Vietnam economy expands by 7pc in 2024, beating expectations

Business

January 7, 2025

HANOI (AFP) – Vietnam’s economy grew by more than seven percent in 2024, beating expectations thanks to rising exports, government data showed yesterday.

The global manufacturing hub reaped the benefits of an uptick in demand for its products, despite suffering billions of dollars in losses due to deadly Typhoon Yagi.

The 7.09-per-cent growth rate surpassed the government’s 6.5 per cent target for the year as well as a forecast from analysts polled by Bloomberg News.

The high growth rate gives the country “important momentum for 2025”, said chief of the General Statistics Office (GSO) Nguyen Thi Huong.

Vietnam earned USD405 billion from exports in 2024 – driven by products including electronics, smartphones and garments – recording a year-on-year rise of 14 per cent, the GSO said in a report.

The United States (US) was the country’s biggest export market.

The stellar growth came despite USD3.5 billion in economic losses caused by natural disasters – particularly Typhoon Yagi, which killed more than 300 people when it struck in September.

More than 200 others died or are missing due to landslides, floods and other weather-related events in 2024, while more than 5.4 million cows, chickens and ducks were killed and 410,000 hectares of crops destroyed.

In the fourth quarter of 2024, year-on-year economic growth was 7.55 per cent.

Vietnam’s government aims to expand the economy by eight per cent this year, a target GSO chief Huong said would be a “huge challenge”.

To reach this target, Vietnam needs to flexibly control fiscal policies, stabilising exchange and interest rates and “limit sudden increases in price to minimise impact on inflation and people’s lives”, she said.

The state has long been a success story among Asian economies despite suffering a dip last year. In 2023, Vietnam’s economy grew by 5.05 per cent.

Workers stand on scaffolding at a construction site in Hanoi, Vietnam. PHOTO: AFP

China launches Yangtze River shipping data hub

Business

January 7, 2025

BEIJING (XINHUA) – After a year of trial operations, China has officially launched the Yangtze River shipping data centre, marking a significant advancement in using information technology to manage one of the country’s busiest waterways.

As a key informatisation initiative for Yangtze River shipping management, the data centre integrates big data from the Ministry of Transport, the Changjiang River Administration of Navigational Affairs (CRANA), and various shipping management organisations along the river, the CRANA told Xinhua yesterday.

It functions as the ‘smart brain’ of Yangtze River shipping management, serving as the central hub for data exchange and integration across the river’s various information systems.

By the end of December, the data centre had established a comprehensive resource database covering key elements such as vessels, crew, shipping companies, ports, cargo, waterways, hydrology, and shipping infrastructure. The database contains 1.967 billion records, with an average daily addition of over 600,000 basic data entries and more than 30 million dynamic Automatic Identification System (AIS) data entries, according to the CRANA.

Data has become a vital driver of productivity in the shipping industry, said director of the CRANA Liu Liang, adding that the new data centre will play an important role in accelerating the digital transformation of the entire sector.

In the future, the centre will collaborate with shipping management departments, ports and shipping enterprises along the river to enhance data coverage, promote data sharing and foster mutual benefits across provinces and cities.

Ships sail along the Yangtze River in Yichang, central China’s Hubei Province. PHOTO: XINHUA

Thailand’s headline inflation rate quickens in December

Business

January 7, 2025

BANGKOK (XINHUA) – Thailand’s headline inflation rate quickened in December 2024 and returned to the central bank’s target range, driven by higher fuel and food prices, official data showed yesterday.

The consumer price index (CPI) rose 1.23 percent last month from a year earlier, quickening from a 0.95-per-cent increase in November, according to the Ministry of Commerce.

The rise in December inflation brought the rate back within the Bank of Thailand’s target range of one to three per cent for the first time in seven months.

The core CPI, which excludes raw food and energy prices, increased 0.79 per cent year-on-year in December, edging down from a 0.80-per-cent gain in the previous month. For 2024, the Southeast Asian country’s headline CPI picked up 0.40 per cent compared to a year earlier.

