MARKET SNAPSHOTS WEEK 27/2024
Second quarter GDP increased by 6.93%
In Q2/2024, GDP growth rate is estimated to increase by 6.93% YoY. Compared to the same period last year, this level is only lower than the growth rate of Q2/2022 in the period 2020-2024. In the first 6 months of the year, GDP increased by 6.42%. The industry, construction and service sectors still account for the highest proportion, supporting the economy. In particular, the industrial and construction sector maintained growth momentum, some key products increased quite well, meeting the needs of new orders of businesses. The added value of the entire industry in 6 months increased by 7.54% YoY, only lower than the increase of 8.32% in the same period in 2022 in the period 2020-2024. The service and export sectors increased following the trend of recovering world consumer demand, positively contributing to economic growth. The added value of this area is 6.64%, higher than the increase of 1.18% and 5.06% in the same period in 2020 and 2021. The remaining agricultural, forestry and fishery sectors maintained stable growth, increasing in value by 3.15% YoY, contributing 0.27% points to the total increase. added value of the entire economy.
Ground breaking ceremony of VSIP Ha Tinh Industrial Park
On June 25th, the People’s Committee of Ha Tinh Province, in collaboration with VSIP, organized ground breaking ceremony of the Construction Investment and Business Infrastructure Project of Bac Thach Ha Industrial Park. The project was approved for investment under Prime Minister's Decision No. 1003/QD-TTg dated August 29, 2023. Total project investment of more than 1.555 billion VND and land use scale of the project is 190,41 hectares, located in the two communes of Thach Lien and Viet Tien, Thach Ha district. VSIP Ha Tinh is designed to be a synchronous, modern green industrial park with optimum infrastructure standards and strategic transportation location, easily connected to most of the artery such as National Highway 1A, 15B and North-South Highway. In addition, VSIP Ha Tinh Industrial Park is expected to be "magnet" to attract investors operating in light industries, high-tech industries from which it attracts investment, creating breakthroughs in Ha Tinh's socio-economic development. At the opening ceremony, five domestic and foreign enterprises registered to invest in VSIP Ha Tinh with a total capital of some VND trillions.
Regal Group held a ground breaking ceremony of Regal Residence Luxury in Dong Hoi City
On June 22th, Regal Group held a ground breaking ceremony of the Regal Residence Luxury apartment complex in Dong Hoi City (Quang Binh), which claims to be an international building with various amenities located in the city center. Regal Residence Luxury covers 4,122.55 sqm near the sea that whistles on the pavement. One of the five high-rise towers in Regal Legend, Regal Residence Luxury has a unique location and a plot that is 27 to 32 sqm wide with four front roadways. The skyscraper is located on the Regal Legend Metropolitan District's campus and has 40 stories and a height of 145 meters and the total investment is at 1,500 billion VND. The asking price of an apartment in this project ranges between 1,649-2,061 USD/sqm for 1BR, 2BR and 3BR with an area of 30-320msqm. The Regal Residence Luxury apartment complex is planned to be finished in Q4/2027, and it will be a high-end residential structure that will welcome worldwide visitors, contributing to the development of Quang Binh's tourism and economy.
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An Gia Real Estate Group held a ground breaking ceremony of the Gio Riverside project
On June 26th, 2024, An Gia Real Estate Group and Ricons held a groundbreaking ceremony of The Gio Riverside project, a 3,000-unit residential complex along the East Saigon River. The project is approximately 2.9 hectares and is located near to the Hanoi Highway. A competent state body has granted the project a construction permit after completing the 1/500 comprehensive planning clearance and agreeing on land allocation beginning in 2022. The project has 2 blocks with 3 basements and 40 floors. The total of GFA is approximately 297,000 sqm, with a construction density of 30.73% for apartments. It also includes a school building with a constructed floor area of over 14,484 sqm and a density of 9.43%. The project consists of 5 stories and 1 basement, and it meets the regulations for educational buildings in residential neighborhoods. Situated at the meeting point of the Dong Nai and Ngoc rivers, The Gio Riverside project benefits from being well-connected, as it is close to major thoroughfares like National Highway 1A, Tan Van intersection, Ring Road 3, Metro Line 1, and Metro Suoi Tien - Bien Hoa.
Vincom launched shopping centers in Ha Giang and Dien Bien
On June 28th, Vincom Retail JSC will launch 2 Vincom Plaza shopping malls in Ha Giang and Dien Bien Phu. The first commercial center is Vincom Plaza Ha Giang, which is situated at the intersection of Tran Phu Street and National Highway 34. This highway connects Ha Giang city to administrative offices and tourism areas. The shopping center spans up to 21,000 sqm and has 4 commercial floors as well as a 5-star Four Point by Sheraton hotel. Vincom Plaza Dien Bien Phu is located in Muong Thanh Ward, near to 7/5 Square, and right on Vo Nguyen Giap Street - Dien Bien Phu's tourism center. With an area of 12,000 sqm, including 4 levels dedicated to commerce. Furthermore, on June 26th, Vincom Plaza 3/2 in Ho Chi Minh City was opened after renovating. In addition to investing in comfortable facilities, Vincom Plaza 3/2 will include new brands for the first time in Vietnam and the region, including KKV, a well-known Chinese lifestyle retail brand, and Country Hide's first location in Ho Chi Minh City. With opening 3 shopping centers since the beginning of year, Vincom Retail marked their developemnt including 86 location in 46 provinces and cities has taken a step forward in its development while maintaining its position in the Vietnamese retail industry.
Chinese projector manufacturer XGIMI invests $13 million in Northern Vietnam
On June 25th, XGIMI, a China-based projector manufacturer, has received an investment registration certificate to invest $13 million in Vietnam’s northern province of Nam Dinh. The factory construction area is 5.67 hectares and is located in My Thuan Industrial Park. XGIMI is set to complete administrative procedures by the second quarter of 2025, build the factory from Q2/2025-Q2/2026, install equipment and conduct trial production in Q2/2026-Q3/2026, and enter official operation in Q3/2026. Accordingly, XGIMI is a high-tech company specializing in designing and manufacturing smart projectors and high-performance multi-function laser televisions in China; new features are added to the product every year; Providing consumers with a series of large projection screens, equipped with advanced technology, integrating AI artificial intelligence and a wide range of laser televisions and advanced technology laptops. When put into operation, this facility can reach an annual capacity of 400,000 products, contributing to the development of Nam Dinh province.