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Summary

30 INVESTMENT - INFRASTRUCTURE
Opportunities exist for

greater cooperation between

Vietnam and India
28 BANKING - FINANCE
Budget collections the focus V ietnam and India have been posting bilateral trade
growth that is double global GDP growth, creating
opportunities for businesses from both countries to
in final month of 2023 work together, H.E. Sandeep Arya, Ambassador of India to
Vietnam, told the recent Vietnam-India Interaction in the
V ietnam needs to only collect some VND80 trillion ($3 Electrical and Electronic Sector meeting hosted by Invest
Global in cooperation with the Embassy of India in Vietnam.
billion) in the final month of this year to meet its State
budget revenue estimate. Key revenues are declining, In particular, power generation and the manufacturing of
however, and global economic growth still bears risks that electrical and electronic equipment are crucial sectors
negatively affect Vietnam and create many challenges for next driving the economic development of both countries. With
year’s budget collections. According to analysts, the National Vietnam having recently approved its National Power
Assembly and the government must accept higher State budget Development Plan VIII (PDP8), Indian enterprises will have
deficits to support individuals and businesses and promote public numerous opportunities for trade cooperation in the sector.
investment to stimulate aggregate demand. Analysts appreciate Analysts have also expressed a belief that with India’s leading
recent policies on temporarily reducing VAT rates on many goods position in the fields of electronics, information technology,
and services by 2 per cent and sharply cutting environmental and AI, Indian enterprises are highly likely to succeed when
protection taxes on petroleum products. investing in Vietnam.

42 PROPERTY 44 TRADE - MARKET

FOREST ECONOMY Rice and vegetables

NEEDS PROTECTION two key agro exports

DURING DEVELOPMENT

T he global economy has experienced a host of
fluctuations throughout 2023, creating difficulties
in exports, but Vietnam’s agricultural sector
continues to pursue its export target of $54 billion,
Deputy Minister of Agriculture and Rural Development
Phung Duc Tien told Tap chi Kinh te Viet Nam. The
agricultural sector now has six products posting export
I t is widely recognized that harmony must be ensured value in excess of $3 billion: coffee, rice, vegetables,
between environmental protection and Vietnam’s
cashew nuts, shrimp, and wood and wooden products.
development. The risk of deforestation and its The biggest bright spot is rice and vegetable exports
consequences will be unavoidable if localities only attach continually skyrocketing over the course of many months.
importance to using forests for projects and disregard replanting These represent key exports for the sector. Global
efforts. Vietnam is also aiming for net-zero emissions by 2050, consumer demand for agricultural products increases at
which involves protecting the environment. Many policy gaps the end of every year, to meet the rising demand in the
remain, and analysts have recommended that additional policies Christmas and New Year holidays, so exports are sure to
be introduced to protect forests into the future. rise further.

www.vneconomy.vn Số 50 | Ngày 11/12/2023 | KINH TẾ VIỆT NAM 5