Export value skyrockets over Lunar New Year Vietnam's export turnover during this Lunar New Year saw breakthrough growth, occupying nearly half of the total export-import turnover. The latest data published by the General Department of Vietnam Customs showed that export volume over the seven days (February 10-16) of the Lunar New Year holiday reached $730 million, rising 79 per cent on-year and accounting for about 44 per cent of the $1.67 billion export-import turnover. The main export articles include mobile devices and components valued at $332 million; computer and electronic products worth $251 million. The two categories accounted for 80 per cent of the total export value. This Lunar New Year saw exports going to 80 markets, seven more than last year. China continues to be the leading export market with a value of $189 million (26 per cent). Following are the US ($152 million), South Korea ($67 million), and Hong Kong ($57 million). According to statistics from the General Department of Vietnam Customs, there were 960 import-export businesses, up 59 per cent on-year. Nevertheless, importers still outnumbered exporters with an import turnover of $940 million, up 37 per cent on-year. Thus, from early this year to February 16, the total export-import turnover reached $74.51 billion, up 31 per cent on-year. Of this, exports hit $38.57 billion, up 36 per cent on-year while imports reached $35.94 billion, up 26 per cent, resulting in a trade surplus of $2.63 billion. Drug market forecast to grow by 15 per cent in 2021 The pharmaceutical industry grew by just 2.8 per cent last year, much lower than its average 11.8 per cent growth in the last five years. It is expected to recover and grow by 15 per cent this year, mainly due to a rapidly ageing population and increasing incomes, analysts at SSI Securities Corporation said. Last year there was a short supply of active pharmaceutical ingredients from China and India due to social distancing and …
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Added trade potential for Vietnam with UK-EU deals
Prof. Dr. Andreas Stoffers - Country director, Vietnam The Friedrich Naumann Foundation for Freedom The United Kingdom is an important trading partner of Vietnam. In 2020, trade turnover between the two countries amounted to $6.6 billion. With $5.8 billion in exports, Vietnam’s trade balance was clearly positive, which also underlines the country’s strong interest in reaching an amicable agreement with the UK. In recent years, despite the uncertainties associated with Brexit, the growth of trade relations has been unbroken, averaging 12.1 per cent per annum in 2011-2019. The trade relations between the EU and Vietnam are naturally greater given the fact that the EU is the world’s largest market. In 2019, the EU was the second-most important overseas market for Vietnamese products with a total trade volume of $56.45 billion, of which Vietnam’s exports accounted for two-thirds ($41.55 billion). This is 16 per cent of the country’s total export volume. In 2020, exports to the EU increased to $34.8 billion, and imports to $14.5 billion. Vietnam benefits significantly more from bilateral economic relations than the EU. The continuous surplus Vietnam enjoys in its bilateral trade relations with the EU has been instrumental in offsetting Vietnam’s huge trade deficits with China and South Korea. Vietnam exports mainly electronics, footwear, clothing and textiles, coffee, seafood, and furniture. The most important goods of EU exports to Vietnam are high-tech products including boilers, machinery and mechanical products, electrical machinery and equipment, pharmaceuticals, and a very limited number of motor vehicles. The EVFTA opens many opportunities for producers and traders on both sides, including small- and medium-sized enterprises. The EVFTA is of course one of the most modern and far-reaching agreements of its kind. It plays an important role in promoting trade liberalisation between Vietnam and the EU. Combined with the new Law on Investment which …
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Ca Mau province looks to develop vibrant blue economy
Illustrative image (Photo: VNA) Ca Mau (VNA) - Endowed with a 254-km coastline and an abundance of aquatic resources, the southernmost province of Ca Mau has viewed sea-based economic development as an inexorable trend to help it create breakthroughs in socio-economic development. Priority on infrastructure development Due attention has been given to developing infrastructure in order to develop the blue economy in an effective and sustainable manner that is commensurate with the province’s advantages and potential. Ca Mau plans to continue calling for investment in infrastructure at the 10,802-ha Nam Can Economic Zone , which is envisaged to become a sea-based economic zone with sound logistics services to meet regional and international distribution demand. It is also encouraging investment to build Song Doc and Nam Can towns into third-tier urban areas by 2025. Along with developing fifth-tier urban areas in coastal districts such as Dam Doi, Ngoc Hien, Phu Tan, Tran Van Thoi, and U Minh, the province will invest in engineering and shipbuilding industries at the Song Doc, Khanh Hoi, and Rach Goc estuaries, while carrying out construction of the Tan Thuan, Rach Goc, and Cai Doi Vam industrial clusters. Socio-economic infrastructure in coastal communes, districts, and islands are being completed, providing the conditions necessary for blue economic development . The province has given top priority to investment in important economic sectors such as aquaculture, tourism and services, renewable energy, and the maritime economy. It is also improving local fisheries infrastructure to enhance logistics services, and calling for investment in logistics centres in Hoa Trung, Nam Can, Song Doc, and Hon Khoai. Comprehensive development of the blue economy promoted Harvesting white-leg shrimp in Nam Can district of Ca Mau province (Photo: VNA) Known as one of Vietnam’s four key fishing grounds and with abundant and diverse aquatic …
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