Business News

Nguyen Tri Phuong, Head of the Dong Nai Industrial Zones Authority, said that the newly-licensed projects in his province are mainly in the semiconductor, electrical component, electronics, and mechanical engineering industries. There are no polluting or labour intensive projects, he noted.

Haiphong Economic Zones Management Authority is set to begin the process of selecting investors for a waste-to-energy scheme in the northern port city. The project will cost VND2.5 trillion ($100 million) and covers over 10 hectares in the city’s Dinh Vu-Cat Hai Economic Zone.

Recent robust infrastructure development and customer demand are reshaping the transportation market towards diversifying products and improving services quality, providing significant opportunities for railway and waterways which are holding modest market shares.

The stock market holds potential for investment this year in the context of the macroeconomic recovery and a rebound in manufacturing and business activities across most sectors. Economic experts and business representatives shared this opinion at the Vietnam Wealth Advisor Summit (VWAS) 2024 "Adapting to Uncertainties", which took place on June 6 at the Pullman Hanoi Hotel.

Deputy Prime Minister Tran Hong Ha has announced that Vietnam will invest in several research centres to support universities and innovation hubs, with pilot production costs potentially reaching $7 billion, necessitating collaboration between the government and the private sector.

Despite remarkable strides in socioeconomic development, including economic growth, Vietnam continues to grapple with issues pertaining to the quality and sustainability of this growth. The country’s economic expansion is still heavily dependent on the augmentation of input resources and industries that are labor and resource-intensive. The influence of elements directly associated with enhancing quality, labor productivity, competitiveness, and innovation has not met anticipated standards.

The State Bank of Viet Nam (SBV) asked all credit institutions including foreign bank branches to reduce lending annual interest rate by 1-2 percent in a bid to facilitate credit access and spur growth. The central bank called on credit institutions to channel capital into traditional growth drivers, emerging industries, green transformation, circular economy, and social housing.

The development prospects of the Vietnamese economy in 2024 are very positive and driven by substantial foreign investment, especially in high-tech industries, according to Savills Viet Nam's report on investment in the Asia-Pacific region in the first quarter of 2024.