Weekly News Bulletin - No. 03, February 2023

Minister of Industry and Trade Nguyen Hong Dien has hailed the US as one of the top trade partners and importers of Vietnam during a recent reception in Hanoi for US Trade Representative Katherine Tai.

The visit marks the start of activities in celebration of the 10th founding anniversary of the Vietnam-US comprehensive partnership this year. Tai, for her part, said there will be more activities in the US-Vietnam relations this year. She vowed to work closely with Vietnam on e-commerce and spoke highly of Vietnam’s participation in regional economic connectivity over the past years. Last year, two-way trade between Vietnam and the US surpassed USD 123 billion, up 11% year on year.

The Japan External Trade Organization (JETRO) held a press conference in Hanoi on February 13, to announce a survey on the situation of Japanese enterprises investing abroad in 2022. Accordingly, sixty per cent of Japanese investors in Asia-Pacific polled in the survey said, they plan to expand operations in Vietnam within the next two years. The rate is the highest in the ASEAN region and third in Asia-Pacific, only after India (72.5%) and Bangladesh (71.6%). In 2023, the local manufacturing and non-manufacturing industries are forecast to improve by more than 50%. Another survey of JETRO also revealed Vietnam ranks only after the US, as a favourite destination for investment for Japanese companies.

Last week highlight

The European Chamber of Commerce in Vietnam (EuroCham) on February 16 launched its 2022-2023 Whitebook, with the theme “Working Toward a Green Economy and Sustainable Development”. The annual publication presents policy recommendations that aim at resolving regulatory hurdles and facilitating the growth of the country's economy, focusing on areas of health care, the green economy and sustainability, and innovation and investment.

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

  1. US ranks among Vietnam’s top trade partners: Minister
  2. 60% of Japanese investors have plans to expand investment in Vietnam
  3. Foxconn secures new manufacturing site in Vietnam after turmoil in China
  4. Vietnamese, Dutch firms look to step up business cooperation
  5. Binh Duong province attracts second most FDI in Vietnam
  6. Agricultural sector targets attracting 25 billion USD in FDI by 2030
  7. Credit growth projected to reach 14-15% in 2023
  8. VSIP Group gets nod to build 13th industrial park in Vietnam


Key words: Vietnam, business, finance, economy