Business News

Andrew Harker, Economics Director at S&P Global Market Intelligence, said: “The fact that the Vietnamese manufacturing sector was able to sustain the strong expansion seen in June through into July adds to optimism that we are at the start of a good spell of growth that will help drive the wider economy forward.

Prime Minister Phạm Minh Chính has asked proactive, flexible, timely and effective monetary policies to be continued to promote the country’s socio-economic development while ensuring the safety of the national financial and banking system.

“Although Vietnam has entered the ecosystem, it has only contributed human resources, not the entire market,” said Nguyen Thanh Yen, CEO of semiconductor design services provider CoAsia Semi. “Vietnam has successfully attracted many major semiconductor corporations over the years, not because it is a potential commercial market, but because these tech giants choose to invest and expand here. Samsung, Intel, Hana, and Micron come to Vietnam primarily to leverage its workforce.”

Experts at last week’s Vietnam Industrial Property Forum 2024, co-organised by Vietnam Investment Review and the Vietnam Industrial Real Estate Association in Ho Chi Minh City, confirmed that stable foreign investment growth is providing a strong foundation for the industrial property sector.

The monthly statistical data presents current economic and social statistics on a variety of subjects illustrating crucial economic trends and developments, including production of agriculture, forestry and fishery, business registration situation, investment, government revenues and expenditures, trade, prices, transport and tourism and so on.

Currently, 20 countries and territories have investment projects in the province. South Korea has the most investors, with 231 projects and more than US$3 billion of registered capital. These figures show that FDI flows into Vinh Phuc province continue to grow and set new records in the context of challenging economy.

In July alone, the value was VNĐ528.3 trillion, a rise of 9.4 per cent from the same period last year, with food sales up 12.1 per cent, household utensils 5.3 per cent, garments 6.9 per cent, lodging and catering services 13.9 per cent and tourism 6.8 per cent.

According to a report released by Hanoi Statistics Office on July 29, the total outstanding credit in Hanoi had reached $164.04 billion by the end of July, marking an increase of 1.12 per cent compared to the previous month and an 8.84 per cent increase from the end of 2023.