In the context of the existing stores of many major brands having to close due to high rental costs, e-commerce has become the savior of retail. The retail e-commerce market is forecast to reach USD 16.4 billion by 2022. Brands closed stores According to information on the sales website Bach Hoa Xanh, as of the morning of September 25, this department store chain only has 1,738 stores nationwide, down from 402 stores in just over 4 months. According to Nhadautu.vn’s actual research, many of Bach Hoa Xanh’s stores in Ho Chi Minh City, in addition to the closed stores, promote…
Author: Kevin Le
Vietnam’s gross domestic product grew 13.67% in the third quarter from a year earlier, its fastest pace in decades, boosted by robust manufacturing and exports and a low base effect, government data showed on Thursday. The manufacturing and construction sector grew by 12.91% in the period July-September from a year earlier, according to the General Bureau of Statistics (GSO) in a report. Meanwhile, the service sector grew 18.86%, while the agricultural sector grew 3.24%. Vietnam’s GDP shrank by more than 6% in the third quarter last year due to the pandemic, but the regional manufacturing hub has seen a rebound…
Elsewhere in Southeast Asia, the picture was cautiously positive as the region’s economies finally emerged from their pandemic-induced slump. According to the World Bank, Vietnam is expected to become Asia’s fastest growing economy this year, amid a regional downturn largely led by China’s sharp economic slowdown. In its most recent East Asia-Pacific Economic Outlook report, released yesterday, the World Bank predicted that these regions will grow by 3.2 percent in 2022, from 7.2 percent in 2021, before accelerating to 4. 6 percent by 2023. The projected growth rate for this year marked a significant drop from the 5 percent forecast…
A stronger dollar means it is more affordable for American tourists to travel abroad. According to the American newspaper FinanceBuzz, Vietnam belongs to the group of 10 favorable countries that Americans should visit right now. When spending money abroad, visitors must exchange their own currency into the currency of the destination country. All currencies are quoted in pairs. For example, 1 euro is currently valued at 22,789 VND, which means that Vietnamese tourists who want to buy to Europe must have 1 euro as much Vietnamese currency. However, 1 year ago to buy 1 euro you had to spend about…
The share of glutinous rice in Vietnam’s total rice exports to China fell to 48%, from 74% in the same period in 2021. Vietnam’s rice exports to China fell sharply in the first 7 months of 2022 by 27.5% in volume and 28.2% in value over the same period last year, reaching only 466,225 tons worth USD 242.74 million. The above trade information data from the Ministry of Industry and Trade also shows that the Chinese market is moving to reduce glutinous rice imports from Vietnam. Vietnam is therefore the largest exporter of glutinous rice to China and this is…
According to data from the Ministry of Transport, Public Works and Water Management, the volume of passenger transport has increased sharply in the first 9 months of this year, with some fields increasing by 176% in the same period. In the first 9 months of 2022, the transport market experienced strong growth in all areas, especially passenger transport. The logistics services have developed both in quality and in scale. The transport market has impressive parameters reflecting the socio-economic return to normal activities, with a good resilience after they basically contain the epidemic. In addition, the high growth rate in many…
After a period of traveling to nearby destinations in Southeast Asia, Vietnamese tourists began to travel more abroad and move on. A group of tourists from Saigontourist Travel Service Company in Singapore. Photo: DNCC Autumn is the time when many tourists buy tours to see yellow and red leaves and enjoy the pleasant weather in some destinations in Northeast Asia and Europe. The recent strong opening in Korea and Japan has revitalized the destination market in these countries, Vietnamese travel companies are busy bringing visitors to Korea and Japan. There are private clients who regularly tour and large numbers of…
Vietnam, Bangladesh and India will see the largest increase in consumer spending in the current decade. The number of consumers in China with an income of more than USD 50/day is expected to reach about 420 million by 2030, demonstrating the dominant trend in the global consumer market in Asia by 2030. A corner of Chongqing city, China. It is predicted that by 2030 this country will have 420 million people with an income of more than USD 50/day. Illustration: Shutterstock According to HSBC’s Asia Consumer Market Report 2030, the rise of the upper middle class in Asia (the group…
Of these, 80 projects received new investment registration certificates, with a total share capital of more than USD 347.3 million, an increase of 2.31 times over the same period. The Ministry of Planning and Investment said that the newly issued foreign investment capital has risen sharply in the first nine months of 2022 compared to the same period last year because there were 5 new major projects that got investment registration certificates, which are projects of JSC Solutions. Vines energy solutions for the United States, Canada, France, Germany and the Netherlands with a total investment capital of more than USD…
The Transport Ministry said the T3 passenger terminal construction project is expected to begin in the fourth quarter of 2022 and be completed and commissioned in 2024. Tan Son Nhat Airport. Photo: MH The above content has just been replied by the Ministry of Transport to voters in Ho Chi Minh City regarding the expansion of Tan Son Nhat airport. According to the Ministry of Transport, the project for the construction of the T3 passenger terminal and synchronous technical infrastructure works (high-rise parking garage, telescopic bridge system…) of Tan Son Nhat airport is currently being carried out by the Port…