Almost 870 million USD in FDI poured into Hanoi in January

Thursday, 01/02/2024 19:42
About 866.8 million USD in foreign direct investment (FDI) was poured into Hanoi in January; the Vietnam News Agency quoted the figures of the Hanoi Statistics Office.
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Thang Long Industrial Park in Hanoi's outlying district of Dong Anh (Photo: VNA)

That comprises 859.4 million USD registered for 10 new projects, 5.1 million USD added to six existing ones, and 2.3 million USD spent on seven transactions to contribute capital to or buy shares of local businesses.

During the month, 2,529 new companies with combined capital of 35.4 trillion VND (1.4 billion USD) were established in Hanoi, respectively rising 54% and 2.4-fold year on year. As many as 3,660 firms resumed operations, up 50%.

While 12,300 businesses registered suspension of operations, 457 others were dissolved, increasing 56% and 52%, respectively, data shows.

The office said consumption demand has continued growing compared to the final months of 2023 as the Lunar New Year (Tet) festival is nearing. Retail sales of goods and consumer service revenue totalled 68.8 trillion VND in January, up 3.2% month on month and 9.3% year on year.

Nguyen Manh Quyen, Vice Chairman of the Hanoi People’s Committee, said that this year, the city will push forward with administrative reforms to create favourable procedures to attract domestic and foreign investors.

It will organise more trade promotion events both in Vietnam and abroad to seek potential investors. More high-quality agricultural products and items under the “One Commune, One Product” (OCOP) programmes, and those of craft villages will also be developed to serve domestic consumers and tourists, he added.

Da Lat – Vietnam’s most-searched destination for Tet holiday: online travel platform

One of the world's leading online travel platforms, Booking.com, has announced Da Lat - the city resort in the Central Highlands province of Lam Dong - as the most-searched destination in Vietnam for the Lunar New Year (Tet) holiday, said the Vietnam News Agency.

According to its list of the ten most-searched destinations for tourists during the Tet holiday based on searches and bookings from February 8-14 (the 29th day of the 12th lunar month to the 5th day of the first lunar month), announced on January 31, booking.com said Da Lat, Nha Trang and Da Nang are the three destinations most searched thanks to the harmonious combination of majestic natural landscapes, romantic beaches and special cultures.

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Da Lat has been announced as the most-searched destination in Vietnam for the Tet holiday. (Photo: VNA)

Other destinations in the list are Vung Tau, Phu Quoc, Ho Chi Minh City, Mui Ne, Hanoi, Sa Pa, and Hoi An.

According to a survey by booking.com, this year, tourists tend to seek locations with cool weather, with 82% of respondents saying that they prefer vacations with sea-related activities.

Vietnamese tourists also like crowded cities such as Ho Chi Minh and Hanoi, which are famous for street food, particularly traditional Tet dishes. Hoi An ancient town with colorful lanterns on streets or Sa Pa with magnificent terraced fields also attract domestic travellers.

Petrol prices increase sharply to VND24,160 per litre in latest adjustment

Retail petrol prices rose as of 15:00 p.m. on February 1 following the latest review made by the Ministry of Industry and Trade and the Ministry of Finance, according to Radio the Voice of Vietnam.

According to the changes, the price of E5 RON92 went up by VND740 to no more than VND22,910, equal to US$0.93, per litre, while that of RON95-III was raised by VND760 to VND24,160, equivalent to US$0.98.

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Petrol prices increase sharply to VND24,160 per liter (Photo: tienphong.vn)

Elsewhere, diesel oil and kerosene are to be sold at the maximum levels of VND20,990, equal to US$0.857, and VND20,920, equivalent to US$0.854, up VND620, and VND380, respectively. The price of mazut oil was capped at VND16,080 per kilogramme, up VND590.

In the latest adjustment, the two ministries decided to make use of the petrol price stabilisation fund for mazut oil, at VND300 per kilogramme.

The past week has seen global petrol prices rise to US$102.59 a barrel for petrol RON95, up 4.2% from the previous adjustment. Elsewhere the price of diesel oil and mazut is at US$105.52 a barrel and US$454.53 per tonne, up 3.8% and 5.2%, respectively.

Vietnam exports nearly 104,000 tonnes of rice to EU market

Vietnam shipped nearly 104,000 tonnes of rice to the EU market worth US$71.7 million last year, exceeding the quota of 80,000 tonnes per year under the EU-Vietnam Free Trade Agreement (EVFTA), Radio the Voice of Vietnam quoted the figures data of the General Department of Vietnam Customs.

