Impressive and unprecedented record

It is forecast that this year, gross domestic product (GDP) will reach over 5%, although lower than the set target (about 6,5%), it is still quite high compared to many countries in the world and region. . Growth in the next quarter is higher than the previous quarter. The average consumer price index for the year is estimated at about 3,5%, much lower than the target of about 4,5%.

State budget revenue is expected to exceed 3-4% of the assigned estimate. Although exports missed the 6% growth target, the trade balance continued to trade surplus for the 8th consecutive year with an estimated surplus of 26 billion USD, an increase of nearly 3 times in 2022. Public investment accelerated, become the main driving force for economic recovery and growth this year. In 11 months, disbursed foreign direct investment (FDI) exceeded the 20 billion USD mark, the highest in the period 2018-2023.

Agriculture continues to be the pillar of the economy, the whole year's export is expected to reach the target of 54 billion USD. Fruit and vegetable exports have had a comeback, setting an impressive record with a turnover of 5,6 billion USD. This surprise is due to the opening of the Chinese market, most notably official export of durian. has set a record figure of more than 2,2 billion USD, becoming the product accounting for the largest proportion of Vietnam's fruit and vegetable industry.

At 20:15 p.m. on August 8 (Vietnam time), on the Nasdaq - US floor, VinFast officially listed with the trading code VFS. This is the first time a Vietnamese business has successfully listed on the second largest stock market in the US and the world. The company has a capitalization value of more than 23 billion USD.

The bell ringing event at Nasdaq is a historic milestone in VinFast's development roadmap, inspiring Vietnamese brands to go global. With a price of 22 USD/share, equivalent to a valuation of approximately 50 billion USD, this became a hot event for domestic and international media. After listing, VinFast's capitalization sometimes reached 200 billion USD.

2023 marks the 35th year of Vietnam opening up to attract FDI. FDI capital into Vietnam increased from a meager figure of 2 million USD in 1988 to nearly 29 billion USD by the end of this year. Many FDI projects expand investment and new large-scale projects mainly in the manufacturing sector, such as: Jinko Solar Hai Ha photovoltaic cell technology complex project with a scale of 1,5 billion USD; Expanding LG Innotek factory in Hai Phong for 1 billion USD; Lite-On Quang Ninh factory worth nearly 700 million USD...

Last year, leaders of corporations and the largest business delegations ever came to Vietnam to explore business investment opportunities. "Eagle" highly appreciates Vietnam's potential and competitiveness on the world investment map. Nvidia Chairman committed to establishing a legal entity in Vietnam. The President of the American Semiconductor Industry Association said that Vietnam is the most attractive destination for American investors in the semiconductor field and can play the role of a strategic partner in providing human resources.

SJC gold bar price has broken all historical records. In recent days, the gold price has increased to the highest level of more than 80 million VND/tael, nearly 20 million VND/tael higher than the world gold price. The price of 9999 plain round gold rings of gold brands also increased to an unprecedented high of more than 64 million VND/tael.

Faced with new developments in gold prices, the Prime Minister requested the authorities to coordinate with the State Bank to urgently conduct a comprehensive assessment of the gold market and strictly handle manipulation.

According to analysts, the erratic gold price comes from the fact that for many years the State Bank has had a monopoly and has not imported SJC gold bars. Scarcity of supply makes domestic gold price "alone in the market". At the end of 2022 and early 2023, authorities broke up many rings smuggling gold into Vietnam and gold business leaders were prosecuted. Many international organizations and experts also have recommendations to amend regulations on gold import and trading.

The real estate market will face difficulties from mid-2022 and last until the end of this year. The government has taken drastic action to rescue and restore the real estate market. In particular, the Government has established a working group under the Prime Minister to remove difficulties for the real estate market. Each locality also established a working group headed by the Chairman of the Provincial People's Committee. Typically, up to now, Ho Chi Minh City has resolved 67 projects (equivalent to 37,2%) compared to the initial number of 180 projects. Hanoi has directed and resolved 419 projects.

The year 2023 marks the event that the Real Estate Business Law (amended) and Housing Law (amended) were passed by the National Assembly, becoming an important legal framework, with many notable new regulations, ensuring the rights benefits and obligations of participating parties, helping the market become more transparent and sustainable. The two new laws will take effect from January 1, 1.

If 2022 is a race to break the peak of interest rates, 2023 will be a race to the bottom of interest rates, bringing the interest rate level even lower than before the COVID-19 pandemic. The State Bank has adjusted operating interest rates four times with a total reduction of 4-0,5%/year.

Reducing operating interest rates will create conditions for commercial banks to reduce deposit interest rates, thereby reducing lending interest rates. Compared to March, the 3-month term deposit interest rate ranged from 12%/year to over 7%/year. By December, there was no longer a 10%/year term deposit interest rate for the 12-month term. As of the end of December, 6-12 month savings deposit interest rates were brought by banks to 12-1%/year, 3-2,2 month terms ranged from 4,45-6%. /year, 9-month term ranges from 3,9-5,3%/year.

