Remittances to HCM City likely to hits 7 billion USD in 2023

Tuesday, 23/05/2023 15:42
Remittances to Ho Chi Minh City are expected to reach 7 billion USD in 2023, an annual increase of about 6-7%, reported Vietnam News Agency.
Illustrative photo (Source: VNA) 

At a May 22 workshop on the city’s remittance attraction and promotion, deputy director of the State Bank of Vietnam (SBV)’s branch in the southern economic hub Nguyen Duc Lenh further said the remittances have increased continuously in the last five years, with the highest amount recorded in 2021, at more than 7.1 billion USD. The figure exceeded 2.1 billion USD in the first quarter this year, up over 19% year-on-year.

Associate Professor Dr. Nguyen Duc Trung, Rector of the HCM City University of Banking, said management agencies should forecast the maximum potential of remittances to the city to come up with specific attraction policies.

It is necessary for the metropolis to promote its advantages in the fields of finance, banking, logistics and tourism so that overseas Vietnamese can see that it is a livable city.

Bui Viet Khoi, Counselor of Science and Technology at the Vietnamese Embassy in Australia, said the country’s expatriate community in Australia boasts huge resources.

Policies suitable for the overseas communities in developed countries, including Australia, are needed to attract remittances, added the diplomat.

At the seminar, participants recommended the city continue capitalising on its leading position as an economic, cultural and educational center of the country, and improving its business climate to attract capital and remittances serving the local production and business development, especially in health, education, culture, technology, and green economy.

Vietjet opens series of new int’l routes for summer travel boom

Vietjet is opening a series of new international routes, including Ho Chi Minh City - Kochi (India), Da Nang – Hong Kong (China), Phu Quoc – Hong Kong, Da Nang - Singapore, Da Nang - Daegu (the Republic of Korea), Nha Trang - Seoul (Incheon, the RoK), to meet travel demand in summer, reported Vietnam News Agency.

 A Vietjet aircraft (Source: Vietjet)

Accordingly, the routes connecting Ho Chi Minh City and Kochi (India) will be launched from August 12 with six flights per week on every Monday, Wednesday, Friday and Saturday.

The flights will depart from HCM City at 7:20 pm and arrive in Kochi at 10:50 pm (local time), while those from Kochi to Ho Chi Minh City will take off at 11:15 pm (local time) and land at 6:40 am.

This summer is especially exciting than ever with the return of flights connecting Phu Quoc, Da Nang and Nha Trang with famous tourist destinations across Asia.

Specifically, on the route connecting Phu Quoc and Hong Kong, there will be three return flights per week on every Tuesday, Thursday and Saturday, while there will be four return flights per week on every Monday, Wednesday, Friday and Sunday on the route connecting Da Nang and Hong Kong.

Moreover, the carrier will re-operate one daily return flight on the route connecting Da Nang and Daegu (the RoK) and increase the frequency of flights between Da Nang and Singapore to two round trips per day.

Especially, it will increase the frequency to three return flights per day from July 13 on the route between the coastal city of Nha Trang and Seoul (Incheon, the RoK).

To celebrate the new international routes, Vietjet is offering millions of tickets from only zero VND, excluding taxes, fees, holidays of each market, from May 24 to 26. The promotional tickets are applied for its entire international flight network with flexible flight schedules from August 12, 2023 to March 31, 2024.

Besides, passengers will receive an additional 100,000 e-voucher (terms and conditions) to use at the next booking when successfully buying a ticket from now to August 15 this year.

Cargo through seaports nearly doubles in 7 years

Vietnam’s seaport throughput nearly doubled between 2015 and 2022, averaging 8.4%, Vietnam News Agency quoted the Vietnam Maritime Administration (VMA) saying that.

 Illustrative photo (Source: VNA)

In the period, the average growth rate of container goods handled alone was 11.9%.

In 2015, the volume of container cargo via ports reached about 126.3 million tonnes (11.5 million TEUs). In 2022, this figure hit more than 243 million tonnes, an increase of nearly 5% compared to the same period in 2021 and more than two times higher than seven years ago.

In the first quarter of this year, Vietnam’s seaport throughput exceeded 165 million tonnes, including close to 53 million tonnes of container cargo.

In the master plan on Vietnam's seaport system development for 2021-2030, with a vision to 2050, the VMA forecasts about 1,422.5 million tonnes of goods through local seaports by 2030, including 559 million tonnes of container cargo.

Vietnamese bird’s nests see opportunities to enter Chinese market

Vietnamese bird's nests see great potential for export to Chinese market as people in China and Chinese communities in other countries across the world spend about 5 billion USD on bird’s nests and products made from them, reported Vietnam News Agency.

Illustrative photo (Photo: 

The Ministry of Agriculture and Rural Development and the General Administration of Customs of China signed a protocol on requirements for quarantine, inspection and veterinary hygiene for bird’s nests of Vietnam to be exported to China.

The protocol, which took effect in November last year, is said to be a condition for Vietnamese bird’s nests to conquer the Chinese market after Malaysia, Indonesia, and Thai;and.

In Central Highland provinces, swiftlet farms have registered for production area codes and completing documents in line with the protocol. Authorities also support enterprises in registering for exporting bird’s nests to China.

Nguyen Dung, Vice President of the Vietnam Farms and Agricultural Enterprises Association, said that China opening door to Vietnamese bird’s nests via official channels brings opportunities to the local bird’s nest industry.

Exports to China and countries with big Chinese communities like the US, Australia, and New Zealand is a way to increase the value of the product.

Currently, bird’s nests are considered one of the most expensive foods in the world.

He said that to prosper in the business,  swiftlet farmers need to connect with cooperatives and companies to obtain international certifications, which will help their products to be sold for good prices.

Individuals and units in the bird’s nest industry should also diversify products to better reach potential consumers.

According to the Vietnam association of swiftlet farms, almost all the farms in Vietnam harvest and process the nests by themselves and then sell in a small scale. As a result, although Vietnam has nests brands, their quality fails to meet international standards.

Illustrative photo (Source: TNO )

Currently, Vietnam mostly exports raw bird’s nests with low value through unofficial channels.

According to the Ministry of Agriculture and Rural Development, there were about 23,600  swiftlet farms in 42 out of 63 localities across the country.

The country sees a production of about 200 tonnes of bird’s nests and exports over 120 tonnes worth 450 million USD each year.

Tran Phuong Tuan, director of Vietnam Bird’s Nests Company (VinBirdnest) said that the protocol relating to the export of Vietnamese bird’s nests to China brings opportunities for the industry as China is the world's largest market for bird's nests.

When the market is activated, the bird's nest industry of Vietnam will be restructured, creating higher added value, helping to improve the income and profits for bird nest farmers and processors./.

Compiled by BTA