Vietnam 20231012

Mekong Memo Vietnam Weekly, October 12, 2023: Business, politics, finance, trade & legal news.

We monitor and filter the very best and most insightful business stories from Southeast Asia directly to your inbox every week.

By reviewing a wide variety of media including legal, financial and other relevant industries along with government and NGO sources, we are able to sift through the noise and bring you only what we believe to be relevant to an informed observer of Vietnam business news.

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With that said, here is your Mekong Memo Vietnam for the week of October 12, 2023:

Headlines:

Sidewalks: Vietnam's Thriving Informal Economy

Vietnam: Emerging Global Logistics Powerhouse

Vietnam Eyes Major Highway Upgrades to Boost Trade with Laos and China

Extension of VAT Reduction to Boost Economy

Economic Prospects: CPI & GDP

Vietnam's Rising Appeal to European Investors…

…and Global Investors

Vietnam's Banking and SME Support: Navigating Interest Rate Shifts

SOEs Achieve Remarkable 29% Revenue Boost in 2022

Hanoi Embraces Digital Economy with Cashless Streets

Hanoi Real Estate: A Hub of Opportunity

Businesses Cautiously Optimistic Despite Economic Challenges

A Magnet for Global Industrial Production Relocation

HCMC Office Space: Falling Rents and Rising Vacancies

Vietnam's Untapped Rare Earth Potential Draws Global Interest

An Earthy Delicacy: Dirt

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Sidewalks: Vietnam's Thriving Informal Economy

Vietnam's "sidewalk economy," once seen as a mere means of subsistence, has evolved into a significant economic force. Entrepreneurs like Doan Van Minh Nhut and Ho Duc Hai have transformed humble street stalls into million-dollar businesses, attracting major investors. Despite challenges like legal restrictions and street gangs, these ventures have flourished, highlighting the potential of the sidewalk economy. As cities like HCMC look to legitimize and regulate this sector, there's a push for a more structured approach, drawing inspiration from models in Bangkok and Singapore. The future seems promising for these street-side enterprises.

Read more: VnExpress

Vietnam: Emerging Global Logistics Powerhouse

Vietnam's booming e-commerce and strategic location adjacent to southern China's economic corridor position it as a prime destination for manufacturing and logistics firms. Urban areas, especially Hanoi and Ho Chi Minh City, are witnessing nearly full occupancy in logistics facilities. With its expanding infrastructure, including roads, railways, and world-class seaports, Vietnam offers direct shipping to North America and Europe, bypassing traditional hubs. Experts believe Vietnam could rival global logistics giants like Dubai, Hong Kong, Singapore, and Shanghai, aiming to be a pivotal link in the global manufacturing supply chain.

Read more: Nhan Dan, The Saigon Times, The Investor

Vietnam Eyes Major Highway Upgrades to Boost Trade with Laos and China

The Department of Roads of Vietnam (DRVN) has proposed a significant project to the Ministry of Transport to enhance national highways linking Vietnam to northern Laos and China. Slated for a five-year period from 2025 to 2029, this initiative, funded by World Bank loans, aims to upgrade various highway sections, including National Highway 279 and 4H. With an estimated investment of around 340 million USD, the project is expected to bolster trade, enhance transportation efficiency, and foster socio-economic growth in the region.

Read more: VietnamPlus