Vietnam national brands in 2024 will be honoured at a ceremony slated for November 4 in Hanoi, which will be broadcast live by Vietnam Television, the Trade Promotion Agency (VIETRADE) under the Ministry of Industry and Trade announced at a press conference on October 28.

VIETRADE Deputy Director Hoang Minh Chien said the Vietnam National Brand Programme is a distinctive and long-term trade promotion initiative by the Government, aimed at building and developing national brands through product branding.

The programme offers a chance for enterprises to evaluate their operations, and zoom in on brand-building strategies based on the programme’s criteria, which is expected to encourage them to share and pursue the programme's core values of quality - innovation - pioneering capability.

The programme has achieved significant accomplishments, drawing strong attention and establishing solid credibility among businesses, management agencies, and consumers at home and abroad. It not only honours exemplary products and businesses that represent Vietnam’s national brands but also contributes to affirming Vietnam as a country offering high-quality goods and services with strong competitive capacity in the international market.

According to Chien, the programme, in its the 9th edition, has attracted over 1,000 businesses across various industries and sectors nationwide.

The Minister of Industry and Trade, who is also Chairman of the Vietnam National Brand Council, on October 21 issued a decision, granting the 2024 Vietnam National Brand status to 190 enterprises with a total of 359 products, up 18 businesses compared to the previous edition.

This shows the programme's appeal and influence on businesses in promoting the import and export of goods and services as well as in developing the domestic market, Chien said.

Addressing the press conference, VIETRADE Director Vu Ba Phu said this year's event aims to spread the message of integrating economic development with sustainable development.

Launched in 2008, the biennial programme has become a launchpad for Vietnamese enterprises to reach out to the world with a spirit of innovation, creativity, and environmental friendliness, he added./.

PM urges Dubai Int’l Financial Centre to help Vietnam develop financial services

Prime Minister Pham Minh Chinh has suggested the Dubai International Financial Centre (DIFC) cooperate with Vietnam in developing financial services and supporting the development of the Ho Chi Minh City Financial Centre.

Receiving Arif Amiri, Chief Executive Officer of DIFC Authority, in Dubai on October 28 afternoon (local time) as part of his official visit to the United Arab Emirates (UAE), Chinh spoke highly of the DIFC – one of the world’s leading financial centres.

He also expressed his impression at the strong development of the UAE, including Dubai.

For his part, Arif Amiri said he is impressed by Vietnam's socio-economic development achievements in recent times. He suggested the Southeast Asian nation promote the development of financial services to create a foundation for trade development and investment attraction.

He also showed his willingness to share experience in building a financial centre and collaborate with Vietnam in the field of financial services. He said he wishes to soon visit Vietnam, especially HCM City, to concretise the cooperation contents as proposed by the Vietnamese Government leader.

On the same day, PM Chinh visited the Museum of the Future - a new symbol of Dubai city, with many spaces to help visitors imagine the world in the next 50 years./.

Vietnam raises over 112 bln USD for rural transformation

Vietnam has raised over 2.8 quadrillion VND (112 billion USD) nationwide for rural area investment, including the new-style rural development initiative, according to the latest data from the Ministry of Agriculture and Rural Development (MARD).

The funding breakdown reveals a broad coalition of contributors, with State budget accounting for 10.5%, integrated funding 7.2%, credit the lion's share of 72.9%, and businesses, communities and individuals 9.4%.

Ngo Truong Son, Chief of the Office of the Central Coordination Office for New Rural Development under the MARD, announced that as of October 20, 6,320 out of 8,162 communes, an impressive 77.4%, had been approved for meeting new-style rural development standards by the provincial-level People's Committee chairpersons.

Furthermore, 296 district-level units across 58 provinces and centrally-run cities received recognition from the Prime Minister for their new-style rural building achievements, representing nearly 46% of the country's total.

As many as 22 provinces and centrally-run cities achieved the milestone of having all communes meet these standards. Among them, 15 had all communes and districts recognised as a rural area. The provinces of Nam Dinh, Dong Nai, Ha Nam, Hung Yen, and Hai Duong have been officially commended by the Prime Minister for their successful completion of new rural development tasks.

By the end of this year, it is anticipated that about 79-79.5% of communes nationwide will be certified for the status, or 99% of the target set for 2025.

To sustain this momentum, Minister of Agriculture and Rural Development Le Minh Hoan urged localities to further stimulate economic growth by capitalising on their unique advantages. The goal is to create strong agricultural products that can be developed into One Commune, One Product (OCOP) items and foster community-based tourism.

