Vietnam news in brief - January 3

Vietnamese Government sends support to Japanese people after earthquake

Prime Minister Pham Minh Chinh and Minister of Foreign Affairs Bui Thanh Son sent messages of sympathy to their Japanese counterparts, Prime Minister Kishida Fumio and Foreign Minister Yoko Kamikawa, on January 2, following the earthquake that struck the central region of Japan. The 7.6 magnitude earthquake struck Ishikawa Prefecture and surrounding areas, and the death toll has reportedly reached 60. As of late January 2, the Japanese Embassy in Japan had not received any reports of Vietnamese casualties or injuries from the earthquake. Vietnamese can contact the embassy at +81-80-3590-9136, +81-80-20346868 and +81-90-1255-5537, the consulate in Osaka at +81-90-4769-6789 or the consulate in Fukuoka at +81-92263-7668.

Over 666,000 people join Vietnam's labor force

Local laborers work in an industrial zone in Bac Giang province. Photo: Bac Giang Provincial Department of Labor, Invalids and Social Affairs

The General Statistics Office reported that the number of Vietnamese of working age (15 years and above) reached 52.4 million people in 2023, about 666,500 more than the previous year. The labor force participation rate was 68.9%, up 0.3 percentage points from 2022.

Mandatory recycling of tires, batteries begins in Vietnam

Starting January 1, tires, inner tubes, batteries, lubricants, and paper packaging are among the first industries required to recycle, according to Phan Tuan Hung, Director General of the Department of Policy and Legislation under the Ministry of Natural Resources and Environment. These are the first products whose manufacturers will be subject to Extended Producer Responsibility (EPR) in Vietnam under the 2020 Environmental Protection Law.

Vietnam's rubber exports earn US$2.89 billion in 2023

According to the General Department of Customs, Vietnam's rubber exports of 2.14 million tons in 2023 earned around US$2.89 billion. This represents a decrease of 0.04% in volume and 12.7% in value compared to 2022. The average export price reached $1,350 per ton, down 12.7% from 2022. In 2023, rubber exports to major markets, including India, the US, Germany, Taiwan (China), Turkey, Sri Lanka, Russia, Indonesia, and Spain, continued to decline compared to 2022. China remains Vietnam's largest rubber consuming market.

Vietnam's PMI to end 2023 below 50-point threshold for fourth month

Workers in a factory in Dong Nai province. Photo: The Hanoi Times

Vietnam’s Purchasing Managers Index (PMI) stood at 48.9 points on December 20-23, according to an S&P Global Market Intelligence report released on January 2. The index remained below the 50-point threshold for the fourth month, signaling a continued decline in business conditions. In November 2023, the PMI closed at 47.3 points, and the average PMI reading for 2023 was the lowest since the outbreak of the Covid-19 pandemic in 2020. Local companies expected market demand to flourish in 2024, leading to an increase in production and manufacturing activities.

7.4 million stock traders registered in 2023

Vietnam now has 7.4 million stock trading accounts in 2023. The figure was equivalent to 7.5% of the total population, exceeding the 5% target set by the Ministry of Finance earlier this year. The Vietnamese stock market showed signs of recovery in 2023, with the benchmark VN Index rising 12% overall. Meanwhile, trading liquidity reached VND17.5 trillion (US$718 million) per day and the market's total value rose 9% year-on-year to VND6 trillion (US$246.2 billion). Local regulators plan to continue improving the legal framework and solving existing problems for investors to make the market stronger, healthier and more attractive.