Vietnam News Today (Nov. 2): Vietnam to Become ASEAN's Fastest Growing Economy in 2024

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	Vietnam News Today (Nov. 1): Vietnam Wishes to Develop Sustainable Relations With US

Prime Minister Pham Minh Chinh (R) meets with Saad bin Sherida Al Kaabi, Qatar’s Minister of State for Energy Affairs in Doha on October 31.

Vietnam seeks Qatar support in energy development

Vietnam expects to receive Qatar’s assistance in energy development for the sake of national energy security, Prime Minister Pham Minh Chinh told Saad bin Sherida Al Kaabi, Qatar’s Minister of State for Energy Affairs in Doha on October 31.

Chinh, who is making a working trip to Doha, said energy is one of the priority areas in bilateral cooperation, a field in which Qatar excels and where Vietnam seeks partnership, and this issue was discussed during October 30 talks and meetings with leaders of Qatar in Doha.

Both sides agreed on the need to negotiate an agreement on this field and assigned the Ministry of Industry and Trade of Vietnam and Qatar’s Minister of State for Energy Affairs, who is also President and CEO of QatarEnergy, to discuss specific measures to enhance cooperation.

Chinh requested that Qatar support Vietnam in the energy industry, ensuring a regular and steady supply of energy products such as crude oil, natural gas, and chemicals, particularly LNG, to help secure Vietnam’s electricity supply.

He also urged the Minister to direct QatarEnergy to strengthen investment cooperation in oil and energy with Vietnamese partners, especially with the Vietnam Oil and Gas Group (PetroVietnam), to enhance Vietnam’s energy production independence.

He encouraged cooperation in implementing projects related to oil and gas exploration, processing, offshore wind power, solar energy, and hydrogen, cited VOV.

The Prime Minister shared that Vietnam is amending its Electricity Law and relevant regulations to reduce administrative intervention, increase business autonomy and self-determination, and facilitate foreign investors’ cooperation with domestic partners.

Saad bin Sherida Al Kaabi, for his part, agreed with Chinh’s proposals, saying these are highly potential areas, particularly in gas-fired power and LNG. He also shared that negotiations with PetroVietnam are underway for various cooperation projects.

The Minister noted that Vietnam is expected to continue achieving high growth rates in Asia, leading to an increased demand for energy. He expressed support for negotiating and signing cooperation agreements with Vietnam in energy and gas, and proposed discussions on a partnership for producing and supplying urea - a product derived from oil and gas.

QatarEnergy is ready to connect businesses for collaboration and investment with Vietnamese partners, he said, adding that he would visit Vietnam to discuss and promote specific cooperation projects.

Vietnamese embassy in Tokyo boosts ties with Japanese localities

The Vietnamese Embassy in Tokyo held an exchange with representatives of Tokyo-based Japanese offices on November 1.

Initiated by the Liaison Council of Municipalities of Japan, the event served as a platform for the embassy to showcase Vietnam's cooperation initiatives, policies and image, while expanding relations with Japanese localities to facilitate future collaborations.

Vietnamese Ambassador to Japan Pham Quang Hieu seized the opportunity to propose concrete measures aimed at bolstering cooperation between the embassy and the council.

He highlighted a strong desire among the Vietnamese community in Japan, many of whom either currently reside or previously worked in the country, to continue their stay or return there. This enduring relationship, he said, is a powerful catalyst for Vietnamese citizens seeking opportunities to live, study and work in Japan, according to VNA.

Vietnamese Ambassador to Japan Pham Quang Hieu and representatives of Tokyo-based Japanese offices (Photo: VNA)

Daisuke Nakaoka, representative of the Hiroshima Prefectural Office in Tokyo, said with over 10,000 Vietnamese residents, Hiroshima boasts the largest foreign community from Vietnam. Recent milestones include the launch of direct Vietjet flights connecting Hiroshima and Hanoi in May, and the signing of an official cooperation agreement between Hiroshima and Vietnam’s Thanh Hoa province in June.

Established by the Office of the Japanese Minister of Foreign Affairs in August 2017, the Liaison Council plays a crucial role in disseminating information to local authorities, enabling them to launch programmes aligned with Japan’s foreign policy while promoting joint projects across various fields at the local level. Today, the council boasts 75 members representing 47 prefectures and 20 central municipalities with offices in Tokyo.

Vietnam to become ASEAN's fastest growing economy in 2024: HSBC

HSBC Bank forecasts that Vietnam's economy will grow 7 percent in 2024, becoming the fastest growing economy in ASEAN and creating as much new GDP as the Netherlands.

The World Bank's October report highlights new opportunities for Vietnam in global trade connectivity, as international trade tensions boost the position of East Asia-Pacific nations.

Also, WB's semi-annual East Asia and Pacific Economic Update predicted that developing economies in the region would continue to outpace global growth in 2024, albeit slower than pre-pandemic levels.

