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| Quang Ninh province hosts many foreign direct investment projects applying modern science and technology, clean technology, and low impact on ecology. (Photo: VNA) |
In a recent interview with the Vietnam News Agency (VNA), Hill noted that international rankings consistently showcase Vietnam's remarkable economic and social progress. He held that Vietnam is on track to achieve "upper-middle income economy" status - a milestone that would have seemed unthinkable in the late 20th century. However, he also cautioned that the country faces significant development challenges.
Globally the economic-security environment is highly volatile and uncertain, especially relations between the two global superpowers China and the US. Moreover, upper-middle income economies require major ongoing policy reforms, especially higher quality governance, stronger and more independent institutions (including the judiciary), and a level playing field for all enterprises, regardless of ownership. He also noted that the “easy phase” of export-oriented industrialisation has come to an end, wages are rising, the dualistic economic structure will need to be modified.
On the diplomatic front, Hill emphasised the importance of diversifying Vietnam’s economic and strategic partnerships in an era of global uncertainty. In 2024, Vietnam upgraded its diplomatic ties to comprehensive strategic partnerships with Australia (March), France (October), and Malaysia (November). These milestones, he said, are significant but should not remain merely symbolic. Instead, they must translate into actionable outcomes, particularly in fostering stronger business-to-business relationships.
According to the expert, Australia and Vietnam have a close working relationship which is likely to grow quickly, with the Australian Vietnamese community playing an important facilitating role. But Australian investment abroad continues to go mainly to traditional business partners, especially the US and the UK, thereby missing out on the remarkable dynamism in Southeast Asia.
For his part, Layton Pike, a member of the Australia-Vietnam Policy Institute’s advisory board said that balancing regional and global relations is a prominent feature of Vietnam's foreign policy. He expressed confidence that after the leadership transition in 2024, the Southeast Asian nation will continue to navigate effectively in an increasingly complex geopolitical context in the coming years.
Vietnam’s garment-textile exports expected to reach 44 billion USD this year
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| Illustrative photo (Photo: VNA) |
Vietnam’s garment-textile export value is expected to reach 44 billion USD in 2024, marking an 11.26% increase from 2023, Vietnam News Agency quoted figures of the Vietnam Textile and Apparel Association (VITAS).
Meanwhile, garment-textile import turnover is estimated at 25 billion USD, up 14.79%, resulting in a trade surplus of 19 billion USD, up 6.93% compared to the previous year.
VITAS President Vu Duc Giang noted that many companies in the sector are experiencing growth in orders for both 2024 and 2025. Despite ongoing global complexities, fluctuating shipping costs, slow trade recovery, and reduced global investment, Vietnam's garment-textile industry has managed to maintain strong growth.
For 2025, the entire industry aims for an export turnover of around 48 billion USD, said Giang said, emphasising that this figure is based on thorough calculation and research on order trends, predicting an abundant order volume for the sector compared to 2024.
However, he warned that despite optimistic forecasts, the industry will encounter significant challenges in 2025, including limited opportunities for large orders, stagnant prices, and slow consumer demand recovery. Companies will also face new challenges such as persistently low order prices alongside rising input costs, significant changes in purchasing practices by brands, and stricter regulations on payments and production volumes.
Moreover, the pressure of lower order prices combined with new regulations demanding stricter standards related to sustainability in production and self-sufficiency in raw materials will pose ongoing challenges for textile enterprises in the coming year.
Additionally, under intense competitive pressure from supply markets, Vietnamese garment-textile companies have to meet stringent labour standards, traceability requirements, and low carbon emissions targets from major export markets like the EU.
Nguyen Xuan Duong, Chairman of the Board of Directors of the Hung Yen Garment Corporation, pointed out that while the sector is projected to reach 44 billion USD in exports in 2024, exports to the EU remain modest. A significant challenge for the industry is the issue of sourcing, as raw materials are largely imported from China and other non-FTA countries.
To better leverage this large market and effectively utilise the tariff benefits provided by the EVFTA, Duong proposed competent agencies to address the industry's limitations. Meeting origin rules must be tied to developing local raw material resources, while it is neccessary to make planning for large industrial zones to attract investors.
