A bicycle saddle production line for export at Pro Active Global Vietnam Company, in Binh Duong. (Photo: VNA)
Once among the poorest countries in the world, its economy is now booming and the World Bank describes it as one of the most dynamic and emerging countries in the entire East Asia region, Business said in an article published last week, calling Vietnam a “new Asian tiger.”
Singapore’s DBS Group Research forecasts Vietnam's GDP growth to reach 8 percent in 2022, boosted by an accommodative monetary policy. The International Monetary Fund (IMF) has predicted that Vietnam will climb three spots to rank third in GDP among ASEAN member states this year, thanks to the fast-growing middle class and the rise of ultra-rich people.
Knight Frank’s latest Wealth Report estimates there were about 19,500 high-net-worth individuals in Vietnam in 2020, defined as those with assets of at least 1 million USD, the article said. By 2025, that number is expected to grow by almost 25 percent to top 25,000, it added.
Illustrative photo. (Source: VNA)
Business Times attributed the robust growth of the economy to increasing flows of foreign investment into the country. Many Singapore companies, including CapitaLand and Keppel, have invested heavily in the country as they seize the abundant opportunities.
“Vietnam has long been known as Southeast Asia's coding farm, where talent and wages are in a sweet spot for companies to use it as a base for their technical development,” it noted.
The article also referred to Vietnam as the largest solar power producer in Southeast Asia today with 16.6 gigawatts of installed capacity as of 2020. Vietnam's construction industry is set to continue its recovery in 2022 as several large-scale infrastructure projects move through different stages of development, it further said.
74.7 million USD needed to upgrade weak railway bridges
Illustrative image (Photo: VNA)
The Vietnam Railways Corporation (VNR) has asked the Ministry of Transport to allocate about 1.7 trillion VND (over 74.7 million USD) for the reparation and upgrade of weak railway bridges in the 2022 – 2023 period, and separate rail and road traffic on all road-rail bridges, reported Vietnam News Agency.
According to VNR, there are three road-rail bridges nationwide namely Luc Nam, Long Dai and Pho Lu, and 428 weak and expired railway bridges, or those that do not conform to standards.
In particular, on the north – south railway there are 87 bridges showing signs of danger. Many of those were built before 1975, with some dating back to 1936 and even 1910. Most of those have a small load capacity of between only 10-13 tonnes.
The proposed budget will be used for repairing and replacing 87 dangerous bridges, and for building works to separate road and railway traffic on the three remaining road-railway bridges, the VNR said.
The corporation has also suggested allocating capital in the period to construct overpasses at nine level-crossings between roads and railways, handle the risk of falling rocks in order to ensure safety at 14 other locations, and upgrade and repair 13 tunnels along the Hanoi - Ho Chi Minh City rail route.
International flights to be restored without frequency restriction
Photo for illustration
Vietnam will lift restrictions on frequency of international flights to and from the country starting February 15, 2022, returning to normal as before the COVID-19 pandemic.
According to the Civil Aviation Authority of Vietnam, airlines will be able to re-operate international passenger routes as before the COVID-19 epidemic without frequency restriction.
Regulations on entry and epidemic prevention for passengers entering Vietnam still follow the instructions of the Ministry of Public Security, the Ministry of Foreign Affairs and the Ministry of Health.
Apart from China, which is sticking firmly with its stringent Zero COVID strategy, all other countries with which Vietnam has discussed the reopening of air links have agreed, including European nations, Australia and the United States.
However, Japan and the Republic of Korea (RoK), are still limiting the number of foreign arrivals into their countries amid the growing COVID-19 outbreak.
Earlier, the Ministry of Transport assigned the Civil Aviation Authority of Vietnam to exchange opinions with the aviation authorities of partner countries to decide on resuming regular international flights to markets with direct routes to Vietnam before the COVID-19 epidemic, in addition to the markets that were operated in January.
The frequency of the routes will be gradually increased according to the route, ensuring the principles of safe adaptation, flexibility and effective control of the COVID-19 epidemic.
The Civil Aviation Authority of Vietnam must report to the Ministry of Transport on the results of the resumption of international routes in February 2022 for the Ministry to summarize and report to the Prime Minister.
Hoi An among world’s most romantic destinations on Valentine's Day
Hoi An city in the central province of Quang Nam was ranked 9th out of the 21 most romantic destinations in the world on Valentine’s Day by the famous British magazine specializing in food, travel and culture - Time Out.
Hoi An is listed among the world's most romantic destinations on Valentine's Day by Time Out Magazine. (Photo: hanoimoi.com.vn)
According to Time Out, there are many romantic places in the world for couples to explore and experience. Those are not only paradise islands with golden sunshine, blue sea or charming and magnificent cities, but also simple ancient villages and towns.
“Hoi An's famous lantern-lined streets are an idyllic spot for twilight walks and candid conversations, backed by well-preserved historic Vietnamese architecture that tells plenty of stories,” according to Time Out.
“The town's lantern boat rides are the thing of romantic dreams – a tremendous combination of natural delicacy and impressive confidence, while Hoi An also has one of the best cocktail scenes in the country.”
In 2019, Hoi An was named one of the most romantic places for a date on Valentine’s Day.
This year in Time Out’s ranking, Canada’s Montreal city topped the list. Coming to Montreal, couples can admire the contemporary architecture commonly found in Europe and attend more than 100 festivals held annually.
Other famous destinations which made the list are Venice (Italy), Marrakesh (Morocco), Kyoto (Japan), Prague (Czech Republic), Zanzibar (Tanzania), and Niagara Falls (Canada/the US)./.