Vietnam News Today (Dec. 31): Vietnam Predicted to be Among Top 25 World Economies by 2038

Photo: VOV

Vietnam predicted to be among the top 25 world economies by 2038

The Center for Economics and Business Research (CEBR), one of the UK's leading economics consultancies evaluated Vietnam and the Philippines as two Southeast Asian economies with the ability to "leap forward" in the World Economic League Table (WELT) rankings from now to 2038.

According to CEBR, Vietnam is currently ranked 34th on WELT, and will move up 1 place to rank 33rd and then will continue to be placed 24th in 2033, before becoming the 21st economy in the world in 2038.

Meanwhile, the Philippines is also enjoying remarkable growth in order to reach 23rd place by 2038, cited VOV.

In particular, in the introduction to the recently announced rankings, CERB evaluated Vietnam and the Philippines as outstanding illustrations for the group of countries expected to improve their rankings thanks to repositioning in the global value chain by adopting internal reforms, and increasing the productivity of workforce, which can be achieved through the efficient accumulation of public and private capital.

CERB emphasized that both countries have shown significant progress and are expected to climb another 10 and 13 places by 2038, with "full opportunities" to enter the group of 25 leading economies in the world.

CEBR's comments refer to the proportion of economies, not to the average income in a country, and the division between rich and poor or other issues.

According to CEBR, Vietnam faces a very positive prospect for the next 15 years. With its existing population advantage, the nation is likely to achieve its goal of becoming a high-income country by 2045.

With a large and relatively young population, Vietnam has the opportunity to surpass most of the current "older" countries in ASEAN economically, such as Singapore, Thailand, and Malaysia, to be only behind Indonesia among top 25 world economies by 2038.

Vietnam- an ideal destination for digital nomads

Convenient tourist visa, abundant attractions, low cost of living, and a friendly atmosphere are among the reasons that help Vietnam become an ideal destination for digital nomads, according to Travel Off Path.

Vietnam’s 90-day tourist visa, which was recently introduced in August, is a game changer for visitors and digital nomads alike, it said.

Not only is the document obtainable online, but it also allows for multiple entries in and out of Vietnam, enabling remote workers to explore hotspots and attractions located outside the country’s borders with ease, Travel Off Path noted.

Similar visas in comparable Southeast Asian destinations are nowhere near as easily obtainable or long-lasting.

Thailand’s, for example, only lasts for 30 to 45 days while Indonesia requires applicants to have proof of funds of at least 2 billion IDR (US$130,000) in their bank account, which is simply unrealistic for a lot of remote workers.

Not only famous for its beautiful landscapes, Travel Off Path said that Vietnam attracts remote workers because of its low cost of living.

With a spacious one-bedroom apartment costing less than US$250 and monthly food costs hovering around US$200, it's easy to see why many digital nomads flock to Vietnam.

Anecdotal evidence shows that the average living expenses of a digital nomad living in Hanoi, Da Nang, or Ho Chi Minh City range between US$700 and US$950, which is remarkably cheaper in comparison with other countries in Southeast Asian countries like Thailand or Malaysia.

A corner of Hoi An ancient town (Photo: baoquangnam.vn)

In particular, friendliness and hospitality are great characteristics that are deeply imprinted in Vietnamese culture. Visitors can feel these things when interacting or asking local people for help.

The willingness of Vietnamese people to share their culture and traditions not only enhances the overall experience but also allows you to make new connections and actually feel like you’re part of a community, VNA reported.

The country’s popularity among digital nomads has turned its biggest cities into thriving expat communities where you can meet people in the same position as yours through co-working spaces and meet-up events.

Not only is it a destination that attracts digital nomads, Vietnam is also the second most popular New Year's destination in Asia. This was announced by Travel Off Path based on analysis of Singapore-based travel platform 12Go. Accordingly, the 10 most prominent countries in Asia to enjoy the year-end festive season and welcome the new year include Thailand, Vietnam, the Philippines, India, Cambodia, Indonesia, Sri Lanka, Laos, Malaysia and Japan.

Vietnam is a country with beautiful landscapes, along with rich history and culture, especially attractive street food, Travel Off Path said. Besides, Vietnam is home to many United Nations Educational, Scientific and Cultural Organisation (UNESCO)-recognized world heritage sites such as Hue, Hoi An, Ha Long Bay, My Son Sanctuary and Phong Nha - Ke Bang National Park.

The travel platform recommended Sa Pa as a winter retreat for families, and Hanoi's bustling streets for solo adventurers. It also advised tourists to check out the holiday atmosphere in Da Nang and Ho Chi Minh City.

