According to the General Statistics Office, the Index of Industrial Production (IIP) increased 12.12 per cent year-on-year in the third quarter of 2022 and 9.63 per cent in the first nine months. Processing and manufacturing continued to be a driving force of growth, increasing 10.69 per cent and contributing 2.74 per cent to higher added value in the economy.
Vietnam’s insurance technology (insurtech) market, which accounts for only 2-3 per cent of total revenue in the insurance market, has a lot of potential to develop. A representative from one insurtech company said the local market is expected to soon reach into the tens of billions of dollars, and the comprehensive application of digitalization in the insurance industry will drive sustainable market growth.
Banking stocks, which account for the largest proportion of Vietnam Holding’s portfolio, have performed well and the fund expects this to continue into 2023 given attractive valuations and steady growth. Banking stocks account for 35 per cent of its investment, followed by industry and services with 18 per cent, retail 17 per cent, real estate 16 per cent, and technology 11 per cent.
According to the United Nations Development Program (UNDP), Vietnam’s Human Development Index (HDI) was 0.703 in 2021, almost equal to the 2019 result of 0.704. In the global HDI rankings, Vietnam climbed two places, from 117th out of 189 countries in 2019 to 115th out of 191 countries in 2021. Its Gender Inequality Index (GII) continued to improve last year, reaching 0.296 and ranking 71st out of 170 countries. The UNDP said Vietnam will face many challenges in the future, such as climate change and economic development depending on global growth.
PYN Elite report notes that Vietnam’s economy is showing resilience thanks to strong domestic consumption and that production will continue to be promoted.
Vietnam’s real estate market has exhibited a number of shortcomings in recent times, with prices rising compared to incomes and the market information database lacking synchronization and transparency. State management agencies are now reviewing regulations, identifying ways to diversify capital sources, and proposing policies to create new development drivers for the market.
Figures from the Vietnam Maritime Administration put the total volume of goods passing through local seaports in the first eight months of 2022 at an estimated 495.8 million tons, up 3 per cent year-on-year. Container cargo totaled 17,059 million TEUs, with an increase in exports and imports of 4 per cent and 6 per cent, respectively.