The office must boost its collaboration with localities to provide comprehensive guidance and support to remove difficulties facing the accomplishment of each criterion in building news-style rural areas, he added./.

Interest rates expected to decrease by 0.7 percentage points next year

Việt Nam is expected to continue pursuing a looser monetary policy, with interest rates forecast to decrease by 0.7 percentage points next year.

Economist Nguyễn Xuân Thành, a lecturer at the Fulbright School of Public Policy and Management, said as the US Federal Reserve (Fed) and many central banks had entered a cycle of cutting interest rates, Việt Nam would continue to maintain a loose monetary policy to support growth next year. He expects the State Bank of Vietnam (SBV) will cut its policy interest rate by 0.7 percentage points next year.

Trần Ngọc Báu, general director of financial market research company WiGroup, also believes that in 2025, Việt Nam will have a lot of room for easing monetary policies when inflation and exchange rates ease. Regardless of whether the US has a hard or soft landing, the global trend is for easing rates and Việt Nam will benefit from the trend.

There is still room for monetary policy to support growth, experts say.

Nguyễn Bá Hùng, chief economist of ADB in Việt Nam, said that the two drivers of Việt Nam’s economic recovery after Typhoon Yagi should be insurance and the budget, while promoting public investment in post-disaster infrastructure and supporting recovery in agriculture, including seeds and production materials.

Though the SBV continues to pursue a supportive monetary policy, the room to implement this policy has been significantly limited, according to Hùng. Therefore, it is necessary to support fiscal policy measures, increase public investment disbursement and further reform State management to reduce the burden on the economy.

Regarding fiscal policy, Thành said purchasing power in the domestic market was very low, so inflationary pressure was no longer a concern. He forecast that the controlled inflation rate in 2024 would be around 3 per cent, much lower than the target of 4 to 4.5 per cent, which would help further loosen fiscal policy.

Thành forecast budget revenue would still increase, with a total estimated State budget revenue of VNĐ1.96 quadrillion, up 15.6 per cent, while the budget deficit would be VNĐ471.5 trillion.

The Government would boost public investment with its expected capital plan reaching VNĐ791 trillion, up 16.5 per cent compared to the 2024 plan, Thành said. 

Vietnam Airlines extends global reach with partnerships in UAE

In a move to expand its international presence, national flag carrier Vietnam Airlines has signed bilateral memoranda of understanding (MoUs) with two of the world’s premier airlines, Etihad Airways and Emirates.

The signing ceremony took place within the framework of the Vietnam - United Arab Emirates (UAE) business roundtable held in Dubai with Prime Minister Pham Minh Chinh attending.

Under the MoU with Etihad Airways, the two sides will engage in a partnership covering both passenger and cargo services, contributing to strengthening connectivity between Vietnam and Abu Dhabi. This collaboration will not only expand each airline's flight network but also explore joint efforts in frequent flyer programmes, ground services, maintenance, and technical support.

With Emirates, Vietnam Airlines is set to bolster cooperation on routes connecting Vietnam and the UAE, as well as connect flights to transit destinations. This partnership will extend to cargo services, technical support, maintenance, and workforce training, ensuring that both airlines benefit from shared knowledge and resources.

These collaborations are designed to leverage each airline’s strengths, improve transport service quality, and enhance operational efficiency. They aim to boost trade between Vietnam and the UAE, opening up new growth opportunities in aviation and related industries for both countries.

Emirates and Etihad are the flagship airlines of the UAE, a federation of seven emirates with Abu Dhabi as its capital and Dubai as its largest commercial and tourism hub. Established in 1985, Emirates is headquartered in Dubai, while Etihad Airways, founded in 2003, is based in Abu Dhabi. Both airlines are renowned globally for their premium services and extensive international flight networks.

Vietnam Airlines, established in 1993, boasts a fleet of 100 aircraft and operates nearly 100 global and domestic routes, connecting to 1,150 destinations worldwide. The airline is known for its world-class services infused with Vietnamese cultural identity, and has been named a “5-Star Global Airline” by the Airline Passenger Experience Association (APEX)./.

VinFast's brand makes debut in Middle East

Vietnamese electric vehicle (EV) maker VinFast officially launched its brand in the Middle East market on October 28, showcasing a range of green, diverse, and smart mobility solutions.