There are 9 road projects on the North - South Expressway completed and put into operation, including: Mai Son - National Highway 45; National Highway 45 – Nghi Son; Nghi Son – Dien Chau; Nha Trang – Cam Lam; Vinh Hao – Phan Thiet; Phan Thiet - Dau Giay; My Thuan – Can Tho; Tuyen Quang - Phu Tho inter-regional expressway connects to Noi Bai - Lao Cai expressway; My Thuan Bridge 2. Completed the project to expand Dien Bien airport and build a new terminal T2 at Phu Bai airport, Thua Thien - Hue province.

Many large transportation projects have started construction, such as: North - South Expressway phase 2 (12 component projects); essential works of Long Thanh Airport Project (Dong Nai); Commencement of terminal T3 at Tan Son Nhat airport (HCMC); Belt 4 Hanoi; Belt 3 of Ho Chi Minh City; Khanh Hoa – Buon Ma Thuot Expressway; Bien Hoa - Vung Tau Expressway; Chau Doc – Can Tho – Soc Trang Expressway…

Thus, this year, more than 420 km of highways will be put into operation, bringing the total length of highways completed in the country to nearly 1.900 km. In the period 2021 - 2025, the Party and State have determined that transport infrastructure investment is one of three strategic breakthroughs that should be prioritized for investment resources, setting a target of reaching 1 km of expressways by 3 and 3.000 km by 2025.

Mr. Tran Qui Thanh - Chairman of the Board of Directors, General Director of Tan Hiep Phat Trading and Services Co., Ltd. - and his daughters Tran Uyen Phuong and Tran Ngoc Bich were proposed to be prosecuted and detained for appropriating 767 billion. copper.

Ms. Truong My Lan - Chairman of the Board of Directors of Van Thinh Phat - withdrew a loan from Saigon Commercial Joint Stock Bank (SCB) amounting to more than 1 million billion VND and 1.300 loans with outstanding debt of 677.000 billion VND at SCB, creating alarming bells. Regarding cross-ownership and backyard lending, we need to completely stop the drain on banks. The case revealed Van Thinh Phat's ecosystem of 1.000 subsidiaries; The number of victims in the case was determined to be 42.000 investors who bought bonds; 45 leaders and officers of SCB bank and 8 leaders and officers of the State Bank were prosecuted.

Mr. Nguyen Cao Tri - Chairman of the Board of Directors, General Director of Capella Group - was accused of appropriating 1.000 billion VND from Ms. Lan after this person was arrested, eliminating Ms. Truong My Lan's ownership rights at Van Lang Company.

The case of Xuyen Viet Oil Company dragged many officials down in December. Notably, many officials such as: Mr. Do Thang Hai - Deputy Minister of Industry and Trade; Mr. Le Duc Tho - former Secretary of Ben Tre province; Mr. Le Duy Minh - Former Director of Ho Chi Minh City Tax Department - was detained. Previously, Director Mai Thi Hong Hanh and Deputy Director Nguyen Thi Nhu Phuong were arrested. Authorities said that Xuyen Viet Oil currently has large loans at banks and a tax debt of more than 12 billion VND that has not been recovered.

Mr. Nguyen Khanh Hung - Chairman of LDG Investment Joint Stock Company - was prosecuted for the act of "Deceiving customers" related to the case of "Abusing position and power while performing official duties" that occurred at the project. underground construction project of more than 500 houses in Tan Thinh residential area project in Doi 61 commune, Trang Bom district, Dong Nai.

Prolonged heat on a large scale and drought due to the impact of El Nino have caused many large hydroelectric lakes across the country to dry up after many years. From mid-May to near the end of June, many provinces and cities in the Northern region and Hanoi were seriously affected by rotating power cuts. As of June 5, the amount of electricity that had to be cut in the North reached 6 MW, equal to nearly 11% of the total electricity consumption of the entire Hanoi.

Faced with the situation of rotating power cuts, the Government has taken a series of drastic measures, requiring Vietnam Electricity Group (EVN) to thoroughly resolve the power shortage situation and not to lack power in any case. At the same time, request EVN and units to review.

At the end of October, the Committee for Management of State Capital at Enterprises said it had proposed disciplinary reprimands for many EVN leaders and the Director and Deputy Director of the National Power System Dispatch Center for allowing shortages to occur. electricity.

For the first time in the more than 20-year history of formation and development of Vietnam's life insurance industry, insurance premium revenue grew negatively in 10 months after a series of scandals that "turned" people's savings into money. Paying insurance as well as the insurance buyer being "tricked" into advice about paying insurance for 50 - 70 years.

Data from the Ministry of Finance shows that as of November 30, total insurance premium revenue was estimated at VND 11 billion. In particular, the life insurance market decreased by about 227.596% ​​compared to the same period in 12,5. Premium revenue decreased but the amount of insurance benefit payments increased sharply, more than 2022 billion VND, an increase of 86.000% compared to in the same period last year.

After the Law on Insurance Business was passed, the Ministry of Finance submitted to the Government to issue 3 decrees detailing regulations and guiding circulars. This contributes to creating a full legal corridor to promote the safe, stable and sustainable development of the insurance market in the coming time.

Content: Economic Department | Graphics: Kieu Tu