Vietnam News Today (Jan. 29): Intertwined Opportunities, Challenges for Vietnam’s Economy in 2023

Vietnam News Today (Jan. 29): Quang Ninh: Cross-border trading with China resumed after Tet; Hanoi in the world's top three culinary destinations: Tripadvisor; Intertwined opportunities, challenges for Vietnam’s economy in 2023; Supermarkets, traditonal markets gradually resume normal operations amid abundant supply.

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Vietnam News Today (Jan. 29) notable headlines

Quang Ninh: Cross-border trading with China resumed after Tet

Hanoi in the world’s top three culinary destinations: Tripadvisor

Intertwined opportunities, challenges for Vietnam’s economy in 2023

Supermarkets, traditonal markets gradually resume normal operations amid abundant supply

AFC praises Park Hang-seo’s “lasting legacy” in Vietnamese football

Authorities to boost implementation of OV-related tasks: official

Mekong Delta – An ideal destination for foreign visitors

Authorities to boost implementation of OV-related tasks: official

Hoi An among 25 best cities of the world in 2022: Travel + Leisure

Export and import via Bac Luan 2 Bridge and pontoon bridge Km3+4 Hai Yen of the Mong Cai International Border Gate in northern Quang Ninh province resumed on January 28.
Export and import via Bac Luan 2 Bridge and pontoon bridge Km3+4 Hai Yen of the Mong Cai International Border Gate in northern Quang Ninh province resumed on January 28.

Quang Ninh: Cross-border trading with China resumed after Tet

Export and import via Bac Luan 2 Bridge and pontoon bridge Km3+4 Hai Yen of the Mong Cai International Border Gate in northern Quang Ninh province resumed on January 28 morning after a week-long Lunar New Year (Tet) holiday.

Trading activities were suspended from January 21 (the 30th day of the 12th lunar month) to January 27 (the sixth day of the first lunar month).

They have been restored as agreed by the administrations of Mong Cai city of Quang Ninh and Dongxing city of China, cited VNA.

On January 28 morning, 115 trucks passed pontoon bridge Km3 4 Hai Yen to carry exports to China, including fresh seafood, flowers, frozen fish, and fruits. Meanwhile, four containers of electronic components from China passed Bac Luan 2 Bridge to enter Vietnam.

The Mong Cai International Border Gate is one of the first of its kind on Vietnam’s border with China. It holds an important role in Vietnam’s economic activities with regional countries via the northern borderline.

Hanoi in the world’s top three culinary destinations: Tripadvisor

Hanoi has been voted the world’s third best food destination for 2023 by Tripadvisor.

Bun Cha, Trang Tien ice cream, grilled fish, and milk coffee are famous dishes in Hanoi rated 4 to 4.5 stars on Tripadvisor.

With a wide range of typical dishes, the capital city of Hanoi has lured more and more visitors, especially foodies, from all parts of the world.

Photo: VOV
Photo: VOV

Many foreigners who come to Vietnam find many opportunities to enjoy rural dishes right on the streets of Hanoi.

A walk around Hanoi’s Old Quarter is all visitors need to find dining places that will satisfy their senses. It is no coincidence that Hanoi delicacies are internationally honored. This confirms the cultural value of Hanoi cuisine on the international tourist map.

Intertwined opportunities, challenges for Vietnam’s economy in 2023

With certain headwinds predicted for the global economy in 2023, Vietnam faces considerable challenges. But opportunities are also significant if concerted and appropriate solutions are taken, an expert has said.

Vietnam has to deal with one major external challenge and two internal ones, Dr Pham Sy Thanh, Director of the Chinese Economic Studies Programme under the Vietnam Institute for Economics and Policy Research, told the Vietnam News Agency.

The external challenge is a strong decline in demand for Vietnamese exports. Many export sectors with revenue of over 1 billion USD like wood and apparel recorded their earnings in October and November 2022 falling 30 – 40% year on year and month on month. This indicates that foreign markets are no longer open or attractive enough for exports in 2023.

Export contraction will have a huge impact on many social issues, especially lay-offs, job shortages, and unemployment in industrial parks, he pointed out.

An aerial view of Hanoi capital. Photo: VNA
An aerial view of Hanoi capital. Photo: VNA

Among internal challenges, the first is that the handling of wrongdoings in the bond market and the banking system has caused serious disruptions and congestion of the capital flow. Meanwhile, the cost of capital is one of tough barriers to production and business activities, but it is nothing in comparison with the lack of capital or the inaccessibility to capital.

