Weekly News Bulletin - No. 01, June 2023
The gross regional domestic product (GRDP) of the southern economic hub of Ho Chi Minh City in the second quarter of this year is expected to expand by 5.87% YoY, according to the municipal Statistical Office.
From the beginning of this year to May 20, the city has licensed 18,630 enterprises with registered capital of VND 178.78 trillion, up 7.9% in the number of licences but down 21.2% in capital volume YoY. On the other hand, disbursement of public investment capital has accelerated; inflation has begun to cool down while the business environment has gradually improved.
Vietnam's motorcycle market has been among some of the fastest-growing markets in the world in the last decades despite setbacks brought by the COVID-19 global pandemic, according to the Vietnam Association of Motorcycle Manufacturers (VAMM).
Currently, there are more than 70 million registered motorcycles in the Southeast Asian country with the figure projected to grow even larger in the future. In the first four months of 2023 alone, the country produced more than 1 million new motorcycles. Five major manufacturers: Honda, Yamaha, Suzuki, Piaggio, and SYM hold over 90% of the market share in Vietnam, manufacturers also export fully assembled models to international markets.
Last week highlight
Total revenue from retail sales of consumer goods and services in May was estimated at VND 519 trillion (USD 22.09 billion), up 11.5% over the same period last year, according to the General Statistics Office (GSO). The results pushed the total retail sales of consumer goods and services in the first five months of this year to VND 2.52 quadrillion (USD 107.2 billion), a YoY rise of 12.6%, the GSO reported. It underlined that the result in the first five months of this year was the highest recorded in the same period since 2015.
Let’s look at some other key financial and business headlines during the past week
- HCM City’s economic growth projected at 5.87% in Q2
- Economic overview - May 2023
- Vietnam FDI surges 28% in 5 months
- Hanoi's CPI grows 1.52% in five months
- Deputy PM stresses need to encourage use of electric vehicles
- Government firm on not extending 6-month VAT rebate
- Vietnam emerges as a major motorcycle market and manufacturing hub
- Infographic: Vietnam's tourism in May and first five months of 2023
- Children should be key consideration in ESG assessments: UNICEF Vietnam expert
- Seven renewable power plants connected to grid
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Key words: Vietnam, business, finance, economy
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