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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Nikkei Asia: Vietnam will be Southeast Asian growth leader in 2021
As a leading financial newspaper run by Japanese media giants Nikkei Inc., Nikkei Asia have stated that, “Southeast Asia's growth leader in 2021 may well be Vietnam”, during a recent article detailing ASEAN's GDP forecasts for the year ahead. According to Nikkei, the country recorded economic growth of 2.9% last year due to its success in containing the novel coronavirus (COVID-19), in addition to the robust exports of electronics and other consumer products, with the nation reportedly targeting a growth rate of 6.5% this year. The Japanese media also quote a report produced by Gareth Leather, senior Asia economist at Capital Economics, who notes that Vietnamese exports should continue to be supported by tariffs imposed by the United States on Chinese goods. "To avoid US tariffs, importers have shifted demand from China to alternative suppliers. With US-China relations likely to remain strained over the years ahead, this trend is likely to continue,” Leather noted. Nikkei also stress that before the pandemic, Southeast Asia achieved collective annual growth of approximately 5% over the course of many years, therefore making it one of the world's best-performing regions in economic terms. According to media reports, the region has become an attractive investment destination, with a relatively young population that drives demand and provides plenty of manufacturing labour. Although these factors can be viewed as advantages that can boost economic growth, the region’s top priority in the short term is to stamp out COVID-19. VOV/Nikkei Asia …
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Hà Nội Department of Industry and Trade supports enterprises
Trần Thị Phương Lan, Acting Director-General of the Hà Nội Department of Industry and Trade Trần Thị Phương Lan, Acting Director-General of the Hà Nội Department of Industry and Trade, talks to Hà Nội Mới (New Hà Nội) newspaper on her department’s resolve to work with local enterprises to overcome challenges amid the COVID-19 pandemic Will you please share with us some of the measures Hà Nội authorities have adopted to help local enterprises overcome difficulties and challenges amid the COVID-19 pandemic? In the context of COVID-19, Hà Nội authorities have adopted quite many measures to make sure that the City will achieve its double goals of controlling the spread of the COVID-19 pandemic while continuing to develop its economy. Hà Nội was the first locality in the country to launch a big sale promotion campaign to raise the sale revenue and accompanied services. In addition, the city has also encouraged each commune in the city to open a campaign 'one commune one product' in their own locality. At the same time, Hà Nội authorities have adopted measures to reduce products piled up in storages due to the impacts of the pandemic. In addition, city authorities have helped enterprises increase their export activities by using e-commerce while encouraging the population to use e-commerce. Administrative procedures are always a big stumbling block for both enterprises and consumers. Can you share with us some of the measures the city has adopted to solve this problem? By now 100 per cent of administrative procedures have been improved at the highest level. For example, almost 60 per cent of public services have already been done online. Almost 60 per cent of administrative procedures have been put on the national public service portal and 100 per cent of the administrative procedures have been settled on time. Thanks to such quick services, the Hà Nội industry and trade sector has given big help to city enterprises in operations, …
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