Vietnam news in brief - May 3

Government earns US$5.9 million from share sales in Jan-Apr

In the first four months of 2024, government agencies and local authorities sold State ownership in four companies, earning VND149.2 billion (US$5.87 million), according to the Department of Corporate Finance under the Ministry of Finance. Of the deals, the Ministry of Construction divested state ownership from construction firm Song Hong Corporation for VND139 billion ($5.5 million).

In 2022-2025, the government plans to reduce its capital in 85 enterprises. Of these, 22 companies are controlled by government agencies and 63 by local authorities.

Vietnam caters to 8 million tourists during five-day holiday

Travelers in Ho Chi Minh City. Photo: Huy Chuong/The Hanoi Times

The country's tourism industry served an estimated eight million visitors during the national holidays starting from April 27 to May 1 to commemorate Reunification Day (April 30) and Labor Day (May 1). The figure represents an increase of 14.2% over the same period in 2023.

According to the Vietnam National Authority of Tourism (VNAT), the average room occupancy rate nationwide during the five-day holiday was around 60% and exceeded 70% on peak days.

Agriculture, forestry, and fisheries trade surplus increases spectacularly

The trade surplus value of agriculture and forestry in the first 4 months of 2024 reached US$4.74 billion, up 71.5% on year, according to the Ministry of Agriculture and Rural Development. The total export and import turnover reached US$19.06 billion and US$14.32 billion, respectively.

Russian President to visit Vietnam

Russian President Vladimir Putin will visit Vietnam sometime after his inauguration on May 7, according to Russian Ambassador to Vietnam Gennady Stepanovich Bezdetko. The visit comes at the invitation of Nguyen Phu Trong, General Secretary of the Communist Party of Vietnam, in a telephone conversation on March 26.

Vietnam to host sixth Teqball World Cup in early June

Vietnam will host the 2024 Teqball World Cup from June 6 to 9 in Quy Nhon, Binh Dinh Province. This will be the first time that Vietnam has organized the Teqball World Cup after five editions in 2017, 2018, 2019, 2022, and 2023.

The upcoming sporting event will attract 50 national teams from around the world. The sport was created in 2014 as a combination of soccer and table tennis. It is now popular in 150 countries with more than 4,000 clubs.

Vietnam Airlines reports record consolidated profit

Vietnam Airlines posted a record consolidated profit of more than US$177 million in the first quarter. For the first three months of the year, the airline's total consolidated revenue reached nearly US$1.1 billion, an increase of more than 25% against the same period last year. This comes amid rising domestic ticket prices, a recovery in air travel, and the return of Pacific Airlines' aircraft.

Central Bank to auction another 16,800 taels of gold today

The State Bank of Vietnam will auction 16,800 taels of SJC gold bullion today [May 3]. Each buyer can bid for a minimum of 14 lots (equivalent to 1,400 taels) and a maximum of 20 lots (equivalent to 2,000 taels). The reference price for the deposit is VND82.9 million (US$3,263) per tael with a bid increment of VND10,000 (US$0.4). This is the fourth such tender by the central bank. Of the three previous tenders, only one was successful, while the other two were canceled.

Vietnamese online education startup ranks 3rd in TIME World’s Top EdTech Rising Stars of 2024

Vuihoc.vn, a Vietnamese online education startup, has been ranked third in the TIME World's Top EdTech Rising Stars of 2024 by US-based TIME magazine and market research firm Statista. The ranking recognizes the fastest-growing companies in terms of revenue over the past three years. The list is based on criteria such as being less than 10 years old, generating at least US$1 million in revenue in 2021, and achieving a revenue growth rate of at least 20% over the past three years. Vuihoc is the only representative from Southeast Asia in this ranking.

Vietnam, developing Asia-Pacific countries unprepared for rapid population aging

Vietnam and other developing countries in the Asia-Pacific region are unprepared to ensure the well-being of their rapidly aging populations, according to the latest report released by the Asian Development Bank (ADB) on May 2. The ADB called for governments to support this demographic group throughout their lives by investing in health care, education, skills development, and financial preparedness for retirement.

The number of people aged 60 and over in these countries is expected to nearly double to 1.2 billion by 2050, significantly increasing the demand for retirement, social programs, and healthcare services. In Vietnam, the ADB report shows that by 2037, approximately 20% of the total population will be aged 60 and over.