Vietnam News Today (Dec. 29): 3-Day Trip to Phu Quoc Costs Less Than a Weekend in Singapore

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Many solutions on tax exemptions, fee waivers, and payment deferrals help ease difficulties for businesses (Photo: VNA)

Vietnam's economy: Flexible and reasonable fiscal policy

As Vietnam's economy is recovering from the COVID-19 pandemic but still faces many big challenges, the Ministry of Finance (MoF) has introduced a range of measures aimed at revitalising economic activity and mitigating the impact of global uncertainties.

In recent years, the ministry has proactively devised and implemented an expansive and flexible fiscal policy to support businesses and foster sustainable development. These efforts have been instrumental in stabilising the economy during challenging times.

According to Deputy Prime Minister Ho Duc Phuoc, fiscal policies are tightening globally with many countries increasing tax rates to strengthen public finances. However, Vietnam has maintained an expansive fiscal policy to facilitate enterprise growth.

He underscored the importance of aligning fiscal and monetary policies as dual drivers of economic development, with both policies operating in a coordinated and timely manner.

Also in the Resolution of the Government's November meeting, the Government requested continuing the reasonably expansive fiscal policy, in coordination with other macroeconomic policies, to promote rapid recovery of production and business and generate jobs and livelihoods for people, cited VNA.

Accordingly, the ministry has extended tax exemptions, fee waivers, and payment deferrals, amounting to nearly 900 trillion VND (more than 35.5 billion USD) from 2020 to 2024. In 2024 alone, tax reductions and deferrals are estimated at 189.6 trillion VND, contributing to easing difficulties for businesses and households.

Deputy Director-General of the General Department of Taxation Dang Ngoc Minh highlighted that tax support measures have accounted for 10–15% of annual state budget revenues in recent years.

Revised tax regulations, such as a 5% VAT rate for fertilisers and special provisions for export-processing zones, further demonstrate the government’s commitment to bolstering domestic production and facilitate exports as well as help enterprises to make use of Vietnamese goods' competitiveness.

Public investment remains a crucial driver of economic development. While the Government has accelerated disbursement of public investment, by November 2024, only 54.8% of the annual public investment budget had been utilised, reflecting challenges in project implementation.

Addressing these bottlenecks is essential for advancing infrastructure development, generating employment, and boosting productivity.

The MoF has also urged stringent controls on regular expenditures and efficient revenue management, particularly in sectors like petroleum, gold trading, dining services, and e-commerce. These measures aim to balance the State budget, with the average fiscal deficit between 2021 and 2023 maintained at 3% of GDP, and 2024 projected at 3.4%, within parliamentary limits.

As Vietnam enters 2025, it is forecast to face heightened challenges, including in inflation control and public debt management. Meanwhile, the task for the financial sector is very heavy. The state budget anticipates revenues of over 1.96 quadrillion VND and expenditures exceeding 2.5 quadrillion VND, with a projected deficit of 3.8% of GDP. Experts have emphasized the importance of reasonable fiscal policies to ensure macroeconomic stability and inflation control.

The Ministry of Finance has outlined key priorities for the coming years. These include building and organising the active and flexible implementation of fiscal policies, and expediting significant infrastructure projects that connect regions and improve economic efficiency. Other priorities include strengthening fiscal discipline, reducing unnecessary expenditures, and optimizing the allocation of public funds.

Vietnam to promote AI development, manage risks

Vietnam is set to introduce policies that both foster the development of artificial intelligence (AI) and ensure effective risk management, according to the Ministry of Information and Communications.

These initiatives are part of the country’s strategy to harness the transformative potential of AI across industries while addressing challenges related to ethics, safety, and socio-economic impacts.

Data from Statista show that the global AI market will reach US$184 billion in 2024, and with an impressive compound annual growth rate (CAGR) of 28.46% from 2024 to 2030, the AI market size will hit US$826.70 billion by 2030.

In recent times Vietnam has demonstrated remarkable progress in AI development, ranking fifth out of 10 ASEAN countries and 59th among 193 economies globally in the 2023 Government AI Readiness Index by Oxford Insights.

This marks the third consecutive year Vietnam has exceeded the global average, reflecting its significant strides in AI and its emergence as a key player in the region’s tech landscape.

Vietnam boasts a combination of factors propelling its AI industry forward, including Government policies, skilled workforce, and international cooperation, according to VOV.

Vietnam is committed to leveraging AI to accelerate growth while addressing potential risks. (Illustrative image by Infoworld)

Major tech companies like Viettel, VNPT, Mobifone, FPT, CMC, and VinAI have invested heavily in AI research and development, laying the groundwork for a thriving AI ecosystem and positioning Vietnam as a future regional tech hub.

AI is a disruptive technology influencing numerous industries, offering significant benefits while posing challenges, including risks to individuals and society.

To address these concerns, the Draft Law on Digital Technology Industry has a dedicated chapter on AI, that encourages AI development and applications; implements measures to mitigate risks for responsible and safe AI use; and enhances trust and ensures AI technologies serve human prosperity and well-being, placing humanity at the core of its development.

