VINH PHUC TO DEVELOP 24 INDUSTRIAL PARKS BY 2030
According to the plan endorsed by the Prime Minister of Vietnam, Vinh Phuc province is set to establish five new industrial parks by 2030, increasing the total number of parks to 24 and expanding the land area to 7,000 hectares.
HONG KONG INVESTORS BUILD ON GROWING VIETNAM INTEREST
Winnie Lam, general secretary of the Hong Kong Business Association Vietnam and COO of Avison Young Vietnam, said, “Hong Kong has consistently been a top foreign investor in Vietnam. Many multinational corporations use Hong Kong as their regional hub and a gateway to Vietnam. Additionally, numerous Hong Kong investments are channelled through offshore entities such as the BVI.”
LOGISTICS GROUPS BRANCH OUT FOR GAINS
Deputy director Tran Hong Kien said, “In the next five years, our revenue and profit are expected to grow continuously on an annual basis at an average rate of about 11 and 23 per cent, respectively. Return on equity is expected to reach about 14 per cent a year on average. This is a good performance compared to other companies in the same industry.”
CROSS-BORDER E-COMMERCE TO BE BOOSTED
As Vietnam is an export-oriented economy with abounding potential for the development of textile apparel, footwear, rice and agricultural products, the room for cross-border e-commerce development proves enormous, Anh added.
BANKS TO SHIFT TO RETAIL LENDING TO GAIN CREDIT GROWTH
In the first half of 2024, corporate credit became the main driver of growth for many banks. Some banks such as VPBank, VIB and TPBank, which were known for specialising in lending to individual customers and classified by many organisations as retail banks, recorded outstanding corporate loans of more than 50 per cent by the end of the second quarter of 2024.
NEW LAND AND HOUSING LAWS EXPECTED TO BETTER ALLOCATE RESOURCES FOR ECONOMIC GROWTH
Starting August 1, 2024, three key laws - the 2024 Land Law, the amended Housing Law, and the amended Real Estate Business Law came into effect. These laws are expected to significantly boost the land, housing and real estate markets by improving legal frameworks, enhancing policy mechanisms, removing obstacles, and better allocating resources for economic growth.
CHINESE INVESTMENT INFLOW BECOMING STRONGER WITH HIGHER QUALITY: INSIDERS
Last month, a delegation from China's Sunwoda Group visited the northern province of Bac Giang to seek investment opportunities. Xiang Hai Biao, General Director of the firm said that Sunwoda plans to build a 300-million-USD factory in the locality to produce electronic components. Previously, Sunwoda built a factory in Bac Giang.
CONSUMER FINANCE REGAINS GROWTH MOMENTUM
Consumer finance firms have enjoyed a buoyant performance so far this year after facing a tough 2023. In EVNFinance JSC's second quarter (Q2) financial statement, the company posted $6.1 million in pre-tax profit, soaring 57 per cent on-year, pushing the company’s cumulative pre-tax profit in the first six months (H1) to $12.94 million, marking a 56 per cent jump on-year.