This event, which took place in Bluewaters island of Dubai, the United Arab Emirates (UAE), marked an important milestone in VinFast's ongoing global expansion strategy, while reaffirming its commitment to providing green and sustainable transport solutions in the region.

On the same day, VinFast and its partner Al Tayer Motors, officially opened their first dealership in the UAE.

With modern design, advanced technology, and impressive performance capability, VinFast's e-vehicle models promise to provide a completely new driving experience for customers in the UAE as well as the Middle East region.

General Director of VinFast Middle East Ta Xuan Hien said the event is an important step for VinFast in expanding its presence in the international e-vehicle market, adding that the firm is proud to accompany Gulf countries in the vehicle electrification revolution, offering smart and powerful EVs.

As one of the strategic pioneer EV manufacturer, VinFast has affirmed its reputation in various international markets such as the US, Canada, Europe, Indonesia, India, and the Philippines. The Middle East represents a new advancement for VinFast in its expansion strategy, especially as countries in the region are implementing policies to promote the development of e-vehicles, Hien noted.

In the Middle East, VinFast has signed exclusive partnership agreements with three leading reputable dealers in the region, including Al Tayer Motor of the UAE, Al Mana Holdings of Qatar, and Bahwan Automobiles & Trading of Oman.

Previously, on October 17, VinFast signed a Memorandum of Understanding (MoU) with Charge&Go to promote the installation and operation of a public charging network and related services in the UAE.

As scheduled, VinFast's next dealerships in the Middle East, including Saudi Arabia, Qatar, Kuwait, and Bahrain, will be opened later this year./.

Vietnam's pavilion opens at High Point Market in US

Vietnam’s national pavilion at the High Point Market fair in North Carolina, the US, was inaugurated on October 26.

Covering 460sq.m, the pavilion showcases furniture and interior decoration products that received visitors' attention for their quality and style suitable for the US market.

In his opening remarks, Deputy Director of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade Le Hoang Tai said the export value of timber and wood products in Vietnam was estimated at nearly 12.2 billion USD in the first nine months of this year, an increase of 17.2% compared to the same period in 2023.

The primary markets for the country's wood and wood products include the US, China and the European Union. The US took the lead with import values soaring to 5.9 billion USD, up 24.7% year-on-year.

Vietnam has held various activities to promote the national pavilion at the fair, such as running advertisements in the fair's main publications, sending emails to potential customers, distributing catalogues introducing Vietnamese companies, and publishing articles on prominent, reputable wood industry newspapers in the US, such as Furniture Today.

The High Point Market is the largest and most prestigious furniture and home décor trade show in the world with total exhibition area of up to 900,000 sq.m.

The participation in the annual US wood fair through the national trade promotion programme since 2003 has contributed significantly to the export growth and the popularity of the country's wood product brand in this market. US importers have recognised Vietnam as a reliable source of wood and wood products, especially in the indoor furniture segment, where Vietnam ranks as the leading supplier for the US market./.

Vingroup launches new fund to support tech and semiconductor start-ups

An investment fund with total assets of $150 million was launched on Monday to support technology and semiconductor start-ups in Việt Nam and the region.

VinVentures was founded by Vingroup Corporation, with Phạm Nhật Vượng as its chair.

The fund prioritises providing capital to projects in artificial intelligence (AI), semiconductor, cloud computing and high technology products.

It is also open to supporting start-ups in other fields not related to Vingroup’s core businesses, if they have potential for growth and offer high-quality products and services.

To qualify for funding from VinVentures, start-ups should demonstrate sustainable growth potential and a good growth rate. They should offer practical and commercialisable products and services, and be led by experienced and trusted founders.

Of its $150 million of assets under management, $100 million is from Vingroup's existing portfolios while the remaining $50 million will be disbursed over the next three to five years.

Currently, VinVentures will focus on domestic start-ups in their early stages, known in the start-up community as the seed stage (Series A).

In the future, it will consider start-ups in the region, especially countries with similar development traits to Việt Nam such as Singapore, Indonesia and the Philippines.

The investment process will follow four main steps. First, start-ups and investors meet and exchange information about the products and targeted market; second, investment due diligence is conducted; third, they negotiate and sign agreements; and finally, the investment contract is signed.

It is anticipated that the period from a start-up's application submission to receiving funding will take from two to three months, or up to six months for larger projects.

HOSE delists Sao Thái Dương (SJF) shares from 1 November

The Hồ Chí Minh Stock Exchange (HOSE) has announced the mandatory delisting of SJF shares of Sao Thái Dương Investment Joint Stock Company, despite the company’s request to extend the deadline for submitting its reviewed financial statements.

