1. According to the World Bank, Vietnam’s GDP in 2023 reached $430 billion and its income per capita was $4,347, which demonstrated a sharp increase.

This was a high figure if noting that Vietnam’s average income per capita was just $100 in 1988, or two years after doi moi (renovation), and just $1,000 when it joined WTO (World Trade Organization) in 2007.

Analysts commented that Vietnam’s GDP per capita has been increasing rapidly, and even more rapidly than other regional countries, including Thailand and the Philippines.

In 1986, Thailand’s income per capita was $836, and the figure rose to $3,935 in 2007, which meant an increase of 4.7 times. In 2023, the figure was $7,172.

With a stable growth rate of 6-8 percent for many years, Vietnam is expected to be added to the list of upper middle income countries, like Malaysia, Thailand and Indonesia. However, considering the latest classification applied to 2023-2024, Vietnam is still not listed in the group.

Under the new standards, applied for July 1, 2023-July 1, 2024, the average income of countries is classified into four groups. The first one, low-income, includes countries with average income of less than $1,135 per annum.

The second one consists of lower middle income countries, which means ones with incomes of $1,136-4,465.

The third one, higher middle income countries, are those with an income of $4,466-13,845. Meanwhile, the countries with an income of over $13,845 belong to the fourth group – high income.

2. A woman told the press that when she tried to transfer money to make a payment for a parcel shipped to her as per the request of the ‘seller’, she unexpectedly saw the transaction blocked and a warning about risks from MBBank.

Because of the warning about scam accounts, she stopped her transaction and shared her story on social networks. Thanks to the prompt action by the bank, she protected her money.

MBBank is the first bank in Vietnam that has a feature detecting scam accounts. This allows customers to feel secure when making transactions with strangers because they can be alerted about risks.

MBBank’s clients are required to authenticate with many factors. In addition to OTP and face authentication, customers receive warnings if scam accounts appear.

3. The investigation agency has taken legal proceedings against Cong Minh Green Tree Co Ltd for violating regulations on bidding, "causing serious consequences" and for "giving and receiving bribes" that occurred at Cong Minh and in relevant localities.

About 50 companies belonging to Cong Minh’s ecosystem attended 600 bids in many localities and won many of the bids.

Cong Minh was found colluding with investors to become involved in building bidding packages while the projects were being designed. After the contract prices got approval, the company would be designated to win the bids, or other legal entities in the same ecosystem used it to bid and win the bids.

4. The HCM City Taxation Agency has released the latest list of companies which have not paid their taxes, which includes 229 businesses with unpaid debt of VND5 trillion.

Xuyen Viet Oil topped the newly released list, owing VND1.74 trillion. The director of the business used money from the petroleum price stabilization fund to give bribes.

The Ministry of Public Security on July 6 said the investigation of the company has prosecuted 14 defendants for violating regulations on managing and using state assets, causing waste and loss, causing serious consequences, as well as giving and receiving bribes and abusing power and positions to profiteer.

5. Vietnam had 19,400 dollar millionaires as of the end of 2023, becoming the country with the largest percentage increase in number of millionaires in 2013-2023. It is expected that the number of Vietnamese dollar millionaires will double in the next decade.

The figures were updated in the report of New World Wealth (South Africa) and Henley & Partners (Switzerland). The number of Vietnamese millionaires increased by 98 percent in the period, the sharpest increase in the world. 

6. The Ministry of Planning and Investment (MPI) reported that registered FDI (foreign direct investment) capital in the first six months of the year was nearly $15.2 billion, up 13.1 percent over the same period in 2023.

The investment capital was in semiconductors, energy, electronics and electronic component manufacturing.

7. SBV (the State Bank of Vietnam) reported that total outstanding loans had increased by 6 percent as of the end of June compared with the beginning of the year to VND14.4 quadrillion.

Hanh Nguyen