Weekly News Bulletin - No. 04, February 2023
According to the General Department of Vietnam Customs, from the beginning of this year to February 15, the country's total trade valued topped USD72 billion, with export turnover standing at USD37 billion and a trade surplus of nearly USD1.7 billion.
Phones and components; computers, electronic products and components; machinery, equipment, tools and spare parts; and textile and garment were the four groups of exports which enjoyed a turnover of "billion dollars" in the reviewed period. In 2022, the country's total trade value reached a record high of USD730.2 billion.
Central Retail Corporation (CRC), the largest retailer of Thailand, has announced its biggest investment in Vietnam at THB50 billion (USD1.45 billioN) in the 2023-2027 period to accelerate its market presence in the country.
The CRC invested more than THB10 billion to expand its retail business in Vietnam during 2012-2022. It has more than 340 stores with a total gross floor area exceeding 1.2 million square metres across 40 provinces. Central Retail Vietnam wants to grow its food business nationwide to reinforce its leading position in Vietnam's hypermarket segment by rebranding and renovating 10 GO! branches and expanding Tops market and Mini go! branches by adding 8-10 outlets to better serve the needs of local consumers.
Last week highlight
The Ministry of Finance is again considering imposing a tax on sweetened beverages. A "reasonable" special consumption tax on sugary drinks would help protect people’s health in line with the World Health Organization’s recommendation and international practice. In 2012 there were 15 countries imposing a tax on sweetened beverages, but by 2021 it had risen to 50, including six in Vietnam’s neighborhood: Thailand, the Philippines, Malaysia, Laos, Cambodia, and Myanmar.
Let’s look at some other key financial and business headlines during the past week
- Vietnam’s trade value reaches 72 bln USD by mid- February
- Thai largest retailer to pour over 1.4 billion USD in Vietnam
- Vietnam, India boost trade in farm produce, processed food
- EU manufacturers eye offshore wind turbine plants in Vietnam
- UK’s joining CPTPP will benefit agreement members: Vietnamese minister
- Swiss daily: Vietnam becomes a new destination for foreign companies
- Vietnamese agricultural products increasingly welcomed in Belgium
- Japanese firms eyeing investment opportunities in Vinh Long
- Netflix making preparations to open Vietnam office
- Inflation goal expected to stay within reach
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Key words: Vietnam, business, finance, economy
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