Day: January 17, 2023

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Singapore expects to fully recover tourism in 2024

The Singapore Tourism Board (STB) on January 17 estimated that visitor arrivals in the city state will recover to the pre-pandemic level in 2024.

Singapore welcomed 6.3 million foreign visitors last year, or one-third of the pre-pandemic level, mostly from Indonesia, India and Malaysia. It beat the STB’s previous forecast of 4-6 million. The 2022 tourism revenue was estimated at 13.8-14.3 billion SGD (10.45-10.82 billion USD).

Visitor arrivals are expected to increase to 12-14 million this year, bringing in 18-21 billion SGD from tourism spending.

STB Chief Executive Officer Keith Tan said this year, the board is hoping to get between 30-60% of visitor arrivals compared to the figure in 2019.

According to the STB, tourism contributes to about 4% of Singapore’s annual GDP. In 2019, the island state hosted a record of 19.1 million visitors and earned 27.7 billion SGD from their receipts. Up to 3.6 million of them were Chinese, the biggest source of arrivals

Source: Vietnam News Agency

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Deputy PM hails Vietnam-Switzerland friendship

Deputy Prime Minister Tran Hong Ha received President of the Switzerland-Vietnam Friendship Association Anjuska Weil in Davos on January 15 (local time),as part of his trip to Switzerland for the World Economic Forum Annual Meeting 2023.

Ha noted with pleasure the strong development of the fine traditional friendship between the two countries over the past time across spheres, from politics, economy-trade and investment, to science, culture, tourism and people-to-people exchange at multilateral forums.

Ample room remains for the bilateral collaboration, especially in climate change response, green energy transition and circular economy, which are of Switzerland’s strengths and Vietnam’s demand, the official noted.

Lauding people’s associations of the two countries for their coordination in organising people-to-people exchanges, contributing to enhancing the bilateral friendship and mutual understanding, Ha expressed his hope that the association will coordinate with Vietnam’s diplomatic offices in the country and the Vietnamese community there in materialising initiatives, for the development of the bilateral multifaceted cooperation.

For her part, Weil briefed the Deputy PM on the operations of her association since its inception in 1982, and affirmed that it will make more contributions to the friendship and people-to-people exchange.

The same day, Ha met representatives of the Vietnamese community in Switzerland

Source: Vietnam News Agency

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Thais to cut spending on gold during Lunar New Year Festival

The Gold Traders Association (GTA) of Thailand forecast gold sales will rise by only 5% to 10% during the Lunar New Year Festival, which will start on January 22.

The Lunar New Year usually brings a gold rush in Thailand with consumers queuing at gold-shop counters seeking gifts for their loved ones.

However, GTA Vice President Pichaya Phisuthikul said this year, Chinese-Thai people will prefer to buy smaller trinkets weighing one or two salung, rather than one-baht pieces (one salung is 3.81 grams, or one-quarter of a baht).

He added that many gold consumers are still watching their spending as they have yet to pay off debts built up during the COVID-19 crisis.

Many gold shops have reopened after their business was severely hit during the pandemic, but some are still suffering staff shortages and many operators are unable to pay bonuses, he said.

Worachai Tangsitpakdee, director of the Chin Hua Heng chain of gold shops, also expects gold sales to rise during the festival.

However, he perceived that Chinese-Thais will prefer gold pendants or rings to large necklaces as people will be reluctant to spend big on gold amid the economic recovery

Source: Vietnam News Agency

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Deputy PM asks for Switzerland’s cooperation in education, technology

Deputy Prime Minister Tran Hong Ha has suggested Switzerland share experience and cooperate with Vietnam in the areas of education-training and science-technology as well as innovation, digital transformation, and vocational training.

Ha made the suggestion during his talks with Swiss Federal Councillor for Economic Affairs, Education and Research of Switzerland Guy Parmelin on January 16, on the occasion of his attendance in the World Economic Forum Annual Meeting 2023 in Davos.

