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Vietnam Pursues Economic Growth and Diversified International Relations
Vietnam is pursuing economic growth through exchange rate stabilization, expanding international trade, and promoting digital transformation. Simultaneously, it is strengthening ties with China and deepening cooperation with Western countries.
The State Bank of Vietnam (SBV) set the daily reference exchange rate at 25,594 VND/USD on September 9, down 9 VND from the previous day. The opening-hour buying and selling rates at major commercial banks also saw decreases. With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,892 VND/USD, and the floor rate 24,330 VND/USD. Vietnam is actively pursuing economic growth and diversification of its international relations. Chinese investors have backed 35 projects in Can Tho with registered capital of nearly 1.2 billion USD, making China a crucial trade partner. Bilateral trade with India is targeted to reach 25 billion USD by 2030, demonstrating ambitious goals for economic cooperation. Trade with Russia also saw a significant increase, reaching 3.24 billion USD in the first seven months of the year. Digital transformation is a key focus for Vietnam's economic strategy. Prime Minister Le Minh Hung has called for the complete digitization of supply chains, from manufacturing to retail, utilizing national database systems. Ho Chi Minh City is developing smart and green ports to enhance logistics and create sustainable supply chains. In terms of international partnerships, the French business community anticipates strengthened bilateral ties and accelerated joint projects under the Comprehensive Partnership framework with France. Major South Korean conglomerates like Samsung, SK, LG, and Lotte are expanding their investments in Vietnam, while Vietnamese airports are receiving international recognition for improvements. However, new US tariff policies are prompting Vietnamese exporters to reassess their strategies. There is a shift towards higher-value orders, tighter cost control, increased productivity, and a more balanced market allocation to reduce reliance on single destinations. This indicates Vietnam's move towards a more resilient and sustainable growth model. Information source: VietnamPlus English
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VietnamPlus English