Vietnam news in English for foreign firms doing business in Vietnam

Year-to-date data shows a total of 40 new projects and US$225.65 million in newly registered capital. These figures indicate that the UK continues to play an important role in Vietnam’s economic development, particularly in sectors like manufacturing and processing.

Vietnam’s exports to India decline in October

the-shiv December 1, 2024

Vietnam’s exports to India totalled US$713.24 million in October, a decline of 10.90 percent compared to September, according to Vietnam’s General Department of Customs.

Vietnam’s petroleum product exports surge in October, year-to-date figures show steady growth

the-shiv December 1, 2024

Year-to-date performance also reflects positive growth. From January to October, Vietnam exported 1.99 million tonnes of petroleum products, valued at US$1.61 billion. This marks an 8.6 percent increase in volume and a 3.7 percent rise in value compared to the same period in 2023.

Vietnam National Assembly approves Hanoi-HCMC High-Speed Rail, opinions mixed

the-shiv December 1, 2024

BBC Vietnamese, for example, has comments from Tran Quoc Viet, Chairman of the Board of Directors of Region 1 Railway Services Joint Stock Company, who essentially suggests it is all moving very fast and points out there is a dearth of high-speed rail expertise in Vietnam to properly assess the project. On that note, Radio Free Asia points out that the pre-feasibility study for the project was conducted by a consortium of local firms.

Vietnam’s steel production and exports show strong growth in 2024: VSA

the-shiv December 1, 2024

The production of finished steel products of all kinds reached 24.47 million tons, up 8.5 percent year-on-year. Among product categories, metal-coated and color-coated steel recorded the highest growth at 27.1 percent, followed by construction steel at 12.2 percent, steel pipes at 4.6 percent, and hot-rolled coil (HRC) at 3.2 percent. However, cold-rolled steel coil (CRC) production experienced a decline of 16.2 percent.

Road to second airport for Vietnam’s HCMC delayed amid land acquisition issues

the-shiv December 1, 2024

Bao Giao Thong says this is because on one road 40 percent of the land is defense land though it doesn’t explain why this would cause abnormal delays. It also notes that Tan Binh District needs to hand over land belonging to 68 households before December 28 for a second road if it is to be completed by February 28 next year. It’s not clear if there is a delay here or if a delay is expected.

Philippines to investigate Vietnam cement dumping claims

the-shiv December 1, 2024

Notably, the Philippines had accounted for 27 percent of Vietnam’s cement exports to the end of October this year. With this in mind, Vietnam’s cement oversupply problem may be about to get worse.

Vietnam’s exports to Thailand in October show mixed trends

the-shiv December 1, 2024

Vietnam’s exports to Thailand totalled US$635.29 million in October, representing a slight increase of 0.87 percent month-on-month. The year-to-date export value reached US$6.50 billion, according to Vietnam’s General Department of Customs.

Vietnam retail sales for travel and tourism decline

the-shiv December 1, 2024

Year-to-date, retail sales in this sector amounted to VND 44.01 trillion, or US$2 billion. While the overall performance remains steady, the October drop highlights challenges in maintaining growth momentum in travel and tourism services.

Vietnam’s pepper exports grow in October, year-to-date value remains strong

the-shiv November 30, 2024

Year-to-date figures show mixed results. From January to October, Vietnam exported 218,732 tonnes of pepper, a 3 percent decline in volume compared to the same period in 2023. However, the export value surged by 47 percent, reaching US$1.11 billion, reflecting higher global pepper prices.

Vietnam’s pastry and cereal product exports surge in October

the-shiv November 30, 2024

Year-to-date figures further highlight robust performance. From January to October, exports in this category totalled US$995.76 million, a 20.8 percent increase compared to the same period in 2023.

State Bank of Vietnam increases credit limits for some of banks to meet 15 percent target

the-shiv November 30, 2024

This is an interesting decision with broad uncertainty around what might happen with respect to the US dollar when Trump assumes the presidency in January, though most economists are expecting a stronger dollar. Bad debts among Vietnam’s banks have also been rising and the country’s US dollar reserves have fallen below the IMF recommended three months worth of imports.

Vietnam’s exports to Australia decline sharply in October

the-shiv November 30, 2024

Vietnam’s exports to Australia reached US$471.42 million in October, reflecting a significant drop of 26.05 percent compared to September. The year-to-date export value stood at US$5.50 billion, according to Vietnam’s General Department of Customs.

Vietnam’s transportation exports surge in October, growth steady year-to-date

the-shiv November 30, 2024

Year-to-date performance remains solid. From January to October, the sector’s exports totalled US$12.52 billion, a 5.9 percent increase compared to the same period in 2023.

Vietnam retail sales for accommodation and food services decline

the-shiv November 30, 2024

In September, sales in this sector were VND 62.45 trillion, equivalent to US$2.46 billion. By October, the figure had declined to VND 59.87 trillion, or US$2.36 billion, marking a month-on-month drop of 4.13 percent.

Vietnam’s exports to the United Kingdom rise 13.1 percent in October

the-shiv November 30, 2024

Vietnam’s exports to the United Kingdom totalled US$687.2 million in October, marking a 13.1 percent increase month-on-month. The year-to-date export value reached US$6.36 billion, according to Vietnam’s General Department of Customs.

Vietnam’s base metals and metal product exports grow in October, YTD steady

the-shiv November 29, 2024

Year-to-date figures also reflect stable growth. From January to October, exports in this category totalled US$3.47 billion, a 3.6 percent increase compared to the same period in 2023.

Vietnam’s exports to Germany surge in October

the-shiv November 29, 2024

Vietnam’s export turnover to Germany reached over US$707.56 million in October, a significant increase of 25.38 percent month-on-month, according to Vietnam’s General Department of Customs. This brings the year-to-date total to US$6.53 billion, demonstrating strong growth in trade with Germany.

Vietnam’s Cement Industry: Overview 2024

the-shiv November 29, 2024

Vietnam’s cement industry has emerged as a critical sector in the nation’s industrial development, driven by rapid urbanisation and infrastructure expansion. As one of the world’s largest cement producers, Vietnam benefits from abundant raw materials and a growing domestic and regional market. However, the sector faces challenges such as overcapacity and fluctuating global demand, which have created a highly competitive environment.

Vietnam’s time and attendance software market to double by 2033

the-shiv November 29, 2024

The report highlights Vietnam’s expanding workforce, which consisted of over 52.4 million people as of 2023, as a significant driver of this growth. The increasing demand for time tracking solutions is attributed to the country’s rapid economic development and industrialisation.