Swedish enterprises in Vietnam have been looking into increasing their investments, even during the recent global headwinds.
 
Despite the slowdown in 2023, Swedish companies are optimistic about Vietnam's economic outlook for the coming 12 months.

According to a business climate survey by Business Sweden and the Swedish Embassy in Vietnam, 44 per cent of the surveyed companies planned to increase their investment in the country.

There were 36 Swedish companies in Vietnam who chose to participate in this year’s survey. This does not give a complete picture, but the participating companies do represent a broad spectrum.

In the professional services area, no companies are planning to leave the market, while 56 per cent reported having expansion plans in the nation.

However, companies in the consumer segment showed the most pessimistic outlook, as only 25 per cent of them had plans to further invest in Vietnam, and 17 per cent were planning to leave the market.

In addition, 61 per cent of Swedish companies participating in the survey also reported a profitable financial year in 2022, with 27 per cent reporting break-even or losses – compared to 63 per cent and 30 per cent respectively in 2021.

Though the number of profitable firms showed a slight decrease, companies recording a loss only accounted for eight per cent in 2022, which is the smallest proportion seen in the last three years.

Medium-sized companies performed especially well during 2022, with 100 per cent reporting a profitable year, while small companies suffered the most, with 17 per cent reporting losses.

Newcomers seemed to have a successful year in 2022, as 67 per cent enjoyed profits and no firms experienced losses.

In line with the conservative forecasts for Vietnam's economy in 2023, Swedish companies expressed their concern about their business in Vietnam, with only 47 per cent expecting a higher turnover, compared to last year’s responses of 70 per cent.

At the same time, 39 per cent of Swedish companies anticipate a loss in 2023, which is triple last year’s figures. While some uncertainties remain, businesses are still hoping for better performance in the second half of the year now China has relaxed its lockdown policy.

Numerous prominent Swedish companies, such as ABB, AstraZeneca, Atlas Copco, Electrolux, Ericsson, IKEA, Oriflame, SKF, Volvo, and Tetra Pak, have all established a presence in Vietnam.

With the signing of the European Union-Vietnam Free Trade Agreement, Swedish companies are increasingly showing a keen interest in the country, considering it an important destination for their investment expansion plans.

Statistics from the Foreign Investment Agency under the Ministry of Planning and Investment show that Swedish investors poured nearly $168 million into Vietnam in the first half of 2023, including five newly registered projects worth $154.6 million.

Hanoi taxi firms struggle amid rising fuel prices

Many taxi firms in Hanoi are facing mounting losses as petrol prices have accelerated while demand falls. Photo for illustration.

Chairman of Hanoi Taxi Association, Nguyen Cong Hung, said that the number of vehicles operated by local taxi firms had fallen to just 13,000 compared to 19,000 in late 2022.

App-based taxi firms have also suffered the same problems and they have had to halve the the number of vehicles from 60,000 to 30,000 since the beginning of this year.

"Most firms are facing falling revenues by up to 30 percent,' he said.

Explaining the situation, Hung attributed to the accelerating fuel prices while taxi fees have stayed unchanged. "The rising fuel prices have been a burden on us as they make up 25 percent of taxi fees," Hung explained.

The current economic situation has also badly affected taxi firms as they have experienced falling demand.

"It seems that people are tightening their budgets and cutting down on travelling," he added.

Amid this difficult time, Hung said that they were a bit relieved when the Ministry of Planning and Investment proposed a loan interest rate cut of 2 percent for small and medium firms.

"However, we're still facing difficulties accessing loans due to various terms and conditions," he said. "We hope to more easily access bank loans to overcome these current difficulties."

Vietnam - gateway to ASEAN for Quebec businesses

The Vietnam Trade Office in Canada coordinated with the Canada-ASEAN Business Council and the institute of researching new challenges in economic globalisation (NEME) of Laval University to organise a seminar to evaluate investment potential in Vietnam and the Association of Southeast Asian Nations (ASEAN) region.

Themed "Vietnam, the door to the Indo-Pacific for Quebec businesses", the seminar has attracted the interest of many businesses and entrepreneurs in Canada's province because it is an opportunity to reassess the level of awareness and utilisation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership Agreement (CPTPP) by Canadian businesses after five years of implementation.

The seminar was also one of a series of events celebrating the 50th founding anniversary of diplomatic relations between Canada and Vietnam and the 30th anniversary of the establishment of the Trade Office in Canada.

The Indo-Pacific region is currently the second largest international export market for Quebec province and is also one of Canada's fastest growing markets in recent years.

