Weekly News Bulletin - No. 03, November 2023

Vietnam targets 6-6.5% growth in gross domestic product (GDP) and 4,700-4,730 USD in per capita income in 2024, according to a newly-approved National Assembly (NA) resolution.

Under the resolution, next year, the manufacturing-processing sector’s contribution to GDP is hoped to hit 24.1-24.2%. At the same time, the country will strive for a 4.8-5.3% productivity growth rate.

Garment and footwear exports have slumped from the beginning of this year but the drops slowed in recent months, signaling a slight recovery in the industries, experts said.

The 17th meeting of the Vietnam – Romania Joint Committee on Economic Cooperation was held in Hanoi on November 21 under the chair of Minister of Industry and Trade Nguyen Hong Dien and Minister of Economy, Entrepreneurship and Tourism Stefan-Rady Oprea.

At the event, the ministers expressed their delight at the fruitful relations between the two countries across various fields, of which economy – trade is an important pillar and a locomotive for the cooperative ties. Many Romanian enterprises have expressed their interest in cooperating with Vietnam in oil and gas, electricity transmission, agriculture, IT, pharmaceuticals and tourism, he stressed, adding Romania is willing to serve as a gateway for Vietnamese products to enter other European markets.

Last week highlight

According to a recent report by the World Bank, FDI into Vietnam remains steady amid global uncertainties. Data showed continued, albeit modest,  improvement in economic activities on the supply side. The monthly Industrial Production Index (IIP) has been positive since April 2023. In October 2023, the IIP registered a growth rate of 2.89% month on month (m/m) and 5.83 year on year (y/y), compared to 0.03% and 5.51%, respectively in September. Another positive indicator was the continued improvements of exports and imports of goods in October in response to recovering external demand.

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

  1. Worst is over for garment, footwear exports, growth next year
  2. Louis Vuitton wants to operate luxury train service in Vietnam
  3. Vietnamese banks accelerate migration to ISO 20022
  4. Vietnam boosts trade ties with Eurasian region
  5. Agriculture sector responds to climate change with green development
  6. Vietnam treasures comprehensive strategic cooperative partnership with China: PM
  7. Vietnam targets 6-6.5% GDP growth in 2024: NA resolution
  8. Data centre, cloud computing potential as Việt Nam moving digital
  9. High-end tourism complex with casino planned for Quang Ninh
  10. Vietnam, Romania seek ways to bolster trade