AHK Vietnam - Delegation of the German Industry and Commerce in Vietnam’s Post

🚀Great news from Vietnam's economy! 💡 Industrial production witnessed a significant surge in July, with a 3.9% month-on-month and 3.7% year-on-year increase, according to the General Statistics Office (GSO). This growth not only indicated positive signals for domestic consumption but also for exports. Furthermore, international visitors to Vietnam rose by 6.5% compared to the previous month and 2.9 times higher than the same period last year. This remarkable growth indicates a positive revival of the tourism and services industry, which is a crucial contributor to the country's economy. Considering Vietnam's economic performance in the first seven months of 2023, it's clear that the country is on the path to recovery. The rise in industrial production and tourism revenue has contributed to the overall growth of the economy. Additionally, international organizations such as Standard Chartered Bank and the International Monetary Fund (IMF) have forecasted a more positive outlook for Vietnam's economy in the second half of the year. In summary, Vietnam's economy is accelerating at an impressive pace, and the country is well on its way to achieving its growth targets. Stay tuned for more updates on the thriving Vietnam economy! 💪 #VietnamEconomy #InvestVietnam #RealEstateInvestment

VIETNAM ECONOMIC MONITORING - FIRST SEVEN MONTHS OF 2023 In the context of the global economic downturn and the lingering impact of challenges on the recovery process, Vietnam is taking steps in boosting the economy moderately, emerging as a highly favorable choice for foreign companies seeking to expand and diversify their operations. 📌The Index of Industrial Production (IIP) was down 0.7% year-on-year as the global economy continued to encounter difficulties. 📌 The average Consumer Price Index (CPI) increased by 3.1% in comparison with the same period last year, fueled by higher prices of food, foodstuff and electricity. The inflation rate continued to rise to 4.7%. 📌 Vietnam recorded a trade surplus of about 15.2 billion USD, an increase of 1.3% year-on-year. The total import-export turnover of goods hit 374.2 billion USD, posting a year-over-year decrease of 13.9%. Specifically, export value fell by 10.6% and import value by 17.1%. Many key export products of Vietnam are facing difficulties because of the sharp decrease in global market demand. As Vietnam's economy depends heavily on imported raw materials, the decrease in imports shows that enterprises are still short of orders, so there is no need to import input materials. 📌 In terms of Foreign Direct Investment, Vietnam received 16.2 billion USD of registered capital accumulated by July 20, 2023. The number of new licensed projects increased by 75.5% year-on-year to 1,627 projects, worth 7.9 billion USD. Among 94 countries and territories have invested in Vietnam, Singapore remained Vietnam’s leading country of foreign investment with nearly 3.6 billion USD, making up over 22.4 percent of the total FDI registered in the country. 📌 Regarding macroeconomic policies: Deposit interest rates in Vietnam have continued to decline and are now below 8% per year across all banks. This move is part of the State Bank of Vietnam's efforts to maintain a stable macroeconomic environment and promote lending. 📌 Export highlights: •In the first seven months of this year, the estimated export value of fresh fruit and vegetables has surpassed the recorded $3.34 billion in 2022, showing a remarkable increase of 69% compared to the same period last year. This significant growth is attributed to China's post-Covid reopening of its market and Vietnam's diversification of markets, such as the EU, facilitated by the EVFTA. •Moreover, Vietnam's rice export prices have been continuously setting new records, surpassing the $550 per ton mark. This surge is a result of India's official ban on rice exports, which has further strengthened Vietnam's position in the global rice market. 👉 Find out more infographics on our website >> https://lnkd.in/gDn6na9e #AHKVietnam #MonthlyEconomicMonitoring

As we look ahead to 2024, the ASEAN economic outlook remains promising, bolstered by the continuous expansion of domestic demand across key Southeast Asian economies. This growth is further supported by strong foreign direct investment inflows, as noted in S&P Global's latest analysis. The region, including Indonesia, is set to benefit from diversifying manufacturing supply chains and a rebounding tourism industry, as international tourism flows steadily return to pre-pandemic levels. In Indonesia, we anticipate a continuation of robust growth in private consumption and fixed investment, propelled by strong FDI inflows, notably in sectors crucial for our future development. The Indonesian economy's resilience and growth prospects are a testament to our strategic approach in fostering sustainable economic progress. For a more detailed perspective on the ASEAN economic outlook for 2024 and beyond, delve into the full report by S&P Global here: https://lnkd.in/d7JFj8gh #ASEAN2024 #EconomicGrowth