In his opening remarks, Director General of the Indo-Pacific Region Gabriel Chartier of the Quebec Ministry of International Relations and Francophonie emphasised Quebec's special cooperative relationship with Vietnam, in which the companies of the province always have a competitive advantage thanks to their closeness in language and culture.

He also said that the Quebec Government always gives priority to Vietnam and considers the Southeast Asian country a new intersection in the global value chain because of its potential in a number of key fields, including renewable energy.

Vietnam is currently Canada's largest trading partner in the ASEAN region and a leading destination for Canadian goods exported to ASEAN, therefore, Vietnam is considered to be a gateway for Canadian companies that want to develop in this region.

ASEAN is considered the fastest growing economic region in the world and will be the world's consumption centre by 2030 thanks to its market size. The bloc is currently the 5th largest economy in the world and is emerging as a new global hub for trade, exchange and innovation.

At the seminar, speakers, who are NEME experts, presented Canada's Indo-Pacific Strategy, which focused on analysing implementation directions to improve the economic links of Canada and Quebec province with this area. They said that scrutinising the overall landscape of economic integration and free trade in the Indo-Pacific has helped businesses form an overall assessment of trade cooperation mechanisms in the region, which can have an effect on their business strategies.

Vietnam promotes fruit export to Italy

Vietnam holds huge potential to bolster exports of its tropical fruits to Italy, heard a meeting between Vietnamese Ambassador to Italy Duong Hai Hung and President of Italy fruit association (Fruitimprese) Marco Salvi and its Director General Pietro Mauro.

Highlighting Vietnam’s fruit diversity as well as its robust economic development, Hung affirmed that as a high-quality fruit exporter, Vietnam wants to promote shipments of its staples such as dragon fruit, mangosteen, lychee, and coconut, which have been introduced at the Macfrut exhibitions in Italy in recently years, to the European country.

The diplomat expressed his hope that both sides will work together to open door for Vietnamese fruits to enter the Italian market.

For his part, Marco Salvi said as Vietnam and Italy hold agricultural strengths and boast sound political relations, this is a golden time for both sides to coordinate so as to enhance their trade ties.

Italy has imported a great volume of cashew nuts from Vietnam, while it is a large fruit exporter and importer in the world, he said, adding the country splashed out some 4.8 billion USD on purchasing fruits and vegetables from foreign countries in 2022.

The official added said that both sides should join hands to build a rational framework which helps boost fruit import-export between the two nations.

Italy is able to supply its kiwi, apple, pear, as well as advanced agricultural machines and equipment for Vietnam, he added.

Fruitimprese, established in 1949 under the name of National Union of Fruit, Vegetable and Citrus Importers and Exporters, is an independent association that represents and protects entrepreneurs in the fruit and vegetable industry in Italy. It has a large membership, including producers, importers, exporters, retailers, and trade and industrial organisations.

Vietnam, China’s Hong Kong boost economic cooperation

Vietnam always rolls out red carpet for foreign investors, including those from Hong Kong (China) to invest in the country in the spirit of “harmonising interests and sharing risks”, Minister of Planning and Investment Nguyen Chi Dung said while attending the 8th Belt and Road Summit held in Hong Kong on September 13.      

Describing the Vietnam – China cooperation within the Belt and Road Initiative (BRI) significant to bolstering regional connectivity, Dung said that his ministry and China’s National Development and Reform Commission are accelerating negotiations for the plan to connect the “Two Corridors, One Belt” initiative with the BRI.

He also underscored Vietnam’s three breakthrough strategies on institutional reform, infrastructure development, and improvement of human resources quality, adding the country is paying due heed to promoting digital transformation and green transition to achieve the target of net-zero greenhouse emissions by 2050, and become a developed nation with high income by 2045.

The minister went on to say that Hong Kong has an important role to play in connecting Vietnam with the region and many powers such as the EU and the US, especially in the fields of science-technology, innovation, finance, trade and logistics.

Meeting with Chief Executive of the Hong Kong Special Administrative Region John Lee Ka-chiu, Dung expressed his hope that Vietnam and Hong Kong will work together to develop financial hubs, while promoting innovation activities in the Southeast Asian country.

Science-technology, education-training, and labour are also potential fields for the two sides to boost cooperation, he added.

Dung said he hopes that Lee will visit Vietnam at a suitable time to study and promote investments between the two sides.

Lee, for his part, voiced his delight to see the goodwill of the two sides to enhance collaboration, pledging to create favourable conditions for businesses from the two sides to cooperate in the fields of finance and investment.

