Business News

According to the General Statistics Office (GSO), this was lower than the GDP growth rate posted in Q3/2022 (13.67 per cent), but higher than Q3/2021 (-6.17 per cent). The economy grew 6.8 per cent in the first nine months of 2024.

Besides attracting deposits to meet the heightened credit demand at the end of the year, banks are racing to issue bonds to replenish capital sources. On October 2 Military Bank (MB) announced plans to issue 30,000 bonds via private placement, with a total value approximating $125 million.

At a conference in Ho Chi Minh City on October 3, Nguyen Hoang Giang, Chairman of Quang Ngai People's Committee, said, "Industrial development has been identified by the province as a priority, so we are focusing on planning and developing economic zones and industrial parks. The most prominent is Dung Quat Economic Zone, one of five coastal economic zones that the government has prioritised for investment, with plans for a new national oil refinery and energy centre there."

More than $24.78 billion in foreign direct investment (FDI) flowed into Vietnam in the first nine months of 2024, climbing 11.6 per cent on-year, according to the Foreign Investment Agency. A total of 2,492 new projects were granted investment registration certificates in that period, with registered capital of over $13.55 billion, down 4.3 per cent in number but up 11.3 per cent in terms of capital.

In a meeting with Party General Secretary, State President To Lam during his working trip to the United States last week, Wally Liaw, founder and senior vice-president of business development at Supermicro, said the company proposed cooperation with Vietnam in developing data centres and server system manufacturing.

By prioritizing investment in high-tech sectors, mechanical engineering, electronics and supporting industries, especially semiconductors, Vinh Phuc province has attracted major semiconductor corporations from Korea, Taiwan, the United States, and other regions, aiming to establish itself as a key electronics hub in the country.

The MoC had earlier called on the financial sector to collaborate on drafting tax policies for second homes or unused properties, as property and housing prices have skyrocketed since the start of the year. In some suburban land auctions, winning bids have soared to as high as hundreds of millions of VND per square metre, significantly above starting prices, distorting the healthy development of the market.

In addition, leaders of Binh Duong province also granted investment approvals for four other projects, including the $451 million Bac An Tay Urban Area, the $550 million Dong An Tay Urban Area, a $141 million high-end apartment complex combined with commercial services, and the $57 million ICD Rach Bap inland port.