Footwear

Illustrative image (Photo: Xinhua) Phnom Penh (VNA) – The National Minimum Wage Council of Cambodia on August 15 started talks to consider raising minimum wage for workers in the textile, garment, footwear and travel products and bags industries for 2023, reported the Khmer Times . The meeting heard views of stakeholders on the changes in social and economic criteria. “Employers’ representatives and the workers’ representatives were, however, unable to confirm some figures, and will do so at another meeting,” the statement following the meeting said. The next meetings will be held later this month and next month, it added. The minimum wage of workers in the textile, footwear and travel product sector is 194 USD per month, up 2 USD from 2021. Workers also received other allowances, including 7 USD in transport and housing allowance. The sector has about 1,100 factories and uses nearly 750,000 workers, becoming the biggest currency earner in Cambodia. In the … [Read more...] about Cambodia starts talks to raise wage for textile workers for 2023

Imports rose by 13.6 percent to $215.59 billion, according to data from the General Statistic Office. In the same period last year Vietnam had run up a trade deficit of $3.31 billion. Mobile phones and components remained the top export item, with their value going up 13.1 percent to $33.7 billion. Electronics, laptops and components were second at $31.7 billion, followed by equipment and spare parts at $24.9 billion. Garment and footwear exports jumped by nearly 20 percent each to $22.1 billion and $14.1 billion. The U.S. continued to be Vietnam’s biggest export market with its purchases going up by 24.3 percent to $67.1 billion. China followed with imports of $30.4 billion. It was Vietnam’s top trading partner with two-way turnover of $103.1 billion. Exports to other other markets rose by 13-27 percent. The trade surplus is low and not very likely to be sustained, the GSO warned. … [Read more...] about Vietnam enjoys trade surplus following double-digit export growth

Canada, New Zealand, and the UK are three out of 11 Dialogue Partners of ASEAN. Vietnam’s Foreign Minister Bui Thanh Son held a series of meetings with his counterparts of ASEAN Partners on the sidelines of the 55th ASEAN Foreign Ministers’ Meeting (AMM-55) and Related Meetings held in Phnom Penh, Cambodia on August 3. The meetings aimed at intensifying cooperation and mutual support at international forums through the talks with Canada’s Minister of Small Business, Export Promotion and International Trade Mary Ng, New Zealand’s Foreign Minister Nanaia Mahuta, and UK Minister for Asia and the Middle East at the Foreign, Commonwealth & Development Office Amanda Milling. Vietnam's Foreign Minister Bui Thanh Son and Canada’s Minister of Small Business, Export Promotion and International Trade Mary Ng in Cambodia on August 3. Photos: Baoquocte Canada In talks with Mary Ng, Son suggested Canada should enhance cooperation in regional mechanisms, … [Read more...] about Vietnam expands relations with ASEAN Partners

Making clothes at a garment company in Ha Noi. Clothing is among the top 5 export products to UK markets. — VNA/VNS Photo Viet Nam enjoyed a trade surplus of 3.9 billion pounds (over US$4.7 billion) in the four quarters to the end of March 2022, up nearly 22 per cent over the same period to 2021, reported the UK’s Department for International Trade. The data released early this week showed total trade in goods and services (exports plus imports) between the UK and Viet Nam was 5.7 billion pounds, an increase of 15 per cent year-on-year. During the reviewed period, total UK exports to Viet Nam amounted to 905 million pounds (an increase of 0.2 per cent), of which export of goods accounted for 68.3 per cent at 618 million pounds, up 3 per cent year-on-year, while services were 287 million pounds, making up 31.7 per cent and down 5.3 per cent year-on-year. Major products shipped from the UK to Viet Nam included pulp and waste paper (74.4 million pounds), medicinal and … [Read more...] about Viet Nam records $4.7 billion trade surplus with UK over 12 months

Making clothes at a garment company in Hanoi. Clothing is among the top 5 export products to UK markets. (Photo: VNA) Hanoi (VNS/VNA) - Vietnam Nam enjoyed a trade surplus of 3.9 billion pounds (over 4.7 billion USD) in the four quarters to the end of March 2022, up nearly 22% over the same period to 2021, reported the UK’s Department for International Trade. The data released early this week showed total trade in goods and services (exports plus imports) between the UK and Vietnam was 5.7 billion pounds, an increase of 15% year-on-year. During the reviewed period, total UK exports to Vietnam amounted to 905 million pounds (an increase of 0.2%), of which export of goods accounted for 68.3% at 618 million pounds, up 3% year-on-year, while services were 287 million pounds, making up 31.7% and down 5.3% year-on-year. Major products shipped from the UK to Vietnam included pulp and waste paper (74.4 million pounds), medicinal and pharmaceutical products (71.3 million … [Read more...] about Vietnam records 4.7 billion USD trade surplus with UK over 12 months