Hong Kong stands ready to invest in infrastructure development projects in Vietnam, he said, adding that his administration will consider to increase the number of scholarships for Vietnamese students under the BRI, and enhance the exchanges of excellent students.

Lee said he will arrange to visit Vietnam soon, and expects a visit to Hong Kong by Vietnamese leaders.

Dung also had working sessions with many Hong Kong businesses, including Sunwah, Swire Pacific, Jardine Matheson, Chow Tai Fook, and Messe Frankfurt. He highlighted the positive aspects of Vietnam, with a stable political environment, sound human resources, and good business climate, and welcomed Hong Kong’s investments in digital transformation, high technology, green finance, and logistics, among others.

National forum talks building of digital economy, digital society

The first national forum on the development of digital economy and digital society took place in the northern province of Nam Dinh on September 14, discussing orientations and trends to help realise the country’s relevant targets for 2030 and beyond.

In his opening speech, Minister of Information and Communications Nguyen Manh Hung said that building a digital economy and digital society was identified as a strategic focus of Vietnam in the time ahead.

Vietnam targets that by 2025, the digital economy will make up 20% of the gross domestic product (GDP), the rate of adults using smartphones reach 80%, and the rate of people aged 15 and over having payment accounts at banks or other licensed institutions increase to 80%. The respective targets for 2030 are 30%, 95%, and over 95%.

Implementing the national strategy for digital economy and digital society development, the country has fulfilled two of the 17 targets and 20 of the 114 tasks. The share of the digital economy in GDP has expanded continually, from 11.91% in 2021 to 14.29% in 2022 and nearly 15% in the first half of 2023, he reported.

Tran Tuan Anh, Politburo member and Chairman of the Party Central Committee’s Commission for Economic Affairs, said the targets set in the Government’s national strategy for digital economy and digital society development by 2025, with orientations to 2030, are big challenges amid numerous difficulties facing the digital transformation process nationwide.

The strategy outlined a vision that building a digital economy is to help enrich people so that Vietnam can surpass the lower-middle-income status by 2025, obtain the upper-middle-income status by 2030, and become a high-income country by 2045.

Meanwhile, a digital society will help people secure more happiness, take part in social activities more comprehensively, and have more favourable conditions to benefit from social security policies, thus contributing to efforts to turn Vietnam into a safe, humane, and inclusive digital country, Anh added.

At the forum, aside from a high-level session, three workshops were also held to discuss the development of innovation into an impetus for the digital economy, the development of the digital technology industry into a stepping stone for building inclusive and comprehensive digital economy and digital society, and the role of data and artificial intelligence in digital economy and digital society development.

The forum also included an exhibition where over 20 IT solution suppliers showcased technological applications for digital economy development such as digital payment, e-wallet, near field communication (NFC), digital signature, blockchain, e-commerce, digital ecosystem, and information safety solutions.

Vietnam seeks ways to expand cross-border e-commerce growth

An international workshop discussing opportunities to connect and expand markets for Vietnamese exports via cross-border e-commerce partnership with Amazon was jointly held by the Ministry of Industry and Trade (MoIT) and the People’s Committee of Ho Chi Minh City on September 14.

As part of activities within the framework of the Vietnam International Sourcing 2023, the event offered a venue for e-commerce experts and businesses to discuss and share experiences, helping Vietnamese entrepreneurs and young human resources quickly acquire knowledge and directly engage in introducing and selling Vietnamese products on global cross-border e-commerce platforms.

Addressing the event, Ta Hoang Linh, Director of the European-American Market Department under the MoIT, highlighted the increasingly important role played by cross-border e-commerce in the global market, saying that Amazon is a modern e-commerce model and one of the global leading retailers with extensive experience in connecting producers and consumers globally.

Amazon has been partnering with the MoIT since 2019 and has provided opportunities for many Vietnamese companies, especially small and medium-sized enterprises (SMEs), to introduce Vietnamese products to global consumers via its cross-border e-commerce platform, Linh said.  

Throughout the workshop, Vietnamese businesses will gain a more specialised understanding of e-commerce, and have additional opportunities to join the e-commerce market on Amazon, thus encouraging businesses to accelerate their engagement in international business activities to bring Vietnamese products and brands closer to global buyers through e-commerce, he added.

Gijae Seong, CEO of Amazon Global Selling Vietnam, acknowledged that exports have been a crucial driver of Vietnam's economy for many years, noting that this is the opportune time for Vietnam to further boost its exports by spurring digitisation and e-commerce application in export activities.

