Business News

Under the Law on Environment 2020 and the governmental Decree No.08, the recycling of products and packages will be mandatory for those who import or produce batteries, tyres, lubricants, and packaging as of January 1, 2024.

Vietnam is set to fetch US$732 billion in foreign trade this year, representing an annual rise of 10%, said the Ministry of Trade and Industry at a year-end meeting in Hanoi on December 26.

The total newly-registered capital, adjusted capital, capital contributions, and share purchases stood at $27.7 billion in 2022, equivalent to 89 per cent of last year, according to the Ministry of Planning and Investment's Foreign Investment Agency.

In addition to the increasingly stringent requirements for a production price reduction, faster delivery and higher quality, brands are demanding that businesses in the supply chain follow multiple policies on sustainability, green practices, energy saving and emission limiting.

Similarly, the Asian Development Bank (ADB) raised Vietnam's growth prediction for this year to 7.5 per cent, much higher than the 6.5 per cent number given in September 2022, while lowering its growth forecast for 2023 by 0.4 percentage points to 6.3 per cent.

The EU is Vietnam's third largest export market with an average growth rate of 7.5%, accounting for 13.6% of Vietnam's total exports from 2015-2021.

1. Crawler upturn hydraulic excavator supply
2. Individual protection equipment supply
3. Internal telephone network system supply
4. Security camera system supply
5. Substation supply and installation
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Filipino food company Jollibee Food Corporation is in discussions to sell a minority stake in its Vietnamese coffee chain Highlands Coffee, noted Reuters at the start of December. The sale could pave a way for an initial public offering for the coffee chain, a move that Jollibee has been mulling for several years.