Deputy PM Ha noted that in the first 11 months of 2022, trade between Vietnam and Switzerland reached 721.3 million USD. Swiss investors have operated 197 FDI projects in Vietnam with total capital of 1.89 billion USD, ranking 21st out of 140 countries and territories investing in Vietnam.

He underlined that with a nearly 100-million-strong market, the engagement in 15 free trade agreements, and the transition to sustainable growth, green, circular and low-carbon economy, Vietnam is becoming an attractive destination offering great chances in economy, trade and investment.

The Deputy PM suggested that Switzerland invest more in projects with high, new and clean technologies, environment protection, innovation, modern governance, high added values, and widespread effects, which help connect the global production and supply chain.

He asked Parmelin to create favourable conditions for Swiss firms to operate in Vietnam in the long term, especially in areas of Switzerland’s strength and Vietnam’s demand such as finance-banking, insurance, manufacturing, pharmaceuticals, agricultural product processing, renewable energy, and tourism.

Stressing that Vietnam is in need of collaboration in research and innovation towards the net-zero emission goal in 2050, the country hopes for Switzerland’s support through different cooperation forms in the field.

Parmelin highly valued Vietnam’s commitments to net-zero emissions at the 26th UN Climate Change Conference (COP26) and congratulated Vietnam on reaching just energy transition with G7 countries and development partners. He affirmed that the country will assist Vietnam in switching to circular economy and circular production, digital economy and digital transformation towards greener direction. Regarding the free trade agreement (FTA) between Vietnam and the European Free Trade Association (EFTA), the two sides agreed that the negotiation conclusion will open up more chances for bilateral trade and investment partnership.

Ha proposed that the Swiss side continue to coordinate with Vietnam to speed up the negotiation of the deal in the time to come. He pledged that Vietnam is willing to act as a bridge for EFTA members to reach the ASEAN market.

Regarding multilateral cooperation, the Vietnamese official congratulated Switzerland on being elected to the UN Security Council. The two sides concurred to strengthen cooperation and mutual support at multilateral organisations and international organisations of which both sides are members.

He said he hopes Parmelin will continue to back the Vietnamese community in the country to settle down.

Following their talks, Deputy PM Ha and Councillor Parmelin chaired a meeting with Swiss businesses and investors, who showed their impressions at Vietnam’s achievements in economic recovery, and highly valued the country’s economic outlook.

They held that the free trade agreement between Vietnam and the EFTA will help boost trade and investment of Swiss investors in Vietnam. They said they hopes to expand investment scale and business partnerships in Vietnam.

Deputy PM Ha answered questions by the investors, while suggesting a number of measures to settle existing problems and giving suggestions on green and environmentally-friendly investment

Source: Vietnam News Agency

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Vietnam improving legal framework to attract green finance, green technology

Vietnam is actively implementing a roadmap for an improved legal framework for better attracting green finance and green technology; and encouraging green production and investment, said Deputy Prime Minister Tran Hong Ha.

He made the statement on January 16 while attending a dialogue on green finance and sustainable development within the framework of the 53rd World Economic Forum (WEF) Annual Meeting 2023 in Davos, Switzerland.

Speaking at the event, Ha emphasised that considering the green economy and green transformation an important growth engine in the long term, Vietnam is facilitating green transition, energy transition and transition to a circular and low-carbon economy.

In addition, in the context of digital transformation in all fields and at all levels in the country, Vietnam requires cooperation in digital transformation and exploitation of digital resources.

Ha called on corporations to step up investment, support Vietnam in green growth, and well implement international commitments to sustainable development and climate change, including those deliverd at the 26th United Nations Climate Change Conference of the Parties (COP26) in Glasgow.

Leaders of corporations expressed their impressions at Vietnam’s GDP growth, congratulated the country on its economic development achievements and appreciated its economic prospects.

Investors also applaued Vietnam’s commitment to carbon neutrality at the COP26 as well as the negotiation process to establish a Just Energy Transition Partnership.

On that basis, international corporations and investment funds expressed their wish to accompany the Vietnamese Government, actively seek investment opportunities and implement green projects in Vietnam in the future

Source: Vietnam News Agency