According to HOSE’s decision, 79.2 million SJF shares, valued at VNĐ792 billion based on face value, will be delisted due to a severe violation of information disclosure obligations, which falls under mandatory delisting criteria.

The delisting will be effective from 1 November 2024, with the final trading date set for 10 November, as SJF shares were suspended from trading on 13 November 2023.

Previously, on 24 October 2024, the cosmetic and pharma company Sao Thái Dương submitted an official letter to the State Securities Commission and HOSE requesting an extension for submitting its reviewed financial statements until 8 November 2024. The company cited the need to gather and provide necessary documents to the audit firm for reviewing its semi-annual 2024 financial statements and auditing the 2024 annual financial statements.

Sao Thái Dương appealed to HOSE to reconsider its decision, noting that delisting would directly impact the rights of over 6,600 shareholders and company employees. However, this request was denied and the mandatory delisting of SJF shares will proceed.

Regarding its business situation, Sao Thái Dương has faced ongoing challenges, posting consecutive losses in recent quarters. The company reported a VNĐ32.7 billion loss in Q4/2023, VNĐ3.6 billion in Q1/2024, and an additional VNĐ4.57 billion loss in Q2/2024, according to its unaudited financial statements. 

“Carbon footprint” reduction needed for sustainable tourism development: insiders

Vietnam's tourism industry is making efforts to reduce its “carbon footprint” in pursuit of sustainability, focusing on developing “green tours”, upgrading transport infrastructure, and developing renewable energy-used vehicles, said insiders.

The multi-trillion-dollar tourism industry, often called the "smokeless industry," is projected to emit 6.5 billion tonnes of carbon emissions by 2025, accounting for approximately 13% of global greenhouse gas emissions, according a study published by the scientific magazine Nature Climate Change in 2018.

The race toward “net zero tours” and controlling carbon emissions in tourism activities has become increasingly urgent, and Vietnam cannot stand outside this.

To create a sustainable tourism environment, the industry needs to intensify positive actions to restore nature, reduce carbon emissions.

Vietravel Holdings, one of the leading tourism firms in Vietnam, has deployed a programme called “Go Green” since 2013. In addition to practical actions like distributing biodegradable bags to visitors and cleaning up tourist sites, Vietravel has paid attention to measuring the “carbon footprint” of each traveller during their trips, covering transportation, accommodation, and recreational activities.

Recently in the Mekong Delta province of Ben Tre, fifteen "green passports" (Net Zero Passport – NZP) were recently presented to travellers joining the “Net Zero Tours Ben Tre” tourism product.

This initiative, developed and implemented by C2T Media and Tourism Co., Ltd. in collaboration with the Institute for Applied Research and Enterprise Innovation (3AI), positions Ben Tre as the only destination to pioneer this unique passport in the world.

During their journeys, each tourist is provided with a small notebook and a pencil to write down information on which products contribute to carbon emissions and which reduce them.

The concepts of green tourism, sustainable tourism, and “carbon footprint” reduction are increasingly being discussed and gaining attention on every travel journey among Vietnamese holiday-makers, especially young people.

Results from an independent survey of 1,000 individuals aged over 18 in Vietnam revealed that as many as 96% of the Vietnamese tourists surveyed affirmed that sustainable tourism plays an important role in their choices. Up to 94% of Vietnamese tourists indicated that they wish to undertake more sustainable trips within the next 12 months.

Not only Ben Tre, other localities nationwide have also began providing “green tours” and eco-tours, which combine nature conservation and tourism development.

The transportation sector is no exception to this trend, as it is working to implement solutions to minimise negative impacts on the ecosystem in order to achieve sustainable environmental protection goals.

On May 27 this year, flight VN660 from Singapore to Hanoi marked a historic milestone, making Vietnam Airlines the first Vietnamese airline to successfully test a commercial flight using green and renewable fuel. The flight utilised Sustainable Aviation Fuel (SAF) produced from renewable materials such as waste animal fats, used cooking oil, and agricultural waste.

The railway sector is aiming to reduce emissions by investing in electric and green energy vehicles. The Ministry of Transport has considered piloting electrified railway routes to create more sustainable journeys for travellers./.

Coffee price hikes push export revenue up

A sharp rise in export prices has been the major reason behind a surge in the export revenue of Vietnamese coffee sector so far, according to the Vietnam Coffee-Cocoa Association (Vicofa).

