Vietnam’s logistics costs currently stand at about 20 per cent of GDP, or double the world and regional average. This greatly harms the economy’s macro-economic stability, competitiveness, and investment attractiveness. Reducing logistics costs has therefore become a pressing need.
Amid a plunging local stock market and a growing risk of global crisis, a number of foreign funds such as Dragon Capital, VinaCapital, and Dynam Capital have expressed a belief that Vietnam’s economy is superior to others around the world. The Economist magazine has listed countries most at risk from imported inflation and supply chain disruptions, and Vietnam is not among them.
Night-time economies have been gradually promoted in Vietnamese tourist destinations after a development project was approved by the Prime Minister. Vi Thanh city in the Mekong Delta’s Hau Giang province holds many advantages for developing its night-time economy. The city is focusing on investing in its tourism sector, contributing to improving efficiency at tourism businesses, prolonging stays, and increasing average spending and visitor satisfaction.
Figures from the Da Nang Statistics Office show that the central city recorded high socio-economic growth in the first nine months of 2022. Its gross regional domestic product (GRDP) growth was estimated at 16.76 per cent year-on-year, with the service sector rising 21.69 per cent, the industry-construction sector 7.83 per cent, and the industrial sector 9.09 per cent. Da Nang’s economic recovery continues apace.
On October 3, while receiving Ms. Era Dabla-Norris, Division Chief in the International Monetary Fund (IMF)’s Asia and Pacific Department, who is visiting Vietnam, Prime Minister Pham Minh Chinh proposed that the IMF actively support Vietnam in developing its green economy as well as energy transformation, renewable energy development, and digital transformation. Ms. Dabla-Norris expressed her appreciation of Vietnam’s monetary and fiscal policies and expressed confidence in a positive outlook for Vietnam’s economy despite the external shocks.
Ho Chi Minh City’s economy continued to recover strongly in the first nine months of 2022, with its gross regional domestic product (GRDP) increasing by 9.44 per cent year-on-year and exceeding the plan. Its Index of Industrial Production (IIP), meanwhile, increased 19.6 per cent, total retail sales of goods and sales from consumer services rose 25.9 per cent, and budget revenue was 27.7 per cent higher. The city expects to have 15 out of 19 targets met and plans exceeded this year.
With no sudden changes and favorable conditions for the economy externally, the Ministry of Planning and Investment (MPI) has forecast that GDP growth will reach 8 per cent in 2022 and 6.5 per cent in 2023.