Vietnam 20241114: Vivacious, Evolutionary, Majestic

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

Nov 14, 2024

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Headlines:

HSR Proposal Sent to National Assembly

Record-Breaking Import-Export Growth

Laos Border Gate Set for Upgrade and Opening

Digital Economy Maintains Double-Digit Growth

UK Ready to Support Financial Hub Ambitions

Textile and Garment Exports Set to Breach $44B

4G Coverage Reaches 99% of Population

Vietnam Airlines to Lease Aircraft for Tet

Hanoi to Build Direct Rail Link to Noi Bai Airport

Social Media User Authentication Mandatory

Dong Swings to Historic Low Against USD

Managing Tax Compliance to Avoid Exit Delays

Vietnam Affirms Active Role in APEC

Electricity Generation and Imports Surge YTD

Vietnam Moves Up Global Value Chain

Vintage Steam Train to Connect Da Nang and Hue

HSR Proposal Sent to National Assembly

The Government has proposed a massive high-speed railway project to the National Assembly, with an estimated investment of $67.34 billion. The 1,541-km North-South line would run through 20 provinces and cities, with 23 passenger and 5 freight stations, using a dual-track, electrified system designed for speeds up to 350 km/h. If approved, the project be a big step forward for Vietnam's transportation infrastructure.

Record-Breaking Import-Export Growth

Several provinces and cities have recorded remarkable improvements in import-export turnover during the first ten months of 2024. Ho Chi Minh City led the charge with nearly $88 billion, followed by Bac Ninh, Dong Nai, Hanoi, and Bac Giang, with the top ten provinces and cities contributing a staggering $481 billion to the nation's total turnover.

Laos Border Gate Set for Upgrade and Opening

The international border gate between Long Sap (Son La, Vietnam) and Pa Hang (Hua Phan, Laos) is expected to open November 19, 2024, following a joint opening ceremony organized by the two provinces. The event will feature cultural performances, government resolutions, and demonstrations of customs and immigration processes, along with the promotion of OCOP products and safe agricultural produce.

Digital Economy Maintains Double-Digit Growth

The digital economy continues to record double-digit growth, driven mostly by e-commerce and online travel, according to a recent report by Google, Temasek, and Bain & Company. The country's gross merchandise value is expected to grow at a compound annual growth rate of 16%, reaching $36 billion for this full year.

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