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Standard Chartered has revised up its forecast for Vietnam’s 2024 GDP growth to 6.8%
from the previous 6.0%. (Photo: VNA) |
In a report released on October 18, the bank’s economists said the country’s economic growth momentum has been relatively strong, with improvement across multiple sectors, including imports and exports, retail sales, real estate, tourism, construction, and manufacturing.
Trade recovery and increased business activities and foreign investment will be the main boosters for 2025 and beyond, they added.
Tim Leelahaphan, Standard Chartered Bank economist for Thailand and Vietnam, said: “While we remain cautious on Vietnam’s economy near-term, we also acknowledge the economy’s ability to perform better than market expectations.
“The government’s push for stronger economic growth may help maintain low interest rates in the near future, and Fed moves will also be key to the State Bank of Vietnam’s monetary policy decisions. We now expect a 50-basis point rate hike next year, rather than in Q4/2024 as previously anticipated.”
Standard Chartered forecasts Fed rate cuts, which should lead to a softer USD bias over the next few quarters, will result in a USD/VND exchange rate at 24,500 by the end of 2024 and 24,300 by mid-2025.
Vietnamese goods welcomed by French consumers
The Vietnamese Goods Week opened at Carrefour Collégie mega mart in Paris on October 18, drawing a large number of shoppers, according to the Vietnam News Agency.
The opening of the annual event was attended by Vietnamese Ambassador in France Dinh Toan Thang, Director of Carrefour France Julien Munch, representatives from the Ministry of Industry and Trade, T&T Food, Vietnamese brands, and local officials and businesses of Vietnam and France.
This is the fourth year that the event has been held at the leading supermarket chain in France, marking a big step forward in the promotion and expansion of the presence of Vietnamese products and culture in this market.
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| Delegates cut the ribbon to open the Vietnamese Goods Week at Carrefour Collégie mega mart in Paris (Photo: VNA) |
It was jointly carried out with the cooperation between the Vietnam Trade Office in France, Carrefour France, and strategic partner T&T Foods.
Vu Anh Son, head of the Vietnam Trade Office in France, said that this year's event is organized on a significantly expanded scale, not limited to the Carrefour supermarket as in previous times but extended to the entire Collégien Trade Center. This is the first time visitors have an opportunity to experience a miniature Vietnamese space right in the heart of France, with decorative designs imbued with Vietnamese identity such as village gates, lanterns, and images of famous landscapes, Vu said.
This year, the Vietnamese Goods Week attracts nearly 10 reputable Vietnamese enterprises as goods suppliers with their most typical and quality products from fresh agricultural products such as dragon fruit, mango, and pomelo to processed foods such as fish sauce, pho (Vietnamese noodle), and cashew nuts.
Carrefour France representative Regis Fraudin said that the Vietnamese Goods Week is expected to bring Vietnamese cuisine and goods closer to French consumers
Nhat Thanh Khiem, General Director of T&T Food, said the fact that the Vietnamese Goods Week is expanding in scale and stature proves that Vietnamese products are increasingly known and favoured by French consumers. He said he hopes that in the next few years, the event will be organised in supermarket chains across France.
Within the week, various cultural activities will be held, including art performance and painting exhibitions. Visitors will also have a chance to enjoy Vietnamese dishes. The event is expected to not only promote Vietnamese products but also strengthen cultural connections, and increase the recognition of Vietnamese products and culture among international consumers in general and French customers in particular.
30 countries exhibit handicraft products at HCM City Lifestyle 2024 fair
The Vietnam International Home Decor and Gifts Fair 2024 (LifeStyle 2024) kicked off in Ho Chi Minh City on October 18, aiming to make the southern city a leading hub for furniture and gifts not just in Southeast Asia but Asia, according to Radio the Voice of Vietnam.
This marks the first time the fair has expanded to 1,200 booths from nearly 600 Vietnamese and international exhibitors.
