Want to be in the loop?
subscribe to
our notification
Business News
INFLATION UP SLIGHTLY DESPITE SALARY RISE: PM
Inflation grew mildly in July despite the rise in base salaries for civil servants and public employees, Prime Minister Pham Minh Chinh said at a Government meeting today, August 5.
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.
Reports indicated positive economic growth in July over June in industry, agriculture, and services. Macroeconomic stability was maintained, and inflation was under control.
The consumer price index (CPI) in July rose by 0.48% against June, with an aggregate increase of 4.12% over the past seven months. Exchange and interest rates remained stable.
Energy and food security were ensured, with rice exports reaching 5.18 million tons, generating US$3.27 billion, up by 5.8% in volume and 25.1% in value over the first seven months of last year.
Export activities grew strongly, with total trade revenue in July up by 8.7% versus June and 21.8% year-on-year. From January to July, trade expanded by 17.1% year-on-year, with exports up 15.7% and imports up 18.5%. July saw a trade surplus of US$2.12 billion, taking to US$14.08 billion the total of the first seven months of the year.
International arrivals in July reached nearly 1.15 million, taking the total to almost 10 million arrivals in January-July, surging by 51% compared to the same period in 2023 and 1.9% against the pre-pandemic levels.
International organizations remain optimistic about Vietnam’s economic outlook. The ASEAN+3 Macroeconomic Research Office raised its 2024 growth forecast for Vietnam to 6.3%, HSBC increased its forecast to 6.5%, and the Asian Development Bank put it at 6%.
Looking ahead, the Government will focus on key initiatives to achieve a GDP growth target of around 7% for the year.
In July, base salaries for civil servants and public employees rose by 30% to VND2.34 million from VND1.8 million, benefiting over 50 million individuals, said Minister of Home Affairs Pham Thi Thanh Tra at a meeting held early last month.
SourceL: The Saigon Times
Related News
MEMBER CORNER / PROMOTIONS
SAFETY IS LIFE – DISCIPLINE IS STRENGTH
At Phuc Vuong, we believe that no project is more important than human life. To us, safety is not just a slogan; it is a vital principle with no exceptions. All these efforts serve one simple goal: to ensure every colleague can work with peace of mind, and every worker returns home safe and sound after every shift. This is our highest commitment and the sustainable foundation that Phuc Vuong always upholds.
MEMBER CORNER / PROMOTIONS
DOING BUSINESS WITH CHINA 2.0
As China continues to evolve into a global powerhouse in innovation, technology, and advanced manufacturing, understanding how to effectively engage with this market has never been more critical. Doing Business with China 2.0 is a flagship executive programme designed to equip business leaders with practical insights, strategic perspectives, and first-hand exposure to navigate China’s rapidly changing landscape.
HOSPITALITY / TOURISM / ENTERTAINMENT
VNAT EYES 25 MILLION FOREIGN VISITORS IN 2026
In the first quarter of the year, international arrivals amounted to 6.7 million, up 12.4% from a year earlier and the highest level on record. Domestic travel reached an estimated 37 million trips, with total tourism revenue at around VND267 trillion. Global developments pose risks. Geopolitical tensions in the Middle East have driven up fuel prices, increasing transport and tourism service costs.
BANKING / FINANCE / INSURANCE / TAX
VIETNAM’S CREDIT TOPS VND19.18 QUADRILLION, FLOWS INTO PRODUCTION SECTORS
Total outstanding loans in Vietnam’s banking system had reached over VND19.18 quadrillion in the year to March 31, up 3.18% against the end of 2025, with lending largely directed toward production and priority sectors, according to the State Bank of Vietnam. Data released at the central bank’s first-quarter press briefing on April 14 showed that several Government-backed lending programs have recorded notable disbursement progress. A credit package for the forestry and fisheries sectors has been expanded sharply, from VND15 trillion to VND185 trillion.
INFRASTRUCTURE / CONSTRUCTION / LOGISTIC / PORT
VIETNAM GETS US$2.64 BILLION FROM SEAFOOD EXPORTS IN Q1
Vietnam’s seafood sector booked around US$927 million in export revenue in March, bringing the total in the first quarter of this year to US$2.64 billion, showed data from the Vietnam Association of Seafood Exporters and Producers (VASEP). China was the primary export market in Q1. Other markets such as the U.S., Japan and South Korea imported less due to weakened consumer spending and stringent technical barriers.
INFRASTRUCTURE / CONSTRUCTION / LOGISTIC / PORT
HCMC SET TO START WORK ON SEVEN MAJOR INFRASTRUCTURE PROJECTS
Ho Chi Minh City plans to simultaneously break ground on seven major infrastructure projects worth a combined VND380 trillion on the occasion of Vietnam’s Reunification Day (April 30). The projects are highly expected to unlock public investment and fuel economic growth. To prepare for the simultaneous launch, relevant departments and authorities have worked to streamline administrative procedures while maintaining legal compliance, with the goal of meeting conditions for groundbreaking on the occasion of the national holiday.
Events Sponsors
