Business News

Vietnam’s average consumer price index (CPI) rose 3.25% year-on-year in 2023 - within the target set by the National Assembly.

Vietnam’s economy tended towards recovery in 2023, with macroeconomic stability maintained, inflation controlled, major balances ensured, and significant achievements made across various sectors, with set targets met. The country continues to be a bright spot in the regional and global economies.

The added value of industrial production in Vietnam rose 3.02% during 2023, with the manufacturing and processing sector enjoying an increase of 3.62%.

The city’s FDI thus accounted for nearly 16% of the country’s FDI attraction of US$36.6 billion last year. Other localities that followed HCMC in FDI attraction included Haiphong, Quang Ninh, Bac Giang, Thai Binh, Hanoi, Binh Duong and Dong Nai.

Viet Nam targets to raise the export value of livestock products to US$1-1.5 billion by 2025 and US$3-4 billion by 2030, according to a recent plan approved by the Government. The plan aims to increase the proportion of cattle and poultry slaughtered in industrial facilities to about 60 percent and 40 percent respectively by 2025, and about 70 percent and 50 percent by the end of this decade.

Hong Kong-based Crystal Group unveils its plan to build a $200 million project for yarn, fabric, and garment production in the northern province of Nam Dinh. The information was revealed at the meeting between Crystal Group and Nam Dinh People's Committee on January 12.

With a positive economic outlook, the Ministry of Industry and Trade aims to increase exports by 6 per cent in 2024, running a trade surplus for nine years in a row, estimated at US$15 billion. Capitalising on current free trade agreements (FTAs) and signing deals with new markets such as Israel or the UAE would be vital to foster trade, attract investments, and increase exports in the upcoming years, said the ministry.

A report by the Industry Department under the Ministry of Industry and Trade says that the underdeveloped supporting industry left Việt Nam unable to be self-sufficient in production inputs, leading to a significant dependence on imported spare parts and raw materials.