Vietnam has experienced increased economic growth in rice and coffee exports, along with rising e-commerce tax revenues. With the aim for 454 billion USD in exports, Vietnam’s aquatic product exports also surged. The aviation sector anticipates improvements with new terminal operations, alongside strategic financial developments and increased compliance in international trade leading to enhanced economic prospects.
Vietnam has experienced a surge in various economic sectors recently, including significant growth in rice and coffee exports. The first two months showcased rice exports exceeding one million tons, driven by high consumer demand. Additionally, Vietnam’s coffee export value increased by over 37% to reach 1.72 billion USD, despite a decrease in volume of approximately 22%.
Tax revenues from e-commerce have witnessed a notable rise, with 130 foreign suppliers, including major players like Google and Facebook, registering through the electronic tax portal, contributing 2.91 trillion VND (approximately 114 million USD). Furthermore, efforts to enhance digital tax management led to the resumption of the e-tax system after a brief suspension.
Vietnam’s aquatic product sector has also flourished, becoming Brazil’s second largest supplier with exports totaling 655 million USD in February, marking a 44.5% increase year-on-year. The total for the first two months reached 1.42 billion USD, up 19 percent from 2024.
In addition to export growth, Vietnam’s economic landscape is evolving with the State Bank’s plan to eliminate the credit growth quota system, initially implemented during a time of hyperinflation in 2011. Concurrently, HCM City has experienced a slight decrement of 0.17% in outstanding credit as of February 2025.
Vietnam Airlines and Vietjet Air are anticipated to consolidate their operations at the new Terminal T3 at Tan Son Nhat International Airport, set to cater to 20 million passengers annually. Designed with various facilities, construction began in December 2022, costing nearly 11 trillion VND (431.2 million USD).
Vietnam aims for an ambitious export target of 454 billion USD despite global economic challenges, achieving 65.2 billion USD in exports during the first two months, which was a 9.9% increase year-on-year. The trade surplus stands at 235 million USD.
Moreover, the anticipated creation of an international financial center in Vietnam has been supported by finance experts highlighting its underlying potential and the necessity of a flexible approach in selecting financial models. This comes alongside discussions to promote trade and tourism connectivity among Vietnam, Japan, and Thailand, aimed at fostering regional economic development.
Lastly, Hoa Phat’s hot rolled coil products received exemption from the EU’s anti-dumping duties, demonstrating expertise in international trade regulations and enhancing opportunities for downstream businesses. With favorable conditions, Vietnam’s rice exports are also projected to rebound amidst strong demand.
In summary, Vietnam’s economy is witnessing remarkable growth across various sectors, specifically in exports of rice, coffee, and aquatic products. The surge in tax revenue from e-commerce, coupled with strategic initiatives in the aviation industry and potential for an international financial center, positions Vietnam favorably despite global economic challenges. Moreover, the reduction of regulatory constraints and successful compliance with international trade norms further enhances Vietnam’s economic prospects.
Original Source: en.vietnamplus.vn
