Vietnamese people's income growth rate surpasses that of Thailand and the Philippines.

According to World Bank data, in 2023, Vietnam's gross domestic product (GDP) reached nearly US$430 billion and per capita income reached nearly US$4,347. The rate of increase in per capita income in Vietnam is very rapid, surpassing that of many countries in the region, including Thailand and the Philippines.

With annual growth rates of 6-8%, Vietnam was considered to have entered the upper-middle-income group, similar to Malaysia, Thailand, and Indonesia. However, according to the latest classification applied for 2023-2024, Vietnam has not yet entered the upper-middle-income group. (See details)

Customer makes transfer, funds are halted, bank sends a shocking message.

MB is the first bank to implement a feature to identify fraudulent account information.

This allows customers to feel secure when conducting transactions with strangers or suspicious accounts, protecting the safety of their accounts and assets.

Some large banks with huge customer bases and significant investments in technology, such as the Big4, Techcombank , and VPBank, have not yet implemented this. However, some banks have already compiled lists of accounts suspected of being used as a means of fraud or deception. (See details)

Cong Minh Greenery Company: Champion in winning bids, 'extending its reach' to hunt for projects.

The Security Investigation Agency has initiated a criminal case regarding violations of bidding regulations causing serious consequences, and bribery occurring at Cong Minh Greenery Company Limited (Cong Minh Company) and related localities.

The review results show that approximately 50 companies within the Cong Minh Company ecosystem participated in bidding for over 600 tenders in various localities, winning numerous contracts across provinces and cities. (See details)

Using funds from the Price Stabilization Fund for bribery, petroleum companies owe nearly 1,740 billion VND in taxes.

The Ho Chi Minh City Tax Department has just announced the list of businesses owing taxes for May 2024. This list includes 229 businesses owing taxes, totaling nearly 5,000 billion VND.

Xuyen Viet Oil Trading, Transportation and Tourism Company Limited tops the list of businesses with outstanding tax debts, owing nearly 1.74 trillion VND. The company's director allegedly used funds from the Fuel Price Stabilization Fund to bribe officials. (See details)

Vietnam has over 19,000 USD millionaires, the fastest growing number in the world.

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Vietnam had the fastest growth rate in the number of US dollar millionaires in the world between 2013 and 2023. Source: NWW

Vietnam had 19,400 USD millionaires by the end of 2023. The rate of increase in USD millionaires in Vietnam was the fastest in the world during the period 2013-2023. It is projected that the number of millionaires in Vietnam will double in the next decade.

The above figures are updated in a report by New World Wealth (South Africa) and investment and migration advisory firm Henley & Partners (Switzerland). (See details)

Proposal to sell self-produced, self-consumed rooftop solar power to EVN at a price of 671 VND/kWh.

The Ministry of Industry and Trade has just submitted a report to Deputy Prime Minister Tran Hong Ha regarding the implementation of the directives in Official Letter 4844 concerning the Draft Decree on self-produced and self-consumed rooftop solar power.

The Ministry of Industry and Trade has proposed a plan for rooftop solar power to be self-produced and self-consumed, with the proceeds sold to the Vietnam Electricity Group (EVN) at a price of 671 VND/kWh. (See details)

A way out for 154 solar power projects that had violations but have since rectified them.

The Ministry of Industry and Trade has reviewed and recommended that the Prime Minister assign the Government Inspectorate to take the lead and coordinate with relevant units to urgently resolve difficulties and obstacles related to 154 concentrated solar power projects under inspection and investigation that have already received inspection conclusions, so that localities and investors can soon implement projects in accordance with the power source structure in the Power Development Plan VIII.

The Government Inspectorate affirms that projects for which inspection conclusions have been reached are no longer subject to ongoing inspection or investigation. (See details)

The Ministry of Industry and Trade maintains its proposal for businesses to independently determine gasoline and diesel prices.

The Ministry of Industry and Trade has just submitted the draft decree on petroleum business to the Ministry of Justice for appraisal for the third time.

In this regard, the Ministry of Industry and Trade maintains the same stance as in the draft from April. The State will not regulate domestic retail fuel prices; instead, businesses (fuel distributors and retailers) will independently calculate and determine retail prices based on factors announced by the State.

According to the Ministry of Industry and Trade, this change stems from the fact that the current price management mechanism does not fully reflect market principles and involves too many steps. (See details)

Foreign direct investment in the first six months reached nearly $15.2 billion.

According to data from the Ministry of Planning and Investment, in the first six months of the year, total registered foreign direct investment reached nearly US$15.2 billion, an increase of 13.1% compared to the same period in 2023.

In particular, many large projects in the semiconductor, energy (battery, photovoltaic cell, silicon ingot production), component manufacturing, electronics, and high value-added product sectors have received new investments and expanded capital. (See details)

Rice exports to Indonesia may face difficulties.

The Vietnam Trade Office in Indonesia reported that the Indonesian National Food Agency has updated its rice import needs, forecasting an increase to 5.18 million tons in 2024, instead of the 3.6 million tons previously licensed by the government.

However, the situation regarding Vietnamese rice exports to the Indonesian market is likely to be unfavorable following a complaint filed by the People's Democracy Study (SDR) with the Indonesian National Anti-Corruption Commission (KPU) against the Indonesian National Logistics Agency (Bulog) and the National Food Agency. (See details)

Banks lent out 480 trillion VND in just one month.

According to data from the State Bank of Vietnam, credit growth across the entire economy reached approximately 6% by the end of June 2024 compared to the beginning of the year, totaling nearly 14.4 trillion VND.

In June alone, the economy absorbed 480 trillion VND, higher than the total amount absorbed in the first five months of the year. (See details)