Vietnam news in brief - December 2
Read The Hanoi Times news in brief to keep up to date with developments in Vietnam.
Vietnam targets 8% GDP growth in 2025
Prime Minister Pham Minh Chinh on December 1 said Vietnam set a target of 8% gross domestic product (GDP) growth for 2025. In 2024, Vietnam's GDP is expected to grow 7%, with a trade turnover of US$807.7 billion and a surplus of $23 billion. He outlined eight development solutions focusing on institutional reform, infrastructure, sustainable growth, and social welfare.
| Prime Minister Pham Minh Chinh at the logistics meeting on December 2. Photo: VGP |
Vietnam expects logistics to account for 15% of GDP in 2025
Vietnam expected that the logistics sector will account for 15% of GDP in 2025 at a governmental meeting on December 2 attended by Prime Minister Pham Minh Chinh. He emphasized the strategic role of logistics and outlined seven key solutions, including institutional reform, infrastructure development, workforce improvement, and improved international connectivity to support sustainable economic growth.
Prime Minister highlights energy milestones in Ba Ria-Vung Tau
Prime Minister Pham Minh Chinh attended a series of oil-related events in Ba Ria-Vung Tau on December 1, including the signing of contracts worth billions of dollars and the handover of 33 wind foundations for Denmark's Orsted, the inauguration of the Baltica 02 substations, and the launch of the B-O Mon Block gas project. These events highlight the growth of Vietnam's renewable energy sector and the strategic expansion of Petrovietnam, which is estimated to generate 10% of the country's 2024 budget revenue.
Vietnam, Singapore commit to industrial and energy cooperation
Tran Thanh Man, Chairman of the National Assembly, and Lee Ark Boon, CEO of Sembcorp Development, reaffirmed their commitment to strengthen cooperation in the development of smart industrial parks and clean energy projects when they met in Singapore on December 2. Both emphasized efforts to support Vietnam's sustainable economic growth and green transformation.
Vietnamese handicrafts shine at an international fair in Milan
Nearly 100 One Commune One Product (OCOP)-labeled products and Vietnamese handicrafts are on display at the 2024 AF-L'ARTIGIANO IN FIERA International Fair in Milan, Italy, from November 30 to December 8. Featuring silk and bamboo handicrafts and specialty foods, the 90-square-meter Vietnamese pavilion combines cultural promotion with product sampling. The event highlights Vietnamese products, strengthens trade relations with the EU market, and supports sustainable rural development and export expansion.
Binh Duong aims at record US$10 billion trade surplus in 2024
The southern province of Binh Duong is set to achieve a record trade surplus of US$10 billion in 2024, with exports reaching US$34.5 billion, up 12.7% year-on-year. Major exports contributed US$19.3 billion, led by wood products at US$6.5 billion, up 17.6%. The province is taking advantage of 17 free trade agreements and investing in green technology, digital transformation, and logistics.
Vietnam to make cross-border QR payments easier
Vietnam plans to expand cross-border QR payment connectivity to China, Japan, and South Korea in 2025, following its success with Thailand and Laos. The National Payment Corporation of Vietnam (NAPAS) aims to promote the use of local currency in international transactions to boost trade, investment, and tourism. In 2024, NAPAS processed more than 26 million transactions daily, a 30.8% increase in volume, highlighting the growing adoption of cashless payments.