The association reported that in the 2023-2024 crop from October 2023 to September 2024, Vietnam shipped abroad 1.46 million tonnes of coffee for 5.43 billion USD, down 12.1% in volume but over 33% in value compared to the previous crop.

In the period, Vietnamese coffee prices at the international market reached 3,673 USD per tonne, nearly 50% higher than those in the previous crop, the highest rise among major agricultural products for export of Vietnam.

Data from the General Department of Customs, as of October 15, Vietnam exported 1.13 million tonnes of coffee to earn 4.44 billion USD, a year-on-year decrease of 11.1% in value but an increase of 39.1% in value.

In the first nine months of this year, the average coffee prices rose 56% year on year to 3,896 USD per tonne.

Experts attributed the price hikes to a decrease in both coffee supply and inventory.

In the 2024-2025 crop, Vietnamese coffee prices is predicted to continue to stay high due to high demands in the domestic and international markets.

However, Nguyen Van Hoan, Vice Director of the Department of Agriculture and Rural Department of the Central Highlands province of Gia Lai, one of the major coffee production hubs of Vietnam, advised farmers to maintain stable coffee farming areas to avoid risks of price decrease./.

Comprehensive Economic Partnership Agreement ushers in new era of Vietnam-UAE relations

The freshly-signed Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the United Arab Emirates (UAE) opens up a new era of the bilateral relationship that has been upgraded to a comprehensive partnership and growing substantively.

The deal, the first free trade agreement Vietnam has established with an Arab country, was signed by Vietnamese Minister of Industry and Trade Nguyen Hong Dien and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi in Dubai on October 28 (local time). Visiting Prime Minister Pham Minh Chinh and UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum witnessed the signing of the agreement.

It is also expected to usher in a new period of the relations between Vietnam and Arab countries.

The signing came in the context of the thriving trade between Vietnam and the UAE, following a year of negotiations. It vividly demonstrates a joint commitment to advancing the bilateral trade-investment ties to a new height.

With 18 chapters, 15 appendices, and 2 bilateral letters, the CEPA covers areas such as trade in goods, services-investment, rules of origin, technical barriers to trade, sanitary and phytosanitary measures, customs, trade remedies, government procurement, intellectual property, and legal and institutional affairs.

Under the agreement, both sides made strong commitments to trade liberalisation, with the UAE pledging to phase out tariffs on 99% of Vietnam’s exports, and Vietnam to remove tariffs on 98.5% of the UAE’s exports.

The agreement also includes various provisions facilitating trade and investment, aligning with digital digital transformation and green development trends.

Currently, the UAE is one of Vietnam's most important trade and investment partners in the Middle East, serving as a key gateway for the Southeast Asian nation to access markets in this region as well as in Western Asia and Africa. Additionally, their economic and trade structures are reciprocal.

Statistics show that the UAE is Vietnam's largest export market and its second-largest trade partner in Western Asia, after Kuwait.

According to the General Department of Vietnam Customs, during the 2018-2023 span, the average annual trade turnover between the two countries reached approximately 5 billion USD, with Vietnam running a trade surplus from 3 to 4 billion USD per year.

The two-way trade was valued at nearly 4.7 billion USD in 2023, up 5.9% year-on-year, and 4.47 billion USD in the first eight months of this year, a 45% increase compared to the same period last year.

Vietnam’s main exports to the UAE included mobile phones, computers and components, electrical products, home electronics, pepper, aquatic products, footwear, garments-textiles, plastics, and furniture. Key items from the UAE to Vietnam consisted of raw plastics, liquefied petroleum gas (LPG), petroleum-based products, animal feed ingredients, common metals, and chemicals.

Vietnam and the UAE on October 28 issued a Joint Statement on the upgrade of their relations to a Comprehensive Partnership on the occasion of Prime Minister Pham Minh Chinh’s official visit to the Middle East country./.

Reference exchange rate stays stable on October 29

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at 24,252 VND/USD on October 29, unchanged from the previous day.

With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 25,465 VND/USD and the floor rate 23,039 VND/USD.

At major commercial banks, the opening hour rates stayed stable.

At 8:37am, Vietcombank and BIDV listed the buying rate at 25,194 VND/USD and the selling rate at 25,464 VND/USD, unchanged from October 28./.

No Vietnamese rice among products seized in Sweden

No Vietnamese rice is named in the list of the grain seized by Swedish authorities on suspicion of quality fraud, according to the Vietnam Trade Office in the European country.

