Vietnam News Economy

Minister of Industry and Trade Nguyễn Hồng Diên talked to the Vietnam News Agency (VNA) about 2024 - a year the economy faced a mix of challenges, but also saw the country making the most out of Free Trade Agreements (FTAs), especially the new-generation ones, to find opportunities.

Geely Auto Group and Tasco Joint Stock Company intend to begin building an automobile manufacturing and assembly facility in the Tiền Hải Economic Zone, Thái Bình Province, during the first half of 2025, with the goal of launching their first vehicles by early 2026.

In 2024, Việt Nam continued to be a bright spot in terms of growth, developing at a rapid rate compared to many other countries in the region and the world. Its GDP growth in 2024 was estimated at about 7 per cent, while its overall economy reached about US$470 billion.

In November, revenues reached over VNĐ10.9 trillion, down by about 6 per cent compared to the previous month. 

The stock market closed 2024 on a downbeat note, with the VN-Index edging closer to the 1,265-point mark, liquidity remaining subdued, and foreign investors returning to net selling.

The Trade Remedies Authority of Việt Nam recommends businesses involved in the production of the goods carefully review the investigation notice and comply with Indian authorities.

In 2023, Việt Nam’s hardware and electronics exports reached $113.3 billion, a sharp 15.1 per cent decline from $133.6 billion in 2022. However, 2024 has witnessed a robust rebound, with export revenue surging by nearly 16.8 per cent.

State budget collection had exceeded VNĐ1.99 quadrillion (US$78 billion) as of December 27.

The credit growth target for the banking system in 2025 has been set higher than in 2024.

Circular 68, non-prefunding regulation and record foreign net selling make it into the top ten stock market events of 2024.

Việt Nam is solidifying its global economic position, a testament to the efforts of the Government, the business community and recognition from international organisations.

Market research company Nielsen IQ Việt Nam showed that Vietnamese shoppers spent around 13 hours a week watching livestreams.

Exports of HRC steel in November continued to be gloomy, so the steel companies must pivot back the domestic market to increase consumption.

Private obstetrics and pediatrics hospital chain Phuong Chau Healthcare Group became the first healthcare institution in Việt Nam to receive the Joint Commission International’s JCI Enterprise Accreditation certification at a ceremony in HCM City on Monday.

Rice exports set new records in both volume and value in 2024, but a difficult year ahead is on the cards for producers as India resumes export.

Trading liquidity fell sharply to approximately VNĐ11.6 trillion (US$455.3 million), marking a 30.9 per cent decrease compared to the previous session.

Besides building medium-sized exhibition centres each spreading over a few dozen hectares to meet immediate needs, HCM City must also build a large one spread over hundreds of hectares integrated with transportation and service infrastructure to match its imminent status as a super metropolis, according to experts.

Despite challenges in the global rice market, Việt Nam is still on track to hit a new record of over 8 million tonnes exported in 2024. Targeting high-q markets, the industry is focusing on quality over quantity.

Việt Nam's footwear and leather industry is poised to achieve US$26-27 billion in export in 2024, marking a $3 billion increase from the previous year, as they country has well capitalised on the signed free trade agreements to bolster shipment, according to the Vietnam Leather, Footwear and Handbag Association (Lefaso).