Its key principles outlined in the draft include the people-centre approach; inclusivity and fairness; respect for rights and privacy; and transparency and accountability.

The draft law outlines measures for regulating risks associated with AI systems; defines responsibilities of stakeholders in AI development, deployment, and usage; and establishes labeling standards and procedures for AI-generated digital products.

Furthermore, the draft law also introduces mechanisms for controlled testing of digital products and services, providing a strong legal framework to support the digital technology and AI industries.

Vietnamese beef pho among top 100 world’s best dishes of 2024

Vietnamese beef pho has been recognized as one of the world’s top 100 dishes of 2024 by Taste Atlas, earning high praise for its rich broth and unique flavors.

Beef pho, a signature dish of Vietnam, has been ranked among the 100 best dishes in the world for 2024, according to Taste Atlas. With a score of 4.44 out of 5, it secured the 93rd spot on the prestigious list.

A global nod to Vietnam's culinary heritage

Taste Atlas, a renowned food and travel platform, described Vietnamese beef pho as having a rich, flavorful broth made by simmering beef bones, brisket, oxtail, ginger, onions, and a variety of herbs and spices like cinnamon, star anise, and cloves.

The dish is served hot, with tender rice noodles accompanied by various cuts of beef such as brisket, flank, tendon, and meatballs, topped with garnishes like green onions and coriander.

Photo: Linh Trang

The top-ranked dish of 2024

Taking the top spot on the list this year was Lechona, a traditional Colombian dish scoring 4.78 points. Lechona features a whole roasted pig stuffed with onions, peas, fresh herbs, and an array of spices.

The 100 Best Dishes in the World list is part of the annual Taste Atlas Awards, based on votes and ratings from food critics, chefs, and gourmands worldwide.

Founded in 2015 and headquartered in Zagreb, Croatia, Taste Atlas serves as a global map of traditional dishes, offering insights into the culinary heritage of countries around the world.

According to Matija Babic, founder of Taste Atlas, the rankings are meticulously curated based on expert opinions and food critic reviews, ensuring the credibility of their awards.

US Magazine: A 3-Day trip to Phu Quoc costs less than a weekend in Singapore

Renowned travel magazine Travel + Leisure has dedicated an entire article to explain the allure of Phu Quoc to its nearly 5 million readers.

Key reasons highlighted include convenient transportation, an advantageous visa policy, and a variety of appealing experiences.

According to a recent article by the leading American travel publication Travel + Leisure, Vietnam's paradise island not only boasts breathtaking natural scenery but also attracts visitors with its attractive visa exemption policy, frequent international flights, and affordable costs for top-tier services. Travel + Leisure considers Phu Quoc the ideal destination for those seeking a longer vacation, especially high-end travelers, experience enthusiasts, and remote workers.

Reasonable costs are the top factor noted by the magazine. The Travel + Leisure editorial team emphasized the competitive advantage of Phu Quoc:

“One of the things international tourists love about Phu Quoc is the exceptional value it offers compared to the cost—better experiences than other well-known travel destinations.” Specifically, Travel + Leisure pointed out that a three-day vacation in Phu Quoc costs less than a weekend in Singapore or Koh Samui (Thailand), amounting to only one-third to one-fourth of expenses in other popular regional destinations.

A single night at a hotel in Singapore starts from SGD150 (approximately VND2.8 million), while a similar level of accommodation in Phu Quoc costs only SGD50 (approximately VND950,000), offering high-quality stays at significantly lower prices.

Travel + Leisure also highlighted Phu Quoc’s unique advantage: its visa exemption policy. This is the only destination in Vietnam where international visitors can stay up to 30 days without a visa. In addition, with more than 28 international flights daily, including routes from the Republic of Korea, Taiwan, Malaysia, Thailand, and further destinations such as Slovakia, the Czech Republic, Poland, and Mongolia, Phu Quoc is becoming increasingly accessible. The magazine praised the tropical paradise’s “enhanced connectivity and increasingly open long-term stay policies.”

Beyond accessibility, Phu Quoc maximizes its natural assets through the high-end entertainment and resort ecosystem, Sun Paradise Land. For instance, Kem Beach, one of the most famous beaches on the island, features numerous luxurious resorts like JW Marriott Phu Quoc Emerald Bay, New World Phu Quoc, and Premier Residences Phu Quoc.

Key reasons highlighted include convenient transportation, an advantageous visa policy, and a variety of appealing experiences, VNN reported.

International tourists enjoy the "tropical paradise" Kem Beach in Phu Quoc. (Photo: Sun Group)

According to a recent article by the leading American travel publication Travel + Leisure, Vietnam's paradise island not only boasts breathtaking natural scenery but also attracts visitors with its attractive visa exemption policy, frequent international flights, and affordable costs for top-tier services. Travel + Leisure considers Phu Quoc the ideal destination for those seeking a longer vacation, especially high-end travelers, experience enthusiasts, and remote workers.

