Weekly News Bulletin - No. 01, December 2023

Though Australia has cut import volumes of such products from many countries, those from Vietnam still rose, according to the Vietnam Trade Office in Australia. Australia’s total textile and garment imports in the first nine months fell 11.5 per cent year-on-year, while imports from Vietnam surged 10 per cent.

Fitch Ratings has upgraded Vietnam's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BB+', from 'BB', with the “Stable” outlook, the Ministry of Finance announced on December 8. The upgrade reflects Vietnam's favourable medium-term growth outlook, underpinned by robust foreign direct investment (FDI) inflows, which Fitch Ratings expects will continue to drive sustained improvements in its structural credit metrics.

Last week highlight

Two-way trade between Vietnam and the US stood at 100.62 billion USD in the first eleven months of this year, the US - Vietnam Trade and Investment Framework Agreement (TIFA) Joint Council Meeting in Hanoi on December 6 heard, as quoted by the Ministry of Industry and Trade. In the period, Vietnam enjoyed a trade surplus of 75.45 billion USD with the US. Bilateral trade between the two countries last year was estimated at 142.1 billion USD, a 422 per cent increase compared to 2012.

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Let’s look at some other key financial and business headlines during the past week

1. Fitch upgrades Vietnam to 'BB+', outlook “Stable”
2. Japan-Việt Nam bilateral ties see great potential
3. Vietnam most appealing investment destination: U.S. semiconductor industry
4. Exports improve in November
5. Ministries, localities urged to roll out measures to increase foreign investment
6. Banking sector promotes digital transformation to improve the customer experience
7. Joint efforts crucial to tackle credit difficulties, promote economic growth: PM
8. Hai Phong to open non-tariff zone
9. Garment exports to Australia continue upwards