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Monthly Report Update: February 2024

Let's recap key points of February 2024 about Vietnam business news and legal updates with Van Pham LLC


1.Visa Exemption Expansion: Vietnam is considering expanding visa exemption policies for more countries. The current list includes 13 countries such as Germany, France, Italy, Spain, the UK, Russia, Japan, South Korea, Denmark, Sweden, Norway, Finland, and Belarus.


2.  Economic Diplomacy: The focus for 2024 is on semiconductors, high technology, and green transformation. Clean energy trends and new technologies like semiconductor chips are the driving force for Vietnamese businesses to transform in the new era.


3. Vietnam Indicators: The S&P Global Vietnam Manufacturing PMI reached 50.4 in February 2024, marking the second consecutive month of factory expansion.


4. FDIs Inflow into Vietnam: Siemens is interested in tens of billions of dollars in projects in Vietnam. Trina Solar has invested 454 million USD in Yen Industrial Park, bringing its total investment capital to 932 million USD.


5. Stock Market: A record of 25 billion USD will be poured into Vietnamese stocks if upgraded by FTSE and MSCI, according to the World Bank.


Stay tuned for more updates!


Vietnam is considering expanding visa exemption for citizens of 13 countries to boost tourism. The government is also focusing on economic diplomacy in 2024, with an emphasis on semiconductors, high technology, and green transformation. The manufacturing PMI reached 50.4 in February, indicating factory expansion driven by new orders, output, and employment growth. Siemens and Trina Solar have shown interest in investing billions of dollars in high-speed rail and photovoltaic projects, respectively. The Vietnamese stock market is expected to attract a record 25 billion USD if upgraded by FTSE and MSCI, highlighting the need for a healthy ecosystem with strict supervision, clear information disclosure, and reliable credit ratings.
February 2024 | Monthly Newsletter - Vietnam Indicators
The new Land Law 2024 in Vietnam introduces several changes favoring foreign-invested companies (FICs). FICs can now receive land-use rights as investment capital, be allocated land for residential construction projects, and lease land from the government. The land price framework is replaced by an annually adjusted land price list, providing a more responsive reflection of market dynamics. Land users have the flexibility to choose between annual or one-time payments for land leasing fees, aiding in cash flow management. Arbitration is now recognized as a dispute resolution method, offering a confidential alternative. Real estate project investors can transfer their entire project or a segment to another investor, with the recipient inheriting responsibilities without reconstructing documentation unless substantive changes occur.
February Newsletter | Legal Updates

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