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Congratulations on Bulgaria National Liberation Day AT A GLANCE

STATE-OWNED GROUPS & CORPORATIONS 2023 PRE-TAX PROFITS FAR EXCEED ANNUAL PLAN
Total revenue earned by the 19 State-owned groups and corpo- economic development investment, Prime
rations last year stood at nearly VND1.13 quadrillion ($46.34 Minister Pham Minh Chinh highlighted
billion), equal to 105.15 per cent of the annual plan. Their the contributions from groups and cor-
combined pre-tax profits hit VND53.25 trillion ($2.16 billion) porations to the country’s overall success
(excluding Electricity of Vietnam), equal to 166.09 per cent of in 2023, but underlined that the country’s socio-economic devel-
the plan and recording a year-on-year increase of nearly 11 per opment tasks for 2024 are much harder than those for 2023 and
cent. Chairing a working session with the Commission for Man- require greater effort from ministries and sectors, including the
agement of State Capital at Enterprises (CMSC) and the groups CMSC. He stressed that although small in number, State-owned
and corporations on February 5, to look into their production groups and corporations hold large resources, assets, and capital,
and business plans for 2024 and measures to promote socio- and are an important force in the national economy.

STRONGER MEASURES PROPOSED FIGHTING IUU FISHING
Chairing the 9th meeting of the National IUU fishing and reporting the results to the Prime Minister.
Steering Committee for IUU Fishing Pre- Additionally, it should collaborate with relevant agencies and
vention and Control in the Mekong Delta localities to increase more effective and widespread communications
province of Kien Giang on February 5, about the collective effort. Specific tasks were also assigned to the
Deputy Prime Minister Tran Luu Quang, who is also Head of the Ministry of National Defense, the Ministry of Public Security, and
Committee, urged the Ministry of Agriculture and Rural Devel- authorities in coastal cities and provinces. To achieve the goal of
opment (MARD), ministries, agencies, and localities to prevent having the European Commission’s “yellow card” warning on
fishing vessels from encroaching upon foreign waters and to take IUU fishing lifted this year, heads of ministries, agencies, and
stringent measures to fight illegal, unreported and unregulated localities were asked to fully fix the shortcomings recommended
(IUU) fishing. He also suggested bringing serious violation cases by the EC during its fourth inspection, and to have concrete
to court, as a deterrent. MARD was tasked with continuing to results and data to work with the EC’s fifth inspection team,
arrange inspection teams and to instruct localities in combating which is scheduled to arrive in April.

MANUFACTURING PMI 1.4-POINT INCREASE SEEN AGAINST DECEMBER

According to S&P Global, Vietnam’s Manufacturing Purchasing number of new orders. Mr. Gabor Fluit,
Managers’ Index (PMI) posted a return to growth in early Chairman of the European Chamber of
2024, driven by an improved economic outlook that led to an Commerce in Vietnam (EuroCham), was
increase in new orders. The country’s January PMI reached quoted by the Vietnam News Agency as
50.3 points from 48.9 points in December last year, indicating saying that Vietnam’s economic recovery is heading in the
an improvement in the health of the manufacturing sector for right direction and that to sustain its growth momentum it
the first time in the last five months. Vietnamese manufacturers needs to focus on innovation, building stronger trade relations
also experienced a return to growth early in the year, as the with key export markets, and improving the value of exports
improvement in demand helped increase both output and the through processing.

AERO K KICKS OFF CHEONGJU - DA NANG FLIGHTS AVIATION LINKS
South Korean airline Aero K and the Da departs Da Nang at 2.15am on the same day of the arrival. Its first
Nang Department of Tourism held a cere- flight from Cheongju, carrying 170 passengers on board, arrived
mony on the evening of February 5 to at the Da Nang International Airport in the early hours of February
launch a new route linking Cheongju in 6. South Korea is the leading international source market for Da
South Korea and the central city. Da Nang is the first city in Nang’s tourism sector. There are 23-25 flights a day from major
Vietnam Aero K has chosen to operate regular flights from South Korean cities such as Seoul, Busan, Daegu, Muan, and
Cheongju, with a frequency of one a day, departing from Cheongju Cheongju, or more than 50 per cent of the total number of inter-
at 10.05 pm and landing in Da Nang at 12.45am. The return trip national flights to Da Nang each day.

OVERSEAS REMITTANCES $16BLN RECEIVED IN 2023

According to the State Bank of Vietnam (SBV), Vietnamese abroad domestic livelihoods but also serve as an
sent home $16 billion in 2023, a year-on-year rise 32.5 per cent. important financial resource for the country’s
More than half of the total, or $8.92 billion, went to Ho Chi Minh economic development. Therefore, with a
City, up 35 per cent against 2022. Analysts attribute the rise to the view to attracting more, credit institutions
relaxed immigration controls and health measures in many countries should work to improve their transfer and receipt services. Over
post-Covid-19, which has resulted in an increase in the number of the past time, many Vietnamese commercial banks have cooperated
Vietnamese people working abroad. Despite the formidable chal- with nearly 1,000 banks across 100 countries and territories to
lenges posed by rising inflation, overseas Vietnamese (OV) in the promote international connectivity and payment. They particularly
UK, the US, Canada, and Europe sent remittances home to support focus on markets with a large number of Vietnamese people, such
their families. Analysts held that remittances not only help improve as the US, Australia, Canada, Japan, and South Korea.

en.vneconomy.vn MARCH 2024 | VIETNAM ECONOMIC TIMES | 5