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Vietnam continues to benefit from its broad re-opening strategy, which saw a huge crowd flocking to tourist hotspots in the country and household spending rebound. Vietnam’s economic recovery is gaining momentum despite heightened global uncertainty related to the protracted war in Ukraine, higher commodity prices, and tightening global financial conditions, according to the World Bank. Cargo handling at Dinh Vu port, Haiphong. Photo: Cong Hung In its latest report, the World Bank pointed out the robust growth of industrial production by 9.4% in April, comparable to pre-pandemic rates. Manufactures of apparel, footwear, electronics, electrical equipment, and metal products were the most dynamic sub-sectors, registering double-digit growth rates, it added. However, machinery manufacturing slowed from 26.6% year-on-year in March to only 5.1% in April. This deceleration was related to supply chain disruptions caused by lockdowns in China, which led to a … [Read more...] about Vietnam’s economic recovery gaining momentum

Iron and steel are among Vietnam's major export items to Laos. (Photo: VNA) Hanoi (VNA) – Since the establishment of their bilateral diplomatic ties in 1962, Vietnam and Laos have promoted cooperation across spheres, with their trade exchange posting substantial growth, benefiting both countries. During the 2016-2020 period, the two-way trade saw stable expansion and reached the target of over 1 billion USD, but then suffered from the impact of the COVID-19 pandemic and natural disasters. The Asia-Pacific Market Department at the Vietnamese Ministry of Industry and Trade (MoIT) said that the bilateral trade exceeded 1 billion USD in 2020, down 11.5 percent year-on-year, of which Vietnam’s exports were worth 571.7 million USD, down 18.5 percent. However, the bilateral trade bounced back since early 2021, surging 33.3 percent to 1.37 billion USD for the year, with Vietnam’s export revenue reaching 594.7 million USD, a rise of 4 percent from 2020, and its import hitting … [Read more...] about Vietnam-Laos trade ties growing sustainably

Strong impression at Seafood Expo Vietnam’s clam products recently drew international attention at the 2022 Global Seafood Expo from April 26 to 28 in Barcelona (Spain), the center of the EU’s fisheries industry. The boldly designed pavilion showcasing Vietnamese clams drew some 100 importers from Spain, Italy, France, the United States, Portugal, the UK, Turkey, the Netherlands, the United Arab Emirates, the Republic of Korea, Egypt, Israel, the Czech Republic, and Denmark. Clam products are introduced to buyers at the 2022 Global Seafood Expo On display were clam meat, steamed white/brown clams, processed products steamed clams with garlic and butter, and clams cooked with tom-yum sauce. Three of Vietnam's leading seafood companies, Go Dang Joint Stock Company (GODACO), Ben Tre Seafood Joint Stock Company (BESEACO), and Ben Tre Aquaproduct Import-Export Joint Stock Company (AQUATEX), were selected to participate in the exhibition due to their deep involvement in … [Read more...] about No need to clam up about Vietnam’s bivalve exports to EU

Vietnamese dragon fruit (Photo: VNA) Hanoi (VNA) - Demand for Vietnamese dragon fruit in foreign markets is increasing, with many importers interested in high-quality fruit from Vietnam. The Vietnam Trade Promotion Agency , the Department of Industry and Trade of southern Long An province, and the trade offices of the Vietnamese Embassies in New Zealand and Australia jointly organised an online consulting session on exporting dragon fruits to Australia and New Zealand recently. Speaking at the event opening, Vietnamese Ambassador to New Zealand Nguyen Van Trung emphasised the importance of promoting agricultural cooperation, agricultural product trade and market opening for the strategic partnership between Vietnam and New Zealand. Vietnam wants New Zealand to share its experience and support Vietnam in building an international brand and value chain for the global commercialisation of dragon fruit, following the successful model of New Zealand's kiwi fruit, which is … [Read more...] about Efforts made to promote dragon fruit exports to Australia, New Zealand

The Regional Comprehensive Economic Partnership (RCEP), which entered into force on January 1, 2022, is expected to boost Vietnam’s export and improve its access to large consumer markets, according Standard Chartered Bank. Yarn manufacturing at Ha Nam Textile Company in Phu Ly, the northern province of Ha Nam. (Photo: VNA) In its latest Global Research Report titled “Vietnam–RCEP: Opportunities and challenges”, the bank said the membership in the pact further strengthens Vietnam’s trade position and should contribute to the post-pandemic recovery this year. Major export categories that are expected to benefit from the RCEP include information technology, textiles, footwear, agriculture, automobile and telecommunications. The deal is expected to eliminate about 90 percent of tariffs on trade between the signatories within 20 years. Over the longer term, the deal could form a basis for a new supply chain in the region, with Vietnam playing a key … [Read more...] about RCEP to improve Vietnam’s access to large consumer markets: Standard Charter Bank

