07/07/2025

BIZ & FINANCE MONDAY | JULY 7, 2025

16

Vietnam posts 7.5% growth in H1’25

o Biggest economic expansion in more than a decade as exports soar

6.4% as exports and investments remained strong. The United States is Vietnam’s largest export market, worth US$70.91 billion (RM299 billion) in the first half of the year. In the first six months of 2025, Vietnam’s total goods exports reached US$219.83 billion, up 14.4% over the same period last year, the GSO said, with processed industrial goods accounting for almost 90% of that. The statistics office said the reorganisation of the country’s government apparatus last month which saw most of its provinces and cities merged had been part of its efforts towards socio-economic development. – AFP Japan PM says will not ‘easily compromise’ in US tariff talks TOKYO: Japan’s Prime Minister Shigeru Ishiba said yesterday he will not “easily compromise” in talks with Washington as Tokyo seeks to avert President Donald Trump’s threat to impose tariffs of up to 35% on Japanese goods. “We will not easily compromise. That’s why it is taking time and why it is tough,” Ishiba told a television talk show. His comments came as Japan rushes to negotiate with the Trump administration before the Wednesday deadline for trade deals. While Trump imposed a sweeping 10% tariff on imports from most trading partners in April, he unveiled – then paused – higher rates on dozens of economies including Japan to allow room for negotiations. This pause will expire July 9, meaning the elevated rates are due to kick in if countries fail to reach agreements with Washington to avert them. Trump has said he was going to write a letter to Japan, asking it to“pay a 30%, 35% or whatever the number is that we determine”, and called the bilateral trade relation “unfair”. He has particularly pressed Japan to accept more US automobiles and rice. Ryosei Akazawa, Tokyo’s trade envoy, held telephone calls with US Commerce Secretary Howard Lutnick on Thursday and Saturday. In the television show yesterday, Ishiba reiterated that Japan, as the biggest investor nation in the US economy, should be treated differently from other countries. “What is unfair? How is it unfair? We need to examine each one” of the US claims, he said. “We are allies, but we have to say what we have to say. We are the world’s largest investor nation and the largest job creator (in the US). We are different.” On another television show yesterday, Ishiba said Japan was “preparing to deal with all kinds of situations”, when asked about how he plans to deal with Trump’s letter. – AFP

second to Bloomberg Economics, and the pact contains a clause seeding more uncertainty about vital supply chains with China. Trump says a 40% tariff will hit goods passing through Vietnam to circumvent steeper trade barriers targeting their nation of origin – a practice called “transshipping”. Washington has accused Hanoi of using the practice to gate Beijing’s products to American markets, but Chinese raw materials are also the lifeblood of Vietnam’s manufacturing industries. In its outlook for Vietnam published last Friday, Fitch Solutions said there were upside risks to its 2025 Vietnam GDP growth forecast of term, according

the statistics office statement said. Vietnam – a global manufacturing hub – recorded economic growth of 7.1% last year and is aiming for 8% this year as it vies for “middle-income country” status by 2030. The nation has the third-biggest trade surplus with the United States of any country after China and Mexico, and was targeted with one of the highest rates in Trump’s tariff blitz. Hanoi’s trade deal with Washington announced this week has negotiated levies down from an eye-watering 46% to a minimum 20% in return for opening its market to US products. However the rate is around five times more than before Trump’s

HANOI: Vietnam announced on Saturday its economy grew 7.52% in the first half of 2025, the highest in more than a decade as exports soared. The strong growth figure comes just days after the Southeast Asian country averted the most punishing of American President Donald Trump’s threatened “reciprocal” tariffs on its exports. “GDP in the first six months of 2025 increased by 7.52% over the same period last year, the highest level of the first six months in the

period 2011-2025,” the General Statistics Office (GSO) said in a statement. The country achieved growth of 7.96% in the second quarter over the same period last year, the highest Q2 reading since 2022 when it hit 8.56%. “Our country’s socio-economic performance in the second quarter and the first six months of 2025 achieved very positive results, approaching the set target in the context of many uncertainties in the world and regional economy,”

People attending the grand opening ceremony of the Legoland Shanghai Resort. – AFPPIC

China’s first Legoland opens to tourists SHANGHAI: Thousands of local tourists poured into China’s first-ever Legoland as it opened its gates in Shanghai on Saturday, the latest theme park hoping to capitalise on a domestic tourism boom. Despite the Chinese economy’s sluggish growth in recent years, domestic tourist spending grew 18.6% in the first quarter of this year compared to the previous year, according to statistics. governments to heavily market their attractions on social media. Companies have taken note of the wider local tourism boom and stepped up their plans in China.

expanding their tourism industries, and all of them have special attractions,” said Xu, a 34-year-old parent visiting Legoland on Saturday with his children. But profitability remains a problem, especially for local companies with less brand recognition. As of late 2024, around 40% of parks were still failing to turn a profit, according to state media reports. Yet analysts point to a growing population of retirees and job market changes as key factors pushing more locals to visit domestic attractions. “The labour market is turning more flexible,” said Ernan Cui, China consumer analyst at Gavekal Research. “More people have leisure time to travel around.” – AFP

A new Spider-Man attraction at Shanghai Disneyland broke ground in May, while Warner Brothers is set to open a Harry Potter experience in Shanghai by 2027. Toy giant Hasbro said last week its giant Peppa Pig park in the city was now “in the phase of creative design”. Chinese collectable toy maker Pop Mart has also opened an attraction in Beijing featuring life-sized versions of its popular Labubu toys. “The various provinces are putting a lot of effort into

“Ever since the pandemic, I’ve made very few trips abroad,” said Shi, adding his family now travels to theme parks around China “many times a year”. Eager Lego fans rushed into the park as soon as it opened, wearing themed shirts and waving branded flags as they enjoyed the 318,000 square metre compound in scorching temperatures. Beijing has announced subsidies intended to make travelling within the country more affordable for Chinese citizens, and is pushing local

The Chinese branch of the British-owned theme park franchise is the biggest Legoland in the world. It drew in early customers who flocked to attractions including a miniature train ride and a dragon-themed rollercoaster. “I personally love to play with Lego blocks and we have many sets at home ... so I wanted to come to Legoland at the earliest opportunity,” said Shi, a 35-year-old resident of nearby city Hangzhou, who was visiting the park with his wife and child.