Vietnam’s economy is thriving with strong rice and coffee exports, increased e-commerce tax revenues, and robust growth in the aquatic products sector. The government is focusing on supporting SMEs, phasing out credit quotas, and enhancing airport infrastructure. Vietnam Airlines seeks to expand international routes, contributing to the nation’s global connectivity.
Vietnam’s economy exhibits dynamic growth through diverse sectors. The country’s rice exports remain robust, with Japanese consumers increasingly interested in Vietnamese rice products. Moreover, the e-commerce sector is flourishing as foreign companies, including Google and Facebook, have registered on Vietnam’s electronic tax portal, yielding approximately 2.91 trillion VND (about 114 million USD) in tax revenue.
Coffee exports are noteworthy as well; Vietnam reported a total export value of 1.72 billion USD in the first two months of the year, despite a 22% decline in volume due to rising global prices. Additionally, the reference exchange rate set by the State Bank of Vietnam lowered by 1 VND on March 18 to 24,793 VND/USD.
The Finance Ministry is actively supporting small to medium-sized enterprises (SMEs) to enhance business sustainability through connections with financial institutions and experts. In collaboration with Switzerland, the International Finance Corporation (IFC) aims to aid over 500,000 SMEs in Vietnam through supply chain financing, backed by a grant of 5 million Swiss Francs (approximately 5.6 million USD) until 2029.
Furthermore, Vietnam has emerged as Brazil’s second largest supplier of aquatic products, with exports reaching $655 million in February, reflecting a 44.5% year-on-year increase. Meanwhile, plans to phase out credit growth quotas have been announced by the central bank as part of ongoing economic reforms.
In HCM City, outstanding bank credit saw a slight decrease of 0.17% from December 2024, but still marked a significant 12.2% annual increase. Additionally, Vietnam’s e-tax system has resumed full operations following a temporary suspension, designed to enhance tax management.
The customs sector has also streamlined operations, boasting 1.05 billion USD in trade on the first day after restructuring under a new model. Industrial real estate is poised for growth as policies remove legal obstacles, attracting foreign direct investment (FDI).
Airport expansions are underway with Vietnam Airlines and Vietjet Air set to operate from the new terminal at Tan Son Nhat International Airport by May. The terminal, designed to handle 20 million passengers annually, marks a significant infrastructure investment of nearly 11 trillion VND (431.2 million USD).
Furthermore, Vietnam’s export revenue aims for 454 billion USD amidst global economic challenges, with reported exports reaching 65.2 billion USD in the January-February period, a 9.9% increase. Finally, Vietnam Airlines plans to resume direct flights to Moscow and expand international routes, highlighting its growing connectivity to major global destinations.
In conclusion, Vietnam’s economic landscape demonstrates significant advancement across various sectors, including agriculture, finance, and infrastructure. With rising exports, particularly in rice and coffee, alongside a surge in e-commerce tax revenues, the nation is solidifying its position in the regional and global markets. Efforts to support SMEs and enhance operational efficiency within customs and banking further position Vietnam for future growth and international collaboration.
Original Source: en.vietnamplus.vn