It expected Vietnam’s inflation at 3.7 percent in the latest report, up 0.7 percentage point compared to the previous forecast published February. However, Vietnam’s inflation is unlikely to be a big concern this year as it will likely remain well below the 4 percent inflation target of the State Bank of Vietnam, the lender said. Compared to rising inflation in parts of Southeast Asia, Vietnam’s inflationary risk is among the lower end of the group, it added. According to the General Statistic Office, the four-month consumer price index rose by 2.1 percent compared to 0.89 percent over the same period last year. Transport and food, two categories used in calculating CPI, fell in April thanks to declining oil and domestic agriculture product prices between March and April. Education and housing & construction material rose, mirroring higher tuition fees after a period of Covid-19 discounts and rising rent prices after workers return to cities. But the bank also warned of … [Read more...] about Vietnam to meet inflation target in 2022: HSBC

Prime Minister Pham Minh Chinh speaks at the conference (Photo: VNA) San Francisco - Prime Minister Pham Minh Chinh on May 17 (local time) attended a Vietnam-US trade, investment and tourism promotion conference themed ‘Rediscovering Vietnam’ in San Francisco. The conference, held by the national carrier Vietnam Airlines and two travel groups – Saigon Tourists and Thien Minh Group – to boost the cooperation between enterprises of the two countries and to introduce Vietnam to US friends and partners. Addressing the event, PM Chinh highlighted the development of the Vietnam-US ties, benefiting both countries and contributing to peace, cooperation and development in the world. The Government leader affirmed that economic, investment, trade and science-education cooperation is an important pillar in the bilateral relationship. In the very challenging year of 2021 due to the COVID-19 pandemic, two-way trade still reached 112 billion USD, accounting for nearly … [Read more...] about PM urges US businesses to invest in tourism and trade in Vietnam

Businesses from the two countries signed four memorandum of understanding (MoU) in facilitating trade and agricultural production. Vietnam and the US can become credible and sustainable partners in agricultural production, for which the Vietnamese Government is committed to addressing business concerns and creating a favorable environment for international investors, including those from the US. Hi-tech farming in Hanoi's rural district. Photo: The Hanoi Times Minister of Agricultural and Rural Development Le Minh Hoan gave the remarks during a business matching event between Vietnamese and US farm businesses on May 13 in Washington. Representatives of businesses, Government agencies, and associations in the agricultural sector from both countries took part in the event, including the US Soybean Export Council (USSEC), National Pork Producers Council and other multinationals. At the conference, Minister Hoan briefed the delegates on Vietnam’s strategy for … [Read more...] about Vietnam seeks sustainable partnership with US in agricultural production

Three parties signed a strategic cooperation agreement On May 13, C.P. Vietnam announced at its head office in Bien Hoa that it has kick-started its digital transformation journey with SAP SuccessFactors solutions. The move will help the company enhance its HR capabilities and leverage real-time analytics for better business decisions and capabilities. C.P. Vietnam expects not only to reduce costs and drive greater operational efficiency but also to deliver an enhanced employee experience consistent with its mobile-first, cloud-first philosophy that attracts and retains talent, fosters employee engagement, and drives improved business outcomes. The company is a foreign direct investment enterprise that operates in the closed agro and food industry. Established in 1993, it has steadily grown to become Vietnam’s leading food conglomerate, covering both livestock and aquaculture businesses. The company’s food products not only meet the needs of the domestic market but are also … [Read more...] about C.P. Vietnam’s digital transformation with
 SAP SuccessFactors

MUMBAI -- India banned wheat exports on Saturday days after saying it was targeting record shipments this year, as a scorching heat wave curtailed output and domestic prices hit a record high. The government said it would still allow exports backed by already issued letters of credit and to countries that request supplies "to meet their food security needs". The move to ban overseas shipments was not in perpetuity and could be revised, senior government officials told a press conference. Global buyers were banking on supplies from the world's second-biggest wheat producer after exports from the Black Sea region plunged following Russia's Feb. 24 attack on Ukraine. Before the ban, India had aimed to ship a record 10 million tonnes this year. The officials added that there was no dramatic fall in wheat output this year, but unregulated exports had led to a rise in local prices. "We don't want wheat trade to happen in an unregulated manner or hoarding to happen," commerce … [Read more...] about India bans wheat exports as heat wave hurts crop, domestic prices soar