The report “The Economic Outlook for Southeast Asia, China and India 2023: Reviving tourism post-pandemic” states that Vietnam’s economic growth is driven by foreign investment in the manufacturing sector, especially electronics, machine manufacturing, textiles and footwear, and benefits from China's loosening of Covid-19 prevention and control measures.

Vietnam's economy will grow by 6.6% this year, according to OECD.

At this rate, the OECD believes that Vietnam continues to lead the top five largest economies in Southeast Asia. The Philippines is forecast to reach growth of 5.7% in 2023 and 6.1% in 2024, Indonesia at 4.7% and 5.1%, Malaysia at 4.0% and 4.2%, and Thailand at 3.8% and 3.9% in the same period.

The report says that the end of support programmes after the Covid-19 pandemic will create favourable conditions for Vietnam to improve its public financial situation. However, weaker demand is likely to reduce investment in the Vietnamese economy. The report also recommends the country continue to closely monitor inflation trends.

As tourism was among the sectors most affected by both the Covid-19 pandemic and responses to it, the report highlights the economic impact of tourism in the region and explores how the sector can be reshaped to regain its significant role in Emerging Asia.

The interruption of tourism allowed countries in the region to consider reforms in the sector, including diversifying tourism markets and addressing labour market challenges, while catering to the new needs and preferences of the post-pandemic world, prioritising sustainable and environmentally responsible activities, and accelerating digitalisation.

US businesses exploring investment, business opportunities in Vietnam

Representatives of more than 50 US companies will visit Vietnam from March 21-22 to discuss investment and business opportunities under an annual programme hosted by the US-ASEAN Business Council.

2023 Vietnam Business Forum focuses on green growth

The 2023 Vietnam Business Forum (VBF) opened in Hanoi on March 17 under the theme of “Business Community in Partnership with Government of Vietnam in Fostering Green Growth”.

Community and businesses join hands for tourism development

To create new impulses for Vietnam's tourism industry, it is extremely important to mobilise the participation of the community and businesses in tourism activities. The problem is in how to attract and create connections and effective sharing among stakeholders to promote the sustainable development of the tourism sector.

Number of newly-registered businesses down 18.3% in February

Vietnam saw 8,841 new enterprises registering a combined capital of 65.6 trillion VND (2.76 billion USD) and nearly 51,100 labourers in February, according to the General Statistics Office.

Bac Giang ensures power grid safety to serve business production

(BGO) – Vice Chairman of the People’s Committee in Bac Giang province (PPC) Phan The Tuan on February 27 chaired a meeting about power supply and safety for local business production.

Source: VNA