Additionally, garment and textile companies need to continue investing in technology, automation, and robotics to improve production process. Furthermore, adopting drastic energy-saving measures and utilising renewable energy in production will be essential to obtain green certifications, which are increasingly mandatory for large market orders.
Vietnam, GGGI continue cooperating in green growth
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| Illustrative photo (Photo: VNA) |
The Ministry of Planning and Investment (MPI) and the Global Green Growth Institute (GGGI) have launched the Vietnam-GGGI Country Planning Framework (CPF) for the 2024-2028 period to enhance their cooperation in the next five years, reported Vietnam News Agency.
This framework aims to support Vietnam's green growth and climate action objectives, including achieving net-zero emissions by 2050.
Over the next five years, the GGGI will assist the Vietnamese government in creating favourable conditions to attract green investments and preparing projects that direct investment flows into sustainable energy, improving energy efficiency, climate-resilient agriculture, and waste management.
Specifically, the GGGI will focus on clean energy to help Vietnam reach its net-zero emissions target by 2050. The organisation plans to expand successful projects related to green bonds and promote climate technology startups, aiming to increase climate finance from both private and public sectors.
The GGGI’s national programme for Vietnam proposes solutions for implementing the CPF, including green investments, green industry, climate-resilient agriculture, waste management, green buildings, and carbon pricing.
MPI Deputy Minister Nguyen Thi Bich Ngoc said that the partnership between Vietnam and GGGI began in 2012, adding that at that time the country ratified an establishment agreement, becoming one of the GGGI's founding members. This collaboration has continued with the signing of national planning frameworks for the 2012-2016 and 2016-2020 periods.
The national planning framework for 2016-2020 achieved significant results, including the development of green investment guidelines, integration of green growth indicators into socio-economic development plans, an evaluation of the five-year implementation of the national green growth strategy, and organising consultation workshops and building training materials to support to make planning on green growth action plans, greenhouse gas inventory, and green finance.
In the 2020-2024 period, cooperation continued through important projects, including the design of policies for international carbon trading under Article 6 of the Paris Agreement, green growth planning for provinces, and the implementation of green transformation investment programmes.
The new CPF for 2024-2028 has been developed based on assessments of Vietnam’s challenges, opportunities, and advantages, identifying priority directions for green growth, green investment, climate action, and waste management.
These are core goals, crucial for Vietnam's future, she said.
Juhern Kim, GGGI Country Representative to Vietnam, highlighted the partnership between the GGGI and Vietnam, which has saw significant outcomes on policy advice, such as such as the development of the MPI's green growth guidelines, the urban green growth index, and the Vietnam urban green growth development plan by 2030.
In terms of investment, the GGGI has facilitated the mobilisation of around 410 million USD in green investment for projects such as waste-to-energy plants and green bond issuance by local financial institutions and private enterprises.
According to him, the CPF focuses on supporting Vietnam in maintaining a solid economic growth roadmap with comprehensive green growth projects without causing environment degradation.
Vietnam is entering a new phase with a strong revolution in institutional building and implementation of the goal of becoming a developed high-income developed nation by 2045.
Vietnam's gaming industry reaching high score in entertainment sector
Vietnam’s gaming industry has taken a significant stride in 2024, with many important activities conducted by the Ministry of Information and Communications (MIC) in collaboration with game producers and distributors to guide the growth of the sector, reported Vietnam News Agency.
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| Vietnam's gaming industry’s revenue is projected to reach approximately 12.5 trillion VND (492.65 million USD) in 2024 (Photo: VNA) |
Vietnam’s gaming industry has taken a significant stride in 2024, with many important activities conducted by the Ministry of Information and Communications (MIC) in collaboration with game producers and distributors to guide the growth of the sector.
As of mid-November, the ministry had issued 288 G1 licences for electronic games, of which 184 remain active, while 104 were revoked. In a key indicator of industry growth, the number of new games granted G1 licenses surged 25% compared to 2023, with 169 games receiving approval. This brings the total number of G1-licensed games in Vietnam to 1,687, of which 1,125 are currently being distributed, with 562 games now inactive. Furthermore, there was a sharp increase in G2, G3, and G4 certifications, which rose 70%, reflecting a growing diversification of the local gaming market.
