The Business Confidence Index (BCI) report for Q3 2024, recently published by the European Chamber of Commerce in Vietnam (EuroCham), indicates positive signals in business sentiment, despite ongoing economic challenges stemming from the impacts of Typhoon Yagi and operational barriers for businesses in Vietnam.

In the first nine months of 2024, Vietnam's Gross Domestic Product (GDP) increased by 6.82% year-on-year, with a GDP growth rate of 7.4% in the third quarter. The socio-economic situation in the third quarter and the first nine months of the year continues to show positive trends, with various sectors gaining significant achievements, laying a foundation for further growth in the remainder of the year.

The GDP in the first 9 months of 2024 expanded by 6.82% compared to the same period in 2023. The GDP, based on 2010 constant prices, reached 4,472.22 trillion VND (around 180 billion USD).

Vietnam and China are neighboring countries with many similarities in culture, political systems, and development paths. Recently, with the joint efforts of both sides, the relationship between the two parties and the two countries has maintained a very positive momentum of development, achieving significant accomplishments in all areas.

Once a war-torn city, Hanoi has transformed into a hub of dynamic growth and development. The capital's economy consistently achieves strong growth rates, contributing 16% to the national GDP and 19% to the overall state budget.

As of September 30, the total registered capital from new licenses, adjustments, and capital contributions for share purchases by foreign investors reached over 24.78 billion USD, up 11.6% compared to the same period in 2023.

A ceremony was held recently to announce the export of Vietnamese passion fruits to Australia, and the import of Australian plums into Vietnam. The announcement, stated by the Ministry of Agriculture and Rural Development and the Australian Embassy, has made passion fruits become the fifth kind of Vietnamese fruits to be officially exported to Australia.

Vietnam’s total trade turnover reached 511.11 billion USD in the first eight months of 2024, marking a 16.7% increase compared to the same period last year.

Vietnam's economy is expected to grow by 6.1 percent in 2024 and 6.5 percent in both 2025 and 2026, up from 5 percent last year, according to the latest Taking Stock report from the bank.

Fresh coconuts to be officially exported to China

On August 19, 2024, Vietnam’s Ministry of Agriculture and Rural Development and China’s General Administration of Customs signed a Protocol on Inspection, Plant Quarantine, and Food Safety for Frozen Durian Exports from Vietnam to China.

In the first seven months of this year, Vietnam saw 9 export items posting a turnover of more than 5 billion USD, accounting for 70.8% of the country’s total export value.

The Animal and Plant Quarantine Agency (APQA) of the Republic of Korea officially published the import regulations for fresh pomelo from Vietnam on its website on 30 July 2024.

Vietnam’s total trade turnover of goods reached 439.88 billion USD in the first seven months of this year, marking a 17.1% increase compared to the same period last year.

Despite numerous difficulties and challenges from complicated and unpredictable global developments over the first seven months of this year, Vietnam's economy continued to record positive outcomes thanks to the effective implementation of the Government's resolutions to promote growth.

Vietnam’s e-commerce market has seen consistent growth, boasting an average annual growth rate of 16-30% over the past four years, the highest in the world, according to a report recently released by OpenGov Asia, a content platform dedicated to sharing ICT-related knowledge and information to better serve citizens and customers.