Daily News 2 June 2023

Welcome to Vietnam Untold! Today, we are bringing you some of the most exciting news from around Vietnam. 

List today news:

  1. The Rise of Affluent Class: Rich Population Doubles in Just Five Years
  2. Apple’s Golden Opportunity: Vietnam – Apple’s Golden Land for Production
  3. Vietnam’s Exports Thrive: First Five Months: $10 Billion Trade Surplus
  4. Restriction on App Stores: Over 8,000 Apps from Vietnam Purged
  5. Vietnamese Dried Fish: A Beacon of Hope Amidst Sharp Drop in Exports

News #1 The Rise of Affluent Class: Rich Population Doubles in Just Five Years

Vietnam’s wealthy population has nearly doubled in the span of five years, according to the latest edition of the Prosperity Report released by Knight Frank.

Specifically, the number of ultra-high-net-worth individuals in Vietnam increased from 583 individuals with a net worth of over 30 million USD in 2017 to 1,059 individuals by the end of 2022, marking an 82% growth in just five years.

Predicts that by 2027, this figure will reach nearly 1,300 individuals, representing a 22% increase from the current numbers and a staggering 122% growth over a decade.

The changes in Vietnam’s affluent and ultra-high-net-worth population reflect a broader trend of prosperity across Asia.

Next, in recent news indicates that Vietnam’s emergence as a production hub for Apple in Southeast Asia 

News #2 Apple’s Golden Opportunity: Vietnam – Apple’s Golden Land for Production

Vietnam has emerged as a production hub for Apple in Southeast Asia, according to a recent analysis by Digitimes. By 2022, Vietnam rank second in the region with 27 production facilities for Apple suppliers in Southeast Asia.

Apple’s current plans include the assembly of the MacBook and Apple Watch in Vietnam, showcasing the brand’s confidence in the country’s manufacturing capabilities. Additionally, Apple has taken a significant step by launching its first online store in Vietnam, offering customers services and personalized support similar to Apple Stores worldwide. This move reflects Apple’s increased recognition and evaluation of Vietnam as a valuable market.

Also, according to Digitimes, the expansion of Apple’s manufacturing locations, particularly in South Asia and Southeast Asia, the company’s preparation for a globally distributed production ecosystem.

And, we have a new latest update on Vietnam’s commercial activity from May to the first 5 months of 2023. 

News #3 Vietnam’s Exports Thrive: First Five Months: $10 Billion Trade Surplus

In the latest data from the General Statistics Office on May 29, Vietnam’s trade surplus approached $10 billion. Over the first five months, the total import-export turnover reached $262.54 billion, with exports valued at $136.17 billion and imports at $126.37 billion.

During this period, Vietnam maintained a merchandise trade balance surplus of $9.8 billion. While the domestic economic sector experienced a trade deficit of $8.76 billion, the foreign-invested sector, including crude oil, enjoyed a trade surplus of $18.56 billion. Impressive figures indicate that 23 out of the 34 export items exceeded $1 billion, contributing to 87.4% of the total exports. Similarly, 24 out of the 37 import items exceeded $1 billion, accounting for 81.2% of total imports.

Besides, there is bad news for Vietnam: over 8,000 Vietnamese-developed apps have been withdrawn from the App Store. 

News #4 Restriction on App Stores: Over 8,000 Apps from Vietnam Purged

According to a transparency report in 2022, Apple had over 1.7 million apps on the App Store. Alongside the volume of app releases, Apple’s data confirmed that there were over 6.1 million app review submissions in 2022, with over 1.6 million rejections.

Furthermore, in the same year, a total of 186,195 apps were removed from the App Store, primarily due to non-compliance with design guidelines, fraudulent activities, violations of basic standards, and other reasons.

Of them, 8,462 Vietnamese developers’ apps were taken down from the App Store in 2022. The most common reasons were design rules violations (4,657 apps) and fraudulent activity (3,626 apps). In comparison, China had over 40,000 apps deleted from the App Store, while the United States had over 32,000 apps removed.

We wrap up our news program today with the rising output of dried fish amidst a sharp drop in exports. 

News #5 Vietnamese Dried Fish: A Beacon of Hope Amidst Sharp Drop in Exports

Vietnam’s dried fish is hailed as a savior for the struggling seafood industry. Amidst a slump in seafood exports, dried goods have emerged as a beacon of hope, alongside shrimp and catfish.

April 2023 saw a 65% surge in dried marine fish exports, earning nearly $26 million. Year-to-date revenue reached almost $78 million, a 33% increase from 2022.

Anchovies and yellow croakers dominate the market with 66% and 14% market shares.

The leading markets for Vietnamese dried fish are China (56%), Russia (17%), Malaysia (8%), Hong Kong (4%), and South Korea (3%).

China’s imports surged by 72% while Hong Kong’s rise by 59%. Other markets like Taiwan, Romania, Australia, and Lithuania also increase their imports.

Thank you for watching Vietnam Untold. Stay informed, stay connected. We’ll be back tomorrow with more news.