Photo: VOV

Experts highlight public investment as driver for economic growth

Public investment is projected to be an engine for Vietnamese economic growth amid global headwinds challenging the country’s growth target of 6.5%, according to experts.

Nguyen Thi Huong, general director of the General Statistics Office (GSO), said that the Government, ministries, sectors, and localities are striving to push the disbursement of public investment to fuel the development of construction, transport, and building materials.

Moving forward to the end of the year, the Government will prioritise capital for large-scale projects, whilst those which are nearly completed will maintain and expand enterprises’ production and business capacity, she said, adding the implementation of public-invested projects will be accelerated to boost aggregate demand.

Huong described those as bold steps in promoting the settlement of site clearance issue, as well as encouraging firms to enter the market, thereby ensuring that there is sufficient supply of materials for investment.

The GSO suggested that stakeholders promote investment-trade activities effectively while simultaneously improving business climate towards liberalisation, facilitation, socialisation, and reduction of business costs for companies, cited VOV.

Moreover, tariff cut policies and increases of credit guarantee for small- and medium-sized enterprises can be viewed as necessary to support businesses, Huong said, highlighting that the Government should promote the equitization of State-owned enterprises.

Moreover, economist Vu Dinh Anh said the Prime Minister’s resolve to disburse at least 95% of the public investment budget, or over VND675 trillion, equal to US$27.4 billion, is feasible providing that barriers such as complicated regulations on the public investment law and bottlenecks in project implementation are removed.

Anh blamed the slow disbursement of public investment to complex administrative procedures, sluggish site clearance, and a general poor sense of responsibility from officials in many localities.

Furthermore, highly fluctuating raw material costs are another factor which hinders the progress of public investment projects, he said, adding that it is necessary to improve bidding procedures to avoid overruns caused by huge delays.

With the concerted efforts from the whole political system, the Government’s resolve and officials’ innovation and high sense of responsibility, the nation will realise the target set for disbursement of public investment, Anh affirmed.

VNDirect Securities Corporation anticipates that disbursement of public capital this year will grow by 20% to 25% against the previous year, relishing prospects on infrastructure development in the coming years thanks to the settlement of raw material supply shortage and increasing material costs.

Vu Dang Vinh, general director of Vietnam Report JSC, said that this year is a tough year, with public investment being an important factor for the national economy and the construction sector in particular.

Support sought for Vietnamese citizens in conflict-affected areas

Deputy Minister of Foreign Affairs Ha Kim Ngoc has asked Vietnamese representative agencies in Israel, Saudi Arabia, Egypt and Palestine to work closely with host authorities and relevant Vietnamese agencies to roll out citizen protection measures to ensure the safety of Vietnamese citizens in conflict-affected areas in the Middle East, cited VNA.

Rafah city in the Gaza Strip after an air attack. (Photo: AFP)

Ngoc, who is also head of the Ministry of Foreign Affairs' steering committee for citizen protection work, affirmed at a meeting in Hanoi on October 23 that ensuring the safety of lives and property of Vietnamese citizens in conflict-affected areas is a top priority of the Vietnamese Government.

To protect citizens effectively in a timely manner, forecasting and preparedness are of paramount importance and urgency, he said.

To receive information about citizen protection and support in urgent cases, Vietnamese citizens in conflict-affected areas were urged to promptly register their information at the following address: http://bit.ly/dangkycongdanVNtaiIsrael.

In case of emergency, they were advised to contact the hotlines of the Vietnamese Embassy in Israel at 972 50 818 6116, 972 52 727 4248 or 972 50 994 0889, and the citizen protection hotline of the ministry’s Consular Department 84 981 84 84 84, 84 965 41 11 18, or email baohocongdan@gmail.com.

Three Vietnamese resorts win Destination Deluxe Awards

Three local resorts were honored at Destination Deluxe Awards 2023, with the event recently being held at the Banyan Tree Bangkok in Thailand.

