Business News

The economy continued to maintain quarter-on-quarter recovery pace this year, expanding 3.41 percent in January-March, 4.25 percent in April-June, 5.47 percent in July-September, and 6.27 percent in October-December.

The forestry sector targets to raise export value to US$17.5 billion in 2024, said Trieu Van Luc, Deputy Director of the Forestry Department under the Ministry of Agriculture and Rural Development.

According to the World Bank, Vietnam's Logistics Performance Index (LPI) ranking decreased by four places to 43rd in 2023. Despite this drop, Vietnam's LPI score increased to 3.3 points from 3.27 points in 2018, indicating gradual improvements, particularly in customs efficiency and infrastructure quality.

At the recent conference on tax and customs policies and administrative procedures for 2023, jointly organized by the Vietnam Chamber of Commerce and Industry (VCCI) and the Ministry of Finance, VCCI President Pham Tan Cong expressed appreciation for the resolute determination and reform efforts demonstrated by the Ministry of Finance, the tax sector, and the customs sector.

In the first 11 months of 2023, seven commodities of Vietnam posted export value of over 10 billion USD, accounting for over 60% of the country's total export turnover.

Nguyễn Đình Thắng, deputy director of Hà Nội Department of Industry and Trade, said that Hà Nội had determined that the development of the supporting industry would be an important solution to have sustainable economic development, increase the ability to attract foreign direct investment, promote technology transfer, and boost the development of small and medium-sized enterprises.

Deputy Prime Minister Tran Hong Ha ratified Decision 1639/QD-TTg on December 19, 2023, endorsing the planning for Hai Duong province for the period 2021-2030, with a vision extending to 2050. The planning scope encompasses the entire natural expanse of Hai Duong province, spanning an area of 1,668.28 km². This includes 12 district-level administrative divisions and 235 commune-level administrative units.

The Asian Development Bank (ADB) has adjusted its growth forecast for Vietnam in 2023 to 5.2%, down from the previous estimate of 5.8% in September. However, the projection for 2024 remains unchanged at 6%, as stated in the Asian Development Outlook (ADO) released in December 2023.