Vietnam news in brief - February 8

PM Pham Minh Chinh urges Quang Nam businesses to accelerate growth

Prime Minister Pham Minh Chinh urged Quang Nam businesses to accelerate production and contribute to the national target of 8% GDP growth in 2025 and double-digit economic expansion in the following years during his visit on February 8. He urged HS Hyosung, THACO, Chu Lai Port and Chu Lai Airport to boost investment, innovation, green development and logistics, while calling on authorities to remove obstacles, simplify procedures and create a better business environment.

Ministry of Public Security launches "2025 Tree Planting Festival

The Ministry of Public Security launched the "2025 Tree Planting Festival" on February 8. In 2024, the police force planted more than 3 million trees, contributing to environmental protection and combating climate change. The ministry calls on officers to actively participate in and raise awareness of forest conservation.

About 1,000 Quang Tri deminers suspend work after US aid suspension

About 1,000 demining workers in Quang Tri have temporarily halted their operations following US President Donald Trump's order to suspend most foreign aid. The affected workers belong to three operations that rely on US funding. The suspension, which took effect on January 24, will be reviewed within 90 days, putting demining efforts on hold.

Most bomb and mine clearance projects in Vietnam, in general, and in Quang Tri, in particular, are funded by U.S. aid. Photo : Nguyen Phuc/ thanhnien.vn

BIDV leads banking system in outstanding loans in 2024

BIDV led the banking system in outstanding credit in 2024, reaching about VND2 quadrillion (US$82 billion), up 16% from the previous year, according to its financial report. Agribank followed in second place with VND1.72 trillion (US$70 billion), up 10.8% from 2023. VietinBank and Vietcombank ranked third and fourth, with outstanding loans increasing by 17% and 14%, respectively. The total outstanding loans of 26 commercial banks exceeded VND13 trillion (US$530 billion), up 15% year-on-year.

Ho Chi Minh City rolls out key initiatives to achieve 8% growth

Ho Chi Minh City aims to achieve 8% GRDP growth by accelerating metro projects, developing a free trade zone in Can Gio, and expanding the international financial center, among other key initiatives. The city also plans to streamline administrative procedures, release more land for industrial investment, and encourage more than 400,000 household businesses to formalize. In addition, accelerating real estate projects and improving infrastructure, including transportation and digital systems, will be prioritized to drive economic expansion.

Dong Nai grants investment licenses for 14 projects worth US$738 million

Dong Nai issued investment permits for 14 projects worth nearly $738 million on February 7. Among them are eight newly registered projects with a total value of US$278 million and six projects with capital increase amounting to US$460 million. The province is attracting investors from Japan, Thailand, Singapore, Taiwan, South Korea, the US, Samoa and the Cayman Islands.

Vietnam Railways opens ticket sales for 30 April - 1 May holiday

Vietnam Railways is now selling tickets for the April 30 - May 1 holiday until May 4 , anticipating high demand for travel. Tickets are available for major routes including Hanoi-Ho Chi Minh City, Hanoi-Danang and Ho Chi Minh City-Nha Trang. Discounts are available for certain passengers. Additional trains will run on popular tourist routes to meet increased demand.

Vietnam's North-South Railway. Photo: Huy Hoang/ Economic and Urban newspaper.

Masan Consumer confident about finances despite $932 million dividend payment

Masan Consumer's large dividend payments will not affect the company's financial health, CFO Huynh Viet Thang said on February 7 when answering investors' questions about the firm's VND23 trillion (US$932 million) dividend payment in 2024. Thang saw the move as a way to strengthen MCH's attractiveness to investors. Masan Consumer posted record sales of $1.25 billion (up 9% year-on-year) and net profit of $320 million (up 10% year-on-year) in 2024.

Vietnamese Ao Dai Heritage Club debuts in China 

The Vietnamese Ao Dai Heritage Club was launched in China on February 7, marking a milestone in the promotion of Vietnamese traditional attire overseas. The club aims to unite the Vietnamese community in China and preserve cultural heritage. The Ao Dai, a symbol of Vietnamese heritage, reflects grace in both daily and formal wear.  Nguyen Thi Thanh Tam, president of the club, emphasized its role in encouraging cultural exchange and economic cooperation.

Foreign ambassadors enjoy learning about Vietnamese Mother Goddess Worship

Ambassadors from Ukraine, Finland, Poland, Czech Republic, Morocco and Spain attended the Spring Cultural Exchange Program at Pho Quang Linh Tu (De Mau Pho Co) on February 7. During the event, they explored Vietnam's Three Palaces Mother Goddess Worship, visiting the sacred Three Palaces of the Holy Mothers and witnessing the vibrant "hau dong" ritual. The belief was declared a UNESCO Intangible Cultural Heritage of Humanity in 2016.