VIETNAM’S TEXTILE SECTOR AIMS FOR US$44 BILLION EXPORTS
Vietnam’s textile and garment industry is ramping up production in the final months of 2024 to reach its export target of US$44 billion, according to the Ministry of Industry and Trade. Textile production in September increased by a marginal 0.1% against the previous month but surged by 11.2% year-on-year.
VN SHOULD FOCUS ON DEEPER INTEGRATION INTO THE GLOBAL SUPPLY CHAIN NETWORK
As international businesses look to create new links in the global supply chain, Việt Nam, as well as the rest of the Southeast Asia region, can emerge as a major destination for foreign direct investment (FDI), said economists and policymakers.
VIETNAM MAY BE ONE OF THE FASTEST-GROWING EMERGING MARKETS BY 2035
The S&P Global Look Forward Journal, titled "Emerging Markets: A Decisive Decade", which considers the opportunities and challenges the next decade will bring for emerging markets' economic growth in terms of energy transition, supply chain integration, and labour productivity.
SECURE E-CONTRACTS PAVE THE WAY FOR BUSINESS DIGITAL TRANSFORMATION
At the forum, participating businesses unanimously agreed on the need to further strengthen policies related to e-contracts to address practical challenges. Issues such as high costs, complex procedures, and limited acceptance by third parties remain significant barriers.
FOREIGN EXCHANGE RATE INCREASES AGAIN IN OCTOBER
According to experts, the exchange rate has increased again due to a recovery of the US dollar price in the international market and a slowdown in Việt Nam’s trade surplus. After cooling down in August 2024 and bottoming out at the end of September, the USD/VNĐ exchange rate has shown signs of increasing again since the beginning of October.
VIETNAM REVS UP FOR GREATLY IMPROVED AUTO INDUSTRY
Under a draft strategy for the development of the automobile industry through to 2030 sent to the government late last month, the market in Vietnam will grow by 14-16 per cent annually by the end of the decade, with total consumption of over one million units. Of these, electric and hybrid vehicles are expected to account for 350,000 units.
VIETNAM'S 2024 GDP GROWTH FORECAST RAISED TO 7 PER CENT
There have been concerns that the impact of Typhoon Yagi, the strongest storm Vietnam faced in 70 years, would weigh on growth. The northern provinces were hit particularly hard in early September, with damages estimated at over $3 billion.
BOOSTING SEMICONDUCTOR INVESTMENT
According to the Provincial Planning for 2021-2030, with a vision to 2050, recently approved by the Prime Minister, Vinh Phuc province will prioritize industrial development, particularly in semiconductor projects, attracting significant investment from major semiconductor corporations.
