Weekly News Bulletin - No. 02, January 2023

More than VND3.3 trillion (USD140.6 million) is kept in e-wallet accounts to help holders stay ready for convenient transactions in Vietnam, according to General Director of the Payment Department under the State Bank of Vietnam (SBV).

The SBV has licensed 45 e-wallet service providers, which have operated 120 million e-wallet accounts so far, including 47 million activated accounts and 29 million active accounts. The total balance of these accounts has exceeded VND3.3 trillion. By the end of the third quarter of 2022, the whole banking system had handled about VND937 trillion (USD39.9 billion) worth of e-wallet transactions and VND929 billion (USD39.6 million) worth of mobile-money transactions. SBV statistics also show that non-cash payments increased 85.6 percent in quantity and 31.39 percent in value in the first 11 months of 2022 over the same period in 2021.

By 2030, the country’s GDP per capita is expected to reach USD7,500 and the digital economy will account for 30% of GDP, reported by the Minister of Planning and Investment. During the 2031-2050 period, Vietnam will strive to record an annual economic growth of 6.5-7.5% and raise the GDP per capita to USD27,000-32,000, making Vietnam a developed country with high income. According to the draft plan, the national development space must be organised in an effective and unified manner, ensuring intra-regional linkages, and focusing on several areas with advantages in terms of geographical location, socio-economic infrastructure and high-quality human resources.

Last week highlight

The Central Institute for Economic Management (CIEM) under the Ministry of Planning and Investment has sketched out two scenarios for the Vietnamese economy in 2023. Under the most promising, the national GDP will grow 6.83%, inflation 3.69%, and export 8.43%, and export-import revenue is projected at USD8.15 billion, heard a workshop in Hanoi on January 12.

CIEM Director said Vietnam stayed updated on assessments and recommendations last year in order to maintain macro-economic stability, rein in inflation, and facilitate reform and socio-economic recovery and development. Such efforts paid off as the national GDP grew 8.02% in 2022, the highest in the 2011-2022 period, outpacing the target of 6.5% set by the National Assembly, and inflation was curbed at 3.15%, below the 4% projected earlier.

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

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Key words: Vietnam, business, finance, economy