Business News

Over the past time, to attract businesses, regional localities have continuously improved their investment and business environment, resulting in a gradual increase in the annual Provincial Competitiveness Index (PCI). However, these have not yet been sufficient to attract significant FDI flows.

Total retail revenue from consumer goods and services in July picked up by 9.4% against the same period last year, with tourism being a primary contributor, according to the Ministry of Industry and Trade’s portal. From January to July, the country’s total retail sales of consumer goods and services were estimated at VND3,635.7 trillion, an 8.7% year-on-year increase.

Since the system's inception until June 30, bonds from credit institutions dominated the market, constituting 45.7 per cent of total transactions, equivalent to a value of VNĐ324.2 trillion. Meanwhile, bonds from real estate companies accounted for approximately 30 per cent of the market's trading value, reaching nearly VNĐ212.6 trillion.

The Government’s regular monthly meeting reviewed the socio-economic performance of the country in July and the first seven months of 2024. The meeting focused on public investment allocations and disbursements, government management, and upcoming key tasks.

In the morning, Mr Lee met Deputy Secretary of the Ho Chi Minh City Party Committee Nguyen Ho Hai to discuss issues of mutual interest. Noting the rapid economic development of Ho Chi Minh City and its aspiration to develop into an international financial centre, Mr Lee said that Hong Kong is willing to share its experience as a leading international financial centre and explore collaboration opportunities with it.

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.”