VIETNAM'S ECONOMY IN FIRST TWO MONTHS OF 2024
In the first two months of 2024, economic indicators paint a dynamic picture for Vietnam with the Consumer Price Index (CPI) surging by an average of 3.67%, core inflation increasing by 2.84% and total registered foreign investment reaching nearly 4.29 billion USD.
VIETNAMESE GDP SIZE HITS OVER US$430 BILLION IN 2023
The GDP scale of Southeast Asia reached US$3.86 trillion, of which Indonesia took the lead in the region with an estimated GDP of about US$1.42 trillion; followed by Thailand with US$512.19 billion, Singapore with US$497.35 billion and the Philippines with US$435.68 billion.
VIETNAM’S FDI INFLOW SURGES 38.6% IN TWO MONTHS
Total newly-registered foreign investment capital, adjusted and contributed capital to buy shares and buy contributed capital of foreign investors totalled 4.29 billion USD as of February 20, up by 38.6% compared to the same period in 2023. The disbursement of FDI capital is projected at some 2.8 billion USD, reflecting a 9.8% increase against the same period last year.
OUTWARD INVESTMENT VALUES US$25 MILLION IN JAN-FEB
Vietnamese enterprises invested over US$25 million in 17 new projects aboard in the first two months of 2024, equal to 21.7 percent of the capital registered in the same period last year, the Foreign Investment Agency reported.
EXPORT ORDERS ON THE RISE AS FACTORIES UPGRADE TO COMPETE
At Dai Dung Metallic Manufacture Construction and Trade Corporation, an order was signed until the end of 2024 with a production output of over 150,000 tonnes of steel components, an increase of more than half compared to 2023. In the first days of the year, workers in the factories worked three shifts per day, even throughout the recent holiday, to meet the delivery schedule.
MANUFACTURING CONFIDENCE JUMPS TO ONE-YEAR-HIGH
According to a survey released by S&P Global Vietnam on March 1, Vietnam's manufacturing sector continued to grow marginally in February, with both output and new orders up for the second month running.
BANKS STEP UP PRIVATE PLACEMENTS TO FOREIGN INVESTORS IN 2024
At a recent extraordinary AGM, BIDV also approved to adjust the implementation time for offering additional shares in the bank’s plan to increase charter capital in 2023. Specifically, the AGM decided to delay the implementation time to 2024. Under the plan, BIDV will issue an additional 455 million shares in the form of public offering or private offering. BIDV has not announced details of the offering plan, but it has long had a plan for a private placement for foreign investors.
BUSINESSES START TO FEEL IMPACT OF RED SEA SHIPPING CRISIS
Tran Viet Huy, managing director of Tracimexco – Supply Chains and Agency Services JSC (TRA-SAS), told VIR that, "The Red Sea disruption is impacting ocean freight via the Red Sea and Suez canals. It is mainly hitting shipments from Asia to Europe and some US routes. The cost of ocean freight to EU ports from Asia has gone from less than $2,000 per 40-foot shipping container before December 2023 to over $5,000."
