VIETNAM TO STRENGTHEN CARBON CREDIT MANAGEMENT
Prime Minister Pham Minh Chinh has urged ministries to work with relevant agencies to reach deals with international partners to develop a carbon credit market, reduce greenhouse gas (GHG) emissions, allocate emission quotas, and create green financial resources for Vietnam.
MPI TO AMEND DECREE 35 ON THE IMPLEMENTATION OF PPP REGULATIONS
Deputy Prime Minister Tran Hong Ha has permitted the Ministry of Planning and Investment (MPI) to draft amendments and supplements to Decree No.35/2021/ND-CP, which provide guidance for the implementation of the Law on Public-Private Partnership Investment.
BA RIA-VUNG TAU PROVINCE RANKS FIRST IN FOREIGN INVESTMENT CAPITAL
Statistics published by the Foreign Investment Agency under the Ministry of Planning and Investment showed that between January and April, Ba Ria-Vung Tau lured $1.52 billion in overseas funding, equalling 16.4 per cent of the total foreign investment in the whole country.
PHONE AND COMPONENT EXPORTS HIT $18.4 BILLION IN FIRST FOUR MONTHS
In terms of markets, the United States has become Vietnam's largest customer instead of China (in the first quarter of last year). Specifically, in the first quarter of this year, the US spent more than $3.05 billion importing all types of phones and components from Vietnam, an increase of 30.4 per cent on-year. The Chinese market ranked second with more than $2.5 billion, down 28 per cent on-year.
TEXTILE AND GARMENT BUSINESSES FACE DIFFICULTIES DUE TO LACK OF DOMESTIC SUPPLY
Infrastructure for weaving, dyeing and fabric production is still limited, and there is no spatial planning for development and centralised wastewater treatment, said Nguyễn Thị Tuyết Mai, Deputy General Secretary of the Việt Nam Textile and Apparel Association (Vitas).
ADDED VALUE OF INDUSTRIAL SECTOR UP 6.18 PER CENT IN Q1
Vietnam’s industrial sector posted significant growth in the first quarter of 2024, of an estimated 6.18 per cent compared to the first quarter of 2023. In particular, manufacturing and processing saw robust growth of 6.98 per cent.
KEY DRIVER GAINS A MUST FOR GROWTH
Only slight order number improvements and enterprise confidence sentiment mean it may be difficult for the country to hit its desired growth goals this year.According to the World Bank’s biannual economic update report released last week, it is expected that the Vietnamese economy may grow by 5.5 per cent this year and 6 per cent next year, making it among top growth leaders in the world.
VIETNAM’S GDP TO GROW 5.5% THIS YEAR – WB
This forecast is based on the assumption of a moderate recovery in manufacturing exports in 2024, fueled by rebound growth of 8.5% year-on-year in the fourth quarter of 2023 and 17.2% year-on-year in the first quarter of 2024, reflecting strengthening global demand, said Dorsati Madani, senior country economist at the WB in Vietnam.
