Singapore has become increasingly reliant on Vietnamese rice imports, with Vietnam surpassing traditional suppliers like Thailand and India.   Vietnam is now Singapore’s leading rice supplier. Photo: Buu Dau / Tuoi Tre  Data from Singapore’s enterprise regulator shows Vietnamese white rice exports to the city-state reached US$26 million in the first three months of 2024, reflecting […]

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The total value of cashless transactions in 2023 was 23 times GDP, according to the State Bank of Vietnam.   A customer scans a QR code to pay at a restaurant in Hanoi. Photo by VnExpress/Luu Quy  This is 90% of the 2025 target, Pham Anh Tuan, director general of the central bank’s Payment Department, […]

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The number of individuals with over US$1 million in net worth in HCMC has doubled in the last decade, making it Asia’s next big millionaire hotspot, a report has found.   A view of downtown HCMC in July 2023. Photo by VnExpress/Quynh Tran  The city now boasts 7,200 millionaires, 24 centi-millionaires, and 3 billionaires, according to […]

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The U.S. Commerce Department will hear testimony on whether to designate Vietnam as a “market economy” on Wednesday.   U.S. President Joe Biden makes a speech at the U.S. Capitol building in Washington, U.S., May 7, 2024. Photo by Reuters  The move, opposed by U.S. steelmakers and Gulf Coast shrimpers but backed by retailers and […]

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VCCI reflects that many Vietnamese enterprises set up more overseas companies to provide services to customers to reduce tax liabilities. This comment was made by the Vietnam Confederation of Commerce and Industry (VCCI) when commenting on the amended Value Added Tax (VAT) Law. According to current regulations, business export services on the Internet, production of […]

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PM Pham Minh Chinh directs easing of credit constraints and interest rate reductions to support businesses   The PM’s strategy rests on “five increases” and “five decreases.” (Photo source: https://www.realvantage.co/) The Prime Minister of Vietnam Pham Minh Chinh signed a comprehensive directive on May 2 focusing on removing difficulties for production and business, promoting growth […]

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The Ministry of Industry and Trade introduces a new scheme to boost legal knowledge and empower smaller enterprises often overlooked in Vietnam’s economic landscape.   SMEs are vital to Vietnam’s economy, comprising roughly 98% of all enterprises and contributing approximately 40% of the country’s GDP. (Photo source: Financial Magazine.) Vietnam’s Ministry of Industry and Trade […]

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Vietnam is expected to produce 43 million tons of rice this year, enough to meet both the export demand of more than 8 million tons and domestic consumption.   Farmers harvest rice in southern province of Kien Giang. Photo by VnExpress/An Binh In the first four months of 2024, Vietnam earned US$2.08 billion from shipping […]

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Prime Minister issues directive to bolster carbon credit oversight amid climate commitments   Commitment Reinforcement post COP26. (Photo source: internet.) Vietnam is ramping up efforts to manage carbon credits effectively in pursuit of its Nationally Determined Contributions (NDCs), following its pledge to achieve net-zero emissions by 2050. Prime Minister Pham Minh Chinh on May 2 […]

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