In particular, this year the fair has drawn the participation of more than 30 countries to display handicraft products to approximately 3,000 international customers.
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| Lifestyle 2024 opens in Ho Chi Minh City on October 18. (Photo: thanhnien.vn) |
On display are a wide range of products, including home décor and handicrafts, indoor and outdoor furniture, housewares and storage, home textiles and embroidery, leather and bags, accessories, toys, stationery, gifts and others.
As many as 15 artisans are invited to showcase their skills in wood and silver carving, and ceramics making. It helps visitors to explore processes of making handicraft products in Vietnam.
In addition, participating in the fair presents an opportunity for visitors to taste food and beverage, thereby further understanding Vietnamese culture.
Since its first edition in 2010, the Vietnam International Home Decor and Gifts Fair has now become a reputable trade fair in Asia for both international buyers and exhibitors.
Vietnam aims for ASEAN Top 3 with its digital economy
With a high digital economic growth rate of about 20% per year, and the fastest rise in e-commerce in the ASEAN region, Vietnam is moving close to the position of top three biggest countries in the ASEAN region in terms of its digital economy, said the Vietnam News Agency.
Vietnam has set a target of raising the contribution to the country’s GDP to 20% by 2025 and 30% five years later, with the proportion of digital economy in each industry and field reaching at least 10% by 2025 and doubling by 2030.
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| Vietnam aims for ASEAN Top 3 with its digital economy (Photo: vneconomy.vn) |
According to Tran Minh Tuan, Director of the Digital Economy and Digital Society Department under the Ministry of Information and Communications (MIC), in the 2000s, the concept of the digital economy focused only on the information and communications technology (ICT) industry. Now, it continues to spread to all industries and fields.
Tuan cited data from the MIC showing that by 2023, it accounted for about 16.5% of GDP, of which ICT industry made up nearly 60%.
International organisations assessed that Vietnam's digital economic growth rate is high at about 20% per year, three times the GDP growth rate. Particularly, Vietnam leads the ASEAN countries in the growth pace of e-commerce.
Vietnamese people's absorption into digital economic fields is increasing, pushing the country close to the position among the top 3 in the ASEAN region, said Tuan.
Hoang Viet Tien, Deputy Secretary of the Vietnam Digital Communication Association, said that Vietnam's Internet has gone through many stages of development, with digital transformation, especially in the development of AI in the next few years predicted to boom. Tien stressed the need for foundation and solutions to support the development of the infrastructure.
By now, the MIC has licensed three telecommunications service suppliers to launch 5G services. In the coming period, to successfully implement digital transformation and digital infrastructure, providers need to work out user-friendly solutions, Tien said, adding that State management agencies should issue appropriate decrees, circulars, and instructions.
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| Cashless payment at Big C Thang Long (Photo: laodong.vn) |
Ericsson Vietnam estimated that 5G will account for about 50% of Vietnam's mobile subscribers by 2029. Currently, more than 25% of the data traffic is transmitted via 5G.
President and CEO of Ericsson Vietnam Rita Mokbel said that with its global experience and leadership in 5G deployment, Ericsson is ready to support its commercialisation in Vietnam. Ericsson is currently working closely with local operators and enterprises to develop use cases tailored to Vietnam's specific needs, she said.
Meanwhile, Eric Yeo, Country Manager for Amazon Web Services Vietnam, said that his firm wants to cooperate with Vietnamese telecommunications operators to provide technology, expertise, and experience in building infrastructure and improving the skills of the workforce, helping telecommunications operators maximise profits from 5G investment.
Nguyen Tuan Huy, head of the Digital Tranformation Department of MobiFone, said that the overal goal of digital transformation is to improve business efficiency, increase labour productivity, and work performance, and to enhance service quality for customers.
Digital transformation is not simply the use of digital technology in socioeconomic activities but also the process of establishing a new, advanced, and modern production method, in which AI, IOT, Big Data, and Cloud are important production tools in a variety of industries and fields, he stated./.