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Author: the-shiv

Chinese tech insurance Huize to acquire Vietnam-based Global Care

Of note, Vietnam’s insurance industry is expected to grow by an estimated 8.5 percent from VND 60.15 trillion or US$2.6 billion in 2021 to VND 90.24 trillion or US$3.5 billion in 2026. This growth is expected to be supported by Vietnam’s rapid economic growth and regulatory policies, for example new compulsory insurance for construction contractors and mandatory fire and explosion insurance…

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Vietnam’s Economy in the First Half of 2024: Unpacked

Six months into 2024, just days ago, Vietnam’s General Office of Statistics released GDP data that showed a marked improvement for the local economy compared to 2023. Specifically, it found that GDP growth for Vietnam for the second quarter of this year had hit a phenomenal 6.83 percent, bringing the average growth rate for the year so far to 6.42 percent. This growth, however, has not been felt equally and in this light this article breaks down the finer nuances of Vietnam’s GDP growth in the first half of 2024.

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Two more luxury brands enter the high-end retail fray in Vietnam

This is partly due to the growing demand for luxury goods in the rapidly developing Southeast Asian nation. According to Statista, Vietnam’s luxury goods market is projected to generate revenue of US$992 million in 2024 and is expected to have a compounded annual growth rate of 3.10 percent between 2024 and 2028. This trend, however, may be contributing to a scarcity of prime retail space for luxury brands…

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Vietnam high-profile stock market manipulation trial to kick-off in July

Prior to Quyet’s arrest, FLC had been a major real estate developer in Vietnam. The company had properties all over Vietnam as well as an airline–Bamboo Airways–with Quyet at one point reportedly a US dollar billionaire. Well known in Vietnam–idolised by some for his business savvy–his arrest drew a lot of media coverage and his trial will likely too…

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South Korean minister offers Vietnam support on nuclear energy

Nuclear power for Vietnam has been raised again, this time by the South Korean Minister of Trade, Industry, and Energy Ahn Duk-geun, and a Vietnam-South Korea business forum in Seoul. The minister has suggested that South Korea could provide support for Vietnam should it choose to pursue it…

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Vietnam records 8.8 million tourist arrivals to June [data set]

Vietnam’s tourism arrivals reached 8.8 million between January and June of this year an increase of 58.4 percent over the same period in 2023. That said, month on month June saw a decline in tourist numbers of about 9 percent.  This is notable in that June is the peak summer travel period for the northern hemisphere…

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Vietnam Airports: Foreign Investors Guide 2024

Vietnam’s airports have been a critical component in Vietnam’s economic development. They are the main entry point for most foreign investors, they facilitate millions of dollars of trade via air freight every day, and they have commanded huge amounts of public investment spurring the country’s economic growth. But Vietnam’s key airports are near, if not over capacity, and expansions are sorely needed. This, however, will take huge amounts of money as well as expertise and support. With this in mind, this guide runs through Vietnam airports, including their needs and development plans…

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Vietnam Seaports: Foreign Investors Guide 2024

Vietnam’s seaports, like Vietnam’s airports, have been a critical component to logistics in Vietnam and subsequently in Vietnam’s economic development. They are the main entry point for most foreign imports and the main exit point for most manufactured goods made in Vietnam. As such they facilitate millions of dollars of…

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Vietnam Industrial Production Index gains 10.9 points in June

Vietnam’s Industrial Production Index recorded a gain of 10.9 points in the twelve months to June of 2024. This is the fourth consecutive month that an increase has been recorded. The biggest gains were in: services related to printing, rubber and plastic goods manufacturing, and plastic goods manufacturing. Conversely the biggest falls were in: production of batteries and accumulators, natural gas exploitation, and production of toys and games…

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Hong Kong pharmaceuticals chain Watsons opens first Vietnam-based street store

Vietnam’s ageing population is a powerful driver for growth in the pharmacy retail market. By 2035, one-fifth of Vietnamese people will be over 60 years of age, according to the United Nations. This demographic shift is driving surging healthcare demand in Vietnam–in 2020, Vietnam had the second-highest healthcare expenditure, as a percentage of GDP, in Southeast Asia, and per capita spending is projected to rise by 9.2 percent annually until 2025,  according to a 2020 American Chamber of Commerce in Vietnam–known locally as AmCham–report…

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Key Vietnam manufacturing index (S&P’s PMI) records big jump in June

S&P Global’s Vietnam Purchasing Managers’ Index has jumped to 54.7 up from 50.3 a month earlier. This is on the back of a sharp rise in new orders that S&P says experienced the highest growth since the index began, aside from the very first month it went online. Whereas this is good news for the manufacturing industry and Vietnam’s economy more broadly, as the import of raw materials increases it is likely more US dollars will be needed. This means increasing pressure on the local currency which is already strained…

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Thai retailer kicks off construction of new mall in northern Vietnam

Of note, Central Retail’s new mall aligns with the expansion plans of other major players in Vietnam’s retail industry, such as Japan’s Aeon, and South Korea’s Lotte Retail, as well as homegrown Masan, and Vincom Retail, which owns and leases-out a range of commercial spaces around Vietnam. It intends to open six new shopping malls in 2024. This is partly due to a positive outlook for Vietnam’s retail space rentals and the significant development potential of the retail market…

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Vietnam statistics office finds second quarter GDP growth at 6.93 percent

The GSO estimates that the agriculture, forestry and fishery sector grew by 3.34 percent, the industrial and construction sector grew by 8.29 percent, and the service sector grew by 7.06 percent. This is broadly reflected in Vietnam’s top ten individual-item exports in the first five months of this year which registered an average growth rate of 14.9 percent compared to 2023…

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Vietnam Value Added Tax cut extended to end of the year

The VAT is normally 10 percent, however, it was reduced during COVID as an economic stimulus measure to 8 percent. But Vietnam’s economic recovery was in large part thwarted, much like in many other countries, by the Ukraine War and the rising fuel prices that came with it. This has led to extensions of the aforementioned VAT cut for the better part of the last four years…

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Singapore firm adds 196 MW to Vietnam renewable energy to portfolio

Of note, Vietnam ranked second in attracting FDI in renewable energy among developing economies from 2015 to 2022, according to the UN Trade and Development World Investment Report 2023. Key foreign investors in renewables in Vietnam are GE Renewable Energy, Copenhagen Infrastructure Partners, and Enterprize Energy…

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Vietnam property market reform laws’ start date moved up to August 1

Whereas some elements of these laws were already in force, the bulk of the reforms contained therein were not due to kick-in until January 2025. These laws, however, have been slated as a cornerstone of the recovery of Vietnam’s real estate industry which, although showing some signs of improvement, is still floundering. Among the reforms are changes that should open up the local real estate market for Vietnamese living abroad as well as a simplified dispute resolution process…

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Vietnam’s adds US$4.1 billion FDI, June [data set]

Vietnam added another 311 foreign direct invested projects to its 2024 tally in June, along with almost US$4.1 billion in additional capital commitments, according to data from Vietnam’s Ministry of Planning and Investment. The biggest gains were in manufacturing and processing which added 100 new projects and US$3.3 billion…

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