China top trading partners 2022

The People’s Committee of Binh Duong Province in southern Vietnam and the Vietnam Railways on Wednesday debuted an international multimodal train transporting cargo from Song Than Station to China. The train with 19 carriages carried nearly 500 metric tons of tapioca starch. The train departed from Song Than Station the same day, and is set to arrive in Putian, Zhengzhou in China’s Henan on October 5. Attending the inauguration ceremony, Le Manh Ha, CEO at T&T Trade and Service Company, said that the demand for freight transport to China is high. Firms can now conduct export procedures at Song Than Station, instead of any border station. The launch of the international multimodal transport train services has smoothed the path for local importers, exporters, and logistic service providers. Dang Sy Manh, chairman of the Vietnam Railways, said that Song Than Station is capable of handling 1.6 million metric tons of cargo, mainly consumer goods, garments and textiles, … [Read more...] about Vietnam’s Binh Duong launches int’l multimodal freight train to China

Participants at the first meeting of the Vietnam - Colombia Joint Economic Committee (Photo: VNA) Mexico City (VNA) – Vietnamese Deputy Minister of Industry and Trade Do Thang Hai and Colombian Deputy Minister of Trade, Industry and Tourism Soraya Caro Vargas signed a Memorandum of Understanding (MoU) on trade, investment, and industrial cooperation, and co-chaired the first meeting of the Joint Economic Committee of the two countries on September 27 in Bogota. Vietnamese Deputy Minister of Industry and Trade Do Thang Hai (L) and Colombian Deputy Minister of Trade, Industry and Tourism Soraya Caro Vargas (Photo: VNA) The positive growth of two-way trade turnover is clear evidence that bilateral trade relations are increasingly strengthened, she said. bilateral economic relations as well as cooperation within multilateral frameworks. Vietnam – Colombia Joint Economic Committee are a significant step in bilateral economic cooperation, demonstrating the commitment and … [Read more...] about Vietnam, Colombia ink MoU on trade, investment, industrial cooperation

Illustrative image (Photo: nongnghiep.vn) Hanoi (VNA) – Amidst the increasing demand for raw materials in the food, cosmetics, and pharmaceutical industries, and Vietnam’s participation in various free trade agreements, the country’s herbal products, particularly cinnamon and star anise, are well-positioned to capitalise on the opportunity for development, heard a conference in Hanoi on September 28. Addressing the event, Vu Ba Phu, Director of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade stressed that with a diverse and abundant source of medicinal herbs, Vietnam boasts great potential and advantages to develop this field into an economic industry. | The cinnamon cultivation area in Vietnam stands at about 150,000 ha, accounting for 17% of the global cinnamon area. Vietnam is the third largest producer and exporter of cinnamon in the world in terms of output, after Indonesia and China. Meanwhile, very few countries have star anise – the plant … [Read more...] about Conference looks for ways to boost exports of herbal products

Chairman of the ASEAN Business Advisory Council (ABAC) Arsjad Rasjid (Photo: VNA) Jakarta (VNA) – Southeast Asian companies are evaluating potential investments in African market s so as to support growth and seek new opportunities amidst China’s economic slowdown, said Chairman of the ASEAN Business Advisory Council (ABAC) Arsjad Rasjid. China’s economic recession definitely impacts the Southeast Asian region, which has strong trade ties with the world’s second largest economy, he said. "What is important to see is that we are now looking at other nontraditional markets," Rasjid told Nikkei Assia, adding, "We've talked about Africa." With a population of over 1 billion, Africa is seen as filled with potential future markets by companies from the rest of the world. In late August, Indonesian President Joko Widodo made his first trip to Africa as leader of Southeast Asia's biggest economy. His tour to Kenya, Tanzania, Mozambique and South Africa marked a turn … [Read more...] about ASEAN businesses seek investment opportunities in Africa

Lotte's largest retail complex in Vietnam has opened all establishment “We are committed to accompanying the socioeconomic development of Hanoi and Vietnam through investment activities, research, and development of more projects here,” said Shin Dong-bin, chairman of Lotte Group. Located in Hanoi, the $624 million complex combines a shopping mall with a hotel, cinema and aquarium, and has officially opened all establishments of the largest retail complex in Vietnam this month, is the 16 th supermarket of Lotte Mart in Vietnam, and the third branch of Lotte Mart in Hanoi. This is in light of the restructuring in China and stagnating sales in Korea. The move signifies Lotte's turn towards Southeast Asia. “1996 marked the beginning of Vietnam's Lotte Group with an investment contract for shopping malls and supermarkets, and now we have 19 member companies of Lotte in Vietnam,” he said. Lotte Shopping operates department stores, hypermarkets and supermarkets, e-commerce, … [Read more...] about New Lotte mall expands operating terms amid growth in foreign retail

