Following are the highlights of Business News in the first week of October 2024: Vietnam Q3 GDP grows 7.4% on robust exports, industrial production; Vietnam’s 2024 rice imports projected to hit record of $1bn; Dollar gains on black market, skyrockets among peers; and the last news of Vietnam Stock Market that ended the week with third consecutive decline.
Vietnam Q3 GDP growed 7.4% on robust exports, industrial production
Vietnam’s gross domestic product (GDP) grew 7.4 percent year-on-year in the third quarter on the back of strong exports and industrial production, government data showed on Sunday. Third-quarter GDP showed the highest quarterly expansion in two years, despite the impact of Typhoon Yagi which hit the country last month.
Vietnam’s 2024 rice imports projected to hit record of $1bn
Vietnam, one of the world’s top rice exporters, is expected to import nearly US$1 billion worth of rice by the end of 2024, according to the General Department of Vietnam Customs. The country spent $850 million on rice imports in January-August, compared to last year’s total spending of $860 million. Rice imports cause no impact on local production. Vietnam’s rice output is abundant to ensure national food security, national reserves, and exports. The General Department of Vietnam Customs reported that the country exported 6.15 million metric tons of rice in January-August, generating over $3.85 billion, a 5.8-percent increase in volume and a 27-percent rise in value.
Dollar gains on black market, skyrockets among peers
The U.S. dollar gained against the Vietnamese dong on the black market Saturday morning and after jumping to a seven-week high among major peers Friday. The dollar was sold at VND25,210 at unofficial exchange points, up 0.64% from Friday. Vietcombank kept its rate unchanged at VND24,940. The State Bank of Vietnam’s reference rate was stable at VND24,133.
Globally the dollar jumped to a seven-week high on Friday and was on track to post its best week since September 2022 after a surprisingly strong jobs report for September led traders to cut bets that the Federal Reserve will make further 50-basis-point rate cuts.
Market ended the week with third consecutive decline
The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) closed the day at 1,270.6 points, down 7.5 points, or 0.59 per cent, marking its third consecutive decline. On the Hà Nội Stock Exchange (HNX), the HNX-Index also dropped by 0.29 per cent, closing at 232.67 points. Foreign investors resumed their net selling trend, with net sales amounting to over VNĐ573 billion on the HOSE.