Headline CPI is expected to range between 0.3 per cent and 1.3 per cent in 2025, fuelled by expansion in private investment and consumption, along with an uptrend in foreign tourist arrivals, said Director General of the Ministry’s Trade Policy and Strategy Office Poonpong Naiyanapakorn.

A man walks past a roadside stall in Bangkok, Thailand. PHOTO: AFP

Singapore’s private sector growth moderates in December

Business

January 7, 2025

SINGAPORE (XINHUA) – Singapore’s private sector growth moderated in December, with the seasonally adjusted Purchasing Manager’s Index (PMI) easing to 51.5 from 53.9 in November, according to a report by S&P Global published yesterday.

While a PMI above 50 signals expansion, December’s figure marks the 22nd consecutive month of improved business conditions in the private sector, albeit at the slowest pace since July 2023, the report said.

The report noted that business activity expanded modestly in December, registering the softest growth in 22 months. This slowdown aligned with the trend in new business growth, which decelerated to its weakest since February 2023.

Although Singaporean businesses generally saw improved demand, some sectors faced a downturn in December. The finance and insurance sector reported the fastest growth in new business, while manufacturers and construction firms experienced notable declines, it said.

Despite an uptick in business confidence, firms remained cautious, scaling back purchasing activity and inventory levels. Employment also saw a reduction for the first time since April 2024.

“Whilst still above average, selling price inflation notably eased at the end of 2024, falling to the lowest in six months, which will be supportive for sales,” said economics associate director at S&P Global Market Intelligence Jingyi Pan.

In a separate report, the Singapore Institute of Purchasing and Materials Management revealed on Thursday that the country’s manufacturing PMI rose by 0.1 points in December to 51.1, marking 16 consecutive months of expansion.

A view of the business district at Singapore’s Marina Bay. PHOTO: XINHUA

Philippines, Japan renew bilateral swap arrangement

Business

January 7, 2025

MANILA (XINHUA) – The Philippines and Japan have renewed their Bilateral Swap Arrangement (BSA) effective on January 1, the Philippine central bank said yesterday.

The Bank of Japan, acting as an agent for the Minister of Finance of Japan, and the Bangko Sentral ng Pilipinas (BSP) signed the Fourth Amendment and Restatement Agreement of the Third BSA.

The BSA is a two-way arrangement in which both authorities can swap their local currencies for the United States (US) dollar.

The arrangement also enables the Philippines to swap the Philippine peso against the Japanese yen.

According to the BSP, the size of the BSA remains unchanged, that is, up to USD12 billion or its equivalent in Japanese yen for the Philippines, and USD500 million for Japan.

Korean beauty products break USD10B export mark

Business

January 7, 2025

ANN/THE KOREA HERALD – Korean cosmetics have achieved a remarkable milestone, with exports surpassing USD10 billion for the first time in 2024, according to the Ministry of Food and Drug Safety.

Last year, exports reached USD10.2 billion, marking a 20.6-per-cent increase from USD8.46 billion in 2023. This achievement comes 12 years after Korean beauty products first surpassed USD1 billion in exports in 2012, reflecting consistent growth despite recent slowdowns. The previous record was USD9.2 billion in 2021.

Skincare products remained the dominant category, contributing USD7.67 billion, followed by makeup at USD1.35 billion and cleansing products at USD470 million. Cleansing products saw the fastest growth, rising by 30.7 per cent year-on-year.

China retained its position as the top importer of Korean cosmetics, accounting for 24.5 per cent of exports, or approximately USD2.5 billion. However, this represents a decline from its 32.8 per cent share in 2023. Meanwhile, exports to the United States (US) surged by 57 per cent, reaching USD1.9 billion, and Japan crossed the USD1 billion mark for the first time, with a 29.2-per-cent increase.

Other major importers included Hong Kong, Vietnam, Russia and Taiwan, with the United Arab Emirates joining the top 10 importers for the first time, displacing Malaysia.

Korean beauty products have also outperformed traditional competitors in key markets.

