Vietnam News Today (Dec. 20): Vietnam’s GDP Growth to Outpace Region Peers

	Vietnam News Today (Dec. 18): Laos Prioritizes Cementing Special Relationship With Vietnam
	Vietnam News Today (Dec. 19): Vietnam, China Step Up Development Cooperation

Vietnamese Minister of Justice Nguyen Hai Ninh (L) and his Lao counterpart Phayvy Sibualipha co-chair the 6th expanded judicial conference of Vietnamese and Lao border provinces in Vientiane on December 19. (Photo: VNA)

Vietnam, Laos foster judicial cooperation

Vietnamese Minister of Justice Nguyen Hai Ninh and his Lao counterpart Phayvy Sibualipha co-chaired the 6th expanded judicial conference of Vietnamese and Lao border provinces in Vientiane on December 19.

Ninh highlighted the fruitful judicial cooperation between Vietnam and Laos after more than 40 years since the signing of the bilateral agreement on legal and judicial cooperation, with diverse collaboration contents at both central and local levels, considerably contributing to socio-economic development in both countries, cited VNA.

He noted that to date, the provincial justice departments from 24 pairs of localities of the two countries, including 10 pairs of border provinces and six twinned provinces and cities, have signed cooperation agreements. Many of these deals, including civil registration, nationality services, legal aid, and grassroots mediation, have significantly improved the lives of residents along the shared border, including Lao citizens.

The conference offered a chance for the two sides to enhance the quality of legal activities, helping promote socio-economic development and ensure defence-security in each country, while vividly demonstrating the great friendship, special solidarity and comprehensive cooperation between Vietnam and Laos.

At the event, participants sought solutions to address legal challenges faced by border communities. They emphasized ensuring compliance with laws, supporting livelihoods, and protecting the rights and interests of residents on both sides of the border.

The same day, the Vietnamese Ministry of Justice's delegation visited the new headquarters of the Lao Ministry of Justice, and presented the ministry with 20 sets of computers and gifted the departments of justice of Lao localities with five others.

Vietnam vows to promote UNHRC’s shared goals

Vietnam reaffirms its commitment to playing an active, constructive, and responsible role in promoting the shared goals of the United Nations Human Rights Council (UNHRC) and ensuring the better enjoyment of rights for all people worldwide.

Ministry of Foreign Affairs spokesperson Pham Thu Hang was speaking at a regular press conference in Hanoi on December 19, providing additional information about Vietnam’s candidacy for the UNHRC for the 2026-2028 term.

Deputy Minister of Foreign Affairs Do Hung Viet announces Vietnam's candidacy for re-election to the UNHRC for the 2026–2028 tenure at the Permanent Mission of Vietnam to the UN in New York on December 12.

Vietnam is currently serving as a member of the UNHRC for the 2023-2025 term. During this tenure, it has made significant contributions and initiatives, promoting respect, understanding, dialogue, and cooperation to ensure all human rights for all people, particularly across eight priority areas recognized and highly appreciated by the international community.

According to the spokesperson, during the first two years of the 2023-2025 term, Vietnam has actively fulfilled its responsibilities as a council member, by participating in the Universal Periodic Review (UPR) Fourth Cycle and hosting the UN Special Rapporteur on the Right to Development with positive outcomes.

“These are crucial foundations for Vietnam to continue its candidacy for the 2026-2028 term,” Hang emphasized. “Vietnam’s candidacy reaffirms its ongoing positive contributions, strong commitments, and readiness to contribute to the international community’s common efforts.”

With the successes achieved, she believed that other countries would continue to support Vietnam’s candidacy for the next UNHRC term, according to VOV.

“We are committed to furthering Vietnam’s active, constructive, and responsible role in advancing the UNHRC’s common objectives and improving the enjoyment of rights for people globally,” she stated.

Deputy Minister of Foreign Affairs Do Hung Viet announced Vietnam's candidacy for re-election to the UNHRC for the 2026 - 2028 tenure at the Permanent Mission of Vietnam to the UN in New York on December 12.

Vietnam’s GDP growth to outpace region peers: Oxford Economics

Vietnam will be the standout among the top six ASEAN economies (ASEAN-6), growing at a faster pace relative to its peers during the next few years, according to Oxford Economics, a global economic advisory firm.

It forecast Vietnam’s gross domestic product (GDP) growth will reach 6.7% this year and 6.5% next year, driven by a strong manufacturing sector and a rapid recovery in domestic demand. A key source of growth for Vietnam next year will be its manufacturing exports.

Consumption growth should be broadly supported by stronger wage growth in 2025, mostly from the consequent feedthrough from FDI. In 2022, FDI sector workers earned around 14% more than non-state sector workers, reported VNA.

Illustrative image. Oxford Economics forecast Vietnam’s gross domestic product (GDP) growth will reach 6.7% this year and 6.5% next year, driven by a strong manufacturing sector and a rapid recovery in domestic demand. (Photo: VNA)

Tourism will be another tailwind, too, though it will likely add less to growth than it did this year. Tourism receipts in 2023 were 6.6% of nominal GDP.

Within Asia, Vietnam has been the second-largest beneficiary of tourism this year behind Japan. Additional spillovers from tourism-related income will help to drive domestic spending.