Amazon Global Selling Vietnam is working to promote and support the development of SMEs through cross-border e-commerce. It provides local businesses with the latest information and updates on online exports, product development ideas, and ways to find and connect with supplier networks to unlock opportunities and speed up business-to-customers (B2C) e-commerce exports.

According to economic experts, Vietnam is emerging as a global manufacturing and supply hub with the capacity to provide internationally standardised products at competitive prices.

A report from Access Partnership estimated that Vietnam's B2C e-commerce retail exports reached 3.5 billion USD in 2022, demonstrating the significant potential of cross-border e-commerce in export growth.

Amazon reaches global consumers in 200 countries and territories worldwide with nearly 300 fulfillment and sort centres, hundreds of millions of Amazon Robotics units, dozens of transport aircraft, along with continuously innovating services and tools that help sellers manage and optimise their businesses, according to Nguyen Hong Hanh, Senior Account Manager at Amazon Global Selling Vietnam.

According to the MoIT, Vietnam's retail e-commerce market is estimated to reach 16.4 billion USD, accounting for 7.5% of the country's total consumer goods and services revenue. With a growth rate of 20% per year, Vietnam was ranked among the top five countries with the world's top e-commerce growth by eMarketer.

Seven prohibited acts in management and investment of State capital proposed

In the amended draft of the Law on Management and Use of State Capital Invested in Production and Business in Enterprises, the Ministry of Finance (MoF) proposes seven prohibited acts in the field of management and investment of State capital in enterprises.

The MoF is proposing to develop a Law on Management and Use of State Capital Invested in Production and Business in Enterprises (amended),  Law No 69/2014/QH13.

Accordingly, seven prohibited acts in the field of management and investment of State capital in enterprises are listed below:

State capital investment in enterprises is not in accordance with the objectives, competence, scope, order and procedures prescribed by law;

Improperly interfering with functions, tasks and powers in production and business activities of enterprises;

Improperly exercising the rights and responsibilities of the capital owner's representative agency and the capital owner's representative in the management and investment of State capital in the enterprise;

Supervise, examine and inspect the investment of capital in enterprises that are not in accordance with the functions, tasks and powers prescribed by law;

Providing dishonest, inaccurate and incomplete information and reports as prescribed by law;

Disclosing and using information of enterprises, capital ownership representative agencies, State management agencies in contravention of the provisions of law;

Violating regulations causing damage to enterprises, capital owners and the State.

In addition, the amended draft law also specifies general principles on management and investment of State capital in enterprises.

The MoF said that in the recent period, a number of policies, guiding opinions and legal systems related to the management and use of State capital invested in production and business at enterprises had changed.

The process of implementing the Law on Management and Use of State Capital Invested in Production and Business at Enterprises (amended) and guiding documents, through review, had revealed a number of shortcomings and limitations, which had not promptly solved the problems in the actual production and business activities of enterprises.

Therefore, it was necessary to review and amend Law No 69/2014/QH13 to suit reality and restructure State-owned enterprises in the near future. 

SOEs should take the lead in promoting innovation, enhancing competitiveness, PM urges

Prime Minister Phạm Minh Chính urged State-owned enterprises (SOEs) to take the lead in promoting innovation, accelerating digital transformation and enhancing competitiveness towards ensuring efficient State capital use and green growth.

Chính was speaking at an online conference on Thursday to raise solutions for SOEs to promote production and business and increase investment for socio-economic development.

Stressing the important role of SOEs in ensuring macroeconomic stability and promoting socio-economic development, Chính urged efforts to remove difficulties for enterprises, including policy bottlenecks and internal problems and raise timely and effective solutions towards promoting innovation and efficiency at SOEs.

SOEs should take the lead in promoting innovation, enhancing competitiveness, accelerating digital transformation, green transformation, circular economy, sharing economy and emerging sectors, Chính said.

Chính said that the Government and SOEs need to join hands together to overcome the difficult time and increase investment to realise growth targets of 2023 and following years with the spirit of harmonising benefits and sharing risks.

The focus should be placed on improving institutions and the legal system to raise resources for development investment, he said, adding that it was critical to simplify administrative procedures, and reduce input and compliance costs for enterprises.

The restructuring of SOEs must also focus on improving labour productivity, capital efficiency and income of employees.

Chính also urged SOEs to participate actively in implementing the Government’s three strategic breakthroughs in institutions, infrastructure and human resources and major projects such as expressway system development, green transition, climate change adaptation, digital transformation, social housing development and 1-ha high-quality rice plantation in Mekong River Delta.

