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Vietnam news in brief - December 31
Khanh Khanh 15:34, 2023/12/31
Read The Hanoi Times for more updates about Vietnam.

Restrictions on unofficial quota exports to China expected from 2029

To tighten unofficial quota export activities, the Ministry of Industry and Trade, in the draft decree amending Decree No. 14/2018 on border trade activities, plans to reduce unofficial quota exports to China and the amount subject to tax exemption from January 1, 2029. According to the plan, unofficial quota exports to China will be required to meet quality standards and traceability regulations. Only residents in border areas will be allowed to export through personal exchange, and they must appear at the customs office to complete procedures.

Foreign investment capital in Vietnam up 32% in 2023

 Electronics production at Rhythm Precision Vietnam in Noi Bai Industrial Park, Hanoi. Photo: Pham Hung/ The Hanoi Times

As of December 20, the total registered foreign investment capital reached nearly $36.6 billion, up 32.1% year-on-year, according to the General Statistics Office. Among the 72 countries and territories with newly registered projects in Vietnam in 2023, Singapore took the lead with $3.77 billion, or 18.7% of the total, followed by China with $3.54 billion, or 17.6%, and Hong Kong (China) with $3.41 billion, or 16.9%.

Over 29% of Vietnamese enterprises forecast increase in new orders in Q1 2024

According to a survey on production and business trends in processing and manufacturing industries in Q4 2023 and the forecast for Q1 2024 conducted by the General Statistics Office, 29.3% of enterprises expect the number of new orders to increase in Q1 2024 compared to Q4 2023. The percentage of companies predicting a decrease in new orders is 27.3%.

Over $190 billion in remittances to Vietnam in 30 years

According to the Ministry of Foreign Affairs, remittances to Vietnam from 1993 to 2022 reached over $190 billion. The overseas Vietnamese community currently numbers about six million people living in more than 130 countries and territories. The Ministry of Foreign Affairs also estimates that the number of Vietnamese working abroad is about 130,000-150,000 people per year, contributing to the country's finances and becoming a source of labor for the country.

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