Business News

Việt Nam's footwear and leather industry is poised to achieve US$26-27 billion in export in 2024, marking a $3 billion increase from the previous year, as they country has well capitalised on the signed free trade agreements to bolster shipment, according to the Vietnam Leather, Footwear and Handbag Association (Lefaso).

Despite these difficulties, housing demand remains robust, with a healthy absorption rate reflecting strong growth in mortgage activities. This trend signals recovery, especially in buyer confidence. One of the pivotal factors driving the gradual recovery of the real estate market in 2024 was the introduction and implementation of over 20 circulars and decrees in Q3 and Q4 this year.

Based on the Provincial Planning, Ben Tre is determined to develop industry both intensively and extensively. At the same time, the province promotes the development of coconut, seafood, energy, supporting and other potential industries into key industries.

During the conference, the General Department underscored the importance of implementing Resolution 18-NQ/TW, which outlines the plan and direction for organizational restructuring and streamlining.

The Prime Minister has issued Directive 44/CT-TTg, dated December 9, 2024, outlining key tasks and solutions to accelerate the implementation of the National Strategy on Green Growth for the 2021-2030 period, with a vision to 2050.

Driven by strong recent economic performance, many foreign agencies have upgraded Vietnam's growth forecasts for 2024 and 2025. The National Assembly set a GDP growth target of 6.5-7% for 2025, aiming for 7-7.5%, while the Prime Minister set a more ambitious 8% growth target.

Based on data from the International Monetary Fund (IMF), Seasia Stats predicts that Vietnam’s economy will reach $506 billion in 2025, earning it a place in the top 15 largest economies in Asia. “Vietnam is rapidly developing thanks to its manufacturing boom and strong foreign investment inflows,” Seasia Stats noted.

Viet Nam is poised for a regulatory shift with the upcoming implementation of a special investment procedure starting earlier next year. Starting from January 15, 2025, investors will be able to enroll for investment under special procedures as outlined in the Draft Decree detailing the Investment Law.