Vietnam finance ministry urged to seek $4 bln of bonds for strategic infrastructure development
The Vietnamese Ministry of Finance has been requested to mobilize another VND100 trillion ($4.06 billion) worth of bonds for strategic infrastructure development.
Prime Minister Pham Minh Chinh made the request while chairing the government's regular meeting in Hanoi on Saturday.
Emphasizing the government's determination to achieve more robust growth in 2024-2025, Chinh asked the finance ministry to increase revenue, reduce spending, and effectively utilize fiscal policy.
The State Bank of Vietnam, the country's central bank, should target lower lending interest rates and a credit growth rate of 15% this year, he noted.
Chinh also ordered all ministries, agencies, and localities to maximize the benefits of the newly inaugurated 500 kV national power transmission line - circuit 3, which spans 519 kilometers from the central province of Quang Binh to the northern province of Hung Yen.
The Ministry of Transport was tasked with promoting the construction of three railways to China and preparing reports on the North-South high-speed railway project, as well as several metro lines in Hanoi and Ho Chi Minh City.
The government chief pressed for the rapid finalization of a semiconductor workforce development plan by 2030, with a vision to 2050, alongside a semiconductor development strategy.
Chinh also requested the completion of the mergers of some district- and commune-level administrative units by the end of this year and called for more drastic measures to combat corruption.
Brightening economic picture
At the meeting, Deputy Minister of Planning and Investment Tran Quoc Phuong assessed that the local economy had shown a positive recovery and regained a pre-pandemic growth momentum.
Vietnam's GDP expanded 6.42% year-on-year in the first half of 2024, well ahead of the 3.84% posted in H1/2023. The government has set a growth target of 6-6.5% this year.
Budget collection in the first eight months of 2024 met 78.5% of the year's plan and increased 17.8% year-on-year.
The country attracted $20.52 billion in foreign direct investment (FDI) during this time, up 7%. Disbursed FDI reached a five-year high of $14.15 billion, marking an 8% year-on-year increase.
Vietnam also recorded a merchandise trade surplus of $19.07 billion for the eight-month period, with exports growing by 15.8% and imports by 17.7%.
Phuong proffered some proposals to promote growth in September and Q4/2024. He suggested fine-tuning legal policies and leveraging a favorable business environment to attract large-scale, high-tech projects and lure talents from domestic and international sources.
The official underscored that clearing obstacles, particularly legal issues, for projects is the core mission for late 2025 and throughout 2025. He also recommended strengthening new drivers, such as digital economy and transformation as well as green transition.
- Read More
KKR's investment portfolio features 4 firms in Vietnam
American global investment firm KKR currently has investments in four Vietnam-based companies, namely EQuest Education Group, KiotViet, Saigon Medical Group, and Vinhomes.
Investing - Sat, December 14, 2024 | 7:56 am GMT+7
Vietnam Aeon's second most important market: exec
Vietnam is retail giant Aeon's second most important market, after Japan, says Kazaoka Takao, chief merchandising officer at Aeon Vietnam.
Companies - Fri, December 13, 2024 | 11:18 pm GMT+7
Thai gov't collaborates with Google to combat cyber threats
The Thai government has intensified efforts to combat severe cyber threats, particularly malicious applications that siphon funds from users' accounts.
Southeast Asia - Fri, December 13, 2024 | 10:25 pm GMT+7
S&P affirms Thailand's BBB+ credit rating with stable outlook
S&P Global Ratings has reaffirmed Thailand’s sovereign credit rating at BBB+ with a stable outlook.
Southeast Asia - Fri, December 13, 2024 | 10:20 pm GMT+7
USD price likely to hit VND25,450 by Q2/2025: StanChart
Standard Chartered forecasts Fed rate cuts, which should lead to a softer-USD bias over the next few quarters, will result in the exchange rate of USD/VND at 25,250 by the end of 2024 and 25,450 by Q2/2025.
