Business News

Vietnam is set to fetch US$732 billion in foreign trade this year, representing an annual rise of 10%, said the Ministry of Trade and Industry at a year-end meeting in Hanoi on December 26.

The total disbursed volume of foreign direct investment (FDI) in 2022 has reached a new record of US$22.4 billion, up 13.5 percent over the previous year, according to the Ministry of Planning and Investment.

The consumer outlook report from VNDirect Securities Corporation shows that the pent-up consumption trend during the pandemic is gradually decreasing in the context of rising interest rates and a weakening Vietnamese đồng making consumers tighten their purse strings.

Under the Law on Environment 2020 and the governmental Decree No.08, the recycling of products and packages will be mandatory for those who import or produce batteries, tyres, lubricants, and packaging as of January 1, 2024.

Vietnam is set to fetch US$732 billion in foreign trade this year, representing an annual rise of 10%, said the Ministry of Trade and Industry at a year-end meeting in Hanoi on December 26.

The total newly-registered capital, adjusted capital, capital contributions, and share purchases stood at $27.7 billion in 2022, equivalent to 89 per cent of last year, according to the Ministry of Planning and Investment's Foreign Investment Agency.

In addition to the increasingly stringent requirements for a production price reduction, faster delivery and higher quality, brands are demanding that businesses in the supply chain follow multiple policies on sustainability, green practices, energy saving and emission limiting.

Similarly, the Asian Development Bank (ADB) raised Vietnam's growth prediction for this year to 7.5 per cent, much higher than the 6.5 per cent number given in September 2022, while lowering its growth forecast for 2023 by 0.4 percentage points to 6.3 per cent.