Singaporean newspaper: Vietnam’s economy poised for gradual recovery
Singapore’s maritimefairtrade.org recently published an article on the recovery of the Vietnamese economy, citing the latest World Bank Taking Stock bi-annual economic update with growth forecast to reach 5.5% in 2024 that will gradually rise to 6% by 2025.
Harvesting coffee in Buon Ma Thuot city, Dak Lak province (Photo: VNA)
Hanoi (VNA)🧸 – Singapore’s maritimefairtrade.org recently published an article on the recovery of the Vietnamese economy, citing the latest World Bank Taking Stock bi-annual economic update with growth forecast to reach 5.5% in 2024 that will gradually rise to 6% by 2025.
The article said after experiencing a slowdown in 2023, the economy is showing mixed signs of recovery in early 2024. While exports are recovering, consumption and private domestic investment are growing more gradually. Real exports are expected to grow by 3.5% in 2024, reflecting gradual improvement in global demand.
In addition, a turnaround in the real estate sector is anticipated later this year and next, bolstering domestic demand as investors and consumers regain confidence. Real total investment and private consumption are projected to increase by 5.5% and 5% in 2024, respectively.
It quoted the WB East Asia and Pacific Practice Manager for Macroeconomics, Trade and Investment Sebastian Eckardt as saying that investing in public infrastructure projects goes beyond immediate economic stimulus. Efforts to enhance public investment management will also address critical infrastructure gaps in energy, transportation, and logistics, which are fundamental for Vietnam’s long-term economic growth.
According to the article, the WB recommended expediting infrastructure investment projects financed by public resources. This would help further stimulate the economy, with an additional potential 0.1 percentage point of GDP growth for every 1 percentage point increase in public investment as a share of GDP.
The report’s special section offers recommendations for supporting innovative startups to contribute to Vietnam’s productivity growth, it said./.
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Vietnam should promote the development of the creative economy in order to benefit from the numerous opportunities brought by it, the Central Institute for Economic Management (CIEM) suggested.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
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Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
