Tag: recover

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.

Some 153,523 jobs were created in Hanoi in the first eight months of 2022, representing 96 per cent of the annual plan and 38,728, or 33.7 per cent, more jobs than were created in the first eight months of 2021. The Hanoi Department of Labor, Invalids and Social Affairs has forecast that the recruitment needs of businesses will be focused on office, sales, and production staff, electronic component assembly, and other fields.

Positive signs of recovery seen in aviation sector so far this year.

In assessing the potential of Vietnam’s aviation industry in the second half of 2022, analysts believe its profit growth will be higher than in the first half, based on three main factors: domestic travel is tending towards strong recovery, international visitors are expected to gradually increase in number by the end of the year, and rising demand will help airlines manage fuel costs.

Banks predict that Vietnam’s economy will recover quickly over the remainder of the year.

In its recently-released “Global Focus - Economic Outlook Q3-2022: Near the Tipping Point” report, Standard Chartered Bank forecasts GDP growth of 6.7 per cent in Vietnam this year and 7 per cent in 2023. It also forecasts that inflation will come in at 4.2 per cent and 5.5 per cent in 2022 and 2023, respectively. Vietnam’s economy will recover strongly in the second half of 2022, the report stated.

CBRE has forecast that hotel operations in Hanoi will improve over the course of 2022, with room tariffs at 4 and 5-star hotels rising 15 per cent and occupancy reaching 52 per cent, up 21 percentage points compared to 2021. Occupancy at 4 and 5-star hotels in Ho Chi Minh City, meanwhile, will reach 49 per cent, up 20 percentage points.

At the monthly government meeting reviewing March, held on April 4, Prime Minister Pham Minh Chinh said the socio-economy continued to recover strongly in the first quarter despite great pressure. Reports from the meeting show that GDP growth was more than 5 per cent, the CPI under 2 per cent, and the money market, financial stability, and major balances basically secure.

In a recent report, the World Bank (WB) assessed that economic activity in Vietnam is continuing to recover, with a number of bright spots clearly visible, and recommended that the country encourage export enterprises to seek new markets and create new products through global value chains and FTAs to strengthen export resilience.

A pilot program on restarting tourism, introduced in November, has recorded positive results. According to Minister of Culture, Sports and Tourism Nguyen Van Hung, with the nationwide vaccination campaign in full swing, the tourism industry will have many opportunities to recover.

Many localities around Vietnam, such as Ho Chi Minh City and Ha Long Bay in Quang Ninh province, Sapa in Lao Cai province, and Phu Quoc Island in Kien Giang province have welcomed tens of thousands of domestic as well as international tourists in the opening days of 2022, providing hope that tourism is on the path to recovery. It is expected that more than ten flights will re-start in January and February from Singapore, South Korea, Saudi Arabia, and Malaysia to Phu Quoc Island.

The international aviation market needs a boost to recover and support its many businesses.

Recovery in industrial production becoming increasingly evident in fourth quarter.

The following six months is an important period for Vietnam’s economy to recover and develop, Mr. Kidong Park, acting United Nations (UN) Resident Coordinator said at a meeting between himself and heads of UN agencies in Vietnam and the Prime Minister on October 21. He also affirmed that the UN will continue to accompany and support Vietnam along the way.

Hanoi is expected to see the fastest recovery in real estate transactions and supply in the country, possibly by the end of October, while Ho Chi Minh City may see something similar in November and Da Nang in December. Transactions and supply are also likely to be active soon in localities such as Quang Ninh, Hai Phong, Bac Giang, and elsewhere.