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Vietnam's agro-forestry-fishery exports generated $38.48 billion revenue in January-September, down 5.1 percent year on year, according to the Ministry of Agriculture and Rural Development. Agricultural exports accounted for over half of the total, at $19.54 billion, up 17 percent year on year. Key export earners were vegetables and fruits ($4.2 billion), rice ($3.66 billion), cashew nuts ($2.61 billion), and coffee ($3.16 billion). The average rice export price reached $553 per metric ton during the nine-month period, rising 14 percent. The price of coffee exports also picked up 10 percent to hit nearly $2,500 per metric ton. Asia was the major importer of Vietnam’s agro-forestry-fishery exports with $18.71 billion worth of products in January-September. It was followed by America with $8.73 billion and Europe with $4.17 billion. China, the U.S., and Japan remained the top three import markets of Vietnam’s agro-forestry-fishery products with exports to China accounting for … [Read more...] about Vietnam fetches over $38bn in agro-forestry-fishery exports in Jan-Sep

Vietnamese labourers wait for boarding procedures at the airport. (Photo: VNA) Hanoi (VNA) – Vietnam is speeding up negotiations with Hungary in a bid to sign an agreement on sending and receiving Vietnamese labourers in the European country – an emerging market drawing great interest from labourers. Statistics from the Department of Overseas Labour under the Ministry of Labour, Invalids and Social Affairs, Vietnam has sent workers to Hungary since 2018. So far, more than 2,700 Vietnamese labourers have been dispatched to the market, with the number of workers increasing year on year, reaching 1,148 in the first nine months of 2023. The department has licenced 25 businesses to recruit and send Vietnamese labourers to Hungary. Vietnamese labourers have engaged in many sectors in Hungary, including construction, manufacturing-processing, wood processing, agriculture and hotel and restaurant services. They have enjoyed good salaries and social welfare in the country. … [Read more...] about Vietnam looks to increase labour exports to Hungary

Despite this substantial growth, funding was down by 40 per cent when compared with the third quarter of 2022. Breaking down the funding landscape, the early-stage rounds played a dominant role, contributing almost 98 per cent of the total funding for the quarter, amounting to $49 million. However, seed-stage rounds experienced an 87 per cent drop to $1.1 million in the third quarter of 2023, compared with the second quarter of 2023, and a 92 per cent drop compared to the third quarter of 2022 amounting to $13.8 million. Key segments that garnered significant funding included fintech, life sciences, and enterprise applications. Fintech emerged as the highest-funded sector, securing $29 million in the third quarter of 2023 and exhibiting a remarkable 180 per cent growth compared with the third quarter of 2022. While Vietnam did not witness any unicorns or IPOs in the given period, the Vietnam startup ecosystem remains promising, driven by government support and a strategic push … [Read more...] about Vietnam’s tech startups secure $50 million in funding in Q3

Tables show the incidence of malware detected in six countries in Southeast Asia. — Source Kaspersky There was a huge jump in the number of threats targeting small and medium-sized businesses (SMB) in Việt Nam in the first half of the year, global cybersecurity and digital privacy company Kaspersky has said. According to the latest statistics from Kaspersky Security Network (KSN), until May some 1,120 SMB employees encountered malware or unwanted software disguised as business applications. Of them, 710 got distributed. The number of threats targeting SMBs it detected and blocked increased from 1,240 in H1 2022 to 25,194 in H1 this year, Kaspersky said. Malware, an umbrella term for “malicious software”, is designed by and for professional cybercriminals to cause harm to a user’s device or network. It encompasses a variety of cyberthreats such as Trojan and other viruses (ransomware is a form of malware). Malware attacks are destructive to small businesses as they can cripple … [Read more...] about Cybersecurity threats on the rise in Việt Nam’s SMB sector: reports

Vietnam sent over 56,800 labourers to work abroad in the first seven months of 2022 (Photo: VietnamPlus) Hanoi (VNA) – Vietnam sent over 56,800 workers, including 21,238 females, abroad to work under labour contracts over the first seven months of 2022, equivalent to 63.2 percent of the target set for the year. According to data from the Ministry of Labour, Invalids and Social Affairs (MoLISA), Japan, Taiwan (China) and the Republic of Korea (RoK) remained the largest recipients of Vietnamese labourers during the reviewed period. With the number of workers going to work abroad continuing to remain stable, Vietnam’s plan to send 90,000 labourers to work abroad this year is completely feasible, the ministry said. Due to the impact of COVID-19, last year, Vietnam completed only 50 percent of its yearly target in labour export with 45,058 workers sent abroad. Thanks to wide-scale vaccination against COVID-19 and the changes in pandemic control strategies towards … [Read more...] about Over 56,800 Vietnamese labourers sent abroad in 7 months

