Start your new week with our Weekly News Bulletin, which includes the latest financial and business articles on macro-economics, investment, banking, and finance. Our summary of latest news and headlines keeps enterprises catch up with the most important facts and figures, assisting their operation in Vietnam.
Weekly News Bulletin - No. 04, September 2022
The Asian Development Bank maintains its 6.5% growth forecast for Vietnam this year despite an expected slowdown in Asia due to global geopolitical tensions.
The Ministry of Finance (MoF) is drafting a proposal to reduce fees by 20 to 50% for four transport types to help the sector recover. Specifically, the MoF proposed reducing tonnage fees for ships and boats involved in domestic maritime activities, maritime security fees and fees for entering and leaving seaports by 20% each. For airlines, it proposed a 20% reduction in the charge for assessment and issuance of certificates, permits and certificates in civil aviation activities.
The first half of this year saw a swift economic rebound as Vietnam’s pandemic restrictions eased following the adoption of a living-with-COVID strategy and a robust vaccination drive, according to an official article published by the International Monetary Fund (IMF).
Digital transformation has been essential for the tourism sector in the post-COVID-19 period by optimising operations, cutting expenses, improving efficiency, and attracting more visitors. This new trend also means business efficiency, Chairman of the Vietnam Tourism Association Vu The Binh said, noting that as travellers switch to booking services online and companies do not act accordingly, they will be missing out.
The Ministry of Finance forecasts that the average CPI in 2022 will increase in the range of 3.37 - 3.87%. In general, prices of many strategic raw materials and supplies will still be under great pressure from the uneven and unsustainable recovery of the world economy.
The UK – Vietnam Free Trade Agreement (UKFTA) is opening significant opportunities for enterprises from both sides to enhance cooperation in green energy transition and digital transformation as Vietnam strives to achieve net zero emissions by 2050 and embrace new drivers for economic growth. The country was making strong efforts towards the goal of becoming a high-income country by 2045, to which digital transformation and energy transition are considered launch pads for the economy.
Vietnamese enterprises have been diversely capitalising on the EU - Vietnam Free Trade Agreement (EVFTA) to boost shipments to the EU, according to the Ministry of Industry and Trade (MoIT).Mr Tran Thanh Hai, Deputy Director of the MoIT’s Foreign Trade Agency, said the EVFTA, taking effect on August 1, 2020, has created a substantial demand for exports, which have increased almost 15% to about USD 83 billion over the last two years.
As Vietnam’s recovery was set to gather momentum in 2022, several industries have been reported with robust results. According to the Ministry of Planning and Investment, in the first seven months of this year, Vietnam’s total investment abroad neared 358.76 million USD, or about 63 percent against the figure in the same period of 2021.