Despite the challenges of a highly competitive global gaming environment, the industry’s revenue is projected to reach approximately 12.5 trillion VND (492.65 million USD) in 2024. This is a slight decline from the previous year’s 12,552 billion VND. Employment in the sector has grown substantially, with an estimated 4,100 workers, up 31% from 2023. This growth is a direct result of the cooperation and alliances forged among local developers, distributors, and the Government to strengthen Vietnam’s position in the global gaming landscape.
A key milestone this year was the Vietnam Gameverse 2024 exhibition, held in Ho Chi Minh City. The event attracted over 40,000 visitors and featured more than 60 organisations, including major international tech companies such as Google, Meta (Facebook), TikTok, Roblox, Moonton, and Netmarble. The exhibition not only showcased the latest gaming innovations but also highlighted Vietnam’s potential as a hub for gaming development and e-sports.
In addition to large-scale events, the ministry has facilitated numerous workshops and forums to connect local and international industry players, creating valuable networking opportunities. Vietnam has also hosted international e-sports tournaments, further establishing itself as a growing player in the competitive gaming scene. These efforts are complemented by initiatives aimed at nurturing local talent, including the launch of the VTC Game Academy, a partnership between the ministry, Posts and Telecommunications Institute of Technology, and global tech giants like Google and Microsoft. The Academy's introduction of a new game design and development programme in 2024 underscores the country’s commitment to training the next generation of gaming professionals.
While Vietnam’s gaming industry continues to expand, the ministry has also implemented strict measures to tackle illegal activities, particularly online gambling, which has plagued the sector. In 2024, the ministry successfully shut down 667 Facebook fan pages promoting gambling and rewards-based games, and removed over 600 unlicensed games from international app stores. Major platforms like Apple and Google responded by pulling 90 and 294 unauthorised games, respectively, helping to curb the spread of illicit content.
Despite these efforts, the industry still faces several challenges. A significant portion of games in the local market are foreign-made, with Vietnamese developers accounting for just 14% of the market share. This is in stark contrast to China, which dominates the industry with an 81% market share. Local developers also face frequent copyright disputes and often play a limited role as distributors rather than producers, despite Vietnam’s growing capacity for game development.
Looking ahead to 2025, the MIC plans to continue fostering the growth of the sector while ensuring effective regulation. Key initiatives include the establishment of industry-specific training programmes that focus on game design, programming, and graphic arts, as well as the organisation of the third Gameverse event, which is expected to attract leading global players to Vietnam’s thriving gaming scene.
HCM City targets welcoming 53.5 million visitor arrivals in 2025
Aiming to continue attracting tourists to HCM City, in 2025, the city aims to welcome about 8.5 million international visitors; about 45 million domestic visitors; and total tourism revenue is estimated at 260 trillion VND.
The information was revealed in a press conference on the city’s socio-economic situation and issues of public concern, held by the municipal Department of Tourism on December 12.
The southern city attracted more than 45 million domestic and foreign tourists in 2024, earning a total revenue of 190 trillion VND.
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| In 2024, the city’s tourism industry is honored to receive many prestigious awards. (Photo: toquoc.vn) |
According to the department, over the past year, the city’s products and events continue to be upgraded and improved in quality. Many tourism products with high creativity, cultural and historical values associated with the city’s characteristics have received positive responses from local people and tourists.
Notably, the HCM City River Festival, with the theme “Legendary Train”, has created a strong media wave, contributing to affirming the destination brand of the southern hub.
In particular, the city tourism industry is honored to receive many prestigious awards such as Asia’s leading business tourism destination; Asia’s leading festival and event destination; Asia’s leading city tourism agency; Asia’s leading MICE tourism destination; Asia’s leading incentive tourism destination and Asia’s best trade exhibition.
Recently, the prestigious travel magazine CN Traveller has announced that Ho Chi Minh City was listed among the top 25 destinations that tourists should visit in 2025.
These important awards, along with foreign promotion and advertising activities, have improved the image of the city’s tourism on the world tourism map./.