Topic: 2022

The State Bank of Vietnam (SBV) believes that inflationary pressure is tending to increase. The 2022 figure is expected to exceed 4 per cent, posing challenges in control efforts next year. Cutting lending interest rates will also face difficulties, due to deposit rates and the USD/VND exchange rate both tending to increase.

The Vietnam National Administration of Tourism has reported that the number of international visitors to Vietnam in the first nine months of 2022 reached only 33 per cent of the annual target of 5 million. At a seminar on developing the international tourist market held recently by the Khanh Hoa Provincial Department of Tourism in Vietnam’s south-central region, analysts said it is necessary to combine many solutions.

Data from FiinRatings shows that outstanding corporate bonds as of the end of September totaled more than VND1.3 quadrillion ($53 billion), or more than 13 per cent of 2021 GDP. Non-banking enterprises have VND908.8 trillion ($37 billion) and real estate enterprises VND455 trillion ($18 billion). This accounts for only 4 per cent of total credit in the banking system.

Businesses still have faith in Vietnam’s ability to recover from the current woes.

VASEP predicts that seafood exports will hit the annual export target by the end of November as the industry rapidly recovers.

A recent digital transformation conference heard that the share of the digital economy in GDP reached 10.41 per cent in June, up from 9.6 per cent at the end of 2021.

Ho Chi Minh City’s trade is still recording impressive growth despite Vietnam being affected by the troublesome global situation. A report from the city’s Department of Statistics shows that export turnover was $4.156 billion in September, an increase of 0.3 per cent compared to August, while import turnover in the first nine months was $48.764 billion, up 10.3 per cent year-on-year.

Figures from the Ministry of Labor, Invalids and Social Affairs show that the total number of Vietnamese workers going to work overseas was more than 103,000 in the first nine months of 2022, or 114.47 per cent of the annual plan, of which the number in September increased more than ten-fold over September last year. Japan continues to be the leading destination for Vietnamese workers, with 52,000, or nearly half.

At a CEO Forum on welcoming the wave of supply chain shifts in the electronics industry, held on October 4, analysts said Vietnam is a destination for many companies producing electrical and electronic products. Its electronics industry is one of the most promising in terms of receiving a new wave of relocated investment.

A survey conducted recently by Vietnam Holdings found that retail investors have a gloomy attitude towards securities, with just 7 per cent of respondents intending to invest in the stock market. The figure in August 2021 was 47 per cent. The average amount being invested is also down, by $2,000 to under the $9,900 average posted over the past ten months and 30 per cent below the figure at the beginning of the year.