They include Six Senses Ninh Van Bay in the southern central province of Khanh Hoa, along with TIA Wellness Resort and InterContinental Danang Sun Peninsula Resort in the central city of Da Nang.

According to the list, Six Senses Ninh Van Bay surpassed two other well-known reports in Cambodia and the United States to win the “Eco-Hotel of the Year” category.

Coming to the resort, visitors will have the opportunity to experience scuba diving and jungle adventures, with an equal emphasis placed on wellness and relaxation such as soothing spa treatments and flying yoga.

Furthermore, the “Creative Healing Retreat” healthcare program of TIA Wellness Resort claimed second place in the “Wellness Program of the Year” category.

The program is designed to alleviate stress or anxiety in guests who feel like their life and emotions have become imbalanced, as well as for those who are keen to improve their wellbeing, by releasing negative feelings and to feel more vibrant and centered.

InterContinental Danang Sun Peninsula Resort grabbed first place in the "Holistic Treatment of the Year" category thanks to its Mi Sol Journey of the resort’s Mi Sol Spa, VOV reported.

A corner of Six Senses Ninh Van Bay.

Mi Sol Spa is named after the tones in the musical scale, with the tones do, re, mi, fa, sol, la, and ti each having a specific vibration frequency. The spa obtains these different frequencies with the use of tuning forks. Through these vibrations, it is able to invoke deep relaxation and emotion. Mi has a frequency at 528 Hz that reinstates equilibrium and stimulates love, whilst sol at 741 Hz cleanses the mind and body from blockages and toxins.

The Destination Deluxe Awards 2023 provides the perfect backdrop for a celebration of the finest in luxury and wellness. In recognition of the industry’s finest across 25 categories, the awards were voted on by a panel of 20 expert judges.

It aims to honor the best spas, treatments, hotels and resorts, retreats, and skincare brands that have exhibited outstanding achievements in luxury standards, innovation, quality, as well as ecological awareness, and prospective contributions to the overall growth of wellness and travel industries.

Quang Ninh gears up for the peak season of international tourism

As the international peak season approaches, the northern coastal province of Quang Ninh is anticipating an uptick in foreign arrivals.

During January – September, the locality hosted 13 million visitors, up more than 40% year-on-year. Although the number of foreign travelers rose eight folds to 1 million, more efforts should be put in place to realise the set target of welcoming 2 million for the whole year.

Besides capitalising on Ha Long Bay – a UNESCO world heritage site, the provincial tourism sector and travel firms should pay more attention to popularisation and promotion works to lure more visitors to local cultural, spiritual and historical destinations, according to experts.

They suggested the province develop diverse high-quality and unique tourism offerings, making it become more attractive to foreign travelers.

Furthermore, the province should enhance tourism management to ensure a safe and hospitable environment for tourists, VN reported.

At Mong Cai International Border Gate (Photo: baoquangninh.vn)

Most recently, Ha Long Bay has been listed among the 24 travel destinations in the world in 2024 by expert advisors of OviationNetwork, the world’s leading network of agencies specializing in luxury and experience tourism.

Ha Long Bay is the only representative of Vietnam in this list, which was shared with US-based Forbes magazine, in addition to others in global tourism such as Sardinia (Italy), Urla (Turkey), Niseko (Japan), Jeju (the Republic of Korea), Nile River (Egypt), Marrakesh (Morocco), and Milos (Greece).

It is one of the destinations described by the author of the article as a wonderful place that can meet most of the needs of tourists, from exploring nature, learning about history, and experiencing cuisine to adventurous exploration. The world heritage was also praised for possessing exceptional global value in terms of ecosystems as well as geological and geomorphological values, as very few other places in the world offer the perfect combination of natural beauty, outdoor activities, fresh food, tranquility, and such easy access.

One of the most recommended experiences when visiting Ha Long Bay, according to the author, is to take a boat tour, gently swaying on the water surface to admire the breathtaking natural scenery.

