Weekly News Bulletin - No. 02, November 2023

Managing to navigate headwinds from global economic fluctuations, Vietnam has enjoyed positive gains in exports, with the upward trend forecast to continue in the time to come.

Data shows that Vietnam’s export revenue has improved through the first quarters of this year. Specifically, a year on year drop of 11.9% was recorded in the first quarter, which was reduced to 11.8% in the second and to only 1.2% in the third quarter. From these positive signs, experts are upbeat about the recovery of the world demand and a high growth in Vietnam’s exports in Q4.

Agricultural products such as rice and fruit have recorded strong growth. Meanwhile, Vietnam has shown strong performance in diversifying export markets and optimising major markets such as the US, the EU, Africa, and Western Asia.

Personal income tax revenues in the first nine months dropped 6% year-on-year to VND121.20 trillion ($5 billion), its first decline in 10 years. Against an average growth of 15% since 2014, the drop showed that people’s income has been affected in a year of salary and job cuts due to a decline in demand.

Last week highlight

Officials of HCM City had a meeting with US enterprises in San Francisco City on November 16 to call for investment in green growth and high technology in the southern economic hub of Việt Nam. The event, held within the framework of Vietnamese President Võ Văn Thưởng’s trip to attend the Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Week in San Francisco, attracted nearly 30 major US enterprises operating in such fields as energy, infrastructure, information technology, finance, and innovation. 

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Let’s look at some other key financial and business headlines during the past week

  1. Development strategy of rural occupations and economic development approved
  2. Lending to property industry up 6% this year
  3. Personal income tax revenues drop for first time in 10 years
  4. Navigating the headwinds, exports resume growth pace
  5. Vietnam works on sustainable development of marine aquaculture
  6. Vietnam wants low-interest World Bank loans to fund infrastructure
  7. Forum discusses ways to unlock green finance and governance
  8. Hai Duong IPs attract $890mln in FDI