Vietnam reported impressive coffee exports valued at 1.72 billion USD in the first two months of the year. The State Bank decreased the VND reference exchange rate, while government initiatives aim to support SMEs and boost sustainable business practices. Notable growth is seen in aquatic exports and industrial real estate, as Vietnam positions itself to strengthen trade relations with key partners.
Vietnam’s coffee exports surged to 1.72 billion USD within the first two months of the year, indicating strong performance in the agricultural sector. Meanwhile, the State Bank of Vietnam set the daily reference exchange rate for the US dollar at 24,793 VND/USD on March 18, reflecting a slight decrease of 1 VND from the previous day.
The Finance Ministry has introduced measures to bolster sustainable business operations for small- and medium-sized enterprises (SMEs), facilitating connections with various financial institutions and experts. Furthermore, the International Finance Corporation (IFC) and Switzerland have initiated a program, fueled by a 5 million Swiss Francs grant, to enhance supply chain finance for SMEs in Vietnam until 2029, enabling access to 35 billion USD in financing.
Vietnam has established itself as Brazil’s second-largest aquatic product supplier, with exports reaching 655 million USD in February, marking a significant 44.5% year-on-year increase. This brings total aquatic product exports for the first two months of 2025 to 1.42 billion USD, a 19% increase compared to last year.
The State Bank of Vietnam plans to abolish the credit growth quota policy, which has capped each bank’s credit expansion since 2011 due to past economic volatility. Additionally, HCM City reported a slight decline of 0.17% in outstanding credit from December 2024 but noted a yearly growth of 12.2%.
Following a temporary suspension from March 12 to 17, the E-tax system has resumed operations to enhance tax management and implement necessary structural changes. On March 15, customs trade reached 1.05 billion USD upon the launch of a new operational model designed to streamline the political system in accordance with the Party Central Committee’s guidelines for organizational efficiency.
The industrial real estate market expects a noteworthy boost due to the removal of legal obstacles, enhancing investment attractiveness. In May, Vietnam Airlines and Vietjet Air are set to operate from a new terminal at Tan Son Nhat International Airport, poised to accommodate 20 million passengers annually, with significant investments backing the project.
Vietnam aims for an export revenue of 454 billion USD amidst global economic challenges, recording 65.2 billion USD in exports and a trade surplus of 235 million USD in the first two months of the year. Additionally, the State Bank of Vietnam noted a 15 VND increase in the reference exchange rate to 24,794 VND/USD on March 17.
Plans for Vietnam Airlines to restore direct flights to Moscow from May 8 are part of a broader expansion strategy that includes launching 15 international routes in 2025. According to finance expert Associate Professor Nguyen Dang Bang, Vietnam possesses the foundational potential to establish a successful international financial center.
At a recent forum, experts discussed enhancing trade and tourism connections in the Japan-Vietnam-Thailand triangle, emphasizing its importance for economic development. In line with this, economist Tuan stressed flexible models for developing financial centers, highlighting the critical role of human capital in fostering growth.
Hoa Phat’s hot rolled coil products have been exempted from EU anti-dumping duties due to the firm’s adept navigation of international trade regulations, which should benefit domestic downstream businesses. Moreover, strong global demand is propelling Vietnam’s rice exports, with over one million tonnes shipped in the initial two months of this year.
As Vietnam becomes Italy’s largest trading partner within ASEAN, with a notable increase in bilateral trade turnover, the country also aims to strengthen comprehensive energy cooperation with the United States. Minister of Industry and Trade Nguyen Hong Dien emphasized Vietnam’s commitment to fostering stable economic relations without hindering US interests or security.
In summary, Vietnam’s economy is witnessing notable growth across various sectors, including coffee and aquatic exports, which have seen substantial increases. Initiatives from the government and international partnerships aim to bolster SME support and sustainable business practices. The country is poised for significant advancements in industrial real estate, trade relations, and its financial landscape, indicating a robust outlook amidst global challenges.
Original Source: en.vietnamplus.vn
