Business News

The Government’s regular monthly meeting reviewed the socio-economic performance of the country in July and the first seven months of 2024. The meeting focused on public investment allocations and disbursements, government management, and upcoming key tasks.

In the morning, Mr Lee met Deputy Secretary of the Ho Chi Minh City Party Committee Nguyen Ho Hai to discuss issues of mutual interest. Noting the rapid economic development of Ho Chi Minh City and its aspiration to develop into an international financial centre, Mr Lee said that Hong Kong is willing to share its experience as a leading international financial centre and explore collaboration opportunities with it.

Insiders have praised the new laws' effects, which include the 2024 Land Law, the 2023 Real Estate Business Law and the 2023 Housing Law, in directing the market's structure and its business scale as new regulations aimed at creating a more favourable environment for property developers and their projects alike.

Andrew Harker, Economics Director at S&P Global Market Intelligence, said: “The fact that the Vietnamese manufacturing sector was able to sustain the strong expansion seen in June through into July adds to optimism that we are at the start of a good spell of growth that will help drive the wider economy forward.

Prime Minister Phạm Minh Chính has asked proactive, flexible, timely and effective monetary policies to be continued to promote the country’s socio-economic development while ensuring the safety of the national financial and banking system.

“Although Vietnam has entered the ecosystem, it has only contributed human resources, not the entire market,” said Nguyen Thanh Yen, CEO of semiconductor design services provider CoAsia Semi. “Vietnam has successfully attracted many major semiconductor corporations over the years, not because it is a potential commercial market, but because these tech giants choose to invest and expand here. Samsung, Intel, Hana, and Micron come to Vietnam primarily to leverage its workforce.”

Experts at last week’s Vietnam Industrial Property Forum 2024, co-organised by Vietnam Investment Review and the Vietnam Industrial Real Estate Association in Ho Chi Minh City, confirmed that stable foreign investment growth is providing a strong foundation for the industrial property sector.

The monthly statistical data presents current economic and social statistics on a variety of subjects illustrating crucial economic trends and developments, including production of agriculture, forestry and fishery, business registration situation, investment, government revenues and expenditures, trade, prices, transport and tourism and so on.