People are injected with COVID-19 vaccine in Hanoi on July 15. Photo: VNA

Vietnam records 745 new Covid-19 cases on July 17

Vietnam logged an additional 745 Covid-19 cases on July 17, according to the Ministry of Health.

The new infections raised the country’s total caseload since the pandemic broke out to 10,760,595.

The same day, 7,948 patients were declared to be free from coronavirus SARS-CoV-2, lifting the total number of recoveries to 9,814,276, cited VNA.

Meanwhile, the death toll was still kept at 43,091, equivalent to 0.4% of the infections, as no fatality was reported on the day

More than 238.65 million doses of Covid-19 vaccines have been administered in the country so far.

Vietnam to develop 301 tourism-linked craft villages by 2030

The Government plans to develop 301 traditional craft villages linked to tourism by 2030, according to a decision approving Vietnam's traditional craft village preservation and development program for the 2021-2030 period.

Under the decision, signed by Deputy Prime Minister Le Van Thanh, in the period of 2021-2030, at least 129 handicrafts and 208 traditional craft villages will be restored and preserved.

The program aims to protect and uphold the values and characteristics of Vietnam's traditional craft villages, promote production and increase competitiveness and added value for craft villages' products.

It targets to create more jobs and increase incomes for locals, making contributions to enhancing sustainable rural socio-economic development.

During the 2021-2030 period, production value of craft villages is expected to expand 10% on average per year, according to VNA.

Visitors at Bat Trang pottery village in Hanoi. Photo: VNA

The export value of handicrafts made in craft villages is projected to reach US$6 billion and all of the household businesses and establishments in the craft villages meet requirements on environmental protection.

A report from the Vietnam Traditional Craft Village Association shows that there are more than 5,400 craft villages across the country.

The number of households and business establishments in rural areas increased annually between 8.8% and 9.8%. The production value of craft villages grow about 15% on average per year.

The handicraft industry alone has attracted about 1.5 million workers, generating annual export value of about US$1.7 billion.

All five Vietnamese students obtain medals at 2022 International Physics Olympiad

All five students of the Vietnam National Team won medals at the 2022 International Physics Olympiad (IPhO 2022), hosted in Switzerland from July 10-17 in virtual format.

Vietnam ranked fifth overall after China, Romania, South Korea, and the United States.

The Vietnamese delegation won three golds, one silver and one bronze medal.

Three gold medals went to 12th-grader Le Minh Hoang, 11th-grader Vu Ngo Hoang Duong, and 10th-grader Vo Hoang Hai – all from Hanoi University of Sciences’ High School for the Gifted of Natural Sciences, reported VNS.

The five high school students of the Vietnam National Team participating in the 2022 International Physics Olympiad (IPhO 2022). Photo: VNS

This was the first year that a 10th-grade student was chosen to represent Vietnam and he proved his worth, winning gold.

Nguyen Dang Phuc, 12th grade, Bac Ninh Province High School for the Gifted, won silver and Phung Cong Hieu, 12th grade, Vinh Phuc Province High School for the Gifted, obtained the bronze medal.

The 2022 International Physics Olympiad had 368 contestants from 77 delegations from 75 countries and territories.

The Vietnam National Team competed online from the Hanoi National University of Education. The organization of the exam was carefully prepared, fully meeting the requirements of the IPhO Organizing Committee.

The excellent results of the Vietnamese delegation in 2022 affirmed the efforts of students, lecturers, teachers, and schools in the context of complicated developments of the Covid-19 pandemic, according to the education ministry.

Why do local interest rates remain unchanged amid inflation?

The State Bank of Vietnam will continue to keep interest rates unchanged in order to sustain macro-economic stability and control inflation, in contrast with the ongoing trend adopted by central banks of many countries worldwide, according to economic experts.

Dr. Vo Tri Thanh, director of the Institute of Branding and Competition Strategy, agrees that monetary policy plays a vital role in stabillising the macro economy, although this tool does not perfectly solve the problem of inflation in the current context.

The Vietnamese economy has special features which are quite different from world economy as seen over the past three years, according to the expert.

“Vietnam emerged as a star by maintaining a positive growth rate in the first six months of 2021. However, there were differences in the last six months of 2021. When the world economy was back on track to recover from the Covid-19 pandemic impact, our economy was not. Likewise, when the global economy slowed down in the first six months of 2022, our economy recovered very quickly. These differences show we cannot to operate interest rates as other countries have done,” analyzes Dr. Thanh.

Unlike many countries in the world that raise interest rates to rein in inflation, Vietnam moves to keep the rates unchanged to support the economic recovery program. Photo: VOV

Furthermore, the monetary policy remains very sensitive, especially when the economic recovery program being implemented requires the central bank to weigh up the pros and cons of every adjustment. In addition, it is necessary to hike interest rates now as the balance of international payments is relatively stable, and the current level of depreciation of the VND is not too great.

Dr. Can Van Luc, a leading economic expert, says that the current level of Vietnamese inflation does not stem from monetary problems as the money supply is at a moderate level, meaning that it is not necessary to raise interest rates at present.

“If the State Bank currently raises the rates, the decision is unlikely to have a good effect on the economy. Along with that, the economic recovery program which is being deployed requires the interest rates to be kept stable, and if we raise the rates, it will go against this program,” emphasized Dr. Luc.

Sharing this view, Dr. Le Xuan Nghia, a member of the National Monetary and Financial Policy Advisory Council, states that local inflation is cost-push inflation which renders the interest rate policy ineffective.

“Therefore, it is not necessary to increase interest rates in Vietnam, but if the rates are adjusted, the stock market will be in danger,” outlines Dr. Nghia.

According to Pham Thanh Ha, deputy governor of the State Bank, the global financial market is anticipated to further fluctuate, with the trend of increasing interest rates around the world set to continue moving forward. Amid these challenges, the central bank will continue to maintain low interest rates, thereby making it easier for credit institutions to access low-cost capital and offer low interest rates to businesses.

Extra efforts made to achieve target of welcoming 5 million foreign visitors this year

The Vietnam National Administration of Tourism (VNAT) is taking extra efforts to realize the target of welcoming 5 million foreign visitors amidst a decline in the numbers of tourists from China and Russia.

The VNAT will further optimise markets which have air routes with Vietnam and those that permitted their citizens to travel abroad and Vietnamese expats to return to the home country after the Covid-19 pandemic was put under control.

Priority will be given to attracting arrivals from the Republic of Korea, Japan, Western Europe, Australia and ASEAN nations. Greater attention will also be paid to new markets, such as India, the United States, the Middle East, and Russian-speaking countries, including Uzbekistan and Azerbaijan.

A group of American tourists visit the ancient town of Hoi An in central Quang Nam province. Illustration. Photo: VNA

The VNAT will cooperate with local authorities, enterprises, airlines and Vietnam Tourism Development Fund (VTDF) to implement a programme called “Fully live in Vietnam” through promotional events held in ASEAN, the RoK, Japan, India, Western Europe, Australia and New Zealand, cited VNA.

Vietnam also plans to attend the Japan Association of Travel Agents (JATA) Tourism Expo in September and the World Travel Market (VMT) in London in November, according to the VNAT.

The number of international tourist arrivals reached about 413,000 in the first half of 2022. The number of foreign visitors has been on the sharp rise since Vietnam reopened its border. The May figure doubled that of April while that of June quadrupled that of May.

Most of the foreign travellers came from countries that enjoy visa exemptions from Vietnam, including the RoK, the UK, France, Germany, Singapore, Malaysia, Thailand and Cambodia.

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