Business

Vietnam exported more than 8 million tonnes of rice in 2023, and the Philippines was the largest rice buyer, according to the General Department of Customs.

Over 17 years of being a member of the World Trade Organisation (WTO), Vietnam has seen hallmark economic growth thanks to economic integration into the world, providing strong momentum for further development.

The Dong Nai Animal Husbandry Association is seeking help from the government to curb rising illegal pig imports from Cambodia which are causing losses to local farmers.

Prime Minister Pham Minh Chinh and his Hungarian counterpart Viktor Orbán attended a Vietnam-Hungary business forum in Budapest on January 19 (local time).

Thousands of workers are progressing at the Long Thanh Airport construction project in the southern province of Dong Nai.

The tension in the Red Sea, which has led to increases in logistic costs and shipping time, is forecast to affect Vietnamese exporters of garment, textile, footwear and leather products from the second quarter of 2024 if it persists.

The hotel real estate market in Vietnam, particularly in Hanoi and Ho Chi Minh City, is predicted to see a big supply thanks to new projects in the 2024-2026 period, according to Savills Vietnam.

Domestic retail prices of petroleum products in Vietnam increased at 3 pm today, January 18, following the adjustment jointly decided by the Ministry of Industry and Trade, and the Ministry of Finance.

Deposit interest rates at four major banks of Vietnam were adjusted sharply, down by 0.4% per year from the previous listings, bringing the rate to 1.8% per year at the lowest.

The National Assembly has approved an investment of VND2.52 trillion (USD104 million) from the state budget for an electricity supply project to Con Dao Island in the southern province of Ba Ria-Vung Tau.

Farmers in Dalat City, one of the country's largest flower hubs, are facing slow sales this year.

Vietnam's agricultural sector has set a growth target between 3.2-4 per cent in 2024, according to the Ministry of Agriculture and Rural Development, with total export turnover of some US$54-55 billion.

The agriculture sector and traders have expressed their high optimism about rice exports this year given high prices and stable markets, helping the grain remain a big foreign currency earner.

Asian markets fell further Wednesday as hopes for an early interest rate cut by key central banks faded, while data confirmed China's economy last year grew at its slowest pace in more than three decades.

Vietnam’s economic growth might reach 6.48 per cent in 2024, driven by innovation, economic restructuring and institutional reforms, according to a report published by the Central Institute for Economic Management at a recent conference.

With approximately six million Vietnamese nationals living abroad, remittances sent to Vietnam from 1993 to 2022 have amounted to US$190 billion, according to deputy foreign minister Lê Thị Thu Hằng.

Asian stocks ticked lower Tuesday as Middle East concerns overshadowed hopes for an early Federal Reserve interest rate cut, with traders now awaiting the release of key data out of China and the United States later in the week.

With a positive economic outlook, the Ministry of Industry and Trade aims to increase exports by 6 per cent in 2024, running a trade surplus for nine years in a row, estimated at US$15 billion.

The Vietnamese economy is likely to expand by 6-6.5% in the base scenario, Dr. Can Van Luc, a member of the National Financial-Monetary Policy Advisory Council, has predicted.