The inventory-to-sales ratio in the processing and manufacturing industry surged to 87.5% in 2023, up from 78.1% in the previous year, according to the Ministry of Industry and Trade.

The General Statistics Office (GSO) has projected that 162,500 new businesses will enter the market this year, up by 2% compared to the previous year.

Vietnam set a new record in rice exports in 2023, with over 8.1 million tons valued at US$4.7 billion, yet the results still undershot the target set by the Ministry of Agriculture and Rural Development.

Vietnam put its 2023 foreign trade at over US$681 billion, 6.9% lower than in the previous year, according to the General Statistics Office.

The Ministry of Finance in Vietnam has proposed a 5% value-added tax (VAT) for fertilizers, a departure from the current tax-exempt status outlined in the Value-Added Tax Law.

Standard Chartered Bank has projected Vietnam’s GDP growth at 6.7% this year following a 5.05% expansion in 2023.

The Government has urged commercial banks to make things easier for residents and businesses to take out loans.

With a 15% credit growth target set for 2024, an additional VND2 quadrillion will be injected into the economy this year, said a leader of the State Bank of Vietnam (SBV) at a press conference on January 5.

The Department for Roads of Vietnam has written to the Ministry of Transport proposing revising up the speed limit on nine expressways to 90 kilometers per hour from the current 80, but for certain types of vehicle.

In response to the high travel demand before and after the Tet holiday, the railway sector in Vietnam has made an additional 7,000 tickets available for routes connecting HCMC to central and northern provinces during the time for family reunion.