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Total import-export revenue in the first four months of 2018 is estimated at 144.13 billion USD, up 14.4 percent year on year, according to the General Department of Vietnam Customs.

Of the figure, Vietnam’s export value is likely to reach 73.76 billion USD, a rise of 19 percent over the same period last year, while import value is calculated at 70.37 billion USD, an increase of 10.1 percent.

The highest growth was seen in the export earnings of telephone and spare parts at 36.8 percent to hit 13.42 billion USD, followed by garment products at 15.7 percent, computers, aquaculture products at 13 percent and electronic products and parts 10.83 percent.

Meanwhile, the value of imported computer, electronic products and parts rose 22.3 percent to 13.42 billion USD, while that of machineries, equipment and spare parts dropped 7.4 percent to 10.16 billion USD. Imports of telephone and spare parts increased 9.8 percent to 4.42 billion USD, and that of fabric of all kinds was up 10 percent year on year to 3.66 billion USD.

In April alone, total trade revenue of the country is estimated at 35.7 billion USD, a drop of 10.8 percent compared to the previous month. Exports showed a reduction of 13.9 percent on a monthly basis to 18.2 billion USD, and imports in the month also fell 7.3 percent month on month to 17.5 billion USD. As a result, trade surplus in April is estimated at 700 million USD, raising the surplus for the January-April period to 3.39 billion USD.

Prime Minister Nguyen Xuan Phuc has underlined the need to expand export markets, calling it the key to Vietnam’s economic growth.  “We need to fully tap our potential and advantages to secure export growth of at least between 15% and 20% in the coming years. This will greatly benefit our GDP growth,” the Prime Minister suggested.

In 2017, Vietnam’s exports grew more than 21% to hit a record 214 billion USD, exceeding the target set by the National Assembly. However, the growth rate was 15.8% when cell phones, computers and electronic spare parts were excluded. Exports still predominantly relied on foreign-invested enterprises, which contributed over 70%.

Source: Vietnam+ , VOV World

Ho Chi Minh city has plans to restructure three of its eastern districts into a “Southern Economic Hub” as part of its 2020 Smart City development. The areas include Saigon High-Tech Park in District 9, university precinct Thủ Đức, and Thủ Thiêm, the new CBD and financial center of the city. Deputy Chairman, Mr. Trần Vĩnh Tuyến at a media speech on April 12^th, said, “once completed, the three districts will be the launch pad for HCMC’s 4.0 Industrial Revolution.”

Secretary of HCMC, Mr. Nguyễn Thiện Nhân points out, “if the three districts fail to connect and integrate as one, the project would fail to turn startups into reality. Authorities should further act as role models to increase the transparency of the project’s progress through e-governance. Additionally, smart and eco-friendly infrastructure building is crucial to developing the plan.”

“The innovative urban areas will become Vietnam’s Silicon Valley,” Lê Văn Thành from the HCMC Institute for Developmental Studies continues, “it will act as a foundation for Vietnam’s high technology sector and a research hub for universities.”

Professor Phan Văn Trường who specializes in urban development, economy and international negotiations agrees that the three districts together hold a strong developmental potential for the city. However, the first step is to reinforce the city’s transportation systems with infrastructure initiatives to resolve congestion on the roads.

The initiative should primarily focus on the well-being of the residents by providing shuttle services throughout the city, restrict private vehicle usage and refine pedestrian walkways. Under the Smart City plan, corporates and residents may use e-services to minimize waiting time for public services. Such plans will provide an improvised administrative and management structure and prevent state officials from causing problems for residents and businesses.

IFC, International Finance Corporation, part of World Bank Org., has signed a memorandum at the end of 2017 to aid HCMC’s Smart City developmental plan. Mr. Lê Thanh Liêm, Deputy Vice Director, wishes IFC to be a major contributor to provide a research and discussion platform for government committees.

IFC’s Asia Pacific Vice Director, Snezana Stoilijkovic, is delighted to see S & P as the financial management and consultant for HCMC’s Smart City Plan. The mega corporation will help HCMC develop with a sizable amount of funding. IFC believes that the development of a financial core and a high technology hub will be beneficial to HCMC’s Smart City plan as a trajectory to increase investments, education and a skilled work force.

Source: Asean Plus

In recent years, Vietnam’s economic trajectory has taken a soaring turn and captured the world’s attention with its GDP, which continually leads above many countries. Within last week, Vietnam was praised for its exceptional economic achievement by internationally renowned media including Bloomberg, Financial Times and Brookings Institution.

The US’s Bloomberg commented that the economy, which went into tailspin after a 2012 banking crisis and a collapse in property prices, is in robust health. A sizable middle class with discretionary purchasing power is taking shape as the crude oil, coffee and footwear exporter transforms itself into a manufacturing hub for the likes of Samsung Electronics Co.

The UK’s Financial Times cited Vietnam’s impressive growth figures in diverse fields, saying that the country led the Southeast Asia in attracting US$6 billion into initial public offerings last year.

In the first quarter this year, Vietnam’s gross domestic product (GDP) growth hit decade-high 7.38% thanks to strides in industry and construction. Since January, the VN-Index has surged nearly 17%, outpacing major Asian markets and turning Ho Chi Minh Stock Exchange into one of the world’s top bourses.

The country also surpassed Indonesia to become a major exporter though its economy is only one fifth of Indonesia’s, it said.

In an article entitled “Vietnam’s manufacturing miracle: Lessons for developing countries” published on the US’s Brookings Institution website, the author said Vietnam’s trade has soared to 190% of GDP in 2017 from 70% in 2007. Its manufacturing sector has steadily expanded, adding an estimated 1.5 million new manufacturing jobs between 2014 and 2016 alone.

The article said Vietnam’s experience holds lessons for developing and advanced economies alike. The country has objective advantages such as young workforce, political stability and geographical location close to major global supply chains. But this is not necessarily what sets Vietnam apart. Instead, the author argued that Vietnam managed to capitalise on its strong foundations through good policies.

“First, it has embraced trade liberalisation with gusto. Second, it has complemented external liberalisation with domestic reforms through deregulation and lowering the cost of doing business. Finally, Vietnam has invested heavily in human and physical capital, predominantly through public investments”, the article read.

Source: VOV.VN

For decades, Da Nang has been left untouched and little of it is known to tourists and world travelers.  Tourism is taking a turn in this city and global events such as last year’s APEC was held in Da Nang to recognize its emergence. Today, as you stroll along the promenade, the riverfront is gleaming with modernist hotels, apartments and restaurants. One of the newer additions to the riverfront is an over-the-top luxury hotel, Da Nang Golden Bay. Luxury hotels provide the widest range of services to offer a 5-star comfort for its guests, but Golden Bay, offers more than just services.

Be prepared to be blinded with gold as you step into its lobby. From the decors of the entrance to the cutlery and tea sets used, the hotel’s swimming pool and even its toilets and bath tub, everything is gold-plated. It’s no wonder, that their signature design is inspired by the symbol of gold.

Photo Above: The golden ceiling, matching door and mirror frames of the lobby of Golden Bay Da Nang.

Photo Above: Every suite at Golden Bay have gold-plated sinks, showers and door handles here and there. The golden bath tub and toilet are exclusive for guests staying at its presidential suites.

Photo Above: Guests staying at the presidential suites can enjoy using an exclusive bathroom with loads of gold, but also a table full of gold cutlery and plate sets.

Photo Above: The infinity swimming pool, sitting at Golden Bay’s 29th floor overlooks the city on one side and the beach on another, not to mention it is entirely gold-plated from top to bottom.