Economy

Vietnam spent nearly US$270 million on importing 10,000 completely-built automobiles (CBUs) in May, a decrease of 6.3 percent from a year earlier.

On May 31, Sai Gon Giai Phong (SGGP) Newspaper and the Ho Chi Minh City Union of Business Association (HUBA) jointly organized a ceremony to announce the selection and award program for the Green Business title for the year 2023.

Many businesses supposed that the government should consider reducing and delaying the payment of corporate income tax after giving 2-percent VAT cut to support businesses to overcome difficulties.

Chairman of Ho Chi Minh City People's Committee Phan Van Mai announced in the next five years, Ho Chi Minh City will mobilize hundreds of thousands of billions of Vietnamese dong for the city’s development.

Total revenue from retail sales of consumer goods and services in May was estimated at VND519 trillion (US$22.09 billion), an increase of 1.5% over the previous month and 11.5% year on year.

During May 2023, Binh Thuan Province received more than 800,000 tourist arrivals, contributing to a total of over 3.6 million arrivals to the region since the beginning of 2023.

To introduce the brand to domestic customers and attract budget-conscious customers who shopped at the 2023 Ho Chi Minh City Export Fair on May 28, many businesses lowered the prices of their products.

There were some 47 Vietnamese-invested valid projects in foreign countries with a total capital of US$142.7 million in the first five months of 2023, said the General Statistics Office under the Ministry of Planning and Investment this morning.

Several measures have been suggested at an online seminar held by the Government Portal on May 28 to help the corporate bond market maintain its stability and operate in line with the law to aid economic growth.

There remains an ample room for Vietnamese exports to Africa, according to the Ministry of Industry and Trade, given opportunities brought about by the African Continental Free Trade Area (AfCFTA) agreement.

A new government decree is expected to help remove difficulties for the domestic leisure property market, which is experiencing a 10-year low in demand, experts have said.

Currently, the electronics market is rather sluggish. In numerous stores and supermarkets, there is an abundance of sellers compared to buyers, even though discount programs and promotions are being constantly launched.

The Foreign Investment Agency under the Ministry of Planning and Investment has recently announced that between the start of the year and May 20, 2023, the total registered foreign investment capital in Vietnam reached US$10.86 billion.

Many NA deputies raised the question of why Vietnam has to import electricity from Laos and China while 4,600 MWs of renewable energy are wasted and not allowed to connect to the national power grid.

Localities and domestic enterprises are having solutions to attract integrated circuit designers for participation in the global microchip supply chain.

Vietnam has yet to lose its advantage as an attractive destination for foreign investment flows, although in the short term, investors are taking careful consideration before making their decision.

Deputy Prime Minister Tran Hong Ha yesterday urged the implementation of the VND120 trillion preferential credit package for the benefit of investors and home buyers in social housing and worker housing projects

Vietnam’s import and export turnover from the beginning of the year to now is more than US$230 billion, a decrease of 15.4 percent or $42.1 billion over the same period last year. Of which, export turnover reached $118.58 billion, down 12.8 percent.

Real estate, securities, insurance businesses are not subject to the Government's proposal for value-added tax reduction.

The State Bank of Vietnam (SBV) is set to further reduce regulatory interest rates on May 25, the third cut in a row since mid-March, expected to give a boost to the stagnant real estate market.