Business News

Foreign investors had poured 1.51 billion USD into Vietnam as of January 20, a 4.1 percent increase over the same period last year, according to the Ministry of Planning and Investment (MPI).

Effectively exploiting the Polish market is one of the ways to help Vietnamese goods make inroads into the EU market, experts told a workshop held by the Ho Chi Minh City Investment and Trade Promotion Centre (ITPC) on January 28 on the prospects for Vietnam’s exports to the EU through the Polish gateway.

Standard Chartered expects Vietnam’s GDP growth to rebound to 7.8% in 2021 from over 2.9% in 2020, with manufacturing likely continuing to drive the economy and helping Vietnam outperform the rest of Asia.

Based on forecasts from the World Bank as well as information from commercial banks and organisations working on inward remittance transfer, the inward remittance volume to Vietnam may have reached as much as $15.5 billion in 2020, placing the country ninth among the top 10 inward remittance recipients worldwide. Vietnam averaged a 35.6-per-cent hike a year during 2016-2020 compared to the 2011-2015 period.

Wind Energy in Vietnam

According to a report by the Ministry of Industry and Trade's Department of E-commerce and Digital Economy, 53 per cent of the population has joined the online retail market, boosting the growth of Vietnam’s e-commerce sector by 18 per cent to $11.8 billion, accounting for 5.5 per cent of the total retail sales.

The northern port city of Hai Phong has set a target of attracting US$2.5-3 billion in foreign direct investment (FDI) in 2021, with priority given to industrial and service projects using modern and highly efficient technologies.

The Central Institute for Economic Management (CIEM) said that Vietnam’s GDP growth may reach 5.98% or 6.46% in 2021 under a more positive scenario. The economy will, nevertheless, still face many risks.