Dialogues with SOEs would be held every three months to remove difficulties for enterprises, he said.

Chính also urged mechanisms and policies to be raised to encourage and inspire those who dare to think, dare to do and dare to create breakthroughs for the common good.

SOEs should effectively take opportunities from free trade agreements and the diplomatic relationship with countries around the world, Chính said.

He added that human resource training for emerging sectors such as digital transformation, climate change adaptation, green growth, circular economy and sharing economy was important.

Chính asked ministries, agencies and local authorities to create the most favourable conditions for enterprises to overcome the difficulties and encourage date-to-do spirit.

The Ministry of Planning and Investment said that it was critical to continue improving institutions and the legal framework to promote the efficient use of State capital and enhance transparency in the operation of SOEs.

SOEs also needed to enhance their operation efficiency and competitiveness based on technology, innovation and international- standard governance, the ministry said.

The ministry added that Việt Nam needed to develop large-scale SOEs which were capable of competing in the international market in some sectors to play key roles in the economy, such as energy (renewable and clean energy), infrastructure, finance, telecommunications technology, semiconductor industry and core technology.

The ministry’s report showed that there were about 478 wholly State-owned SOEs and 198 SOEs in which State held controlling stakes.

Wholly State-owned SOEs accounted for around 7 per cent of the total assets of 10 per cent of the total chartered capital of the entire enterprises operating in the market, 25.78 per cent of the total capital for production and business and 23.4 per cent of the total fixed asset value.

SOEs contributed around 28 per cent to the State budget, and created 700,000 jobs, or 7.3 per cent of the total labour force of enterprises.

The report also pointed out that SOEs played a controlling role in key sectors of the economy, such as electricity with EVN, TKV and PVN accounting for around 87 per cent of the electricity supply, petroleum, where SOEs held a retail market share of 84 per cent, oil exploitation and economic infrastructure.

The total asset of SOEs was estimated at VNĐ3.8 quadrillion as of the end of 2022, representing an increase of 4 per cent against 2021.

SOEs’ revenue was estimated at VNĐ689.5 trillion in the first half of this year with a pre-tax profit of more than VNĐ67 trillion, or 63 per cent of the plan for the full year.

SOEs were expected to earn a total revenue of VNĐ1.4 quadrillion this year, a rise of 4 per cent over the plan with a pre-tax profit of VNĐ117.3 trillion, up by 9 per cent, and contributed VNĐ128.8 trillion to the State budget, up 7 per cent.

Forum discusses Viet Nam's digital roadmap

The fourth industrial revolution, which includes digital transformation, digital economic development, and the rise of a digital society and government, is a key driver for both global and national economic advancement.

Trần Tuấn Anh, a Politburo member and Chairman of the Party Central Committee's Commission for Economic Affairs, made the statement at the inaugural National Forum on Digital Economy and Society Development in Nam Định City, northern province of Nam Định, on Thursday.

The forum was co-chaired by the Ministry of Information and Communications (MIC), the Central Economic Commitee (CEC) and the People’s Committee of Nam Định Province to realise the goals and mobilise initiatives to contribute to the development roadmap of the digital economy and society in Việt Nam.

With the theme "Bringing Digital Platforms to the Household", the event aims to become an annual exchange for State management agencies, businesses, and leading industry experts focusing on digital economy and society development in Việt Nam in accordance with Resolution 52 of the Politburo.

The contribution of the digital economy to GDP was increasing, said Anh.

According to MIC estimates and reports, the proportion of the digital economy in GDP has increased from 11.91 per cent in 2021 to 14.26 per cent last year and reached about 14.96 per cent in the first six months of this year.

The e-Connomy SEA annual digital economy report researched by Google and Temasek announced that Việt Nam's digital economic growth rate was 28 per cent last year, leading among Southeast Asian countries.

There were more than 1,400 Vietnamese digital technology enterprises last year with revenue from foreign markets, a year-on-year increase of nearly 20 per cent.

Investment in digital infrastructure rose, many digital platforms continued to be developed. Sixty mobile platforms and applications serving the people of Việt Nam have over 1 million monthly users, an increase of nearly 10 per cent compared to the same period last year.

The total number of monthly users on Vietnamese mobile applications exceeded 500 million in the first six months of this year, rising nearly 16 per cent year-on-year.

