EXPORTS TO SINGAPORE SOAR NEARLY 60% IN AUGUST
Vietnam’s exports to Singapore surged by 58.4% to around S$876.3 million in August, marking the highest level since late 2022, according to Vietnam’s trade office in Singapore. This sharp growth has positioned Vietnam as Singapore’s 18th largest export partner.
VIETNAM’S DIGITAL INDUSTRY REVENUE SOARS IN JAN-SEP
Vietnam’s digital industry has stayed on its high growth path, with revenue hitting a record US$118 billion so far this year, rising by 17.78% against the same period last year. The data was announced by Nguyen Khac Lich, director of the Authority of ICT Industry and Communications under the Ministry of Information and Communications, at the recent Top 10 Vietnam Digital Technology Companies award ceremony.
STATE BUDGET REVENUE PROJECTED TO SURPASS 10% TARGET
The 2024 State budget revenue aims to exceed estimates by 10%. This directive is outlined in Prime Minister Pham Minh Chinh's Official Dispatch 85/CD-TTg, dated September 2, 2024, which was sent to ministers, heads of ministerial-level agencies, government agencies, and chairpersons of provincial and municipal people's committees.
MINISTRY OUTLINES TWO ECONOMIC GROWTH SCENARIOS FOR 2025
In the first scenario, the country’s gross domestic product (GDP) is predicted at 6.5-7 per cent, and inflation rate at 4-4.5 per cent, given the global situation staying complicated and unpredictable, the global economic growth remaining low, and the global macroeconomic environment facing numerous risks. As a result, the average economic expansion for the 2021-2025 period will be 5.8-6 per cent.
VIETNAM'S ALTERNATIVE LENDING TO REACH OVER $441 MILLION
Vietnam's alternative lending is expected to grow by 24 per cent on an annual basis to reach $441.2 million in 2024, according to a report released by Research and Markets on September 16. The report shows that Vietnam's alternative lending sector has experienced significant growth over the past six months of 2024, driven by the increasing adoption of digital financial solutions and the rise of fintech companies offering flexible lending options.
INDUSTRIAL INNOVATION TO BOOST SUSTAINABLE GROWTH FOR THE SOUTHEAST REGION
The People's Committee of HCM City said that the Industrial Production Index (IIP) increased by 6.4 per cent in the first eight months of 2024 compared to the same period last year, with the mining sector growing by 51.4 per cent, manufacturing by 6.1 per cent, and electricity production and distribution by 6.7 per cent.
VIETNAM SET FOR 6.1% ECONOMIC GROWTH IN 2024
According to the latest Taking Stock report by the World Bank, Vietnam's economic outlook for 2024 is optimistic, with growth projected to accelerate due to a rebound in manufactured exports, tourism, consumption, and investment. The report forecasts a 6.1% expansion in Vietnam's economy for 2024, with further growth anticipated at 6.5% in both 2025 and 2026.
TAX INCREASES ON ALCOHOLIC BEVERAGES SHOULD STRIKE A BALANCE: ECONOMISTS
Among these, a draft amendment to the Special Consumption Tax Law is expected to be presented to the National Assembly next month and can be approved as early as May next year. The tax has been reported to take an upward trajectory, taxing alcoholic beverages starting from 2026, reaching as high as 100 per cent by 2030.
