Business

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.

Asian markets rose Monday as traders weighed US inflation data that revived hopes for an early interest rate cut, but gains were tempered by geopolitical worries after fresh US-UK strikes on Huthi targets in Yemen.

Currently 70 per cent of businesses have changed their strategies and have had many export orders.

Despite being a major rice exporter with revenues reaching USD4.78 billion in 2023, Vietnam also spent USD900 million buying rice from other countries.

Based on the GDP growth rate in 2024, the Ministry of Industry and Trade has set a target of increasing export turnover this year by roughly 6%, equivalent to US$377 billion, with the trade balance maintaining a surplus of