Vietnam mainly exports jasmine and japonica rice to Sweden, while that controlled by the country is basmati, which primarily originates from other markets, the office explained.

Earlier, the office said the Swedish Food Agency, police, Work Environment Authority, Customs Service, and several municipalities carried out a control over 600 tonnes of basmati rice, and found that nearly all of them was labeled as being of better quality than it was.

Trade Counsellor Nguyen Thi Hoang Thuy said Sweden, as well as the broader Nordic region, has imposed numerous stringent regulations and criteria for imports, including rice, urging businesses to pay special attention to these regulations to maintain their market share there.

Vietnam’s rice export value to Sweden increased to 3 - 4 million USD from only tens of thousands of US dollar over the past three years.

Although this figure may not be significant, Thuy said she believes that with the collective efforts of the community, Vietnamese rice and other goods will enhance their presence in Sweden and many other markets around the world./.

Gold ring prices suddenly falls on October 29

The price of gold rings in the nation unexpectedly reversed its course on October 29 and experienced a decline of VND300,000 per tael.      

DOJI Group listed the price of gold rings at VND87.7 million and VND88.7 million per tael for buying and selling, respectively, down VND300,000 per tael compared to the previous trading session.

Similarly, Bao Tin Minh Chau saw the price of gold rings drop by VND100,000, settling at VND87.88 million and VND88.88 million per tael for buying and selling.

Elsewhere, Saigon Jewelry, Silver and Gemstone Company (SJC) bought and sold gold rings at VND87 million and VND89 million per tael, respectively.

Meanwhile, the four State-owned commercial banks, namely Agribank, BIDV, VietinBank, and Vietcombank, listed gold bars at VND89 million per tael for selling.

Several gold enterprises listed gold bar prices at VND87 million per tael for buying and VND89 million for selling.

Global gold prices stood at US$2,744 per ounce, up US$10 from the previous day.

Nearly 400 businesses to attend int’l hardware & hand tools expo in HCM City

As many as 400 local and foreign enterprises will attend the ninth Vietnam Hardware & Hand Tools Expo 2024 (VHHE) slated for December 5 to December 7 in Ho Chi Minh City, according to VINEXAD, a leading exhibition organiser in Vietnam.      

On display across the 450 booths will be five main product groups, including tools, machine tools, reinforcement equipment, hardware, and supporting industrial products.

These are product groups which have a wide application in various industries ranging from manufacturing, projection, repair, assembly, construction, and consumption.

The highlight of the event will be the Vietnam Industrial Supporting Fair (VSIF), which is being organised by the HCM Centre for Supporting Industries Development.

In addition, a number of seminars and a Business to Business (B2B) Networking Conference will also be held during the course of the event to provide an ideal platform for business representatives to gain greater insights into market trends and support policies.

This event will concurrently take place alongside the 22nd Vietnam International Trade Fair in the southern city  (VIETNAM EXPO HCMC 2024) and will feature 1,000 booths from 20 countries and territories.

VNDirect projects Vietnamese economic growth to hit 6.9% this year

VNDirect Securities Corporation has raised its forecast for Vietnam’s GDP growth this year to 6.9% from the previous projection of 6.7%, according to the group's latest report.      

VNDirect experts expressed their belief that the national economy will continue to maintain its strong growth momentum ahead in the fourth quarter of the year with GDP likely to rise by 7.1%.

This level of robust growth has been attributed to positive manufacturing and export activities, abundant FDI inflows, the recovery of the real estate market, and the Government's support measures such as monetary and fiscal policies.

They also projected Vietnamese GDP to continue to grow 6.9% ahead in 2025 thanks to the global trend of easing monetary policy coupled with the positive outlook for the Vietnamese manufacturing and export sectors. Other factors include continued improvement in domestic consumption demand and gradual rebound in private investment.

Stable global growth is set to be a supportive factor for Vietnamese export and manufacturing prospects next year, they said, adding that the country’s import-export turnover is forecast to grow positively at between 9% and 10% in 2025.

Furthermore, foreign direct investment (FDI) inflows into the country are also anticipated to remain positive next year with a growth rate of between 8% and 9%, while import-export value is expected to soar between 9% and 10% thanks to a stable global economic outlook along with a gradually easing credit environment.

Earlier in the third quarter, Vietnamese GDP increased  7.4%, marking the highest quarterly growth compared to the figure of more than 13.7% seen in the same period from last year after the Government officially fully opened the economy after the COVID-19 pandemic.

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