This is not the first time Ha Long Bay has been proposed as an attractive destination in the world. In April 2023, CNN's travel website evaluated Ha Long Bay as one of the 25 most beautiful destinations in the world. Prior to that, also in 2023, the famous travel magazine Travel+Leisure (Asian edition) voted Ha Long Bay one of the top destinations to watch the most beautiful sunrise and sunset in Asia.

Additionally, FLC Halong Bay CG & Luxury Resort made its name to the world’s top 100 golf resorts by Golf magazine.

Being praised by renowned travel sites and media, Quang Ninh has more opportunities to attract visitors, especially foreigners who always look for tourism information through the prestigious media.

In Q4, the province targets some 2.45 million visitors, and expects to gain more than VND6.1 trillion (US$248.7 million) in tourism revenue.

2023 FDI inflows in Vietnam forecast to surpass 2022

Foreign direct investment (FDI) inflows in 2023 will continue to be stable and overtake 2022, according to KB Securities Vietnam JSC (KBSV).

In the first nine months of 2023, total registered foreign investment capital into Vietnam climbed 7.7 per cent on-year to US$20.21 billion. Besides that, FDI disbursement in the first nine months of 2023 hit US$15.91 billion, rising 2.2 per cent on-year, the highest increase level compared in 2017–2023.

The number of projects is increasing, reflecting that foreign-invested enterprises in Vietnam are gradually recovering and expanding their production and business activities. FDI inflows this year are likely to surpass those of 2022 due to internal and external supporting factors, says KBSV.

In terms of internal factors, Vietnam is promoting foreign investment by issuing attractive support packages and creating a favorable business environment. Besides this, the country also makes good use of competitive advantages, including macroeconomic stability, a favorable location for investment activities, a wide range of free trade agreements, and a strong workforce, cited VIR.

Photo: VNN

For external factors, Vietnam benefits from the relocation wave out of China. This, coupled with the stability of the Vietnamese dong compared to the Chinese yen, helps boost investor confidence in Vietnam's business environment. The elevation of the US-Vietnam relationship to a comprehensive strategic partnership is expected to draw more capital inflows from the US into Vietnam. Meanwhile, EuroCham's quarterly Business Confidence Index (BCI) nudged up to 45.1 points in the third quarter of 2023, offering a glimmer of hope for Vietnamese businesses after a turbulent year.

According to HSBC, while FDI has come off its 2017 peak due in part to tighter global monetary conditions, Vietnam remains an outperformer in ASEAN in terms of attracting FDI, second only to Malaysia.

Its manufacturing sector accounts for the bulk of FDI, providing hope that it can climb up the value chain, paving the way for a robust rebound when the trade tide turns. New FDI continues to pour into the manufacturing space, this year already exceeding the total in each of the past three years.

Tech supply chain relocation remained in focus during President Biden’s visit to Vietnam in September as the two countries elevated their relationship to a comprehensive strategic partnership. President Biden announced that US tech companies, including Amkor and Marvell, plan to invest in Vietnam, but not only the US is investing there; a few weeks later, South Korea’s Hana Micron joined in by announcing an expansion of its chip production with a US$1 billion investment by 2025.

Vietnam News Today (Oct. 21): Vietnam Enhances Positions in Global Value Chain Vietnam News Today (Oct. 21): Vietnam proposes ASEAN and GCC foster economic, trade, investment cooperation; Vietnam enhances positions in global value chain; Tropical storm Sanba ...

Vietnam News Today (Oct. 22): President’s China Trip For Belt And Road Forum a Success Vietnam News Today (Oct. 22): President’s China trip for Belt and Road Forum a success; Green, sustainable tourism becomes major trend; Vietnam commits clean energy ...

Vietnam News Today (Oct. 23): Canada Wishes to Step Up Judicial Cooperation With Vietnam Vietnam News Today (Oct. 23): Canada wishes to step up judicial cooperation with Vietnam; PM’s working trip to Saudi Arabia opens up new cooperation opportunities; ...