Topic: revenue

The Hanoi Department of Planning and Investment has said that the capital’s socio-economic situation saw positive results in the first nine months of 2022. Its gross regional domestic product (GRDP) increased 9.69 per cent year-on-year, while State budget revenue rose 13.7 per cent and the Index of Industrial Production (IIP) 8.6 per cent. Hanoi attracted $1.019 billion in FDI in the period, up 18 per cent year-on-year.

Tax revenue has shown signs of deceleration in recent months. To exceed estimates by 15.5 per cent, the tax sector will drastically increase revenue from e-commerce activities and build big data from e-invoices to readily track fraud.

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.

According to Brand Finance, Vinamilk is valued at $2.814 billion, an impressive increase of 18 per cent compared to 2021, and continues to be the most valuable food industry brand in Vietnam. Vinamilk was also honored to receive the title of “The 6th largest dairy brand in the world”. It is currently the only representative of Vietnam and Southeast Asia in the Top 40 largest dairy companies globally in terms of revenue. Its products are exported to 57 countries and territories.

Dubbed “miniature Vietnam” due to its terrain of mountains, islands, plains, midlands, and borders, and with 632 historical, cultural, and scenic sites, including Ha Long Bay, which has been recognized by UNESCO as a World Cultural Heritage, northern Quang Ninh province is becoming a major tourist center in the country. In the first eight months of this year, the province welcomed 8.2 million visitors, with total revenue reaching nearly VND18 trillion ($758 million), up 249 per cent year-on-year.

Figures from the Hanoi Department of Tourism put tourist numbers to the capital at an estimated 13.9 million in the first nine months of the year, an increase of more than four-fold year-on-year. Total revenue is estimated at nearly VND39.7 trillion ($1.67 billion), up 4.7-fold year-on-year. International tourists totaled 766,400 and domestic tourists 13.1 million.

The Ministry of Finance has said that total State budget revenue reached VND106 trillion ($4.48 billion) in August, a fall of VND46 billion ($1.94 billion) compared to July. Revenue increased in the first eight months, however, by 19.4 per cent year-on-year and posted a surplus of more than VND250 trillion ($10.56 billion).

The custom sector’s contribution to State budget revenue in the first seven months of this year totaled more than VND260 trillion ($11.16 billion), a 12.7 per cent increase year-on-year and representing 74.2 per cent of the annual estimate.

Due to sharp increases in materials and transportation costs, the export turnover of wood and wooden products in July fell 5.5 per cent compared to June and 1.6 per cent year-on-year. According to the Timber Association and Forest Trends report, nearly half of surveyed wood enterprises believe their revenue will fall by 40 per cent this year.

Vietnam aims to welcome 65 million tourists in 2022, including about 60 million domestic travelers. It actually served 60.8 million domestic tourists in the first half, exceeding the annual target. Tourism revenue in the period rose nearly 95 per cent year-on-year.