Weekly News Bulletin - No. 01, May 2023

This is its 14th annual report on small business issues and sentiment across eleven economies in Asia-Pacific. The survey shows that small businesses in Vietnam have recovered quickly after Covid-19 and topped surveyed markets in terms of growth. Growth is expected to continue, with 83 per cent of Vietnamese respondents saying local businesses have many opportunities for further development.

Vietnam welcomed over 3.68 million foreign travelers in the first four months of the year, surpassing the figure in 2022, at 3.66 million, according to the General Statistics Office. The number of international tourists coming to Vietnam reached 984,100 in April alone, up 9.9 percent month on month.

Chinese tourists contributed significantly to Vietnam’s tourism recovery in the four-month period. In particular, 112,000 Chinese travelers visited Vietnam last month, surging 61.5 percent over March. However, South Korea took the lead in the number of visitors to Vietnam with one million in the four months. It was followed by the U.S. with 263,000 and China with 252,000 tourists.

Last week highlight

The Organisation for Economic Cooperation and Development (OECD) in conjunction with the Asian Development Bank (ADB) conducted a recent report on Vietnam’s economy. Accordingly, it is forecast that Vietnam’s economy will grow firmly, with its GDP projected at 6.5% in 2023 and 6.6% next year, announced at a ceremony in Hanoi late April.

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Let’s look at some other key financial and business headlines during the past week

1. Vietnam prioritizes strategic partnership with UK: State President
2. CPA Australia: Vietnam tops Asia-Pacific in small business growth
3. US enterprises remain confident in Vietnam’s long-term economic growth
4. ADB, Switzerland grant 5 mln USD to support Vietnam improve fintech
5. Ministry supports 50% cut on auto registration fees
6. Number of int’l visitors to Vietnam in January-April exceeds 2022 figure
7. April’s consumer price index down 0.34% m-o-m
8. Newly registered businesses peak in April
9. Hanoi’s CPI decreases 0.81% in April
10. Hanoi attracts over 1.7 billion USD in FDI in four months

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Key words: Vietnam, business, finance, economy