VIETNAM'S ALTERNATIVE LENDING TO REACH OVER $441 MILLION
Vietnam's alternative lending is expected to grow by 24 per cent on an annual basis to reach $441.2 million in 2024, according to a report released by Research and Markets on September 16. The report shows that Vietnam's alternative lending sector has experienced significant growth over the past six months of 2024, driven by the increasing adoption of digital financial solutions and the rise of fintech companies offering flexible lending options.
INDUSTRIAL INNOVATION TO BOOST SUSTAINABLE GROWTH FOR THE SOUTHEAST REGION
The People's Committee of HCM City said that the Industrial Production Index (IIP) increased by 6.4 per cent in the first eight months of 2024 compared to the same period last year, with the mining sector growing by 51.4 per cent, manufacturing by 6.1 per cent, and electricity production and distribution by 6.7 per cent.
VIETNAM SET FOR 6.1% ECONOMIC GROWTH IN 2024
According to the latest Taking Stock report by the World Bank, Vietnam's economic outlook for 2024 is optimistic, with growth projected to accelerate due to a rebound in manufactured exports, tourism, consumption, and investment. The report forecasts a 6.1% expansion in Vietnam's economy for 2024, with further growth anticipated at 6.5% in both 2025 and 2026.
TAX INCREASES ON ALCOHOLIC BEVERAGES SHOULD STRIKE A BALANCE: ECONOMISTS
Among these, a draft amendment to the Special Consumption Tax Law is expected to be presented to the National Assembly next month and can be approved as early as May next year. The tax has been reported to take an upward trajectory, taxing alcoholic beverages starting from 2026, reaching as high as 100 per cent by 2030.
HONG KONG SEEKS TO BUILD ON ASEAN RELATIONSHIP
The summit, co-organised by the Hong Kong Special Administrative Region (HKSAR) government and the Hong Kong Trade Development Council (HKTDC), will be held September 11-12, and is expected bring together over 80 key officials and business leaders to explore opportunities across the Belt and Road Initiative (BRI), with a special focus on ASEAN markets and Hong Kong’s unique position as a financial hub.
GLOBAL TRADE HUB COULD BE ANSWER FOR TEXTILE SEGMENTS
With the leather, footwear, and textile industries mainly processing with low added value, the establishment of an international trade centre for the development of raw materials will help the industry develop sustainably.
SCG ACHIEVES SINGAPORE GREEN LABEL WITH ESG-DRIVEN GREEN PRODUCTS
SCG Concrete Roof Vietnam Co., Ltd. (CRVC) recently announced that its SCG Color Roof is the first concrete tile brand in Vietnam to achieve the Singapore Green Label certification as of July 2024. This recognition highlighted SCG's commitment to high quality and environmental responsibility.
30,000 F&B OUTLETS SHUT DOWN IN FIRST SIX MONTHS OF 2024
As of the end of June, Vietnam had around 304,700 F&B stores, down 4 per cent compared to the same period last year. More than 30,000 stores have closed nationwide, with a limited number of new openings, according to market analysis by iPOS.vn.
