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Vietnam Business News May 29/2024 

 Wednesday, May 29,2024

AsemconnectVietnam - Vietnam eyes growth in booming semiconductor industry. Vietnam’s trade surplus tops 8 billion USD in five months.May consumer price index up 0.05%.Vietnam eyes growth in booming semiconductor industry. Cashless payment develops rapidly in Vietnam.

Booming semiconductor industry
The Vietnam Software & IT Services Association (VINASA) held a seminar on cooperation in semiconductor industry development in Hanoi on May 29, as part of the Vietnam - Asia Digital Transformation (DX) Summit 2024. VINASA Founding Council Chairman Truong Gia Binh addressed the seminar, offering insights into the global semiconductor market. He highlighted the significant opportunities this market presents for Vietnamese companies, both those currently involved and those considering entry. Binh also revealed the establishment of the Vietnam Semiconductor Industry Development Committee by VINASA. This committee’s mission is to unite experts, businesses and partners to accelerate the industry's growth through training, knowledge sharing, collaboration with authorities at all levels and incentives for both domestic and foreign investors.
 May consumer price index up 0.05%
The country's May consumer price index (CPI) rose by 0.05% against April, 1.24% compared to the index in December 2023, and 4.44% year-on-year, the General Statistics Office announced on May 29. The increase was attributed to the supply shortage after the African swine fever epidemic at the end of 2023, and a rise in household electricity prices due to hot weather.
 Among the 11 main groups of consumer goods and services, seven saw price hikes compared to the previous month, while three saw declines and one stayed unchanged.
 In the first five months of this year, the index inched up 4.03% year-on-year, and core inflation increased by 2.78%.
Trade surplus tops 8 billion USD in five months
Vietnam’s trade surplus hit 8.01 billion USD during January – May, with 156.77 billion USD in export revenue and 148.76 billion USD in imports, up 15.2% and 18.2% year-on-year, respectively, the General Statistics Office announced on May 29.
Of the total export earning, 43.69 billion USD came from the domestic sector and 113.08 billion USD from the foreign-invested one, rising 20.5% and 13.3% against the same time last year.
 In the period under review, 26 kinds of products recorded export turnover of more than 1 billion USD each, or 90% of the total, including seven with over 5 billion USD.
 The processing sector contributed some 137.39 billion USD to the total export revenue, or 87.7%, while the fuel and mining sector made up 1.3%, agro-forestry 8.8%, and fisheries 2.2%.
 State commercial banks to directly sell gold to people since June 3
The State Bank of Vietnam (SBV) will directly sell gold to state-owned commercial banks starting June 3 and the banks will sell gold to the public, Deputy Governor Pham Quang Dung said in a recent meeting with the media.
The SBV will decide the prices of gold sold to the banks based on world prices, Dung said, noting State-owned commercial banks with their extensive networks have prepared necessary conditions to organise direct gold sales to people in need.
 According to the deputy governor, following the instructions of the Government and the Prime Minister, the SBV has organised nine auctions, supplying 48,500 taels of SJC gold to the market, equivalent to over 1.8 tonnes of gold.
Cashless payment is developing rapidly in Vietnam
Non-cash payments continue to proliferate in Việt Nam, requiring a focus on ensuring payment security, a representative of the State Bank of Việt Nam said at a press conference on Cashless Day 2024 held in Ho Chi Minh City on May 28.
The theme for Cashless Day 2024 is 'Promoting safe and secure non-cash payments.'
 According to Le Anh Dung, Deputy Director of the Payment Department under the State Bank of Vietnam (SBV), there are 182 million personal payment accounts in Việt Nam as of the end of 2023, with 87.08% of adults owning payment accounts. More than 147 million banking cards are circulated and 32.77 million e-wallets are active.
Vietnamese food, beverage products introduced at Thai trade fair
 More than 160 Vietnamese enterprises are showcasing high-quality and standard-compliant products at the THAIFEX – Anuga Asia 2024 in Thailand, which is expected to draw over 80,000 visitors from 140 countries worldwide.
The largest and most comprehensive food and beverage trade fair in Asia is taking place at the Impact Arena, Exhibition, and Convention Centre in Muang Thong Thani from May 28 – June 1.
 Themed “Beyond Food Experience,” this year's trade fair sees the participation of over 3,000 businesses from more than 50 countries around the world, which are showcasing their products in 6,000 booths across 11 specialised sectors, including premium food, frozen food, fruits & vegetables, meat, rice, seafood, confectionery, beverages, coffee & tea, food technology and services.
Source: Vitic/VNA


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