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| Illustrative image (Photo: VNA) |
The article cited projections for Vietnam's real GDP growth to reach 5.8% and per capita GDP growth at 7.41%.
Vietnam found itself positioned behind the Macao Special Administrative Region (China) which claimed the top spot, followed by India, Cambodia, Bangladesh, and the Philippines. Within Southeast Asia, Indonesia followed Vietnam at 10th, Malaysia at 14th, Laos at 18th, and Thailand at 20th.
With a projected expansion of 4.5%, the Asian economies are expected to collectively contribute over 60% of the global economic growth this year.
However, the article highlighted the importance of effective risk management for sustained economic recovery. Key challenges facing the Asian economies include the ongoing real estate crisis in China, potential financial instability in debt-laden nations, inefficiencies within supply chains, and the escalating threat of rising transport costs.
Bangladesh centre’s report highlights Vietnam's success in FDI attraction
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| The article on cbgabd.org (Photo: VNA) |
Central to Vietnam's economic narrative is the substantial influx of foreign direct investment (FDI), which has played a crucial role in driving growth and fostering development across various sectors, according to an article published by the KRF Centre for Bangladesh and Global Affairs on its website cbgabd.org, reported Vietnam News Agency.
The period from 2002 to 2023 witnessed Vietnam's remarkable economic expansion, underscoring the significant impact of strategic investments and forward-thinking policies, it said.
It added that over 35 years, Vietnam's registered FDI has experienced remarkable growth, surging from 2 million USD in 1988 to a staggering 550 billion USD by the end of 2023. The current foreign investment landscape in Vietnam is characterised by billions of US dollars fueling economic growth.
The country's strategic focus on high-tech sectors, including agriculture, manufacturing, services, and travel, further enhances its appeal for international investors. Also, Vietnam boasts over 36,000 active FDI projects with a total fund of 441 billion USD. Notably, 57% of these funds have been disbursed, reflecting the robustness of the foreign investment landscape in the country.
Over the past three decades, the Republic of Korea, Singapore and Japan have emerged as the top contributors to Vietnam's FDI landscape. With the upgrade of Vietnam-US relations to a Comprehensive strategic partnership in September 2023, expectations rise for a forthcoming fourth wave of FDI.
According to the article, Vietnam's strategic geographic location as a manufacturing hub and its pivotal role in the "China 1" strategy highlight its significance in East Asia's economic landscape. Vietnam provides a conducive environment for investment, thanks to its stable government, well-defined economic vision, fair policy control, minimal investment barriers, and attractive incentive schemes.
The nation's dedication to enhancing its business environment is apparent in its increasing rankings for ease of doing business, bolstered by a regulatory framework that emphasises efficiency and transparency. With a population of over 95 million, a growing middle class, and a services sector that contributes over 40% to its GDP, Vietnam offers a promising market for businesses. This is further supported by the rising consumer spending in the country. This combination of factors underscores Vietnam's impressive economic growth and its potential for reliable investment returns on both regional and global levels.
Moreover, Vietnam's active involvement in major global trade agreements, including the Regional Comprehensive Economic Partnership (RCEP), Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the EU-Vietnam Free Trade Agreement (EVFTA), has solidified its status as a sought-after destination for international trade. Vietnam's extensive network of Double Tax Avoidance Agreements with over 80 countries and territories is a crucial factor that attracts foreign investors. These agreements create a tax-friendly environment and encourage investments across borders, relieving the burden of double taxation.
Vietnam's focus on infrastructure development, as highlighted in its transport infrastructure master plan, also demonstrates a proactive approach to bolster economic growth. It has a labour market that is both large and highly competitive, with around 60 million individuals. The Vietnamese Government's consistent efforts to draw foreign investors through a range of incentives, particularly tax incentives, are crucial.
In conclusion, the article said with a stable government and a clear economic vision, Vietnam provides investors with a favourable environment characterised by fair policy control, minimal investment barriers, and robust incentive schemes.
OCOP market earns over 100 billion VND, attracting 1.4 billion views
Vietnam’s Ministry of Agriculture and Rural Development and TikTok in Vietnam have coordinated to summarize 1 year of cooperation in implementing the “OCOP (one commune one product) Market” model to support the consumption of Vietnamese agricultural products.
According to a report by the Center for Agricultural Trade Promotion, after 1 year of cooperation, the market model has brought very positive effects, strongly spreading the value of the OCOP program to social network users.
To date, the hashtag #OCOP has reached 1.4 billion views, and more than 800 online sales sessions (livestreams) of the "OCOP Market" program brought in sales of more than 100 billion VND. This cooperation has helped more than 3,000 OCOP entities across the country to become familiar with online business.
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| Representatives of the Ministry of Agriculture and Rural Development and TikTok Vietnam awarded certificates of recognition to individuals and units actively participating in the program. (Photo: sggp.org.vn) |
Not only creating an online sales platform for OCOP products, currently, the Center for Agricultural Trade Promotion also coordinates with TikTok shop to pilot the “OCOP Seeds” program to build a reputable OCOP products sales community on digital platforms.
At the closing ceremony, Mr. Nguyen Lam Thanh, TikTok representative in Vietnam, said that in 2024, the “OCOP Market” continues to be one of TikTok's top priorities to support enhancement of the brand and expansion of the Vietnamese agricultural products consumption market.
Tourism Festival opens in HCM City
The 20th Ho Chi Minh City Tourism Fair officially opened on the evening of April 4, at September 23 Park, District 1 to promote the city’s image as a safe, attractive and hospitable destination for both domestic and foreign visitors.
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| Vice Chairman of Ho Chi Minh City People's Committee Vo Van Hoan delivered the opening speech. (Photo: VNA) |
Speaking at the opening ceremony, Vice Chairman of the Ho Chi Minh City People's Committee Vo Van Hoan presented the impressive results of the city's tourism industry in 2023 and affirmed the strong recovery of the entire country's tourism industry, while stressing that the southern metropolis continues to be the nucleus connecting and promoting the development of tourism in the Southeast region and the Mekong Delta.
Deputy Minister of Culture, Sports and Tourism Ho An Phong highly appreciated the efforts of the city's tourism industry and affirmed its leading position among key tourist localities.
He believes that through the event, Ho Chi Minh City will play a good role as an intersection point for provinces, cities, and tourism businesses across the country to bring more safe and lively itineraries for domestic and international tourists, in line with the message of the festival.
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| Attractive tours are promoted and introduced to tourists on April 4. (Photo: VNA) |
Travel firms reported more than 1,700 customers bought tours or products with a total revenue of over 26 trillion VND in the first day of the fair, up 49% year on year.
According to the city Department of Tourism, over 100 booths are arranged at the four-day fair where 43 vendors from cities and provinces are touting promotion tourism programmes and products to the visitors.
Nearly 400 low-cost tours, travel vouchers and discounted tourism services are on sale at the event, with a total value of some 50 billion VND (2 million USD).
Along with packages offering steep discounts, there are many gifts and lucky drawings which are expected to bring fascinating experience to visitors./.