Vietnam's gross domestic product growth accelerated in the third quarter from the previous three months, data showed on Friday, but fell short of this year's growth target as dull demand for exports overshadowed support from monetary easing. GDP in the July-September quarter is expected to have grown 5.33% from a year earlier, faster than the 4.05% expansion in the second quarter, the General Statistics Office said in a report on Friday. Capital Economics said the worst for Vietnam's economy was over but growth remained subdued by past standards. With inflation becoming a growing concern, however, it did not expect a further rate cut from the central bank. The third-quarter figure was much slower than growth of 13.71% in the same period of 2022, when its manufacturing-led economy managed a post-pandemic pickup following a 6% quarterly contraction in 2021. Factory powerhouse Vietnam is targeting growth of 6.5% this year, down from 8.02% last year, but most economists expect … [Read more...] about Vietnam sees Q3 GDP growth capped by weak external demand

Photo Le Toan Just a week after Vietnam and the US elevated their bilateral relations to a comprehensive strategic partnership, Prime Minister Pham Minh Chinh paid a working trip to the US to attend the 78th session of the UN General Assembly where he underlined Vietnam’s contributions and commitments to the UN’s activities, and met with UN Secretary-General António Guterres. In the US, he also met with US Vice President Kamala Harris, leaders of the US Congress, the national security advisor, and several members of the US cabinet. He also visited the New York Stock Exchange where he knocked the gavel to open a trading session. He underlined the need for both nations to focus on materialising the new cooperation framework into specific strategies, projects, and business cooperation. Noting priorities to be implemented, the PM said both nations must continue to prioritise resources for realising commitments in the joint leaders’ statement on elevating US-Vietnam relations. … [Read more...] about More consideration lent to US investment

During the January – September period, Vietnam exported some 259.67 billion USD worth of products, a year-on-year fall of 8.2%. Meanwhile, the country's imports totaled 237.99 billion USD, down 13.8% year on year. Regarding the structure of exported goods in the period, processed goods accounted for 88.3% of the total export value, with 292.22 billion USD. As for imported goods, materials for production made up 93.7% of the value, with 223.08 billion USD. The U.S. was the largest export market of Vietnam with 70.9 billion USD, while China was the largest import market of the Southeast Asian country with 79.1 billion USD. According to the Ministry of Industry and Trade, the drop in Vietnam’s exports was attributed to slow recovery of the global economy, falling demand and high interest rates in developed countries such as the U.S., E.U. nations and China, coupled with a tightened monetary policy and high levels of inventory. The ministry will continue to keep a close watch on … [Read more...] about Vietnam posts trade surplus of 21.68 billion USD in nine months

Speaking at the opening of the event held in Quang Ninh Province, he emphasized the importance of developing science, technology and innovation. Hundreds of delegates from ministries, businesses and production units and scientists were in attendance to learn about breakthrough technologies and solutions. Before the opening, Deputy Prime Minister Tran Luu Quang, Dat, other Party and state leaders, their counterparts from the Quang Ninh Province Party Committee, People's Council and People's Committee, and ministry and other officials visited the booths set up at an exhibition that is part of the event. Nearly 200 booths showcased technological devices and solutions. Quang called for ensuring products are also competitive in terms of prices. "The product might be good, but the price must also be lower than in foreign markets," he said while visiting the booth set up by auto company Thanh Cong Group. Minister of Science and Technology, Huynh Thanh Dat speaks at the … [Read more...] about Technology is foundation for Vietnam’s rapid, sustainable development: minister

Talking to Saigon Giai phong newspaper, Huy provided specific details about cooperation agreements signed between Vietnamese government agencies and U.S. corporations during Prime Minister Pham Minh Chinh's recent official visit to the U.S., which focus on enhancing design capabilities, product development, and training human resources serving the semiconductor industry. NIC has signed three significant memorandums of understanding (MOUs) with U.S. partners, Huy said. Among them, the MoU with Synopsys aims to support the development of a chip design incubation center. Meanwhile, the MoU with Cadence Design Systems Inc was designed to promote the semiconductor and electronics industry in Vietnam. Through this collaboration, NIC will provide Vietnamese universities, training centers, and startups with the necessary technology and training programs to design and develop semiconductor products. Through the MoU with Arizona State University (ASU), NIC and the university will … [Read more...] about Vietnam looks to attract foreign high technology “eagles”