GDP GROWTH REACHES 6.42 PC IN FIRST HALF
Vietnam's economy grew by 6.42 pc in the first six months of 2024, slightly lower than the figure of 6.58 pc in the same time of 2022 within the 2020-2024 period.
CAPITAL FLOWS STRONGLY INTO INDUSTRIAL REAL ESTATE
Industrial real estate has had easier access to bank credit since July, when the State Bank of Vietnam (SBV) reduced the credit risk coefficient for industrial real estate from 200 per cent to 160 per cent, encouraging commercial banks to lend to more projects in the segment.
SPECIAL POLICIES PROPOSED TO DEVELOP THE SEMICONDUCTOR INDUSTRY
The draft law has proposed a number of outstanding policies to promote the development of the digital technology industry, develop the brand of Việt Nam's digital technology industry and develop domestic and foreign markets, as well as investing, purchasing and selecting suppliers of digital technology products and services using State budget capital.
CONGLOMERATES AID FOREIGN MANUFACTURING INVESTMENT
The manufacturing and processing sector is attracting major investment from abroad, thanks to the expansion of key conglomerates, especially from South Korea. With total revenues of about $16.2 billion and profit of $400 million last year, Hyosung Group, which works in textiles and garments, industrial materials, IT, construction, and chemicals, has expressed its plan to expand operations in Vietnam.
ESTABLISHING NATIONAL COMPREHENSIVE DATABASE FOR DIGITAL TRANSFORMATION
Vietnam's Ministry of Public Security is drafting the data law project to unify, synchronize and effectively use data for administration and social economic development, for digital government development and for administrative procedure reform.
VIETNAM REVISES IMPORT TARIFFS UNDER ASEAN-KOREA TRADE AGREEMENT
The Government of Vietnam has issued a decree to revise import tariffs under the ASEAN-Korea Free Trade Agreement (AKFTA) in the 2022-2027 period. Under Decree No. 81/2024/ND-CP, goods such as live animals, meat, and meat by-products intended for consumption post-slaughter will now enjoy a zero percent AKFTA tariff.
CONSUMER FINANCE LENDING NEEDS A SEPARATE LAW
According to the State Bank of Vietnam (SBV)’s Banking Supervision Agency, the Department of Consumer Protection under the Ministry of Industry and Trade can currently handle general content, but it is difficult for the department to promote its role in consumer finance.
ID NUMBERS TO BE NEEDED FOR BUSINESS REGISTRATION
Under a revised decree on business registration drafted by the MPI, open for comments, the MPI explains if a person carrying out business registration procedures uses his/her personal ID number, the procedures will be streamlined as he/she will not have to declare personal information again.