Economy - Fri, December 13, 2024 | 10:03 pm GMT+7
ThaiBev earns $1.71 bln revenue from Vietnam in fiscal year 2024
Thailand’s largest beverage firm Thai Beverage (ThaiBev) earned a revenue of THB58,319 million ($1.71 billion) in Vietnam in fiscal year 2024 (ending September 30, 2024), down 2.7% year-on-year.
Companies - Fri, December 13, 2024 | 6:59 pm GMT+7
56.1% of Japanese firms target expansion in Vietnam: survey
As many as 56.1% of Japanese firms aim to expand their activities in Vietnam in the next one to two years, reflecting their stable business confidence, according to a survey of the Japan External Trade Organization (Jetro) for fiscal year 2024.
Economy - Fri, December 13, 2024 | 6:51 pm GMT+7
Former Prime Minister Nguyen Xuan Phuc disciplined
The Politburo, Vietnam’s supreme decision-making body, on Friday issued warnings to former PM Nguyen Xuan Phuc and former Deputy PM Truong Hoa Binh, while reprimanding Truong Thi Mai, former Secretary of the Party Central Committee, for their violations while on duties.
Politics - Fri, December 13, 2024 | 4:33 pm GMT+7
Sun Group breaks ground on $512 mln Aspira Tower project in Phu Quoc
Sun Group, Vietnam's leading real estate developer, recently held a groundbreaking ceremony for the VND13 trillion ($512 million) Aspira Tower project on Hon Thom Island, Phu Quoc, southern Vietnam.
Real Estate - Fri, December 13, 2024 | 3:35 pm GMT+7
Vietnam aims to remove obstacles facing renewable energy projects by Jan 2025
The government strives to solve problems facing renewable energy projects by January 31, 2025, Prime Minister Pham Minh Chinh said at a Thursday conference on the government’s policy to aid such projects.
Energy - Fri, December 13, 2024 | 3:23 pm GMT+7
FDI a driving force for double-digit growth: parliament member
Vietnam's FDI attraction will likely remain "very good" in 2025 thanks to investors' trust in the country's internal strength, says Prof. Dr. Hoang Van Cuong, member of the National Assembly's Finance and Budget Committee.
Economy - Fri, December 13, 2024 | 1:37 pm GMT+7
Vietnamese conglomerate T&T Group becomes strategic shareholder of Vietravel Airlines
T&T SuperPort, T&T Airlines, and BVIM Fund Management JSC, all part of the T&T Group ecosystem, have become strategic shareholders of Vietravel Airlines, a member of travel service provider Vietravel Group.
Economy - Fri, December 13, 2024 | 12:57 pm GMT+7
Vietnam refinery operator to list on HCMC bourse
Binh Son Refining and Petrochemical JSC (BSR), the operator of Vietnam’s first oil refinery, has received the Ho Chi Minh Stock Exchange’s (HoSE) approval to list its BSR shares on the major bourse.
Finance - Fri, December 13, 2024 | 12:45 pm GMT+7
Samsung urges Vietnam to soon issue Investment Support Fund rules
Vietnam should soon issue a decree on the Investment Support Fund, Samsung Vietnam general director Choi Joo Ho said at a Thursday meeting with Vietnamese National Assembly Chairman Tran Thanh Man.
Industries - Fri, December 13, 2024 | 11:17 am GMT+7
Improved domestic manufacturing to drive Vietnam stock market in 2025: brokerage
Vietnam’s stock market in 2025 will be fuelled by the recovery of domestic manufacturing, a key driver of growth, according to broker Mirae Asset.
Finance - Fri, December 13, 2024 | 8:20 am GMT+7
Malaysia eyes to become global medtech hub
Malaysia is on track to become a global medical technology (medtech) hub with its strong policies in attracting and executing the right investments, says Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.
Southeast Asia - Thu, December 12, 2024 | 10:14 pm GMT+7