Want to be in the loop?
subscribe to
our notification
Business News
HA NOI ABSORBS ALMOST US$870 MILLION IN FDI LAST MONTH
An estimated US$866.8 million in foreign direct investment (FDI) was channeled into Ha Noi in January, the municipal Statistics Office reported.
An estimated US$866.8 million in foreign direct investment (FDI) was channeled into Ha Noi in January.
That comprises US$859.4 million registered for 10 new projects, US$5.1 million added to six existing ones, and US$2.3 million spent on seven transactions to contribute capital to or buy shares of local businesses.
During the month, 2,529 new companies with combined capital of VND35.4 trillion (US$1.4 billion) were established in Ha Noi, respectively rising 54 percent and 2.4-fold year on year. As many as 3,660 firms resumed operations, up 50 percent.
While 12,300 businesses registered suspension of operations, 457 others were dissolved, increasing 56 percent and 52 percent, respectively, data shows.
The office said consumption demand has continued growing compared to the final months of 2023 as the Lunar New Year (Tet) festival is nearing. Retail sales of goods and consumer service revenue totalled VND 68.8 trillion in January, up 3.2 percent month on month and 9.3 percent year on year.
Nguyen Manh Quyen, Vice Chairman of the Ha Noi People's Committee, said that this year, the city will push forward with administrative reforms to create favorable procedures to attract domestic and foreign investors.
It will organize more trade promotion events both in Viet Nam and abroad to seek potential investors. More high-quality agricultural products and items under the "One Commune, One Product" (OCOP) programs, and those of craft villages will also be developed to serve domestic consumers and tourists, he added.
Source: VGP
Related News
PHONE AND COMPONENT EXPORTS HIT $18.4 BILLION IN FIRST FOUR MONTHS
In terms of markets, the United States has become Vietnam's largest customer instead of China (in the first quarter of last year). Specifically, in the first quarter of this year, the US spent more than $3.05 billion importing all types of phones and components from Vietnam, an increase of 30.4 per cent on-year. The Chinese market ranked second with more than $2.5 billion, down 28 per cent on-year.
BA RIA-VUNG TAU PROVINCE RANKS FIRST IN FOREIGN INVESTMENT CAPITAL
Statistics published by the Foreign Investment Agency under the Ministry of Planning and Investment showed that between January and April, Ba Ria-Vung Tau lured $1.52 billion in overseas funding, equalling 16.4 per cent of the total foreign investment in the whole country.
INFOGRAPHIC SOCIAL-ECONOMIC SITUATION IN THE APRIL AND FOUR MONTHS OF 2024
The monthly statistical data presents current economic and social statistics on a variety of subjects illustrating crucial economic trends and developments, including production of agriculture, forestry and fishery, business registration situation, investment, government revenues and expenditures, trade, prices, transport and tourism and so on.
KEY DRIVER GAINS A MUST FOR GROWTH
Only slight order number improvements and enterprise confidence sentiment mean it may be difficult for the country to hit its desired growth goals this year.According to the World Bank’s biannual economic update report released last week, it is expected that the Vietnamese economy may grow by 5.5 per cent this year and 6 per cent next year, making it among top growth leaders in the world.
ADDED VALUE OF INDUSTRIAL SECTOR UP 6.18 PER CENT IN Q1
Vietnam’s industrial sector posted significant growth in the first quarter of 2024, of an estimated 6.18 per cent compared to the first quarter of 2023. In particular, manufacturing and processing saw robust growth of 6.98 per cent.
TEXTILE AND GARMENT BUSINESSES FACE DIFFICULTIES DUE TO LACK OF DOMESTIC SUPPLY
Infrastructure for weaving, dyeing and fabric production is still limited, and there is no spatial planning for development and centralised wastewater treatment, said Nguyễn Thị Tuyết Mai, Deputy General Secretary of the Việt Nam Textile and Apparel Association (Vitas).