Vietnam likely to be new tiger in Asia

Tuesday, 16/08/2022 15:32
Vietnam, a rising star in the global supply chain, has the potential to become a new tiger in Asia, economist Brian Lee Shun Rong at Maybank - Malaysia's largest financial services group and the leading banking group in South East Asia – has reportedly said.
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 Ho Chi Minh City seen from above (Photo: vneconomy.vn)

According to Vietnam News Agency, speaking at Forbes Vietnam’s recent Business Forum, Brian Lee affirmed that Vietnam will become a new tiger of Asia, after the Republic of Korea, Singapore, and China’s Taiwan and Hong Kong.

He said that the Vietnamese industry is developing strongly, driven by foreign-invested enterprises.

According to data from Maybank, both FDI influx into Vietnam and its export turnover in the past 10 years are bigger than those of all other Southeast Asian countries. In particular, the electronics and phone industry has surpassed garment and textiles to become the biggest contributor to the total export value.

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Illustrative image (Photo: VNA) 

This shows that Vietnam has enhanced its position in the global value chain, said Brian Lee, adding that the productivity of its workers also grows faster than that in other ASEAN countries.

To become a tiger of Asia, Vietnam should have world-standard infrastructure and skilled workforce, support domestic enterprises in improving their foothold in the global supply chain, and step up growth based on digital transformation, the economist noted.

The Russian newspaper also quoted economic expert Nguyen Xuan Thanh, a lecturer at the Fulbright School of Public Policy and Management, as saying Vietnam is well controlling inflation and fiscal and monetary policies.

According to him, even if the world oil price increases again, without exceeding the peak of 120 USD per barrel, Vietnam's economic situation in 2022 will still be positive, with inflation below 4% and GDP growth over 7%.

Vietnam to host Mekong Tourism Forum in mid-October

The Mekong Tourism Forum (MTF) will be held in the central province of Quang Nam, home to Hoi An ancient town, from 12 – 13 October 2022, after  two years of disruption due to the COVID-19 pandemic.

This will be the first interactive in-person event convening public- and private-sector tourism leaders and experts from the Greater Mekong Subregion (GMS) since 2019.

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Hoi An will be the venue for the 2022 Mekong Tourism Forum (Photo: VNAT) 

The forum will bring together delegates who are representatives of the Vietnam National Administration of Tourism (VNAT), representatives of other GMS countries’ national tourism agencies, and the Asian Development Bank (ADB), Destination Mekong, Agoda, Asia Pacific Travel Association, OAG, YAANA Ventures, EXO Travel, Travelife and ASEAN Travel Association, among many others.

Mr. Nguyen Trung Khanh, Director General of VNAT, said: “Under the theme of “Rebuild Tourism, Rebound with Resilience,” MTF 2022 will focus on targeted regional efforts and cross-sectoral collaboration to foster real action toward rebuilding a more resilient, inclusive, and sustainable tourism industry.”

At the forum, speakers will focus on post-COVID-19 tourism recovery, digital transformation, supply chain localization, social enterprise business models, and best practices for tourism recovery, especially using the latest technologies.

In addition, panelists and experts will propose necessary policies, regulations and investments to restore tourism and travel activities, with particular focus on natural solutions. nature and apply technology.

In addition, attendants and experts will propose the necessary investment policies, regulations to restore tourism and travel activities, with the focus on natural solutions based on nature and technology application.

In the framework of the forum, there is also a sustainable tourism exhibition of Vietnam and countries in the Greater Mekong Subregion. The exhibition will display and promote tourism products and services that are responsible to the environment and community, creating positive impacts.

Vietnam-Laos trade enjoys prosperity in 7 months

Vietnam-Laos trade turnover reached nearly 949 million USD in Jan-July 2022, an increase of 24.2% compared to the same period last year, reported the Vietnam Trade Office in Laos.

The growth came from an increase in Vietnam’s goods exports to Laos, valued at nearly 586 million USD, up 48.2%. Meanwhile, import of goods from Laos to Vietnam only reached nearly 363 million USD, down 1.6%.

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 Photo for illustration. (Photo: congthuong.vn)

The main export items of Vietnam to Laos include gasoline and oil; vegetables; fertilizers of all kinds; clinker and cement; electric wires and cables; paper and paper products; ceramics; and textiles.

Meanwhile, Vietnam mostly imported from Laos fertilizers, rubber, wood and furniture, ore and other minerals.

In July alone, two-way trade hit 125 million USD, an increase of 54.1% year on year, including Vietnam’s export revenue of nearly 53.2 million USD, up 33.9%. This was the third consecutive month that Vietnam enjoyed an increase in exports to Laos, helping reduce the drop in the turnover to minus 1.6% from minus 6% in the first half of this year.

In August, Vietnam expects continuous rise in exports to Laos thanks to the stable conditions of the Lao economy, the reduction in petrol prices in the world and the rising number of Vietnamese investors in Laos.

Trade relations between Vietnam and Laos have always prospered in recent years. In the 2016-2020 period, trade turnover between Vietnam and Laos has grown steadily and has reached the target of over 1 billion USD a year./.

Rubber exports surge over seven-month period

Vietnam exported 983,760 tonnes of rubber worth 1.68 billion USD during the past 7 months of the year, representing a rise of 7.2% in volume and 9.1% in value compared to the same period from last year, VOV News quoted statistics by the General Department of Vietnam Customs.

July alone witnessed the country ship 196,500 tonnes of rubber worth 318.98 million USD, up 4.6% in volume and 2.9% in value compared to the previous month.

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 Photo for illustration. (Source: VOV)

Most notably, rubber exports in some major markets in July saw robust growth, including India, the Republic of Korea, Turkey, Indonesia, Russia, Canada, and Spain, while exports to other markets such as Taiwan (China), the United States, Sri Lanka, Pakistan, and Japan endured a downward trajectory.

China remained the country’s largest rubber consumption market in July, duly accounting for 71.3% of total Vietnamese rubber exports, with 140,040 tonnes worth 220.09 million USD.

This figure represents a rise of 4.8% in volume and 3.6% in value over the previous month, but a fall of 7.6% in volume and 10.3% in value compared to July of last year.

The average export price of rubber to the Chinese market stood at 1,572 USD per tonne, a decline of 1.1% against June and a drop of 3% compared to July of last year.

The nation exported 676,360 tonnes of rubber to China worth 1.12 billion USD during the initial seven months of the year, up 5.3% in volume and 7.8% in value against the same period from last year.

Experts assessed that Chinese rubber import demand has bounced back over recent months as the northern neighbour seeks to import a large quantity of rubber latex and preliminarily processed rubber in order to meet the production of rubber products.

During the first half of the year, the Vietnamese market remained the second largest rubber supplier to China, with turnover reaching 959.67 million USD, up 10.6% on-year.

The Vietnamese rubber market share in China’s total import value during the first half of the year accounted for 14.45%, higher than the figure of 14.37% recorded during last year’s corresponding period./.

 

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