Business News

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.

Hospital referral documents and appointment letters for re-examination will be integrated online into the e-identification app VNeID or digital social insurance app VssID, said Trần Thị Trang, head of Health Insurance Department under the Ministry of Health.

With achievements made in 2023, Hanoi has set its tasks and plans for investment, trade and tourism promotion for 2024 to increase its effectiveness. A meeting was held on December 29 to review the performance of Hanoi’s investment, trade and tourism promotion 2023 and set tasks for 2024.

According to the World Bank, Vietnam's Logistics Performance Index (LPI) ranking decreased by four places to 43rd in 2023. Despite this drop, Vietnam's LPI score increased to 3.3 points from 3.27 points in 2018, indicating gradual improvements, particularly in customs efficiency and infrastructure quality.