While the boost from global chip demand will moderate next year, as strong base effects are working against chip production and demand is set to slow in the near-term, it should still be positive.

Earlier stockpiling in the aftermath of supply chain disruptions has contributed to excess inventory, and demand is soft in the automotive, mobile, and computer clusters.

Indeed, our proprietary Asia Chip Export Index shows that across Asia, growth in chip export volumes slowed from the start of the year, Oxford Economics said, noting in Vietnam, this was reflected by contracting output in electronic component production in annual terms since mid-2024.

Other electronic related sub-components that make up electronic exports are also not overperforming

Oxford Economics said 2025 should have sufficient tailwinds for manufacturing to remain solid. Artificial intelligence-related tailwinds, such as more spending on data centres globally, should present a structural boost.

Other large exporting sectors are machinery and electrical appliances, textiles, and agriculture. A boost should come from the front-loading of export orders next year in anticipation of tariffs, which may be sufficient to offset soft electronics demand in the near term.

Greater US fiscal stimulus also presents an upside risk for 2025, given that the US is Vietnam's largest export destination, it said.

According to Oxford Economics, growth in FDI inflows will continue to be maintained, although at a slower pace. It expects investment growth in 2025 to reach 7.2%, higher than the 6.9% forecast for this year.

Oxford Economics' projection is similar to that of other international financial institutions. The Asian Development Bank (ADB) previously raised its forecast for Vietnam to 6.4% this year and 6.6% in 2025. HSBC also believed that Vietnam's GDP growth could reach 7% in 2024 and 6.5% in 2025, the highest in ASEAN-6. Standard Chartered forecast that Vietnam will grow strongly at 6.7% in 2025. Meanwhile, UOB predicted that Vietnam's growth rate in 2025 will be 6.6%, the highest in ASEAN-6.

Vietnam affirms capacity in UN peacekeeping missions

The Vietnam People's Army continues to excel in fulfilling both domestic and international missions, remarkably its participation in United Nations (UN) peacekeeping operations.

On September 20, 1977, Vietnam officially became the 149th member of the UN. Since 1996, the nation has started making contributions to UN peacekeeping operations.

During 2005 to 2012, the Party, the Government, and the Ministry of Foreign Affairs issued and approved policies, as well as organized numerous research and field study trips to various UN peacekeeping missions.

On November 23, 2012, a master plan on Vietnam's participation in the UN peacekeeping operations was ratified by the Politburo.

On April 10, 2013, the Politburo issued Resolution 22 as "proactively and actively participating in multilateral institutions", which included "engaging in higher-level activities, such as UN peacekeeping operations".

On May 27, 2014, the Ministry of National Defense held a ceremony to inaugurate the Vietnam Peacekeeping Center, which was upgraded into the Vietnam Department of Peacekeeping Operations, cited VGP.

Photo: VGP

In June 2014, the first two officers of the Vietnam People's Army were sent-off as liaison officers to the South Sudan mission, marking Vietnam's official participation in UN peacekeeping operations.

Vietnam's key highlights in peacekeeping missions

The year marks the 10th anniversary of Vietnam's participation in UN peacekeeping missions.

Over the recent decade, Vietnam has deployed more than 800 personnel from the Vietnam People's Army and Vietnam People's Public Security to UN peacekeeping missions.

These missions include assignments to South Sudan, the Central African Republic, the Abyei Area, and the Department for Peace Operations as well as participation in the European Union's peacekeeping force in the Central African Republic.

There have been five rotation teams from the Level-2 Field Hospital deployed to South Sudan, two rotation teams from the Engineering Unit deployed to the Abyei Area, and 114 individual officers deployed in various roles.

These achievements reflect Vietnam's long and determined journey over the past decade, as the country has actively participated in a highly meaningful and noble activity—UN peacekeeping missions.

Vietnam’s 2024 foreign trade to hit close to US$800 billion

Vietnam’s export-import turnover is likely to reach a record high of US$782 billion this year, demonstrating the country’s steady recovery amid global fluctuations, according to the General Department of Vietnam Customs.

Statistics show, as of December 14, the country’s total export-import turnover fetched US$745 billion, marking a growth of 15.3% compared to the same period in 2023.

Of the total, exports brought in US$384 billion, an increase of nearly 14.5%, while imports hit approximately US$361 billion, up by 16.3%.

The value of goods cleared through customs grew strongly in both directions, resulting in a trade surplus of US$23.4 billion, though the figure was nearly US$2.3 billion less than the trade surplus recorded in the same period last year, cited VOV.

Vietnam steps up border trade activities with China, which is Vietnam's largest trading partner globally.

Some optimists even said the country’s foreign trade this year may hit the US$800 billion mark this year thanks to bustling trade activities throughout the year.

However, analysts argued that reaching US$800 billion seems almost impossible, based on the figures recorded in the past 11 months and the declining trend in November.

To achieve US$800 billion, the export-import turnover in December would need to reach nearly US$85 billion, a figure never achieved before and far beyond the average of US$65 billion per month in the first 11 months of 2024.

Unless there is an extraordinary growth in December, it will be difficult to gross US$85 billion in export-import turnover, said analysts.

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