These figures represented an increase of 10% in both volume and turnover compared to 2022. This is also the second consecutive year that Vietnamese rice exports to the EU exceeded the quota allocated by the EU.

So far, the country has exported rice to 26 out of 27 EU member countries, led by Germany with 23,328 tonnes, representing an increase of 49.3% on-year and accounting for 22.4% of the market share. This was followed by Poland with 14,726 tonnes, marking a rise of 92% and making up 14.2% market share.

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Vietnam exports nearly 104,000 tonnes of rice to EU market (Photo: moit.gov.vn)

In particular, the export rice volume to several markets witnessed three to four digit numbers, including Hungary up, 12 times; Bulgaria, up 730%; Greece, up 483.3%; and Portugal, up 425%.

These positive results indicate that Vietnamese businesses have taken full advantage of opportunities from the EVFTA while the quality of Vietnamese rice has also been increasingly improving to meet the stringent requirements from demanding markets.

Ngo Xuan Nam, deputy director of SPS Vietnam Office, emphasized that the EU market is one of the fastidious markets which has set high standards for imported products. However, in recent years no Vietnamese rice shipments exported to the EU market have been warned.

Most notably, recently the ST24 and ST25 rice, rice varieties which have twice won the title of best rice in the world, have officially enjoyed preferential tariffs when exported to the EU market. This has opened up huge opportunities to increase rice export turnover into this potential market.

Currently, Vietnam has risen to eighth place among rice to the EU with a market share of 2.8% of the region's total imports.

Bernd Lange, chairman of the European Parliament's International Trade Committee, has hailed the EVFTA as a successful story, noting that after three years of implementing the terms of the deal, trade turnover between the bloc and Vietnam has grown by 20%.

He emphasised that agreements between the bloc and the nation, including the EVFTA, have been the important milestones for the relationship between the two sides, especially amid the global uncertainties and rising trade protectionism.

However, the EU has recently moved to tighten food safety management, especially tax evasion cases from third countries.

Simultaneously, in January the EU also issued many pesticide residue thresholds for imported products with Vietnamese seafood, honey, eggs, and milk all being considered, while temporary measures to control food safety at border gates have been tightened.

These factors are anticipated to put forth further challenges for Vietnamese agricultural products in the time ahead.

Russian tourists to Vietnam rise sharply

The launch of direct flights by Aeroflot airline between Moscow and Ho Chi Minh City from January 31 is expected to increase the number of visitors travelling between the two countries moving forward, Radio the Voice of Vietnam quoted the information of tour operators.

Accordingly, the airline will operate the direct flight between Moscow and Ho Chi Minh City with a frequency of two flights per week on a trial basis until the end of March. The carrier is likely to add an additional one flight per week on this route starting from mid-February.

Russian travel companies expect that the demand for travelling to Vietnam will increase after direct flights are once again resumed between the two countries.

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Russian tourists to Vietnam rise sharply (Photo: VOV)

This can be attributed to the visa-free entry policy for Russian tourists entering Vietnam, with a stay of up to 45 days.

Furthermore, Vietnam is also among the 10 most popular destinations for Russian tourists in February, according to a report released by the Association of Tour Operators in Russia (ATOR).

Daria Domostroeva, public relations director of Intourist company, said the demand for travelling to Vietnam has been increasing significantly, adding that the launch of direct flights to Ho Chi Minh City will open up greater opportunities for visitors to go to places such as Nha Trang, Phan Thiet, Mui Ne, and Phu Quoc.

Olga Ivanova, a representative from Fun&Sun Company, revealed that the firm has also recorded high demand from the Russian market, noting that the new service to Ho Chi Minh City will boost the Russian tourists’ demand for visiting the nation moving forward.

According to a representative from Itm Group, one of the main advantages of Vietnamese tourism is the competitive prices of accommodation facilities. This has helped Vietnam to compete with Thailand where tourism costs are remarkably increasing amid high demand from both the Russian and Chinese markets.

However, as part of efforts to restore the number of Russian tourists to the country like before the COVID-19 pandemic, there still needs to be charter flights with more affordable tour prices in the time ahead

At a recent conference, IRAERO airline said it plans to open the Irkut (Russia) - Cam Ranh (Vietnam) flight at the end of February.

The airline is also ready to operate charter flights to bring Russian tourists to Vietnam, said Evgenia Mikhailova, director of the Irkutskaya Federal Department of Tourism, hoping that with more convenient travel, the number of Russian tourists coming to Vietnamese cities will increase rapidly./.

Compiled by BTA

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