Business News

Vietnamese businesses are advised to better exploit the UK-Việt Nam Free Trade Agreement (UKVFTA) to build and develop brands and expand their presence in the UK market amid stiffer competition driven by the “Global Britain” policy.

At the fifth meeting of the Vietnam-Japan Joint Committee on Industry, Trade, and Energy Cooperation on August 24, Minister Yasutoshi Nishimura stated that Japan will provide financial and technical support for Vietnam's energy transformation efforts through the Asia Energy Transformation Initiative (AETI).

Southern HCM City topped the country in foreign direct investment (FDI) in the first eight months of 2022, accounting for 16.1 per cent of the national figure, according to the Ministry of Planning and Investment’s Foreign Investment Agency (FIA).

Vietnam is a narrow but populous country and it has special marine economic resources. Lying on the west shore of the East Sea, it has a very important geopolitical and geoeconomic position. With a coastline of over 3,260 km stretching from north to south, for every kilometer of coastline there is one 100 square kilometers. The marine and coastal economy contributes a large share of the gross domestic product (GDP) and is a strong foreign currency earner for the country’s development.

Given that global FDI inflows have decreased on recent world developments such as the Russia-Ukraine conflict, supply chain disruptions and high inflation, Vietnam is still considered an attractive investment destination thanks to its strong economic potential and friendly investment environment.

State budget revenue totaled over VND1,200 trillion between January and August, meeting over 85% of the full-year target and growing by 19.4% year-on-year, according to a recent report issued by the Ministry of Finance.
Of the total, domestic revenue accounted for VND954 trillion, reaching 81.1% of this year’s target and rising by 16% year-on-year, the local media reported.

Consumer prices increased due to rising input material costs. Tuition fees for the new school year in some provinces and cities rose again. However, several rounds of fuel price cuts since July have resulted in a slight increase of the CPI in August, said GSO.

According to PricewaterhouseCoopers (PwC), the financial services (FS) industry’s need for digital capabilities, combined with sustained pressure from regulators and disruption from platforms and fintechs, means M&A will continue to be a driver for transformation.