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The Prime Minister underscored that the financial centres are designed to mobilize resources for the growth of Ho Chi Minh City and Da Nang, as well as for the country as a whole. To achieve this, he urged relevant ministries and local governments to focus on essential factors such as infrastructure, human resources, and the overall financial ecosystem.
The complex, strategically located, aims to produce a wide range of petrochemical products, including polyethylene, polypropylene, and other essential chemicals used in various industries. By leveraging advanced technology and efficient production processes, the facility is set to meet both domestic demand and export requirements, significantly bolstering Vietnam's position in the global petrochemical market.
The IMF's report highlights several key factors contributing to this growth. Vietnam's competitive labor costs, strategic geographic location, and commitment to reforming its economic policies make it an attractive destination for international businesses. The country has successfully positioned itself as a manufacturing hub, particularly in electronics and textiles, benefiting from shifting supply chains as companies seek alternatives to China.
In recent years, Vietnam has emerged as a significant player in global trade, benefiting from competitive labor and production costs. However, the number of trade defense cases against Vietnamese exports has surged, with 39 cases recorded in 2020 alone, compared to only 50 cases from 2001 to 2011. Since 2001, a total of 257 cases have been documented, including 141 anti-dumping investigations, 37 anti-circumvention cases, and 27 anti-subsidy investigations.
The rising popularity of value-added pangasius products, such as dried fish maws and fish skin snacks, is a response to growing demand from consumers. Currently, 12 Vietnamese companies supply these products to the Chinese market, where fish maw is not only regarded as a delicacy but also as a symbol of prosperity and success. VASEP notes that the product is often gifted during important events in China.
Vietnam's innovation landscape has expanded impressively, with around 4,000 start-ups, 208 investment funds, and numerous incubators and creative centers. The country ranks 56th globally in the start-up ecosystem and 44th in the Global Innovation Index for 2024. These achievements reflect a growing recognition of innovation’s impact on national development.
The SBV has also organized auctions of gold bars and directly sold gold to four state-owned commercial banks and SJC to meet rising demand from consumers. By coordinating with various ministries and local governments, the SBV aims to maintain public order and ensure the effectiveness of its intervention measures.
Petrovietnam, a leading player in the oil and gas sector, is keen to diversify its energy portfolio and embrace renewable resources. The collaboration with CIP, known for its expertise in infrastructure investments in renewable energy, presents an opportunity to leverage best practices and technological advancements.
In addition to revenue collection efforts, the Ministry of Finance has submitted a draft decree to the Government proposing a reduction in land rent fees for 2024. This initiative aims to support recovery efforts following the recent impact of Typhoon Yagi. Two options are being considered for the reduction: either a 15% or 30% decrease in land lease costs.
Vietnam has experienced an increase in the frequency and intensity of typhoons, a trend attributed to climate change. Recent reports highlighted that Typhoon Haikui and Typhoon Doksuri caused significant damage in several provinces, with flooding affecting thousands of households. The government has been working to manage disaster response effectively, but the scale of the damage has necessitated international assistance.
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