Business News

Viet Nam targets to raise the export value of livestock products to US$1-1.5 billion by 2025 and US$3-4 billion by 2030, according to a recent plan approved by the Government. The plan aims to increase the proportion of cattle and poultry slaughtered in industrial facilities to about 60 percent and 40 percent respectively by 2025, and about 70 percent and 50 percent by the end of this decade.

Hong Kong-based Crystal Group unveils its plan to build a $200 million project for yarn, fabric, and garment production in the northern province of Nam Dinh. The information was revealed at the meeting between Crystal Group and Nam Dinh People's Committee on January 12.

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. Capitalising on current free trade agreements (FTAs) and signing deals with new markets such as Israel or the UAE would be vital to foster trade, attract investments, and increase exports in the upcoming years, said the ministry.

A report by the Industry Department under the Ministry of Industry and Trade says that the underdeveloped supporting industry left Việt Nam unable to be self-sufficient in production inputs, leading to a significant dependence on imported spare parts and raw materials.

HCM City’s economy is expected to rebound in the second quarter and is likely to achieve a growth of 8 per cent in 2024, according to a report. According to the HCM City Macroeconomic Report: 2023 Results and 2024 Forecast report, the city’s economy is forecast to continue to recover in 2024.

Of the figure, the domestic economic sector grossed $95.55 billion, a decline of 0.3 per cent and accounting for 26.9 per cent of total export turnover, while the foreign-invested sector, including crude oil, raked in $259.95 billion in exports, a drop of 5.8 per cent.

Vietnam's GDP is forecast to grow at an average of 6.7 per cent between 2024 and 2028. Over the subsequent nine years, the CEBR forecasts that the Vietnamese economy will expand by 6.4 per cent on average each year. Over the next 15 years, Vietnam is also predicted to move swiftly up the World Economic League Table rankings from its 34th spot last year, to 21st in 2038.

The National Assembly’s resolution on the socio-economic development plan for 2024 sets a target of 6.0-6.5% growth in gross domestic product (GDP) for the year, while per capita income is expected to reach 4,700-4,730 USD.