🔎Experts confident in Vietnam’s economic recovery😊 👉 Although Vietnam’s growth has slowed down amid global economic crises, he country is showing stronger performance than the majority of others in the world and continuing to be an attractive destination for foreign manufacturers. 💁♂️ Many of experts held that Vietnam’s economic growth is projected to recover in the second half of 2023, reaching around 4.7% for the year, supported by a rebound in exports and expansionary domestic policies. 📰 This blog: https://lnkd.in/gjKygdsu #ViegoGlobal #Vietnam #Vietnameconomy #Vietnamcoffee #Robusta #Arabica #coffeebeans #internationaltrade #agriculture

Indonesia is poised to overtake Russia in 2026 as the world's sixth-largest economy in terms of purchasing power parity (PPP). Indonesia benefits from a large and expanding labor force, an educated professional sector, and a booming commodity export sector. #asiapacific #economicoutlook #indonesia #asia #economy visit us @ businessbridgeasia.com https://lnkd.in/g6ACaRbU

Quoted in this article in the Khmer Times "Cambodia battles headwinds, expects growth in 2024." Anthony Galliano, Group CEO of Cambodian Investment Management Holding, rightly pointed out that as the Cambodian economy is developing fast, it has greater exposure to global economic trends and geopolitical risks. “For example, the performance of the Chinese economy has a great impact on Cambodia ever than before. China, which is the largest Foreign Direct Investor in Cambodia, is grappling with its own economic challenges, particularly in real estate, construction and banking all which are aligned historically with FDI in Cambodia,” Anthony said. “These factors are impacting the Kingdom’s economy more substantially than in the past. The recovery in tourism, while gradual, remains tepid int terms of numbers and diversity, with a concentration of tourism from bordering countries. The real estate, and by default construction sector, are nearing a low point in a cycle, dealing with high inventories and sluggish demand,” he said. Post-Covid there was a surge in demand in exports as US consumers went on a buying spree. This has peaked and is returning to normal growth. The geopolitical risks of the Russia and Ukraine conflict, and the Israeli-Hamas war are impacting all economies, including Cambodia, Anthony said. According to him, despite all these factors, the Kingdom is expected to grow about five percent in 2023 which is a testament to the economy’s resilience and the competency of the government. “This positions the Kingdom as one of the best growing economies in 2023 and Cambodia remains one of the most attractive investment destinations in the world. I expect growth to exceed six percent in 2024 with a mild recovery in real estate, increased export activity, and an improvement in tourism. The government policies on the table should also kick in and stir economic growth and promote a more attractive proposition for foreign investors,” he said. Anthony was also emphatic about the significance of the peaceful transition of power in 2023 which has been met with a welcoming reception and enthusiasm, excitement, and hope. “There are expectations that the Kingdom is entering the next phase of its development as Cambodia accelerates toward an upper middle-income status. It is evident and visible that the new government is producing a clear economic pathway for growth and prosperity of the country, underpinned by transparent and coherent plans and policies. I am sensing great excitement from the people about the future of the nation and overwhelming confidence in the leadership,” he added. https://lnkd.in/g8ug-xjq

The government is optimistic that Indonesia will achieve its target of 5.1–5.7 percent economic growth in 2024 amid the projected global economic slowdown, according to an official. "We remain optimistic that in 2024, it (economic growth) will still be better than 2023, even with the correction of (global economic) growth to 2.4 (percent)," secretary of the Coordinating Ministry for Economic Affairs, Susiwijono, said here on Friday. He pointed out that all international organisations have projected that the global economy will experience a slowdown in 2024. The World Bank has forecast that global economic growth will slow from 2.6 percent in 2023 to 2.4 percent in 2024. Likewise, in the October 2023 edition of the World Economic Outlook (WEO) report, the International Monetary Fund (IMF) projected that global growth will decline to 2.9 percent in 2024. #BritChamID #EconomicGrowth #GlobalEconomy

