Weekly News Bulletin - No. 01, February 2024

The strong recovery of industrial production, the exponential rise in exports, abundant goods supply, and good revenue from services in January paint a rosy picture for the domestic industry and trade sector this year, heard an online conference held by the Ministry of Industry and Trade (MoIT) on February 16. Ngo Quang Trung, head of the MoIT’s Agency for Regional Industry and Trade, reported that industrial production experienced a robust recovery of 18.3%, and exports surged 42% last month.

Vietnamese farming exports reached more than 53 billion USD in 2023, with the application of science-technology having played an important role. Science-technology has breathed new life into Vietnam’s agricultural sector and brought about notable leaps.

There are six groups of agricultural exports with revenue exceeding 3 billion USD each, namely coffee, rice, fruit and vegetables, cashew nuts, shrimp, and timber. Vietnam enjoyed export growth in both established and new markets, while international partners were also particularly interested in the green production and growth of Vietnamese agriculture.

Last week highlight

Vietnam is experiencing a strong shift towards electric vehicles (EVs) and hybrid vehicles. The increase in the number of electric vehicles from 138 units in 2019 to over 28,000 electric vehicles and 3,557 hybrid vehicles in September 2023 is a clear indication of the growing interest in these vehicles among consumers. The forecast for the domestic electric vehicle market to make a leap from 2024 is encouraging. With the participation of both domestic and foreign car manufacturers, the market is expected to expand further.

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

  1. Bright prospects for Vietnam’s economy in 2024
  2. Vietnam industry & trade sector looks good in early 2024
  3. US share of Vietnam exports growing
  4. Vietnam’s coffee export value doubles in January
  5. Vietnam’s agricultural exports to China expected to rise
  6. Mekong Delta works to advance renewable energy development
  7. Central bank pushes others to boost lending from start of New Year
  8. Vietnamese spend $3.8M daily on online food orders
  9. Vietnam dangles chip incentives to draw foreign companies: Nikkei Asia
  10. A new position for Vietnamese agriculture

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