Day: December 30, 2022

A number of foreign news agencies and media groups have hailed Vietnam’s booming economy with a GDP growth rate of 8.02% this year.

 

Singapore’s straitstimes.com commented that Vietnam’s economy grew at the fastest pace in Asia this year. The US’s CNN called it the fastest growth rate since 1997 while the UK’s BBC stressed that it was the highest growth posted from 2011-2022, the main driver of which was the export sector and strong retail sales.

 

The figure was released amid concerns about the global economic slowdown and its impact on export demand from Vietnam, a major producer of apparel, footwear and electronics for major international brands.

 

Russia’s Sputnik news agency said thanks to this miraculous economic growth, low inflation, booming imports-exports, political stability and brilliant diplomatic successes, Vietnam had emerged as one of the rare spotlights in the gloomy landscape of recession and crisis covering the world.

 

It quoted the World Trade Organisation (WTO) ranking as saying that Vietnam has continuously been named in the group of 30 countries and territories with the biggest trade value globally. In particular, while many ASEAN countries have not moved up in the rankings in recent years, Vietnam has leapt with total trade value of over 700 billion USD this year.

 

Bloomberg said Vietnam’s economy grew faster than expected this year, signaling momentum towards a recovery following the pandemic.

 

The better-than-expected showing gives Vietnam’s central bank the space to wait-and-watch before deciding to pivot monetary policy away from tightening, it added.

 

According to Reuters and Hong Kong’s asiafinancial.com, though the economy in 2022 grew at the fastest pace in many years, economists warned it is facing headwinds ahead, with weakening global demand having already impacted shipments.

 

The full-year data showed that the US remained Vietnam’s biggest importer, with an estimated turnover of 109 billion USD. Meanwhile, China is the biggest seller to Vietnam, with estimated sales worth more than 119 billion USD. In 2022, it is estimated that Vietnam had a trade surplus of 11.2 billion USD, higher than the 3.32 billion USD recorded in the previous year./.

 

Source: Vietnam News Agency

 

Metfone, the Cambodian affiliate of Vietnam’s telecoms group Viettel, has been accredited as the best internet service provider in Cambodia in 2022 by the UK-based magazine Global Business Outlook (GBO).

 

According to Cambodian media, this is the first time Metfone has been honored by GBO based on the company’s high quality fiber-to- the-home (FTTH) Internet service, customer care and good preferential policy for customer benefits.

 

The award also recognises Metfone’s efforts and achievements in keeping up with market trends and providing comprehensive FTTH Internet services, as well as its ability to innovate.

 

The accreditation was independently evaluated by leading GBO experts and researchers. Evaluation criteria included infrastructure, network system, quality, sales policy and customer care.

 

Inaugurated in 2009, Metfone is currently the largest telecommunications and digital technology company in Cambodia./.

 

Source: Vietnam News Agency

Members of the Vietnam Logistics Business Association (VLA) recorded a business growth rate of about 15% this year, contributing to the country’s all-high trade value of 732 billion USD.

 

As of December 30, VLA admitted additional 128 members, bringing its total membership to 659.

 

This year, VLA sent over 20 documents to State management agencies, detailing proposals such as waiver and reduction of seaport fees in Ho Chi Minh City and the northern port city of Hai Phong. As a result, the two localities adopted the policy for each case.

 

Via forums of the National Steering Committee on ASEAN Single Window, National Single Window and Trade Facilitation (Committee 1899), the Government also recognised the need to turn logistics into a national competitive.

 

The VLA also initiated a scheme to develop a fleet of international container ships to ease dependency on foreign ship operators, given that about 90% of Vietnam’s export-import goods are via waterway and over 90% of them are carried by foreign vessels.

 

Recently on December 29, the Saigon Newport Corporation and Vietnam Maritime Corporation welcomed Container Tan Cang Foundation container ship to the Mekong Delta city of Can Tho from Hai Phong city, showing their efforts to launch regular ship services between the two cities, contributing to reducing logistics costs and opening up a new development way for export-import in the Mekong Delta.

 

Also for the first time this year, VLA has embarked on a project to improve logistics capacity at the provincial and municipal level. It also actively held and attended many forums on logistics and relevant fields, particularly the Vietnam Logistics Forum 2022 held by the Ministry of Industry and Trade, thus raising public awareness of the crucial role of logistics services in the socio-economic life.

 

It also won the right to host the World Congress of the International Federation of Freight Forwarders’ Association (FIATA) in 2025 in Hanoi./.

 

Source: Vietnam News Agency