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Data Center Growth in Vietnam

Posted byNguyen Ayi

By Joe Fotalattee

There are now almost 30 data centers in Vietnam, 46% located in the north, 35% in the south, and 18% in the center.

According to reports from Nhan Dan, the Vietnamese data center market will increase at a compound annual growth rate of nearly 15% until 2026, from a 2020 value of USD 858 million.

In Ho Chi Minh City, Viettel introduced the Viettel Cloud ecosystem earlier in October, with 13 facilities and more than 9,000 racks, the largest data center infrastructure in Vietnam.

The VNG Company opened the VNG Data Centre, a brand-new data center of international caliber. The center will grow from its initial 410 server racks to 1,600 racks. With a $1.05 trillion investment, CMC Corporation opened a 1,200-rack, 13,000-square-meter data center in Ho Chi Minh City in August.

The Vietnamese data center market has experienced impressive growth due to the ability to deliver services up to international standards.

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Vietnam’s Agriculture and Seafood Exports Reach New Records

Posted byNguyen Ayi

By Joe Fotalattee

According to the Ministry of Agriculture and Rural Development, the export revenue from agriculture, forestry, and fisheries will set a new record of US$53.22 billion. Over the prior year, the number increased by 9.3%.

Important agricultural exports brought in $22.59 billion, including wood products ($10.92 billion), shrimp ($4.33 billion), rice ($3.49 billion), coffee ($3.94 billion), rubber ($3.31 billion), vegetables and fruits ($3.34 billion), and cashew nuts ($3.07 billion).

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Vietnam’s Economic Growth in 2022

Posted byNguyen Ayi


By Joe Fotalattee

In 2022 Vietnam had the fastest annual growth rate in GDP since 1997 thanks to robust domestic retail sales and exports, which increased by 8.02 percent.

The reading is higher than the official growth target of 6.5 percent and growth of just 2.58 percent in the previous year, when COVID lock-downs hurt the economy and affected factory activity.

Despite worries about a global recession and its effects on demand for Vietnam’s exports—a major producer of goods like apparel, footwear, and electronics for well-known international brands—the country has experienced a high annual growth rate.

The General Statistics Office (GSO) stated in a report that “the economic performance is noteworthy amid global economic and political uncertainty and challenges.”.

According to the report, consumer prices increased by 4.55 percent in December from a year earlier. Retail sales increased 19.8 percent in 2022, while exports increased 10.6 percent to $371.85 billion, according to the GSO.

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Passing The Buck

Posted byNguyen Ayi

By Joe Fotalattee

The central bank’s deputy governor Dao Minh Tu said at a news conference on Tuesday that “The central bank will continue its purchases of foreign currencies.”.

Vietnam is working to strengthen foreign exchange reserves by acquiring more U. S. dollars to support its dong currency.

In order to increase their own reserves or supply them to the nation’s banks, central banks intervene in the foreign exchange market. Frequently, they want to keep the exchange rate stable.

An estimate of Vietnam’s foreign exchange reserves this time last year was at $100 billion.

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United States’ Seventh-Largest Trading Partner

Posted byNguyen Ayi

 

Vietnam is United States’ Seventh-Largest Trading Partner.

By Joe Fotalatte

According to Bloomberg data, Vietnam is on track to surpass the United Kingdom and enter the top seven trading partners of the United States this year.

The UK would be absent from the group for the first time since 2004, according to the news outlet.

According to Census Bureau data, the UK’s share of trade with the US fell by 2.6% during the first ten months of the year, while Vietnam’s increased to 2.7%.

For nearly two decades, the top seven US trading partners in terms of goods have consistently been Canada, Mexico, China, Japan, Germany, and the Republic of Korea.

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A Year In Review And Vietnam’s Economic Goals For 2023

Posted byNguyen Ayi

According to Vietnam News, Nguyen Văn Nên, secretary of the municipal Party’s Committee, stated at a recent meeting that the city will experience challenges in 2023 due to a global slowdown and lowered its growth target to 7.5-8% next year.
The city has set a goal of bringing in 4–5 million foreign visitors to earn five billion USD in revenue.

The city intends to maintain a 60% service-based economic structure with a labor growth of 7%. However, post-pandemic economic numbers look promising. The city’s gross regional domestic product (GRDP) increased by 9.03% in 2022.

Exports from the city were worth $49 billion USD, and imports were worth $66 billion USD, both up 10%.

Tourism grossed over five billion USD. Three and a half million foreign visitors visited the city this year, a fraction of neighboring countries with welcoming visa policies. For example, Thailand received over 10 million visitors in 2022, generating 16 billion USD in tourism revenue.

Fortunately, Vietnamese were buying more than 36 billion USD in sales of goods and services, an increase of 30 percent from the previous year.

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Vietnam to Speed Up Infrastructure Spending

Posted byNguyen Ayi

Vietnam to Speed Up Infrastructure Spending

by Joe Fotalattee

According to the HCM City People’s Committee chairman, Phan Văn Mi, the city will accelerate public spending to prevent delaying the development of public works and infrastructure.

Phan Văn Mi said the city has a target of disbursing 95% of approved public investment capital during a meeting on the city’s socio-economic goals for 2023.

Additionally, the city will prioritize enhancing public services, streamlining administrative reform, reducing inflation, and stabilizing the local economy. Major transportation projects will also move along more quickly.