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AT A GLANCE

RICE EXPORTS OVER 8 MILLION TONS TO HEAD ABROAD

According to the Ministry of Agriculture and Rural Development $644 per ton since the beginning of this
(MARD), Vietnam’s unmilled rice output is expected to reach year. Reports presented at a recent con-
43 million tons in 2024, fully meeting demand in domestic con- ference on rice exports in the Mekong
sumption and exports. The country’s rice export volume is Delta city of Can Tho show that due to El
expected to exceed 8 million tons this year. In the first four Nino and the impact of climate change, global rice output in the
months, Vietnam earned $2.08 billion from shipping 3.23 million 2023-2024 crop is forecast to fall to nearly 518 million tons,
tons of rice abroad, up 36.5 per cent in value and 11.7 per cent in while consumption demand will be 525 million tons, meaning
volume over the same period last year. The surge in value was that the world will face a shortage of about 7 million tons of the
attributed to a 22.2 per cent increase in the export rice price to grain this year.

TOP 500 ANNOUNCED FASTEST-GROWING ENTERPRISES
The Top 500 fastest-growing enterprises Services JSC, the SOL E&C Construction Investment JSC, the
in Vietnam (FAST500) and the Top 5 and Vietnam Vitadairy Milk JSC, the Taseco Land Investment JSC,
Top 10 real estate - construction - building the Stellapharm J.V. Co. Ltd, the CNC Technology Solutions JSC,
materials companies in 2024 were and the Bee Logistics Corporation. The rankings were based on
announced at a ceremony held by the Vietnam Report JSC in several criteria, including compound annual growth rates, total
collaboration with VietNamNet newspaper on April 24. This assets, equity, pre-tax profits, and media reputation. All companies
marked the 14th consecutive year the FAST500 list has been are key players in the construction and real estate sectors and
announced. The ceremony aimed to honor the outstanding have posted significant achievements in providing products to
achievements and major efforts of Vietnam’s business community customers, established impressive reputations among the public
during the recent turbulent times. The Top 10 businesses are the and investors, and demonstrated strong resilience with stable
Binh Thuan Plastic Group JSC, the HD Securities Corporation, financial capabilities and robust resistance when facing challenging
the Orient Securities Corporation, the Imedia Technology and market conditions.

ENTERPRISE REGISTRATIONS NEW BUSINESSES UP 3.4% IN 4M
According to the General Statistics Office (GSO), some 51,600 new cent. Meanwhile, 29,700 businesses resumed
enterprises with total registered capital of nearly VND508 trillion operations in the period, an increase of 2.4
($20 billion) were established in the first four months of this year, a per cent, while 60,900 enterprises temporarily
year-on-year increase of 3.4 per cent in number and 9.3 per cent in suspended operations, up 21.9 per cent.
capital. These new businesses will employ a total of 353,800 workers, Some 19,100 businesses ceased operations while waiting for
a rise of 6.8 per cent over the same period last year. Average dissolution procedures, down 9 per cent, and 6,400 businesses
registered capital stands at VND9.9 billion ($391,000), up 5.7 per completed dissolution procedures, an increase of 4.9 per cent.

2% VAT CUT TO BE EXTENDED FISCAL POLICY
The government has proposed extending the 2 per cent tax cut extended into the second half of the year, if
the cut to the value added tax (VAT) rate approved by the NA, the State budget would be reduced by some
from 10 per cent to 8 per cent on specific VND24 trillion ($994.7 million). The VAT reduction policy was
groups of goods and services from July 1 initially applied between February 1 and December 31, 2022 on
until the end of the year, to further support business and production almost all groups of products and services, except for telecommu-
activities. In its proposal sent to the National Assembly (NA), the nications, information technology, financial activities, banking, secu-
Ministry of Finance said it is necessary to study and propose rities, insurance, real estate transactions, metal production and the
relevant measures for 2024, including extending the 2 per cent production of prefabricated metal products, coal mining, refined
reduction in VAT, the payment deadlines for corporate income petroleum, the production of chemicals and chemical products, and
taxes, special consumption taxes, and personal income taxes, and goods and services subject to special consumption taxes. It was then
reductions of several fees and land rentals applied in 2023. With extended every six months from July 1, 2023 to June 30, 2024.

TOURISM GROWTH INTERNATIONAL VISITORS HEADING UPWARDS
According to a report released on April 29 by the General Statistics stimulus programs were behind the increase,
Office (GSO), the number of international visitors in the first four the GSO said. Of the international visitors in
months of this year totaled more than 6.2 million, up 68.3 per cent the first four months, 87.7 per cent arrived
year-on-year and 3.9 per cent compared to the same period of 2019, by air, 13.8 per cent by land, and 2.5 per cent
when Vietnam welcomed the highest number of foreign tourists, at by sea. Revenue from accommodation and food services in the
over 18 million, prior to Covid-19. In April alone, the country period was estimated at VND237.3 trillion ($9.35 billion), an increase
welcomed nearly 1.6 million foreign visitors, an increase of 58.2 per of 15.3 per cent year-on-year, while travel revenue was estimated at
cent over April last year. Favorable visa policies and attractive tourism VND19.4 trillion ($764 million), up 49.3 per cent.

en.vneconomy.vn May 15, 2024 Vietnam Economic Times 9