Economy

After a strong surge in sales in September when the Vietnamese automobile market saw a 45% increase, an increase was still recorded in October, though at a more modest rate.

Vietnamese representative agencies abroad should uphold their role in providing information and advising on policies related to foreign affairs, thus contributing to further enhancing Vietnam’s relations with other countries, particularly between the country’s localities and their partners.

A Vietnam-France Investment and Trade Promotion Seminar was held in Paris on November 13 to strengthen connections and seek cooperation opportunities between the Mekong Delta province of Long An and France.

Vietnam’s total retail sales of consumer goods and services saw a year-on-year increase of 8.5% to over 5,246 trillion VND (207.5 billion USD) during January – October, the General Statistics Office (GSO) reported.

The annual Vietnamese Goods Week has arrived in Udon Thani province of Thailand, transforming it into a vibrant marketplace for Vietnamese products.

From January to October, the manufacturing and processing sector attracted the lion's share of foreign investment with $17.1 billion, down 14 per cent year-on-year, which is equivalent to 62.6 per cent of the total.

The Ho Chi Minh City Department of Information and Communications and the Francophone University Agency (AUF) organised an international conference on November 4 discussing ways to branch out high-quality labour force for the southern economic hub’s development of smart urban areas.

Vietnam’s business and investment climate is showing marked improvements following sustained reform efforts, with enhanced access to business-related information and regulations, reduced unofficial costs, and effective administrative reforms, according to the latest survey by the Vietnam Chamber of Commerce and Industry (VCCI).

The US Department of Commerce (DOC) will not impose anti-dumping duties on aluminum extrusions imported from 14 countries and territories, including Vietnam, according to the Trade Remedies Authority of Vietnam under the Ministry of Industry and Trade.

The central province of Binh Dinh always create favourable conditions for investor to explore opportunities and invest in the locality, the provincial Party Secretary Ho Quoc Dung said during a working session with Helga Margarete Barth, German Ambassador to Vietnam, and representatives from the German Chamber of Commerce and Industry in Vietnam (AHK Vietnam), and PNE Group on October 30.

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at 24,246 VND/USD on October 30, down 6 VND from the previous day.

The third quarter financial reports from various steel companies showed a clear divergence. While some producers like Hoa Phat Group and Thong Nhat Flat Steel JSC witnessed profit resurgence, others faced ongoing losses.

Vietnam’s national pavilion at the High Point Market fair in North Carolina, the US, was inaugurated on October 26.

In a move to expand its international presence, national flag carrier Vietnam Airlines has signed bilateral memoranda of understanding (MoUs) with two of the world’s premier airlines, Etihad Airways and Emirates.

A Vietnam-Laos trade fair was kicked off in Phonsavanh township in Xiengkhouang province of Laos on October 23 as part of activities to celebrate the 75th anniversary of the traditional day of Vietnamese volunteer soldiers and experts in Laos (October 30, 1949 – 2024).

Vietnam aims to turn its Halal industry into a strong economic sector, positioning the country as an indispensable destination on the global Halal map and an important link in the supply chain of Halal products and services worldwide, Prime Minister Pham Minh Chinh stated at a conference held in Hanoi on October 22.

Vietnam’s coffee exports exceeded the 5 billion USD mark for the first time in the 2023-2024 crop year that lasted from October 1, 2023 to September 30, 2024.

Vietnam is 99th out of the 165 countries in the Economic Freedom of the World ranking by Canada’s Fraser Institute, up four places from last year.

Pre-tax profit of parent companies of 19 corporations and parent companies under the Commission for Management of State Capital at Enterprises (CMSC) is estimated to reach 50.36 trillion VND (2.08 billion USD) in the first nine months of the year.

Some 41 % of Vietnamese businesses have begun a transformation focusing on operation and processes, organisational structures and workforce, and customer experience, a conference heard in Ho Chi Minh City on October 15.