Reasonable costs are the top factor noted by the magazine. The Travel + Leisure editorial team emphasized the competitive advantage of Phu Quoc:

“One of the things international tourists love about Phu Quoc is the exceptional value it offers compared to the cost—better experiences than other well-known travel destinations.” Specifically, Travel + Leisure pointed out that a three-day vacation in Phu Quoc costs less than a weekend in Singapore or Koh Samui (Thailand), amounting to only one-third to one-fourth of expenses in other popular regional destinations.

A single night at a hotel in Singapore starts from SGD150 (approximately VND2.8 million), while a similar level of accommodation in Phu Quoc costs only SGD50 (approximately VND950,000), offering high-quality stays at significantly lower prices.

Travel + Leisure also highlighted Phu Quoc’s unique advantage: its visa exemption policy. This is the only destination in Vietnam where international visitors can stay up to 30 days without a visa. In addition, with more than 28 international flights daily, including routes from the Republic of Korea, Taiwan, Malaysia, Thailand, and further destinations such as Slovakia, the Czech Republic, Poland, and Mongolia, Phu Quoc is becoming increasingly accessible. The magazine praised the tropical paradise’s “enhanced connectivity and increasingly open long-term stay policies.”

Beyond accessibility, Phu Quoc maximizes its natural assets through the high-end entertainment and resort ecosystem, Sun Paradise Land. For instance, Kem Beach, one of the most famous beaches on the island, features numerous luxurious resorts like JW Marriott Phu Quoc Emerald Bay, New World Phu Quoc, and Premier Residences Phu Quoc.

Describing Kem Beach, Travel + Leisure used the French idiom "Crème de la crème," meaning "the best of the best," to signify that this is the finest beach among all beaches. The magazine noted the soft, white sands resembling Italian gelato and the emerald-green waters, offering visitors a heavenly escape. It’s a uniquely beautiful natural setting, ideal for both short getaways and longer vacations with full amenities.

For those seeking more “adventurous” experiences, Sao Beach is the perfect choice. Surrounded by swaying palm trees and lush vegetation, its tranquil waters make it an ideal location for water activities such as snorkeling, surfing, fishing, night squid fishing, and kayaking.

The prestigious travel magazine listed an array of diverse experiences that create unforgettable memories for visitors. At Sunset Town, for instance, guests can immerse themselves in the magical atmosphere of the Symphony of the Sea show. Held daily at 7:45 PM, this spectacular event offers a visual and auditory feast with dramatic flyboarding, thrilling jet skiing, dazzling fireworks, and vibrant dance and music performances. The highlight is over 400 fireworks each night, including water-based pyrotechnics that create stunning visual and auditory displays over the sea.

To fully enjoy this festival of lights, music, and sports, Travel + Leisure recommended that visitors not miss Sun Bavaria GastroPub, a standout nightlife destination on the island. This two-story open-air beer restaurant, with large glass windows and a transparent domed roof, provides a breathtaking view of the night sky, blue seas, and the romantic Kiss Bridge. Each evening, guests can savor delectable cuisine, immerse themselves in a lively ambiance, and connect with the vast beauty of nature.

A special highlight of Sun Bavaria GastroPub is Sun KraftBeer, brewed locally in Phu Quoc using modern systems from Braukon, a renowned German beer producer. Crafted following centuries-old Bavarian traditions with premium malt and hops sourced from Germany, New Zealand, and the US, Sun KraftBeer offers unique and refreshing flavors, making it a perfect choice for those seeking a sophisticated drink after an active day of exploration.

With easy accessibility, reasonable prices, stunning natural landscapes, and diverse entertainment options, all these factors make Phu Quoc the perfect destination for international travelers. “An unforgettable holiday will leave visitors wanting to return to Phu Quoc again and again,” Travel + Leisure concluded.

Vietnam Airlines plane makes emergency landing to provide medical aid for passenger

Vietnam Airlines flight VN307 en route from Tokyo (Narita, Japan) to Ho Chi Minh City (Vietnam) has been forced to make an emergency landing at Taoyuan Airport (Taiwan - China) to provide medical assistance for a passenger.

After more than two hours of flight on December 27, a 32-year-old Vietnamese passenger experienced health issues, suffering from low blood pressure, with symptoms including cold extremities.

The flight crew called for assistance from a nurse who was a passenger on the flight, and later knew that the sick passenger required immediate medical attention to prevent life-threatening consequences, cited VOV.

Upon landing at Taoyuan Airport, Vietnam Airlines’ Taiwan service has promptly taken the sick passenger to the hospital for medial assistance. (Photo: Vietnam Airlines)

The crew immediately consulted Vietnam Airlines’ operational control center and decided to divert and landed at Taoyuan Airport at 1:27 PM on December 27 to provide emergency medical assistance.

Upon landing, Vietnam Airlines’ Taiwan service promptly took the passenger to the hospital for medical support. The passenger underwent tests and health monitoring at the hospital.

Flight VN307 then resumed its journey to Ho Chi Minh City, arriving 3 hours and 10 minutes later than scheduled.

Vietnam Airlines has previously made several emergency landings to provide timely support for passengers facing serious health issues, despite the significant costs associated with fuel and ground services.

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