VIETNAM’S GDP TO GROW 5.5% THIS YEAR – WB
This forecast is based on the assumption of a moderate recovery in manufacturing exports in 2024, fueled by rebound growth of 8.5% year-on-year in the fourth quarter of 2023 and 17.2% year-on-year in the first quarter of 2024, reflecting strengthening global demand, said Dorsati Madani, senior country economist at the WB in Vietnam.
FOUR COMMODITIES POST Q1 EXPORT VALUE OF OVER 5 BILLION USD
The total export turnover of agricultural, forestry, and fisheries products in the first three months of 2024 is estimated to reach 13.53 billion USD, an increase of 21.8% compared to the same period of 2023.
Q1 2024: 51.3 MILLION WORKERS EMPLOYED
51.3 million people in Vietnam aged 15 and above were employed during the first quarter of 2024, an increase of 174,100 compared to 2023, or 0.34 percent. The unemployment rate among the country’s working-age population has fallen by 2.24% compared to the same period last year.
EXPLORING INVESTMENT AND BUSINESS OPPORTUNITIES BETWEEN VIETNAM AND HONG KONG (CHINA)
The cooperation between Vietnam and Hong Kong (China) has continuously been strengthened and developed in the past time. This partnership boasts significant potential for further enhancement, particularly as the trade and investment promotion entities of both sides continually organize investment forums, business symposiums, and networking initiatives.
OVERCOMING HURDLES IN SUSTAINABLE INDUSTRIAL AND ECONOMIC ZONE DEVELOPMENT
“The path toward sustainable development for industrial zones (IZs) and economic zones (EZs) continues to encounter significant challenges. A notable concern is the instability and lack of consistency in the institutions and policies governing these zones. This inconsistency has resulted in a void of transformative impetus for socio-economic advancement,” said Dr. Nguyen Quang Tuyen from Hanoi Law University.
DA NANG CUSTOMS FOCUSES ON DEVELOPING CUSTOMS-BUSINESS PARTNERSHIPS
Da Nang Customs Department issued an action plan for developing customs-business partnership in 2024. One of the new events this year is the workshop on “Settlement reports for enterprises engaged in outsourcing, export production and export processing” held in Da Nang Customs Department on April 16, 2024.
RAPID LAW IMPLEMENTATION MAY PROPEL MARKET FORTUNES
“Investors and developers are looking forward to the implementation of the new law, which will remove obstacles for a range of projects that are struggling due to stalled procedures and lack of legality. For them, the earlier the better,” he said.
CUSTOMS BUDGET REVENUE EXPERIENCES 3% DECLINE IN Q1
Vietnam’s import and export value reached a total of US$145.59 billion in the first quarter (Q1) of 2024, marking a year-on-year growth of 18.2%. However, the customs budget revenue saw a 3% year-on-year decline, amounting to VND71,520 billion in the quarter, thereby achieving 19.1% of the full-year target.