From January to October last year, Korea became the largest cosmetics exporter to the US, with USD1.4 billion in exports, surpassing France’s USD1.03 billion, according to the US International Trade Commission. In Japan, Korean cosmetics accounted for 28.8 per cent of imports during the first three quarters, exceeding France’s 25.1 per cent, based on data from the Cosmetic Importers Association of Japan. Korea has held its position as Japan’s leading cosmetics exporter since 2022.

Industry insiders attribute the growth in the US market to consumers’ preference for skincare products featuring effective ingredients, while Japanese consumers are drawn to innovative formulations and stylish packaging in colour cosmetics.

Korean skincare exports to the US reached USD815 million by November 2024, a substantial increase from USD231 million in 2020. Makeup exports to the US also grew 2.2-fold during the same period. In Japan, makeup exports rose 1.6-fold, while skincare exports increased by 1.3-fold.

Minister of Food and Drug Safety Oh Yu-Kyoung emphasised the government’s commitment to supporting the industry.

“The ministry will strengthen cooperation between countries through regulatory diplomacy to ensure continued export growth. We will also support our companies in enhancing their competitiveness in product quality internationally,” she said.

With innovative products and growing global demand, Korean beauty brands continue to solidify their position as leaders in the global cosmetics market.

Global markets mixed as Wall St breaks holiday slump

Business

January 7, 2025

AP – Global stocks were mixed yesterday after Wall Street snapped out of a spell of holiday season blues.

Germany’s DAX added 0.4 per cent lower, to 19,984.85, and the CAC 40 in Paris was up 0.6 per cent to 7,324.36. Britain’s FTSE 100 fell 0.2 per cent to 8,212.70.

The future for the S&P 500 was 0.3 per cent higher and that for the Dow Jones Industrial Average rose 0.1 per cent.

Japan’s finance minister rang in the New Year as Tokyo’s market resumed trading after the long traditional holiday, as staff in suits and kimonos clapped for good fortune in 2025.

“The Japanese government will act to secure economic growth led by wage increases and investment,” Finance Minister Katsunobu Kato said, vowing to “grasp signs of recovery” and to ensure that “every single citizen can feel the improvement in their salaries”.

The prevailing sentiment in much of Asia has been caution over potential changes by President-elect Donald Trump, who has vowed to sharply raise tariffs on imports from China and other countries, potentially denting growth for a region heavily reliant on trade.

Tokyo’s benchmark Nikkei 225 index lost 1.5 per cent to 39,307.05, while the Hang Seng in Hong Kong declined 0.4 per cent to 19,677.37.

The Shanghai Composite index slipped 0.1 per cent to 3,206.92.

Markets shrugged off a report that China’s services economy grew at its fastest pace in seven months in December, while export businesses declined, according to a private sector survey. The index rose to 52.2 in December, surpassing the 50 level that separates expansion from contraction.

Elsewhere in Asia, the mood was lighter. Australia’s S&P/ASX 200 gained 0.1 per cent to 8,257.40 and Taiwan’s Taiex jumped 2.8 per cent.

In South Korea, the Kospi jumped 1.9 per cent to 2,488.64, driven by a 9.8-per-cent increase in computer chip maker SK Hynix Inc and a 2.8-per-cent jump in shares in Samsung Electronics, the country’s biggest company.

On Friday, the S&P 500 rallied 1.3 per cent to 5,942.47, reaching its first gain since the holidays and its best day in nearly two months. Strength for Big Tech stocks helped it break a five-day losing streak, its longest since April, and trim its loss for the week to 0.5 per cent.

The Dow Jones Industrial Average rose 0.8 per cent to 42,732.13, and the Nasdaq composite leaped 1.8 per cent to 19,621.68.

Japanese Finance Minister Katsunobu Kato tolls a bell during a ceremony marking the start of this year’s trading in Tokyo, Japan. PHOTO: AP

Jimenez scores two penalties as Fulham fight back to draw against Ipswich

Sports

January 7, 2025

AFP – Raul Jimenez scored two penalties as Fulham twice came from behind to draw 2-2 with relegation-threatened Ipswich at Craven Cottage yesterday.

Sam Szmodics put the visitors ahead in the 38th minute, with Jimenez levelling from the spot midway through the second period.