New potential and trends The Indochina Kajima Development Company, a joint venture between Indochina Capital and Kajima Corporation, recently launched an industrial real estate investment and development platform focused on the nationwide roll out of factory and warehouse properties for lease throughout the country’s key manufacturing and logistics markets. The Core5 Vietnam platform ( www.c5ip.vn ) plans to offer industrial assets of some US$1 billion in the next 5-7 years. Germany’s Framas Group has rented a ready-made factory area of ​​20,000 square meters in the KTG Industrial Nhon Trach 2 project (Dong Nai Province). Framas specializes in the production of high-quality plastic parts for customers such as Nike and Adidas. According to Fabian Urban, Head of Footwear Technology at Framas Vietnam, Vietnam was chosen as a factory site because of its superior facilities compared to other locations. The establishment of the new factory is part of the group’s strategy to … [Read more...] about Industrial real estate market recovers strongly

Dang Quyet Tien, director of the ministry’s Corporate Finance Department, said that the equitisation of SOEs had been painfully stagnant partly due to the negative impact of the COVID-19 pandemic on the domestic and regional financial and stock markets, which caused difficulty in the determination of corporate value and the implementation of the State stake auction. Thuong Dinh Footwear Joint Stock Company which was privatised in 2016. Developing a brand is an important factor after the equitisation of SOEs./ Photo hanoimoi.com.vn According to Nguyen Duc Do from the Institute of Economics and Finance, the problem in the valuation of corporate assets was a barrier to the equitisation process. Do said that theoretically and practically, it was difficult to determine the value of SOEs accurately because factors which underlined the valuation, such as interest rates and profit prospects, always fluctuated. In addition, the selling prices of State stakes depended on the … [Read more...] about Accuracy in SOE valuation must improve

Footwear maker Long Rich Vietnam Co. Ltd based in Thu Duc, with almost 5,000 workers, has just enough orders for workers to complete during regular working hours and so there is no scope for overtime work unlike previously, Nguyen Thi Thuy Van, chairwoman of its labor union, said. With orders expected to drop further, the company has made plans to retain all its workers. If there are not enough orders to keep them busy, they will be asked to do other jobs such as cleaning the machinery and making covers for the machines and gloves and aprons for themselves. During this period, they will still get a fixed salary and daily lunch. Even if there is not any work for them, the factory will still have workers check in every day to have lunch. The company will also organize sports and entertainment programs to keep them entertained. Van said: "Such activities are to create a reason for workers to come to the factory and keep employer and employees in touch. "Without that … [Read more...] about Factories strive to retain workers amid falling orders

At a meeting with the leader of the southern province of Binh Duong last week, chairman of Sharp Corporation Yoshihiro Hashimoto revealed an expansion plan in the locality. Investors already with factories in the country are demonstrating that they trust the business climate here, Photo: Le Toan Sharp Group is exploring opportunities in the southern provinces of Vietnam, including Binh Duong, to move the supply chain away from the Chinese market, promoting market diversification and distribution, according to Hashimoto. “In the coming time, Sharp will continue to expand and build one more large-scale factory, oriented to develop high-tech and advanced products,” he said. Binh Duong is assessed as a locality with an attractive investment environment, in line with Sharp’s criteria. The group has two production factories located in Vietnam, at Singapore Industrial Park (VSIP) I and an extended VSIP II. Sharp hopes to be supported in construction land, labour, and … [Read more...] about New foreign capital stutters despite overall deal boost

Local companies could further improve their utilization rate of the trade agreement to gain a larger share of the EU market. The EU-Vietnam Free Trade Agreement has been a driving force for Vietnam’s exports as local firms are now taking good advantage of the trade deal. Processing catfish for export at Cantho. Photo: Hung Thap Deputy Director of the Import-Export Department under the Ministry of Industry and Trade (MoIT) Tran Thanh Hai gave the assessment at a conference on the EVFTA on August 8. In 2021, bilateral trade turnover between Vietnam and the EU rose by 14.5% year-on-year to US$57.01 billion, in which Vietnam exported goods and products worth $40.1 billion, or an increase of 14.2%; and imported $16.9 billion. “This helped the country maintain a trade surplus of over $23.2 billion last year,” Hai said. According to Hai, since the launch of the EVFTA on August 1, 2020, Vietnam’s exports to the EU rose by 15% to $83 billion. Over the past two … [Read more...] about EVFTA drives Vietnam’s exports forward