Vietnam reports strong coffee exports of 1.72 billion USD and a 44.5% increase in aquatic product exports this year. The State Bank of Vietnam adjusts exchange rates and plans to eliminate credit growth quotas. New airline and customs initiatives support infrastructure growth. Vietnam continues to build trade relationships, notably with Italy and the US, focusing on sustainable business and energy cooperation.
Vietnam’s coffee export revenue has reached an impressive 1.72 billion USD in the first two months of the year, reflecting strong market performance. Additionally, the State Bank of Vietnam recently adjusted the daily reference exchange rate for the US dollar to 24,793 VND/USD, decreasing by 1 VND since the prior day.
To bolster sustainable business practices, the Finance Ministry is actively facilitating relationships between small- and medium-sized enterprises (SMEs) and financial institutions, as well as domestic and international experts. Moreover, the International Finance Corporation (IFC) and Switzerland are collaborating to support supply chain finance, aiming to enable over 500,000 SMEs to access financing up to 35 billion USD, with a commitment running through 2029.
Vietnam has secured its position as Brazil’s second-largest aquatic product supplier, with exports totaling 655 million USD in February, marking a notable 44.5% increase compared to the previous year. For the first two months of 2025, total aquatic product exports reached 1.42 billion USD, reflecting a 19% increase year-on-year.
The State Bank of Vietnam plans to eliminate the credit growth quota policy, which has been in place since 2011 due to historical hyperinflation. In recent developments, the bank reported a slight decline in outstanding credit growth in HCM City, while e-tax systems have resumed normal operations after a brief hiatus aimed at improving tax management.
On March 15, the customs sector implemented a streamlined three-tier operational model, resulting in a significant reduction of organizational units. This adaptation aims to enhance efficiency, with customs trade reportedly generating 1.05 billion USD on the first day of the new model. Additionally, the industrial real estate market is expected to thrive, driven by investment and policy reforms.
Vietnam Airlines and Vietjet Air announced plans to commence operations from Tan Son Nhat International Airport’s new Terminal T3 in May. This expansion, with a capacity for 20 million passengers annually and an investment of approximately 431.2 million USD, represents a significant leap in the nation’s aviation infrastructure.
With a robust trade surplus of 235 million USD, Vietnam aims to achieve export revenues of 454 billion USD amidst various global economic challenges. Recent data indicates that January and February’s exports reached 65.2 billion USD, a 9.9% rise from the previous year, while imports rose to 62.9 billion USD.
The State Bank’s daily reference exchange rate also saw an increase of 15 VND as of March 17. Furthermore, Vietnam Airlines plans to resume direct flights from Hanoi to Moscow starting May 8, as part of a broader strategy to expand its international routes in 2025.
According to finance scholar Associate Professor Nguyen Dang Bang, Vietnam possesses the necessary foundations to establish an international financial center, emphasizing the critical role of human capital in realizing this objective. The promotion of trade and tourism connectivity among Vietnam, Thailand, and Japan is underway, which is expected to yield substantial benefits for regional economic development.
Recent export trends point to a potential resurgence in rice exports amid sustained demand, with over one million tonnes shipped in the initial months. Moreover, Vietnam’s significant trading relationship with Italy continues, solidifying its status as Italy’s top trading partner in ASEAN with a 6.9 billion USD bilateral trade turnover in 2024, marking a 13.1% increase. Vietnam is committed to fostering comprehensive energy cooperation with the US, seeking a balanced and mutually beneficial economic relationship.
In summary, Vietnam’s recent economic developments highlight a robust growth trajectory in various sectors, including coffee and aquatic product exports. The country’s strategic initiatives aim to enhance sustainable business practices, streamline customs operations, and bolster international trade partnerships. With continuous investments and policy reforms, Vietnam is well-positioned for significant growth and enhanced economic cooperation on both regional and global fronts.
Original Source: en.vietnamplus.vn