VIETNAM ECONOMIC MONITORING - FIRST FIVE MONTHS OF 2023 👉From January to May 2023, Vietnam's economic growth softens as export weaken, due to the decline in both total new orders and new export orders. Vietnam is expected to resume rapid economic growth over the medium-term economic outlook, thanks to the government's economic policies and as a key beneficiary of diversification and decoupling strategies. 📣Despite the global economic uncertainty, German investors in Vietnam maintain an optimistic outlook regarding their business situation and have positive expectations for the economic development of Vietnam. We encourage you to stay tuned as we will soon publish the results of our AHK World Business Outlook Survey for Vietnam. Presented below are the figures outlining the economic development: 📌Industrial Production Index (IIP) decreased by 2% compared to the same period last year. Remarkably, there is a positive sign of growth in some 2-digit industrial activities, such as mining of metal ores (+13.0%), and beverage production (+6.5%). 📌The inflation rate increases by 4.8%, 📌 In the first 5 months of the year, exports fell 11.6 percent year-on-year; imports were down 17.9 percent year-on-year with a trade surplus of $9.8 billion 📌Registered FDI capital accumulated by May 20, 2023, is estimated at 10.9 billion US$. Of these, there are 962 new licensed projects with 5.3 billion worth of value (an increase of 27.8% YoY). Major FDI investors continue to name Singapore with 2.5 billion US$, followed by Japan and China. 📌Hanoi has attracted the most FDI inflows at 1.9 billion US$. In terms of the quantity of newly registered projects, the economic hub Ho Chi Minh City ranks first, accounting for 39% overall total. 👉Find out more infographics and reports on our website: https://lnkd.in/dbDs9HiH #AHKVietnam #MonthlyEconomicMonitoring

Indonesia is the best! Domestic Demand Drives Economic Growth, 20% of population equals 52 million Indonesian. Indonesia’s economy is primarily driven by domestic consumption, which accounts for over 50 percent of GDP. In 2023, domestic demand has remained strong, fueled by a growing middle class, rising disposable incomes, and improving consumer sentiment. This strong domestic consumption has been a key driver of economic growth, offsetting any slowdown in exports caused by global economic and political uncertainties. Source: from encl.

Our CEO, Anthony Galliano was quoted in this article in the Khmer Times "Cambodia battles headwinds, expects growth in 2024." Anthony Galliano, Group CEO of Cambodian Investment Management Holding, rightly pointed out that as the Cambodian economy is developing fast, it has greater exposure to global economic trends and geopolitical risks. “For example, the performance of the Chinese economy has a great impact on Cambodia ever than before. China, which is the largest Foreign Direct Investor in Cambodia, is grappling with its own economic challenges, particularly in real estate, construction and banking all which are aligned historically with FDI in Cambodia,” Anthony said. “These factors are impacting the Kingdom’s economy more substantially than in the past. The recovery in tourism, while gradual, remains tepid int terms of numbers and diversity, with a concentration of tourism from bordering countries. The real estate, and by default construction sector, are nearing a low point in a cycle, dealing with high inventories and sluggish demand,” he said. Post-Covid there was a surge in demand in exports as US consumers went on a buying spree. This has peaked and is returning to normal growth. The geopolitical risks of the Russia and Ukraine conflict, and the Israeli-Hamas war are impacting all economies, including Cambodia, Anthony said. According to him, despite all these factors, the Kingdom is expected to grow about five percent in 2023 which is a testament to the economy’s resilience and the competency of the government. “This positions the Kingdom as one of the best growing economies in 2023 and Cambodia remains one of the most attractive investment destinations in the world. I expect growth to exceed six percent in 2024 with a mild recovery in real estate, increased export activity, and an improvement in tourism. The government policies on the table should also kick in and stir economic growth and promote a more attractive proposition for foreign investors,” he said. Anthony was also emphatic about the significance of the peaceful transition of power in 2023 which has been met with a welcoming reception and enthusiasm, excitement, and hope. “There are expectations that the Kingdom is entering the next phase of its development as Cambodia accelerates toward an upper middle-income status. It is evident and visible that the new government is producing a clear economic pathway for growth and prosperity of the country, underpinned by transparent and coherent plans and policies. I am sensing great excitement from the people about the future of the nation and overwhelming confidence in the leadership,” he added. https://lnkd.in/gvREnXDT