Liam Delap restored Ipswich’s lead with another penalty but Jimenez had the final say in stoppage time.

The result leaves Ipswich third from bottom of the table after falling agonisingly short of recording two consecutive league wins for the first time this season.

Mid-table Fulham enjoyed the lion’s share of possession in the first half but Ipswich broke the deadlock against the run of play with their first chance of note.

Delap surged forward and fed Leif Davis, whose cross was headed onto the bar by overlapping right-back Ben Johnson.

After a scramble to clear the danger, Szmodics was on hand to crash the ball off Calvin Bassey and past Bernd Leno. It took until the 69th minute for the Cottagers to get back on level terms. Harry Wilson found a pocket of space once more following Rodrigo Muniz’s pass and was brought down inside the box by Sam Morsy.

Referee Darren Bond initially said no penalty but changed his original decision after a VAR check and Jimenez stepped up to slot his spot-kick to Christian Walton’s left.

Delap put Ipswich back ahead just two minutes later after he was fouled by Timothy Castagne and they went close to a third when substitute Jack Clarke struck a post.

Fulham’s Raul Jimenez celebrates after scoring his side’s first goal during the English Premier League match against Ipswich Town at Craven Cottage stadium, London, United Kingdom. PHOTO: AP

Thailand tourism bounces back, with 35 million visitors

Business

January 7, 2025

BANGKOK (AFP) – Thailand welcomed more than 35 million international tourists in 2024, surpassing the government’s target, as the country strives to revive its sluggish economy, officials said yesterday.

The nation’s vital tourism sector accounts for almost 20 per cent of its gross domestic product but has struggled in the wake of the COVID-19 pandemic and changing traveller habits.

More than 35 million visitors visited the kingdom in 2024, around four million shy of its pre-pandemic high in 2019, according to the Ministry of Sports and Tourism.

China has reclaimed its position as the top source of visitors in Thailand – after seeing a decline post-pandemic – with more than six million visitors last year, followed by Malaysia and India. The kingdom – known for its pristine beaches and iconic temples – generated more than THB1.6 trillion (USD46 billion) from tourist spending in 2024, according to Tourism Minister Sorawong Thienthong.

The Thai government under former prime minister Srettha Thavisin introduced a number of measures to attract foreign visitors, including a free visa programme for Chinese and Indian tourists.

After exceeding its target of 35 million tourists in 2024, the government has set a target of 39 million visitors in 2025.

The World Bank has estimated that the country will exceed its pre-pandemic level in 2025, but tourists are spending less than they did before.

Tourists ride a longtail boat past Wat Arun temple along the Chao Praya river in Bangkok, Thailand. PHOTO: AFP

Sunderland beat Portsmouth to close in on Championship leaders

Sports

January 7, 2025

AFP – Sunderland beat 10-man Portsmouth 1-0 on Sunday to close the gap on the top three sides in the English Championship.

Wilson Isidor’s early goal was enough to secure a second home win in five days for the fourth-placed Black Cats, who moved three points behind leaders Leeds.

Burnley, in second place, have 52 points, the same tally as Sheffield United.

Relegation-threatened Portsmouth had captain Marlon Pack sent off midway through the second half for bringing down Isidor.

Sunderland took the lead in the seventh minute when Eliezer Mayenda picked out the run of his strike partner with a defence-splitting pass and Isidor confidently slotted away his third goal in four games.

Portsmouth’s task was made all the more difficult when last man Pack was sent off for dragging Isidor down as the striker raced in on goal.

Despite their numerical disadvantage, Portsmouth grew in confidence in the final stages but could not force an unlikely equaliser.

“The early goal was important and opened the game for us,” Sunderland boss Regis Le Bris told the BBC. “But Portsmouth did well with their own style of play and we struggled.

“It was better second-half but we didn’t score this second goal – 24 shots, many big chances, so the game was open until the end.”

Borneo Bulletin OnlineThe Independent Newspaper in Brunei Darussalam, Sabah and Sarawak

Trending News

Social Media

Category

Site Links