Australia’s Victoria state pins hope on Vietjet’s launch of flights

Friday, 27/01/2023 20:15
Minister for Trade and Investment of Victoria state of Australia Tim Pallas has announced Vietnamese carrier Vietjet’s decision to choose Melbourne city as the destination for its first flights to Australia and establish its office in the state.
Illustrative image (Photo: VNA) 

VNA cited the saying of Pallas that the presence of a carrier from Southeast Asia is a victory of Victoria state’s economy and brings job opportunities to the locality, reflecting the state’s tourism and export strengths.

VietJet will run three direct weekly flights from Ho Chi Minh City to Melbourne airport from April and will develop it into a daily service in December 2024. Its flights are expected to bring more than 136,000 passengers to Melbourne each year and add 97 million USD annually to the state's economy.

VietJet will be the second Vietnamese airline to operate flights to Melbourne since after the COVID-19 pandemic. Previously, Vietnam's new-generation Bamboo Airways also launched the service in April 2022.

Vietnam is now the ninth largest importer of Victoria state, with 113 million AUD (80.5 million USD) worth of Australian goods transported via airway during 2021-2022, up 77% compared to 2020-2021.

Victoria state is also a popular tourist and study destination for Vietnamese. About 9,500 Vietnamese students are currently studying at its educational institutions. Before the pandemic, about 53,500 Vietnamese visitors arrived in Victoria, or nearly half of all Vietnamese arrivals in Australia in 2019.

Positive prospects for Vietnam’s stock market this year

The market's uptrend will continue to be consolidated in the first trading session of the Year of Cat.

The HCM Stock Exchange (HoSE) in HCM City (Photo 

The VN-Index, which tracks the performance of the Ho Chi Minh Stock Exchange (HoSE), closed above the resistance area of 1,100 points, equivalent to 1,120 points of the VN30-Index, in the last trading week. Although cash flow has not improved much, supply pressure has not put great pressure on the market, reported VNA.

The market is expected to continue to be supported and gain points in the next trading sessions. Therefore, investors can still expect the market to expand the uptrend and exploit some short-term opportunities in stocks with positive accumulation background, said Viet Dragon Securities Co.

2022 was an eventful year for the Vietnamese stock market with many records set.

After a prosperous 2021, the VN-Index continued to stay at its historic peak for the first three months of 2022. However, the market then declined, putting itself on the list of the worst performers in the world. As of December 27, the benchmark had dropped 34.2% to 1,004.57 points, from the 1,520-point peak gained in April.

In some months in 2022, half a million trading accounts were opened. Foreign investors’ net purchases reached a record high. The liquidity of some shares at times reached hundreds of millions of units each trading session.

In November and December, the market witnessed the strongest recovery sessions in the world.

In 2023, economic growth will be somewhat slower than the previous year. Some pressure from tight monetary policy in the world will make money flow into the stock market more difficult, said La Giang Trung, CEO of Passion Investment Co.

“Two major factors affecting the stock market in 2023 are cash flow and the process of restructuring and shifting resources of the economy. If interest rates continue to rise sharply, the stock market will face difficulties, whereas when interest rates cool down, it can help the market grow,” he added.

“I am quite optimistic about the picture of the stock market in 2023. The first three to six months of the year will be a period of continued difficulties. But when the difficulties are over, the monetary policy will start to be loosened, which will open a new cycle for the stock market. Then the market will easily conquer new heights in the following years.”

There are two scenarios for the stock market in 2023. Firstly, the bottom of the VN-Index this year will not be lower than the level of 873 points set in 2022, and the market will go up gradually.

Secondly, the VN-Index will look for a new bottom before recovering at the end of the year. The market may fall to the old bottom of about 780-800 points. This possibility becomes real if the US economy falls into a sharp recession in 2023.

With the forecast that monetary policy will be eased soon in the second quarter of 2023, the market can increase by 50% from the bottom, equivalent to 1,200 points at the end of this year. In 2023, there may be quite big fluctuations, but the general trend towards the end of the year is still positive, Trung said.

Vietnamese furniture products introduced at UK exhibition

According to VNA, furniture products of six Vietnamese businesses were displayed at the January Furniture Show (JFS) 2023, the largest annual furniture show in the UK, at the National Exhibition Centre (NEC) in Birmingham from January 22-25.

A Vietnamese booth at the exhibition (Photo: VNA) 

The Vietnamese booths, featuring interior and exterior wooden and home décor products, handicrafts, hotel furniture, and lighting equipment, attracted many UK wholesalers and retailers, as well as visitors.

Vietnamese Trade Counselor in the UK Nguyen Canh Cuong said the exhibition has offered a good opportunity for Vietnamese firms to introduce high quality products and meet potential importers and distributors.

As the third largest furniture producer and exporter in the world, and the largest in Southeast Asia, Vietnam boasts products meeting requirements of the UK market, he said, stressing that Vietnam needs to actively attend fairs like JFS in order to seek and set up partnerships with British businesses.

 Vietnamese furniture products introduced at UK exhibition (Source:

Zoe Bonser, Retail Manager of NEC, said that with more than 15,000 visitors, JFS gives a great chance to businesses, and those from Vietnam in particular, to gain easier access to the UK market.

In 2022, Vietnam earned 239.66 million USD from exporting wood and wood products to the UK, accounting for nearly 4% of its total export value to the European country.

According to the Vietnam Trade Office in the UK, the export of wood products and handicrafts to the UK sees a good prospect because this is the world's fifth largest furniture market, and the second largest in Europe with a forecast annual growth of 3.2% for the 2021-2026 period. In particular, many wood products will enjoy a tax rate of 0% within the next five years in line with the UK – Vietnam Free Trade Agreement (UKVFTA).

The Vietnam Timber & Forest Products Association (VIFORES) reported that the country’s furniture exports hit an estimated 16 billion USD in 2022. The wood industry has set a target of earning 25 billion USD in export value by 2030.

Held annually since 1990, JFS has introduced about 50,000 products of over 500 national and international brands. This year's event attracted more than 22,000 businesses./.

Hoi An, HCM City among world's top 25 trending destinations in 2023: TripAdvisor

Germany’s famous travel site has run an article highlighting the world’s top 25 trending destinations for 2023, including Vietnam’s Hoi An ancient city and Ho Chi Minh City, recently voted by readers of TripAdvisor – the world's largest travel guidance platform, reported VNA.

Hoi An, HCM City among world's top 25 trending destinations in 2023: TripAdvisor 

Specifically, Hoi An in the central province of Quang Nam occupied the second place on the list as part of the annual Travelers' Choice Best of the Best Awards, following Cuba, while the southern metropolis secured 11th place.

The category reveals destinations with the greatest year-over-year growth in interest on Tripadvisor based on travelers' reviews over a 12-month period between November 1 and October 31.

"Hoi An on the central Vietnamese coast is a well-preserved example of the important Southeast Asian trading port it was from the 15th-19th centuries," Tripadvisor commented. "Already a common stop for backpackers, it is becoming better known to tourists."

Meanwhile, Vietnam's bustling largest metropolis of Ho Chi Minh sets the cultural and economic pace for the country, Tripadvisor said, adding the former Saigon boasts charming French colonial architecture and wide boulevards.

The US-based travel site advised tourists to visit the War Remnants Museum at 28 Vo Van Tan Street in District 3 as well as the Jade Emperor Pagoda, which former US President Barack Obama visited during his trip to Vietnam in 2016.

Siem Reap in Cambodia and Chiang Mai in Thailand also made it onto the top 10./.