Meanwhile, HSBC forecasted Vietnam's economy to grow by 7 percent in 2024, positioning it as ASEAN's fastest-growing economy with new GDP generation comparable to the Netherlands, despite global economic challenges.

Tim Evans, CEO of HSBC Vietnam, noted that the country had achieved remarkable economic progress, becoming one of the world's top 40 economies by GDP and top 20 in trade.

This progress has driven per capita income from US$100 at the start of reforms to US$4,300 today. However, rapid global changes, primarily digital transformation and climate change, demand adaptability for sustainable development, cited VGP.

Cargo containers at Gemalink International Port, Phu My town, Ba Ria-VungTau province. Photo: VNA

Vietnam shows significant digital consumption potential due to its young population, high internet penetration, and robust e-commerce ecosystem. To maximize this potential, continued investment in education and technology access is crucial.

Additionally, climate change presents both challenges and opportunities for Vietnam. While vulnerable to its effects, the country possesses substantial renewable energy potential, attracting foreign investment in this sector.

Standard Chartered Bank has raised Vietnam's 2024 GDP growth forecast to 6.8 percent from 6 percent, following better-than-expected Q3 results.

The bank's economists cite strong growth drivers across multiple sectors, including trade, retail, real estate, tourism, construction, and manufacturing.

Trade recovery, increased business activity, and foreign direct investment are expected to be key growth drivers in 2025 and beyond.

Vietnamese tech company introduces new product in US market

Vietnam’s Xelex Group JSC on October 30 (local time) introduced its Latimer laptop/tablet at Practical Technologies Inc. in the US’s Maryland state.

The 2-in-1 product, featuring effective security measures to ensure user safety, has received a warm reception from domestic businesses.

It is produced with the collaboration between US and Vietnamese innovators, reflecting Vietnam's increasingly advanced capabilities in the technology sector, VNA reported.

Nguyen Ai Huu, Chairman and CEO of Xelex Group, and a product of Xelex (Photo: VNA)

Nguyen Ai Huu, Chairman and CEO of Xelex Group, stated that this product was launched after nearly five years of research. In the coming time, Xelex will introduce its Latimer brand to schools in Maryland, aiming to integrate artificial intelligence (AI) into its products and gain a firm foothold in challenging markets like the US.

Vietnamese manufacturing output returns to growth in October: S&P Global

The Vietnamese manufacturing sector has started to recover from the effects of September's typhoon Yagi as it recorded renewed increases in both output and new orders, according to the latest report released by S&P Global.

The report outlined that Vietnam’s Manufacturing Purchasing Managers' Index (PMI) posted 51.2 in October, up from 47.3 in September and back above the 50.0 no-change mark following the disruption caused to the sector by Typhoon Yagi in the previous month.

Business conditions have now been strengthened in six of the past seven months, although the improvement in October remained modest.

Central to the renewed strengthening of the health of the sector were the returns to growth of both production and new orders as the recovery from the typhoon got underway.

Experts pointed out that in each case, rates of expansion were softer than in the months leading up to September as some firms continued to endure disruptions following the storm and subsequent flooding.

Alongside the rise in total new businesses, new export orders also increased in October. However, the rate of expansion was only marginal amid several reports of subdued international demand.

With some firms reportedly still operating below full capacity due to the impact caused by the typhoon, backlogs of work have accumulated for the fifth month running, albeit to a lesser extent than the two-and-a-half year high posted in September.

Meanwhile, employment ticked down, reversing the rise seen in the previous month. Some firms reported that resignations had caused a drop in their staffing levels.

Most notably, suppliers' delivery times lengthened for the second month running in October as storm disruption continued to affect transportation, cited VOV.

Photo: VOV

Purchasing activities returned to growth amid higher new orders and expected increases in production in the months ahead.

Manufacturers reported a rise in input costs amid currency weakness and higher prices for oil, metals, and transportation. In turn, firms increased their own selling prices. However, the rate of charge inflation was only slight as some respondents indicated that competitive pressures had led them to offer discounts.

Insiders analyzed that rising sales, hopes for stable market conditions, and business expansion plans, had all been factors contributing to the positive expectations regarding manufacturing production over the coming year.

However, optimism dipped to a nine-month low and was weaker than the series average. Some firms indicated that uncertainty around the United States Presidential Election had served to dampen confidence.

Andrew Harker, economics director at S&P Global Market Intelligence, stressed that October’s data showed that the recovery from the disruption caused by typhoon Yagi got underway during the month, with firms seeing a rise in new orders and being able to expand their production.

“Some companies are still suffering from the effects of the storm, however, limiting rates of expansion. We should hopefully therefore see growth pick-up as more manufacturers get back up to full capacity towards the year end," he noted.

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