Vietnamese horror movie to premiere in 13 countries

Vietnamese horror movie Ke an hon (The Soul Reaper) is set to be screened in 13 countries and territories worldwide, including in the United States and Taiwan (China).

According to film director Tran Huu Tan, the movie earned a record revenue of VND55 billion, equal to over US$2.26 million, following nine days of nationwide screening to make it one of the top seven highest-grossing Vietnamese movies this year.

The film tells the story of a normal wedding of a young girl in Hell Village, an infamous village that no one comes in or out of, which was disturbed by a creepy-looking stranger. It soon turns to tragedy as she and all the villagers are gradually devastated by a series of brutal murders which are connected to an ancient black magic practice and the village’s dark past.

Earlier, Vietnam-based sales agent Skyline Media also unveiled that Ke an hon was among five new Vietnamese titles for sale and distribution at the Asian Contents & Film Market (ACFN) market which accompanies the Busan International Film Festival.

Sputnik praises Vietnam’s home-grown AI apps

Russia’s news agency Sputnik has lauded the launch of Vietnamese-developed apps as a positive signal, demonstrating the efforts of domestic technology units to gradually reduce reliance on foreign products and improve the accuracy of information containing Vietnam’s historical and cultural values.

Sputnik noted that in 2023, OpenAI's ChatGPT has made waves in the global technology market, triggering a race to conquer generative artificial intelligence (Gen AI) among nations and global tech giants. Despite English-language data sources producing the world's largest language models, these models may not fully comprehend or accurately reflect the cultural intricacies and context of the Vietnamese people, leading to inaccuracies. This presents a notable challenge for AI research units in Vietnam.

ViGPT on website (Photo: VinBigdata)

Recent developments confirm that Vietnam is not an outlier in this trend, evidenced by the introduction of a series of AI products. Notably, Gen AI models like FPT Gen AI, PhoGPT, and Zalo AI have been recently unveiled, it said.

On December 27, VinBigdata, a subsidiary of Vietnamese private conglomerate Vingroup, officially launched the ViGPT app, a Vietnamese counterpart to ChatGPT, in Ho Chi Minh City, cited VNA.

Sputnik commented that this move aligns seamlessly with the Vietnamese Government’s directions, especially in light of the Ministry of Information and Communications' recently issued plan outlining a target for Vietnam to possess at least one Large Language Model (LLM) platform in Vietnamese by 2025.

The plan underscores the significance of studying, developing and applying Vietnamese LLM, considering it a crucial and meaningful task. The Vietnamese LLM will leverage knowledge and curated training data specific to Vietnam, offering cost-effective solutions for residents, businesses and organizations to develop new apps, the newswire added.

HCM City’s much-awaited annual flower show scheduled to open on February 7

The Nguyen Hue Flower Street 2024 will open to the public from February 7 - February 14 (the 28th day of the last month – the 5th day of the first month of the lunar calendar).

This year’s much-awaited annual flower show themed “Beloved Spring – Tet Reunion” will be divided into three sections, including Homeland Origin, Crossing Rivers and Seas, and Increasing Integration of Vietnam featuring the long-standing cultural traditions and beliefs of the Vietnamese people, and the cultural identity of the Southern region.

According to the Vietnamese Horoscope calendar, 2024 is the Year of the Dragon which is chosen as the sacred animal of Nguyen Hue Flower Street. Therefore, a miniature of a couple of giant dragons holding a pearl using traditional environmentally-friendly materials with a total length of more than 100 meters will be arranged along the flora street.

2024 is the Year of the Dragon which is chosen as the sacred animal of Nguyen Hue Flower Street.

The flower show running on a 600-meter-long section on Nguyen Hue Street in District 1 will also have miniature scenes and areas, such as Uncle Ho’s garden of yellow apricots, a traditional dragon boat race with a 66-meter long ship, a lotus lake covering an area of more than 1,000 square meters with nine tributaries of the Mekong River, a display of works of art flower arrangement by foreign consulates in HCMC.

There will be more than 90,000 baskets of various types of flowers to be displayed at the flower show, SGGP reported.

The annual flower show is one of the events receiving the highest expectations from people during the Tet holidays. The event is aimed to highlight Vietnamese Tet culture and has been held for 20 consecutive years, attracting more than one million visitors each year.

The must-see site on Tet holidays is sponsored by the HCMC Government, Saigontourist Holding Company in partnership with other agencies and businesses in the city.

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