Vietnam’s first pharmaceutical-biological industrial park project, which requires an estimated investment of USD 150-200 million, will be developed in Thai Binh Province, northern Vietnam.
The Ministry of Health announced at the signing ceremony of the project that the park will include a concentrated industrial zone and an area for ancillary industries and services in the pharmaceutical and biological field. Once completed, the project is expected to draw a total registered investment of USD 800 million in 2024-27 and USD 2 billion in 2028-30.
Vietnam's economy will grow by 6.6% this year and at a similar rate in 2024, according to a report released by the Organization for Economic Co-operation and Development (OECD). The report states that Vietnam's economic growth is driven by foreign investment in the manufacturing sector, especially electronics, machine manufacturing, textiles and footwear, and benefits from China's loosening of Covid-19 prevention and control measures. At this rate, the OECD believes that Vietnam continues to lead the top five largest economies in Southeast Asia.
Last week highlight
Vietnam has emerged as one of the top four Asian beneficiaries as the U.S. has significantly shifted its chip imports away from traditional markets. The list of the four Asian winning markets includes Thailand, Vietnam, India, and Cambodia. Vietnam and Thailand, which both have much growing slices of the chipmaking market, increased their U.S. trade in the sector by 75 percent and 62 percent, respectively. Vietnam has made up over 10 percent of U.S. chip imports for seven straight months.
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Let’s look at some other key financial and business headlines during the past week
- Vietnam’s export revenue up 13.5% in March: customs data
- Investment boom in the retail market of Vietnam
- Tax revenue reaches over 19.7 billion USD in Q1
- Vietnam's economy to grow by 6.6% this year: OECD
- South Korea auto manufacturer to return to Vietnam
- Vietnam to build first pharmaceutical-biological industrial park
- Vietnam, Singapore talk cooperation in logistics
- Labour market continues recovering in Q1
- Hanoi most expensive place to live in Vietnam
- Vietnam's robusta: the go-to coffee bean in a warmer world?
Key words: Vietnam, business, finance, economy