Trade

Vietnam is attractive to investors in retail and e-commerce. According to a Nielsen report presented at the Vietnam Online Business Forum 2017, 45 percent of Vietnamese spent an average time of two hours per day on the internet. As a developing technology company, the Global Payment Connection (GPC) has always had strong will and aspiration in the fourth industrial revolution. The GPC is developing its ecosystem through the Global Clean Agriculture (GCA) project in Vietnam. The website www.gcaeco.vn, an online marketplace for agricultural products and clean food, was officially launched this month as part of the GCA project. The website provides a free-of-charge selling channel for millions of farmers, thousands of cooperatives, traders and stores across the nation. This e-commerce platform is developed for PC as well as iOS and Android, with fully integrated features such as search, ordering, shipping and payment, allowing buyers and sellers to make direct transactions. The website … [Read more...] about Clean farm produce goes online

Ministry of Industry and Trade data show that in October 2018 Vietnam exported 500 million tonnes of iron and steel worth US$338 million. In the first 10 months, iron and steel exports totaled 5,113 tonnes in volume and US$3.7 billion in value, up 49 percent in value compared with the same period last year. The export value growth stems from both increases in volume and price. The average export price in the first nine months was US$736 per tonne, 11.7 percent higher compared with the same period in 2017. Major importers of Vietnamese iron and steel in the first three quarters of 2018 included Southeast Asian countries, the US and the EU. Exports to Southeast Asia grew 33.2 percent in volume and 51.2 percent in value compared with the same period last year, accounting for 55.7 percent of total volume and 51.7 percent of total value. The export price to this market also increased by 13.6 percent, averaging US$683 per tonne. In the first nine months of this year, 74 percent of iron and … [Read more...] about Steel exports surge despite anti-dumping measures

Vietnamese food products have won the trust of Thai consumers Trade deficit grows Pham Thanh Kien, Director of the Ho Chi Minh City Department of Industry and Trade, said the trade deficit with ASEAN is a matter of concern. Last year, Ho Chi Minh City’s imports from ASEAN member states were 2.6 times higher than its exports to this region. The import value increased from US$7.2 billion in 2016 to US$8.15 billion in 2017. According to Nguyen Thi Tue Anh, Deputy Director of the Central Institute for Economic Management, AEC member countries are promoting the liberalization of intraregional trade by gradually eliminating tariff and non-tariff barriers. The tariff cuts to which AEC members are committed are the highest compared with other free trade agreements. This means Vietnamese exports face fierce competition with products of other ASEAN countries in terms of quality and added value, but they are at a disadvantage given the condition of their equipment and technologies. … [Read more...] about Vietnamese firms yet to tap ASEAN economic potential

Japanese firms introduce their consumer goods to Vietnamese distributors - Photo: VNA The Japanese firms have brought assorted products ranging from baby products and kitchen utensils to daily items, cosmetics and stationery to the event. They have also taken the opportunity to meet and seek trade deals with Vietnamese businesses and contributors in order to bring their products and services closer to Vietnamese customers. According to the Chief Representative of JETRO Ho Chi Minh City, Koji Takimoto, Goods Japan 2018 is the second event of its kind to be held in Vietnam following the first edition three years ago. This year’s event received positive participation from Japanese producers and enthusiastic response from the Vietnamese business community. It not only targets to foster trade links between Japanese and Vietnamese businesses, but also provides full information on the production process, source of origin, instructions for use and preservation of Japanese products, he … [Read more...] about Japanese firms showcase their consumer goods to Vietnamese customers

(VEN) - In the first 10 months of 2018, Vietnam exported US$200.27 billion worth of goods, almost equivalent to the export value achieved in the whole year of 2017 (US$214 billion). A high trade surplus has increased Vietnam’s foreign currency reserves, helping it stabilize the foreign exchange market and improve its balance of international payments. Export value surges Information presented at the October meeting of the Domestic Market Management Team showed that Vietnam exported an estimated US$20.8 billion worth of goods in October 2018. Despite a 1.5 percent decrease compared with September, the ten-month export value reached US$200.27 billion, up 14.2 percent compared with the same period last year. The export value of the domestic sector reached US$56.82 billion, up 16.8 percent; the foreign-invested sector (including crude oil businesses): US$143.45 billion, accounting for 71.6 percent of the total and up 13.2 percent. The Ministry of Industry and Trade … [Read more...] about Ten month exports almost equal 2017 record