The innovation ecosystem in Vietnam has experienced strong developments in recent years thanks to special attention from Party and state leaders. The country’s investment sources for innovative startups have continued to increase.
While Vietnam’s environment for the development of the innovation startup ecosystem is becoming more favourable, full legal and policy corridors are in need to help them take off.
Vietnam may record a GDP growth rate of 5.19% in 2023, lower than the 8.02% expansion last year but still higher than many other countries in the region and the world, the Central Institute for Economic Management (CIEM) predicted.
Experts at a conference in Ho Chi Minh City on December 6 stressed the need for both producers and exporters to change the mindset and approach to boost exports to China, a potential market for Vietnamese farm produce.
Vietnam’s trade in the first 11 months fell 8% to US$620 billion, its lowest point in three years, as factories scale down operations due to the ongoing shortage of orders.
Vietnamese firms should use additional caution to avoid increasingly sophisticated scams in international trade, Deputy Director of the Vietnam Trade Promotion Agency Hoan Minh Chien said.
Enhancing national competitiveness and capacity of domestic enterprises is vital for Việt Nam to climb up the global value chain in the new context of globalisation, heard a workshop held by Việt Nam Institute for Economic and Policy Research (VEPR) on Tuesday in Hà Nội.
Foreign investors have been net selling MWG shares of electronics retail chain Mobile World for the last six months as the company’s earnings drop amid declining demand.
There remains ample room and potential for Ho Chi Minh City and Saint Petersburg City of Russia to increase trade turnover and expand investment cooperation in digital transformation, manufacturing and processing industry, pharmaceuticals, healthcare and education, heard a business forum in HCM City on December 5.
On December 3, the United States International Development Financial Corporation (DFC) and VinFast Auto (Nasdaq: VFS) signed a letter of Interest (LOI) to consider a formal application by VinFast for a $500 million loan to establish a lithium-ion battery manufacturing facility in Vietnam.
Vietnam has become the second largest exporter of banana to China, behind only the Philippines, accounting for 28.2% of the total amount of bananas imported by the market, the Import-Export Department under the Ministry of Industry and Trade has announced.
Vietnam’s rice exports this year to the end of November hit a record high since 1989 with an export volume of nearly 7.8 million tonnes and turnover of 4.4 billion USD.
The Eurasia region, comprising 28 countries stretching from Eastern Europe to Central Asia with a population of more than 400 million and a total GDP of nearly 4.5 trillion USD, is considered a potential export market of Vietnam, according to experts.
According to the Ministry of Planning and Investment, in the first 11 months of 2023, the trade surplus was US$25.83 billion whereas it had been only US$10.3 billion in the same period last year. Export turnover of goods was $322.5 billion, while import turnover was $296.67 billion.
According to the latest statistics from the General Department of Vietnam Customs, the export turnover to the Netherlands reached US$925 million in October.
Vietnamese cashew exports during the 11-month period raked in US$3.31 billion, representing a rise of 23.1% in volume and 17.4% in value compared to the same period from last year, according to data given by the Ministry of Industry and Trade.
Seeking new markets, applying high tech, developing a cooperative economy, and building value chains will all improve the competitiveness of Vietnam’s farm produce in the world market, experts have said.
Building high-quality data centers is currently one of the key focuses of Vietnam’s digital transformation, in line with its strategy to develop a digital economy and a digital nation.
A new cooperation framework is set to deepen the relationship between Vietnam and Japan, with the latter facilitating its trade, investment, and official development flows into the former.
The stock market finished higher on Monday, extending rallies for the second day in a row. The uptrend was buoyed by a strong cash inflow.