Want to be in the loop?
subscribe to
our notification
Business News
REGIONAL ECONOMIES TO SEE SLIGHT GROWTH NEXT YEAR – REPORT
The Mastercard Economics Institute (MEI) has expected modest growth across Asia Pacific in 2024, although regional economies may stabilize and key drivers like exports and tourism approach pre-pandemic levels.
The region’s outlook, detailed in the report “Economic Outlook: Balancing Prices & Priorities”, forecast upward trends in economic performance in Singapore, Malaysia, the Philippines and Vietnam.
Still, China, Japan, Australia, and New Zealand may face slowdowns.
Consumer spending patterns are set to shift, with Asia Pacific households allocating more to discretionary items like travel and entertainment. This follows years of high inflation, where essentials dominated budgets, according to experts.
“2024 is set to be a year of recalibration as consumers rebalance their wallets. And what the data shows is that people remain eager to travel and dine out, although levels vary from market to market,” said David Mann, Asia Pacific chief economist at Mastercard.
Another trend predicted is a rebound in consumer goods spending, exceeding 2023 levels and reversing the post-pandemic prioritization of services. Vietnam’s real consumer spending in 2024 may expand by 6.5% year-on-year.
The tendency is expected to benefit the region’s manufacturing sector, leading to a convergence in performance between manufacturing and services.
China’s outbound travel recovery will be in the spotlight next year. Expanded group travel options and eased visa restrictions will encourage Chinese to travel abroad, especially destinations in Southeast Asia, Northeast Asia, North America and Europe.
Source: The Saigon Times
Related News
VIETNAM EYES 8% GDP GROWTH IN 2025
The State Bank of Vietnam (SBV) has been tasked with closely monitoring global and regional economic developments and adjusting monetary policies to align with shifts in major economies. The directive emphasizes reducing lending rates, managing deposit rates at commercial banks, and ensuring credit flows remain uninterrupted in early 2025.
GOVERNMENT MEMBER FOR 2021-2026 TERM
The 2021-2026 government term was recently consolidated after the 8th session of the 15th National Assembly. It consists of 27 members, including the Prime Minister, five Deputy Prime Ministers, and 21 ministers and heads of ministerial-level agencies.
EXCLUSIVE OFFER FOR HKBAV MEMBERS
Minimum order: 1 box (10 gift boxes per box; 6 gift bags per box)Free shipping on orders over 2 million VND (nationwide delivery across Vietnam)Volume discounts available for large orders
TOTAL FDI REGISTERED IN VIETNAM HITS 31.4 BILLION USD IN JANUARY-NOVEMBER
As of November 30, 2024, the total newly registered capital, adjusted capital, and capital contributions or share purchases by foreign investors in Vietnam reached nearly 31.4 billion USD, up 1% increase compared to the same period last year.
QUANG TRI TARGETS 6,000 MW WIND POWER CAPACITY BOOST
The central province of Quang Tri is seeking the Government’s approval to expand its wind power capacity by an additional 1,500-2,000 MW for onshore projects and 2,600-4,000 MW for offshore projects, according to the Vietnam News Agency.
TECH GIANTS BET BIG ON VIETNAM'S FUTURE
As global tech giants like NVIDIA and Google mark their strategic expansion in Vietnam, the country is embracing a technological transformation that could reshape its economic landscape and innovation ecosystem.