In addition, a new bright spot in digital society development in localities in the first six months of this year is that some provinces have had the number of payment accounts opened at banks or other licensed organisations exceed the average population level of the province, including Thái Nguyên, Ninh Bình, Quảng Nam, Quảng Ngãi, Đắk Nông, Long An, and Kiên Giang.

On behalf of the Party and State leaders, the Chairman of the Party Central Committee's Commission for Economic Affairs acknowledged, praised and appreciated the efforts, determination and results achieved by all levels, sectors, localities, the business community and people, making an important contribution to the national digital transformation, the development of our digital economy and society.

"The results achieved are very positive, but the practice of developing the digital economy and digital society in recent times is still facing many challenges," said Anh.

The number of national digital platforms in widespread use remains limited. The human resources available for digital transformation fall short in both quantity and quality, he highlighted.

There are numerous potential threats related to legal matters, cyber security, and user privacy; the general populace is not entirely prepared for the digital economy.

The establishment of a regulatory framework to test new technologies, products, services, and business models emerging from the fourth industrial revolution has been sluggish.

The target set out in the 13th National Party Congress Resolution, the National Digital Transformation Programme, and the Digital Economy and Society Development Strategy is to have the digital economy contribute to 30 per cent of GDP by 2030.

It's a lofty and formidable objective, necessitating a groundbreaking approach and strategy for Việt Nam to execute, Anh remarked.

Minister of Information and Communications Nguyễn Mạnh Hùng, said: “The objective of digital economic growth is to increase the wealth of citizens. The purpose of cultivating a digital society is enhancing the happiness of the populace through digital technology.”

Developing the nation's digital economy demands the establishment of digital institutions, infrastructure, and trust, the minister indicated.

A thriving digital economy should foster digital innovation, integrate the digital economy across all sectors and domains, promote digital governance and bolster digital skills, human resources, and notably draw in digital expertise.

The framework for advancing the Vietnamese digital economy rests on three tenets: digital governance; harnessing data to bolster the economy; and nurturing the production sectors connected with the digital economy, Hùng explained.

Concurrent to the forum, a tech application showcase for promoting the digital economy is taking place, featuring top-tier IT solution providers like Viettel, VNPT, Misa, Mobifone, FPT, Shopee, and VNPay.

Prominent solutions presented at the exhibition encompass digital payment/e-wallet systems, EMV and non-EMV payments, NFC (Near Field Connectivity), mobile payment mechanisms, digital signatures, blockchain innovations, e-commerce, digital ecosystems, and data protection. 

MICE tourism helps revive tourism industry in post-pandemic period

There remains plenty of room ahead for Vietnam to become the leading MICE destination throughout the region as MICE tourism is expected to help revive tourism industry in post-pandemic period, said Dr. Nguyen Anh Tuan, Director of the Institute for Tourism Development Research.

Tuan made the assessment during a talk themed "MICE tourism - trends and opportunities" organized by the Vietnam MICE Tourism Club in Hanoi on September 14.

However, there is currently no separate policy for MICE tourism in Vietnam like in other countries and there is a general lack of market research on MICE (meetings, incentives, conferences, and events) tourism, he said, adding that the type of tourism is anticipated to bring numerous benefits to industry as a whole if proper attention has been paid.

Dr. Tuan went on to point out that a number of challenges faced by MICE tourism such as a lack of synchronous policies and strategies for this field.

Despite investment having been poured into improving MICE infrastructure in some destinations, it cannot fully meet the increasing demand. In fact, Hanoi still lacks world-class event centres.

Moreover, the tourism workforce for MICE tourism is currently facing numerous difficulties in the post-COVID period as a result of the shortage of skilled workers.

Amid challenges, experts have expressed their belief that MICE tourism in the nation will continue to enjoy robust growth and ultimately become the driving force for the country’s tourism recovery in the post-COVID period.

Do Van Thuc, deputy director of Dat Viet Tour, revealed that MICE infrastructure in the nation can be fully capable of competing with destinations such as Bali or Bangkok, while tourism services in the country are equivalent to that of the regional peers. Most notably, several MICE destinations in the country are bigger, more beautiful, and modern, Thuc noted.

Nguyen Duc Anh, chairman of Vietnam MICE Tourism Club, underscored the importance of the development of technology, which is expected to provide fresh impetus for MICE tourism and facilitate the organisation of team building, music, or sports events moving forward.

The talk has been held as part of the MICE Expo 2023, which has attracted the participation of a number of local businesses and service providers across the country, with the ultimate aim to strengthen connectivity and co-operation to seek ways to promote MICE tourism in Vietnam moving forward.

Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes