations and businesses, there are currently two localities nationwide that collect seaport infrastructure fees for goods imported, exported and transited through seaports.
Hai Phong applied them from 2017, and HCM City applied them from April 1 this year. Businesses and associations have repeatedly suggested that the collection of seaport infrastructure fees for goods transported by inland waterways was unreasonable and not to the right subjects. At the same time, it increases the burden on businesses, and creates a situation of "charges on top of fees", reducing the competitiveness of water transport enterprises.
Ten-month CPI increases 2.89% year on year
The consumer price index (CPI) posted year-on-year growth of 2.89 per cent in the first ten months of 2022 while core inflation rose 2.14 per cent, the General Statistics Office (GSO) revealed on October 29.
A contributor to the CPI hike was higher petrol prices, which went up 36.01 per cent during the period, while gas prices fluctuated in line with changes in the global markets, up 15.35 per cent from a year earlier.
As the COVID-19 pandemic was brought under control, demand for restaurant services has bounced back, leading to a 4.6 per cent rise in eating-out prices in the ten months. Prices of housing and construction materials also became more expensive, up 2.44 per cent year on year.
While domestic rice prices increased in line with export prices, up 1.16 per cent, foodstuff prices also grew slightly, by 0.95 per cent from the same period last year.
In contrast, prices of educational services fell 0.61 per cent during the January-October period since some localities reduced or exempted school fees for the 2021-2022 academic year in response to the COVID-19 pandemic’s impacts. Postal and telecommunications services witnessed a year-on-year decline of 0.4 per cent in prices.
The 10-month core inflation went up 2.14 per cent from a year earlier, lower than the CPI growth (2.89 per cent), showing that changes in consumer prices were mainly driven by fluctuations in food, foodstuff, and petrol prices, the GSO noted.
Viet Nam takes lead in internet economy in SEA: report
Viet Nam takes the lead and is set to post a 31 per cent growth in gross merchandise value (GMV) from US$23 billion in 2022 to $49 billion in 2025, according to the "e-Conomy SEA 2022" report released by Google, Temasek and Bain & Company on Thursday.
The report said Southeast Asia’s top digital economies grew faster than expected in 2022 and are set to reach $200 billion in the total value of transactions made this year.
The six major economies covered in the report, namely Indonesia, Malaysia, the Philippines, Singapore, Thailand and Viet Nam, will achieve the milestone of $200 billion by 2022 which is three years earlier than scheduled.
More SMEs participating in digital transformation after pandemic
The Small and Medium Enterprises Support Programme for Digital Transformation (SMEdx) of the Ministry of Information and Communications has reached about 490,000 SMEs by the end of last month, accounting for 61% of the total number of enterprises nationwide, achieving an average growth rate of 20% per month.
More than 62,000 SMEs choose to use the platform in the SMEdx programme, an average increase of 15% monthly.
After the COVID pandemic, most businesses, including SMEs, are aware that digital transformation is an irreversible trend for businesses to adapt and overcome the difficulties of the pandemic.
Therefore, the number of SMEs accessing the SMEdx platform has increased sharply, from 190,000 enterprises in April to more than 490,000 enterprises last month, a growth of 250%.
Among the nine foundation groups of the SMEdx programme, the enterprise governance platform is the most used by enterprises (39.8%), followed by human resources and organisation (17%), tourism and hotel platforms (16%), technology infrastructure platform (14%), and financial accounting platform (10%).
To support SMEs in implementing effective digital transformation, the SMEdx programme is committed to providing three to six months free of charge to SMEs with less than 50 people.
The first Cleanfact 2022 to take place next month
The international exhibition “Cleanroom and high-tech factory solutions” (CLEANFACT 2022) will be held on November 11 in VSIP Urban and Service Industrial Park in the northern province of Bac Ninh. This is the first and only event in Viet Nam connecting the high-tech industry ecosystem.
With a size of up to 3000sq.m, more than 100 kiosks will be occupied by a variety of companies, including Bluescope, Sunwizz, Techmaster, BigaPanel, CBRE, VSIP, DEEP C, Core5, Sotaville, and BCE Vietnam.
High-tech goods, services, and solutions will be displayed by companies. Solutions for high-tech factories, new material solutions, energy-saving solutions, high-tech factory auxiliary systems, machinery, production lines for high-tech factories, and many other items and fields will be on display.
A series of seminars along the exhibition which aim to create maximum value for customers who are interested in investing and building factories will also be held. At the same time, it would contribute to promote the development of the high-tech manufacturing industry in Viet Nam.
The seminar "Industrial Investment Trends and Solutions for Designing, Constructing, and Operating Modern Factories" will provide investors with an understanding of regulating, assuring quality, cost-optimising, and a straightforward building process.
The seminar "Cleanroom Technology Trends" will address industry possibilities and problems, as well as trending clean room strategies and demonstrating innovative technology.
Craft fair promoting OCOP products to take place in November
The 18th OCOP Viet Nam Craft Village and Products Fair will be held at the Economic Transaction and Commercial Area, No 489 Hoang Quoc Viet St., Cau Giay Distrcit in Ha Noi from November 2 to 6.
Featuring 150 booths, the fair will showcase agricultural, forestry and aquatic products that meet three-star ratings and above from cities and provinces nationwide such as Dien Bien rice, Hai Duong green bean cake, and Tan Cuong tea.
Handicrafts will also be displayed at the fair including Nha Xa silk from Ha Noi’s Thanh Tri District, and Bo Bat pottery from Ninh Binh Province.
Vietnam targets over 5 billion USD in fruit export turnover by 2025
Vietnam’s fruit export turnover is expected to top 5 billion USD by 2025 and about 6.5 billion USD by 2030.
According to a plan to develop key fruit trees until 2025 and 2030 approved recently by the Ministry of Agriculture and Rural Development (MARD), Vietnam will concentrate on developing 14 key fruit trees, including dragon fruit, mango, banana, litchi, longan, orange, grapefruit, pineapple, rambutan, durian, jackfruit, passion fruit, avocado, and custard apple.
The area of these fruit trees is planned to reach 960,000 ha by 2025 and 1 million ha by 2030, producing about 11 - 12 million tonnes and 13-14 million tonnes of products, respectively.
MARD set to expand the total planting area of fruit trees nationwide to 1.2 million by 2025 and 1.3 million by in 2030, with respective yields of 14 million tonnes and 16 million tonnes.
HCMC proposes to reduce US$24mln ODA capital
The Ho Chi Minh City People’s Committee has just sent a dispatch to the Ministry of Planning and Investment and the Ministry of Finance to propose the adjustment of the public investment plan 2022 from the official development assistance (ODA) fund allocated from the Central for two projects with a total capital reduction of VND600 billion (US$24 million).
Accordingly, the second phase of Ho Chi Minh City Environmental Sanitation Project was proposed to reduce VND550 billion (US$22 million) with a capital plan for 2022 after adjustment being VND250 billion (US$10 million); the technical assistance project on green transport development in Ho Chi Minh City funded by the Swiss State Secretariat for Economic Affairs (SECO) was adjusted to reduce VND50 billion (US$2 million) with its capital plan 2022 following reduction being zero dong.
According to the People’s Committee of Ho Chi Minh City, the reason leading to the adjustment was due to difficulties in construction and payment procedures, causing disbursement failure of allocated ODA funds.
Besides, HCMC has approved adjusting and prolonging the SECO project to the end of 2023. After that, World Bank sent an official letter to the Ministry of Finance to announce the credit extension halt for this project.
Hanoi lures 1.28 billion USD of FDI in 10 months
Hanoi attracted 1.28 billion USD in foreign direct investment (FDI) in the first 10 months of this year, a rise of 27% year on year, reported the city Department of Planning and Investment.
In the January-October period, the capital city saw 283 new projects with a combined capital of 181.1 million USD. At the same time, 753 million USD was added into 163 operating ones, while 521.9 million USD was invested in capital contribution and share purchase deals.
The figures pushed the number of new companies in Hanoi so far this year to 24,900, a year-on-year increase of 29%, with a total capital of 283 trillion VND. The number of dissolved companies rose 19% to 3,000, while 8,900 firms operated again, up 2.4%.
Garment makers likely to hit export target amid challenges
Despite suffering a fall in export orders coupled with the appreciation of the US dollar, the local garment and textile industry is anticpated to meet an export target of between US$43 - 44 billion this year, according to industry insiders.
Truong Van Cam, vice chairman of Vietnam Textile and Apparel Association, said in September alone, garment and textile exports declined 11.7% month on month to 11.7% to US$4 billion, with several major consumers such as the United States and the European Union experiencing a sharp fall of 3% and 3.2%.
The industry is likely to encounter difficulties moving into the fourth quarter of the year and into the first quarter of next year, particularly as several businesses are lacking export orders or are struggling to find new outlets, said Cam.
According to statsitics compiled by SSi Research, the number of export orders of domestic garment makers in the fourth quarter of the year stood between 25% and 50%, a figure lower than compared to the second quarter of the year.
Some enterprises have since begun to receive orders for the first quarter of 2023, although the number of orders received still remains far from operating capacity, as consumers overseas have tightened their belt, forcing importers to reduce order numbers.
Experts pointed out that this fall can largely be attributed to high inflation occurring in some major markets such as the US and the EU, along with the ongoing Russia-Ukraine conflict, high inventories as a result of the prolonged impact of the COVID-19 pandemic, and exchange rate fluctuations.
Most notably, the Vietnamese textile and garment industry is currently importing a large proportion of raw materials, especially fabric, for production, said Pham Xuan Hong, chairman of Ho Chi Minh City Textile, Embroidery and Knitting Association.
Industrial production index up 9% in 10 months
Vietnam’s index of industrial production (IIP) went up 9% in the first 10 months of this year, the Ministry of Planning and Investment (MPI) reported.
MPI Minister Nguyen Chi Dung said improvements have been seen in production and businesses over the past time, with the IIP in October alone rising 6.3% year-on-year.
Trade and services, especially the domestic demand, continued their recovery trends.
In the month, the number of newly-established firms also increased 58.3% as compared with the same period last year.
Between January and October, the number of new firms and those resuming their operations reached nearly 178,500, up 38.3% year-on-year and 1.3 times that of those leaving the market.
Exports over 10-month period record surge of 169%
Vietnam’s total export turnover during the past 10 months of the year saw a surge of roughly 169% to reach US$30.27 billion on-year, according to the latest data released on October 29 by the General Statistics Office.
An average of approximately 17,800 firms are newly established and return to operation every month, while the foreign direct investment (FDI) disbursement in the country stood at its highest over the past five years, with the nation posting trade surplus of US$9.4 billion during the reviewed period.
Total retail sales of consumer goods and services during the reviewed period stood at an estimated VND4.64 trillion, while import turnover stood at more than US$303 billion, up more than 12% on-year.
The United States therefore remains the largest Vietnamese largest export market, while China makes up the country’s largest consumer of local goods.
Moreover, the consumer price index (CPI) in October edged up 0.15% over the previous month and 4.3% on-year, thereby causing the 10-month CPI to increase by 2.89% compared to the same period from last year.
Elsewhere, core inflation rose by 2.14%, thereby reflecting fluctuations in consumer prices which are primarily driven by food and petrol prices.
Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes
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