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Business News
TEXTILE EXPORT TURNOVER HITS 44 BILLION USD IN 2024
According to the Vietnam Textile and Apparel Association, Vietnam's textile and garment industry has fulfilled its 44-billion-USD export turnover target in 2024. The US remains the largest export market with an estimated export turnover of 16.71 billion USD, up 12.33% and accounting for 37.98% of the total turnover, followed by Japan, EU, the Republic of Korea, China, and ASEAN.
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TECHNOLOGY
BÀ RỊA-VŨNG TÀU ATTRACTS HIGH-TECH, ECO-FRIENDLY PROJECTS
Bà Rịa-Vũng Tàu Province is attracting high-tech and environmentally friendly industrial projects, with a focus on enhancing productivity, product quality, and sustainability. It is committed to selecting investments that feature clean technologies, low labour intensity and high added value. This approach has led to the establishment of several advanced industrial facilities, including the Hòa Phát Container Manufacturing Plant in Phú Mỹ City.
BANKING / FINANCE / INSURANCE / TAX
OPEN-END FUNDS KEEP ATTRACTING CAPITAL INFLOWS
Though capital flows into open-end funds have shown signs of weakening, amid investors' caution over the US tariff change, such fund is the only group that has continuously maintained net inflows since the fourth quarter of 2023. According to Đỗ Hồng Vân, Head of the financial data provider FiinGroup’s Data Analysis Division, equity funds suffered the strongest capital withdrawal pressure.
VIETNAM ECONOMY INVESTMENT
VIỆT NAM’S AUTO MARKET GAINS MOMENTUM IN EARLY 2025
The Vietnamese auto market is showing signs of a solid rebound in the early months of 2025, with both sales volume and consumer sentiment on the rise after a sluggish period in the previous year. Việt Nam Automobile Manufacturers’ Association (VAMA) members saw total vehicle sales of 29,585 units in April, the association said.
BANKING / FINANCE / INSURANCE / TAX
GOVERNMENT PROPOSES 2% VAT REDUCTION ON SELECT GOODS AND SERVICES UNTIL 2026
The Government has proposed a 2 per cent reduction in the value-added tax (VAT) for goods and services currently taxed at 10 per cent, lowering the rate to 8 per cent. The proposal, which recommends maintaining this VAT reduction until December 31, 2026, was presented by Minister of Finance Nguyễn Văn Thắng during the ongoing National Assembly (NA) session.
VIETNAM ECONOMY INVESTMENT
VIỆT NAM FORECAST TO BECOME WORLD’S SECOND-LARGEST RICE IMPORTER BY 2025–26
Việt Nam is projected to become the world’s second – largest rice importer in 2025-26, coming only after the Philippines, as the country must ramp up imports to meet export demand amid falls in domestic production, according to the latest World Agricultural Supply and Demand Estimates, released by the United States Department of Agriculture (USDA).
BANKING / FINANCE / INSURANCE / TAX
VN-INDEX BREAKS THROUGH 1,300 POINTS
Vietnam’s benchmark VN-Index rose for a third straight session on May 14, closing above the 1,300-point mark for the first time in a month, led by strong gains in banking and brokerage shares. The index ended up 1.16%, or 16.3 points, to 1,309.73 points, with 189 stocks advancing and 122 others declining. Trading volume and value improved 12.6% and 14.4% over the previous session, respectively, with 1.07 billion shares worth VND27.3 trillion changing hands.
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