Trade - Service

Vietnam's trade turnover is likely to have reached US$162.83 billion in the first four months, up 3.4% year-on-year.

With the annual garment revenues of US$39 billion, Vietnam holds the potential of becoming a face mask manufacturing hub.

The Vietnamese e-commerce industry has experienced a lot of sudden changes due to the influence of Covid-19, according to a latest report by iPrice Group.

Allowing rice export will maintain production and economic growth in the context the Covid-19 pandemic is under control in Vietnam.

At present, Prime Minister Nguyen Xuan Phuc has approved the export of medical face masks and protective gear, as long as domestic demand and reserves are met.

The volume of passengers in 2020 would plunge 46% to 43 million passengers compared to 2019, according to the Ministry of Transport.

Hanoi allows resuming passenger transportation services from April 23.

Standard Chartered Bank is the latest institution to trim Vietnam's growth projections due to weaker external demand and domestic consumption.

A number of exporters have complained of a lack of transparency in customs declaration for rice export.

Vietnamese air carriers have listed new domestic airfares which are higher than the fares applied during the social distancing period.

The economy could expect a boom in private consumption in the post-pandemic period, ranging from tourism, shopping, catering services, to healthcare, said an expert.

The aviation authority has proposed allowing carriers to increase flight frequency between Hanoi and Ho Chi Minh City, and resume air connection from these two cities to other domestic destinations.

As Vietnam is among a handful of countries that are effectively containing the pandemic, it has a golden chance to step out of the economic deceleration much sooner than other economies.

The tourism industry worldwide has gone into hibernation due to the Covid-19 pandemic, leaving many people out of work and struggling to earn a living.

Vietnam’s economy is likely to loss a 3.5 percentage points in GDP growth due to the Covid-19 pandemic versus the 6-7 percentage points reductions of other countries in the world.

The continuous increase in the trade balance implies Vietnam’s rising manufacturing capacity and its attractiveness to foreign investors in key sectors.

While the Covid-19 pandemic is exposing Vietnam’s economic vulnerabilities, it is an opportunity for the country to step up restructuring process and address the issue of low productivity.

Many local shoppers have preferred online payment services to cash payment in the ongoing social distancing period.

Vietnam's exports rose 7.5% year-on-year to US$63.23 billion in the January-March quarter, and imports reached US$59.49 billion, representing an increase of 3.7%.

VinaCapital estimated Vietnam’s GDP growth would decline by three percentage points this year to 4% from 7.02% in 2019.