Thanh considered these as immediate difficulties that require strong solutions from the Government so that businesses can gain the fastest access to capital sources with reasonable interest rates.

However, he noted, Vietnamese exporters also have big opportunities to win contracts from partners who used to place orders in China. The shift of supply chains out of the world’s second-biggest economy to Vietnam is also accelerating as seen in recent moves by Foxconn, Apple, Adidas, and Samsung.

In Southeast Asia, Vietnam is emerging as one of the go-to places where big enterprises choose to build research and development centers, according to VNA.

To capitalize on those advantages, Vietnam should make concerted efforts, the expert recommended, elaborating that it should have better industrial and office infrastructure. It should also further develop the nation’s transport system accordingly to minimize traffic congestion.

In addition, to have a better industrial, office, and transport infrastructure, the policies for handling economic wrongdoings should also open “green lanes” for businesses and localities to make new investment decisions.

Another important measure is dealing with problems of the bond market and the banking system to smoothly carry out monetary and fiscal policies. Particularly, authorities should further prioritize fiscal policy instead of focusing only on the monetary. This will open up more economic development opportunities and optimize advantages when other economies have yet to return to their “orbits”, according to Thanh.

Supermarkets, traditional markets gradually resume normal operations amid abundant supply

Many supermarkets in HCM City such as Co.opmart, Co.opXtra, Co.op Food, Go!, Big C, Tops Market, and AEON opened on January 23, the second of the new year.

Traditional markets too have been gradually reopening since January 23, especially those that sell fresh foods, flowers, fruits, and vegetables.

According to a Ministry of Finance, report on the market and prices, sales in the city’s wholesale markets on the fourth day of the new year (January 25) were 31-52 percent of normal while prices were mostly normal.

The volume of vegetables and fruits arriving at the Thu Duc Wholesale Market was 1,172 tonnes, or 52 percent of normal days, and an increase of 28.5 percent from the same period last year.

Customers shop at a Co.opmart supermarket in HCM City. Photo courtesy of Saigon Co.op
Customers shop at a Co.opmart supermarket in HCM City. Photo courtesy of Saigon Co.op

At the Hoc Mon Wholesale Market, it was 860 tonnes, which was equal to 48 percent of normal days and a decrease of 12 percent from last year.

Supermarkets have also launched many promotions after Tet to stimulate demand, VNS reported.

From January 25 to 27 customers at Co.opmart with bills worth VNĐ500,000 or more have the chance to receive vouchers worth VND30,000-500,000 under its ‘Hai loc don phuc – Sung tuc ca nam’ program.

The supermarket chain is also offering discounts on confectionery, milk and dairy products, vegetables, fruits, household utensils, cosmetics, clothes, and others.

AFC praises Park Hang-seo’s “lasting legacy” in Vietnamese football

The Asian Football Confederation (AFC) has published an article titled “Park Hang-seo: A lasting legacy”, to honor the Korean coach after his magical five-year journey with the Vietnamese men’s football team.

The Korean tactician gained legendary status in the country after leading a golden generation of talents that excelled both at regional and continental levels, taking Vietnam to new heights in global football, it wrote.

Photo: VOV
Photo: VOV

While last week’s 1-0 loss to Thailand in the second leg of the 2022 AFF Cup final ultimately meant that coach Park could not go out on a high following a 3-2 aggregate loss, he can depart his post with his head held high after what he has done for Vietnamese football since September, 2017, the article added.

The AFC reviewed his time at the helm of the national team, noting that in his first tournament, the AFC U23 Championships 2018, Park guided the Golden Star Warriors to their first final.

Vietnam went on to lift the AFF Cup 2018, showing the Korean tactician become only the second man, following Portugal’s Henrique Calisto, to steer Vietnam to a title win, cited VOV.

The Vietnamese team continued to make a positive impression as they reached the quarterfinals of the AFC Asian Cup 2019 in the United Arab Emirates where they ultimately lost 1-0 to Japan after Ritsu Doan’s penalty.

Park’s team made their first appearance in the third Asian qualifying round of the 2022 FIFA World Cup. Although they did not compete successfully, they put in some good performances after defeating China 3-1 and recording a 1-1 draw with Japan.

In the article’s conclusion, AFC wrote that Park has now stepped down after taking the Vietnam team on a journey like no other. Indeed, these achievements ensure that he will forever be regarded as a legend in the Southeast Asian nation.

Rosie Nguyen