According to the Ministry of Industry and Trade, 72 countries recognize Vietnam as a market economy, including Canada, Australia, Japan, and South Korea. The UK did so recently with an official letter to the effect. Speaking to VnExpress , a Trade Remedies Authority Department official said since its first anti-dumping investigation case against Vietnam in 2002 the U.S. had been considering the country a non-market economy. In a meeting with the U.S. Secretary of Commerce Gina Raimondo in Washington last Tuesday, Prime Minister Pham Minh Chinh proposed the U.S. to soon recognize Vietnam’s market economy status . The need for recognition of Vietnam's market economy status was also in the joint statement between General Secretary Nguyen Phu Trong and President Joe Biden on upgrading the two countries' relations to a Comprehensive Strategic Partnership. The EU also sees Vietnam as a non-market economy. In 2015, while free-trade agreement negotiations were underway, the EU … [Read more...] about Significance of Vietnam being a market economy

Vietnamese tourists visit Tokyo Japan. Vietnamese are among those who crave holidaying abroad the most across Southeast Asia. — VNS Photo Thu Ngân Vietnamese are among those who crave holidaying abroad the most across Southeast Asia, according to GrabAds’s latest SEA Travel Insights 2023 report. In the report, 80 per cent of 1,500 Vietnamese survey respondents planned to have an overseas holiday, just slightly behind Thailand and Singapore at 86 per cent and 85 per cent, respectively, and ahead of the Philippines at 69 per cent, Malaysia at 64 per cent and Indonesia at 56 per cent. The survey shows that intent to travel remains strong across the region. Of those surveyed, 72 per cent of Grab users plan to travel abroad at least once in the next 12 months, jumping from just 39 per cent when borders reopened in 2022, indicating intent to travel has climbed by 84 per cent in just one year. While Thailand, Singapore and Malaysia lead the way in terms of destinations within … [Read more...] about Vietnamese itching to take leisure trips overseas

A booth at the previous VINAMAC EXPO. — Photo courtesy of VIETFAIR The International Exhibition on Industrial Machinery, Equipment, Technology and Products (VINAMAC) in HCM City will take place at the Saigon Exhibition and Convention Centre from November 15-17, the event organisers announced on Thursday. VINAMAC EXPO 2023 will comprise over 1,000 booths of 750 Vietnamese businesses and businesses from countries and territories including India, Germany, Taiwan, the US, South Korea, Japan, Russia, Malaysia, mainland China and the Czech Republic. It will showcase industrial machinery and equipment, control and automation, welding and cutting technology, metallurgy, steel pipes, cast iron steel and metal processing, technology designs, products for plastic and rubber industries and food processing, food and chemical industries. Highlights of the exhibition will be a display area following the "Common House" model of the HCM City's Department of Industry and Trade. On display here … [Read more...] about HCM City to host VINAMAC EXPO 2023

The festival is expected to attract numerous visitors. The Vietnam Craft Village Festival 2023 will be held from November 9 to 12 in Hanoi to promote craft village products and tourism. Foreign visitors at the Hanoi Gift Show 2022 in October last year. Photo: The Hanoi Times The festival's program includes a ceremony to honor artisans and craftsmen, the opening ceremony, and an international exhibition of craft village products and One Commune One Product (OCOP) goods at the Imperial Citadel of Thang Long. Nguyen Thi Hoang Yen, deputy head of the Department of Economic Cooperation and Rural Development, told a press conference on September 26 that six events will be held in response to the Vietnam Craft Village Festival 2023, including an art show of traditional cultural craft villages, an international workshop on craft villages with about 250 foreign and domestic delegates, a Vietnam-San Marino trade networking workshop with about 100 participants, … [Read more...] about Hanoi to host Vietnam Craft Village Festival 2023

Data from WINA estimates that in 2022, China’s national noodle demand amounted to nearly 45 billion servings, followed by Indonesia at 14.2 billion, and Vietnam with 8.48 billion. This means each Vietnamese person consumed an average of 85 packs a year, ranking first globally. The report indicates that the instant-noodle demand among Vietnamese decreased slightly between 2021 and 2022, with the figures down by nearly 1 per cent. However, the 8.6 billion packs sold in 2021 marked an increase of more than 20 per cent compared to 2020. Vietnam is home to about 50 instant noodle producers, offering a diverse range of options and price points. Dominated by four major instant noodle makers, namely Acecook Vietnam, Masan Consumer, Uniben, and Asia Foods, the competition in Vietnam's instant noodle market is becoming fiercer. In 2022, Acecook generated revenues of over $590 million. Annually, it provides the market with more than three billion instant food products each year, making it … [Read more...] about Vietnam among the world’s principal instant noodle consumers