A night view of Phan Thiet city, Binh Thuan province (Photo: cattour.vn)

They were referring to the Government’s recent approval of a project to develop the province’s night-time economy from now through 2030, focusing on culture, entertainment, food and beverage services, and travel.

The project will have policies to encourage enterprises and business households to participate in the night-time economy, including improving their ability to access funding, especially from banks.

Promotion for night-time activities will be stepped up together with building night-time tourism products based on local cultural factors.

It will be implemented in Phan Thiet and Mui Ne in the first phase and in La Gi town in the next.

Binh Thuan needs to start developing the night-time economy not only for its own benefit but also to become a model for adjacent provinces like Ninh Thuan, the experts said.

Night-time attractions for tourists are still not diverse, and so the average time visitors stay is quite short at two to three days, they said.

The economists said enterprises need to make plans for the night-time economy, ensuring the products are different from daytime ones since consumer behaviours and demands are different.

Vietnam needs a reasonable legal framework to develop, failing which opportunities would be missed again, experts warned.

Phan Thiet seems set for a boom thanks to imminent transport upgrades, they said.

The first phase of the Long Thanh International Airport is expected to be ready by 2025 with an annual capacity of 25 million passengers. Situated 130km from Binh Thuan, it is expected to attract many foreign tourists.

When the Dau Giay - Phan Thiet Expressway is completed, La Gi will benefit since travel times will be reduced: it will take only 30 minutes to Phan Thiet and 45 minutes to Ba Ria – Vung Tau, the neighbouring coastal province that is only 90 minutes away from Ho Chi Minh City.

But the experts said specific planning is necessary to develop the night-time economy, and in the early stages only large investors and high-quality services should be allowed.

Nha Trang’s landscapes reopen to tourists 

After the period of closure to prevent COVID-19, Ponagar Tower and Hon Chong scenic spot in the central city of Nha Trang reopened to visitors from October 15.

Ponagar Tower in Nha Trang welcomes guests from October 15. Photo: (sggp.com.vn)

In the first day of opening, Ponagar tower and Hon Chong scenic spot were not really busy, with only a few mainly local visitors.

At the entrance, tourists have  body temperature checked, and show the COVID-19 green or yellow card, or negative test paper of visitor. Tourists are required to wear masks, distance themselves, and refuse people who do not ensure safety for epidemic prevention.

Mr. Nguyen Tuan Dung, Deputy Head of the Khanh Hoa Relic Management Board, said that before being put into operation, the two attractions were cleaned and disinfected, and arranged an entrance and an exit. All employees must make medical declarations and periodically give samples for COVID-19 testing. The relic management board also set up reserve areas as isolation places if necessary.

According to Mr. Dung, ticket prices for monuments and landscapes are reduced by 50%. Entrance fees to Ponagar tower monument, Hon Chong scenic spot and Hon Mun marine reserve are currently 11,000 VND.

Hon Chong scenic spot in Nha Trang. (Photo: nhatrangtoday.vn)

Meanwhile, Ms. Nguyen Thi Le Thanh, Director of the Khanh Hoa Department of Tourism, said that in the near future, the tourism industry will focus on stimulating domestic tourism demand.

The province has asked the Government leader for permission to pilot international visitors with “COVID-19 vaccine passports”, and is expected to welcome guests from the Republic of Korea, Russia, Japan, Taiwan (China) and Nordic countries and North America. International visitors to the locality will follow closed programs, closely monitored by tour operators as well as state management agencies.

Vietnam’s GDP growth forecast to be highest in region 

The International Monetary Fund (IMF) forecasts that Vietnam’s GDP growth in 2021 will be about 3.8%, higher than that of Malaysia, Thailand, the Philippines and Indonesia.

In its World Economic Outlook report, IMF forecasts economic growth in Asia will be around 6.5%. Some countries have good GDP growth rates such as Singapore 6% (-5.4% last year), China 8% (2.3% last year).

Vietnam’s GDP growth forecast to be highest in region. (Photo: vneconomy.vn)

In the group of 5 Southeast Asian countries, Vietnam leads in terms of growth rate of 3.8% (2.9% last year).

The remaining 4 countries of Indonesia, Thailand, the Philippines, and Malaysia last year all saw negative growth, and this year’s growth forecast is also below 3.5%, the IMF said, while forecasting that Thailand will grow at a mere 1% compared to last year's GDP negative growth of 6.1%.

According to the IMF, supply chain disruptions and price pressures are restraining the recovery momentum of economies. As a result, the global growth forecast for 2021 was downgraded to 5.9%, representing a slight drop from the previous figure of 6%, and leaving unchanged the forecast for 2022 at 4.9%..

This organization said the labor force participation in the market remains lower than the pre-pandemic level. Overall, the labor market in emerging and developing countries is more affected than in developed ones.

Malaysia invests in 663 projects in Vietnam

Currently, Malaysia invests in 663 valid projects in Vietnam, with a total registered capital of 13.01 billion USD, ranking 8th out of 141 countries and territories pouring capital into the country.

According to the Ministry of Planning and Investment’s Foreign Investment Agency (FIA), Malaysia’s investment is mostly focused in education and training with 7 projects and 3.5 billion USD of registered capital, accounting for 26.9% the total registered capital.

Photo for illustration. (Source: baotintuc.vn)

It was followed by the processing and manufacturing industry with 241 projects, worth 2.83 billion USD, accounting for 21.8% of the total, and power generation with 6 projects and more than 2.66 billion USD of registered capital, making up 20.5%.

Some typical projects of Malaysia in Vietnam are: Berjaya Vietnam International University Town One Member Limited Liability Company project in HCM City, with a total registered capital of 3.5 billion USD; Coastal Thermal Power Plant 2 Project in Tra Vinh province, worth 2.4 billion USD; and Yen So Park construction project in Hanoi, worth 864 million USD.

In the first 9 months of the year, Malaysia had 14 new projects, 7 ongoing projects raising capital and 49 projects contributing capital and purchasing share projects in Vietnam, capitalized with 115.89 million USD, accounting for 0.5% of the total FDI into Vietnam since the beginning of the year.

By September 2021, 33 out of 63 provinces and cities in Vietnam absorbed investment from Malaysia. Ho Chi Minh City leads in investment capital with 4.74 billion USD, making up 36.5%. Following it was Tra Vinh with nearly 2.6 billion USD (20%) and Hanoi with 2.21 billion USD (16.3%)./.