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-What do you think about local garment firms’ inability to dominate the domestic market of 100 million people here in Vietnam? - Vietnamese textile and garment enterprises are still [only beginning to] tap the domestic market. Last year, the domestic market increased by 40% against 2021. Local enterprises performed very well in the first half of last year and began to face difficulties in the third quarter. In the fourth quarter, many good Vietnamese brands like Viet Tien saw sales decrease. In late 2022, the Vinatex Fashion Center retail outlet in Hanoi made revenues of only VND500-600 million ($21,200-25,400) a day, compared with daily revenues of over VND1 billion in previous years. Over the past two years, many domestic fashion brands have reduced their number of stores and limited new openings. They have had to focus on certain locations to reduce costs, optimize operations and try to offer products that are most suitable to consumers’ incomes.In fact, domestic … [Read more...] about Garment firms should tap niche markets: Vinatex chairman

The conference on promoting production, domestic consumption and exports in 2023 was held in Ha Noi on February 3. — VNA/VNS Photo Duong Giang At a conference held by the Ministry of Industry and Trade on expanding the export market in Ha Noi on February 3, Prime Minister Pham Minh Chinh emphasised the importance of boosting external activities and fostering bilateral and multilateral cooperation. Deputy Prime Minister, Minister of Natural Resources and Environment Tran Hong Ha and Minister of Industry and Trade Nguyen Hong Dien also attended the conference. Chinh said the ministry should take advantage of the free trade agreements (FTAs) that Viet Nam has joined to help diversify export markets and maintain traditional markets, such as the US, China, the EU, Japan, South Korea and ASEAN. Viet Nam needed to expand its export market to Eastern Europe, the Middle East, South America, South Asia, and Africa and promote supply chain diversification. Negotiations that are … [Read more...] about PM emphasises importance of boosting external activities at export market conference

Workers at Phuong Nam Garment Trading Import Export Joint Stocks Company in Ho Chi Minh City. (Photo: VNA) HCM City (VNA) – Ho Chi Minh City ’s Index of Industrial Production (IIP) in January reduced by 21.4% compared to the previous month, according to the city’s Department of Industry and Trade. This year’s week-long Lunar New Year (Tet) Festival that falls in January was blamed for the decreased production as the production time in the month was less than the previous month’s. Some industries in the city also saw lower production indexes, for example, the processing and manufacturing industry down 22%, electricity generation and distribution down 12.8%, water supply and waste treatment down 8.4%. Besides, all 30/30 secondary industries decreased compared to the previous month and 15 out of the 30 industries dropped by over 20%. To meet people’s demand in the city in January 2023, especially during the Tet celebrations, the city's industry and trade sector … [Read more...] about HCM City’s industrial production falls over 21% in January

UK Minister of International Trade Greg Hands visited Vietnam on Wednesday to explore trade cooperation opportunities between the two countries. His visit came amidst the UK’s pursuit of full membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2023. Vietnam is the first stop on the minister’s three-day trip to three Southeast Asian countries, all of which are founding members of the partnership. During an exclusive interview with Tuoi Tre News , Hands emphasized what the UK can offer the CPTPP, as well as discussed the UK’s strong strategic partnership with Vietnam. In a speech at Lancaster House on January 23, UK Trade Secretary Kemi Badenoch outlined five priorities for trade. What are your priorities as the Minister of State for Trade Policy? My personal priorities are, first, to get the UK into the CPTPP. Vietnam will play a crucial role in that progress. My second priority is to do a free trade agreement with India this … [Read more...] about UK joining CPTPP a fundamental change to the bloc: minister

The event, held by the Ministry of Industry and Trade (MoIT), aimed to promote domestic production and consumption, and expand export markets in 2023. Noting challenges to the sector this year, the Prime Minister said they should be turned into opportunities, contributing to building an economy of independence, self-reliance, and intensive, extensive and effective international integration. The MoIT needs to coordinate with other ministries, agencies and localities to diversify markets, products and supply chains, while accelerating administrative reform, infrastructure construction and institutional building, and promoting the three growth engines of consumption, investment and export, he said. The leader also stressed the importance of digital transformation, green economy, circular economy and climate change response, and urged the ministry to quickly complete the four master plans on electricity, energy, minerals and oil and gas infrastructure. Solutions should be rolled … [Read more...] about Businesses should be development focus: Prime Minister

For U.S. Ambassador to Vietnam Marc Evans Knapper, the bilateral relationship between Vietnam and the United States is already fundamentally strategic in nature. He is “extremely hopeful” about the possibility of upgrading the relationship to a strategic partnership. Elevating Vietnam – U.S. relations to a strategic partnership has been a prospect for a long time, and will certainly be one of the top priorities in the agenda for 2023 as the two countries celebrate the 10th anniversary of the existing comprehensive partnership. This will also be a milestone for Ambassador Knapper, who started his tenure at a special time. The role of the U.S. as a superpower has become even more important as global politics have witnessed ups and downs with economic difficulties, armed conflicts, and geopolitical tensions. In this context, the relationship between the U.S. and Vietnam, widely seen as a country with an important geopolitical position in the Indo-Pacific, is worth considering as a … [Read more...] about Vietnam – US relations naturally strategic: ambassador

Many banks in Vietnam have released their business results in 2022, which indicate their hefty profits. According to the 2022 financial report of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), it recorded a pre-tax profit of over VND37.3 trillion (US$1.59 billion), up 36 percent year on year and exceeding its 2022 target. With this result, Vietcombank has taken the lead in pre-tax profit in the entire banking system for five consecutive years. It was followed by Vietnam Technological and Commercial Joint Stock Bank (Techcombank), which earned over VND25.5 trillion (nearly $1.09 billion) last year, rising 10 percent compared with the preceding year. Last year was the ninth straight year that Techcombank had posted a profit growth rate, albeit at a modest rate. Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) was also among the banks with a high profit. Its pre-tax profit surged more than 70 percent to nearly VND23 … [Read more...] about Banks in Vietnam report handsome profits in 2022

"The price of electricity in Vietnam cannot be the same as that of developed countries. If the price is too high, people, businesses and the economy will not be able to bear it," Chinh told a forum Friday. "The Ministry of Industry and Trade must regulate prices without sudden changes to keep inflation under control and ensure that manufacturing growth speeds up." The national utility Vietnam Electricity (EVN) has asked to increase retail prices after posting losses of VND31 trillion ($1.3 billion) last year. The Ministry of Industry and Trade is reviewing the proposal. Vietnam’s retail electricity price currently stands at VND1,864.44 ($0.08) per kilowatt-hour. The price has been unchanged since March 2019. Vietnam’s price is 50% lower than that of the Philippines, where electricity is more expensive than anywhere else in Southeast Asia. Vietnamese prices are also lower than those in Indonesia and Thailand, according to energy data platform GlobalPetroPrices. On the other … [Read more...] about Don’t make electricity too expensive, PM says