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 …
Funding a start up business
Nha Trang and Danang hotel owners sell up
Many hotels have been put on sale in Nha Trang and Danang cities due to losses caused by the Covid-19 pandemic. Bellevue Hotel temporarily closed due to Covid-19 Many hotels in Son Tra and Ngu Hanh Son districts, Danang City, have been put on sale after Tet. A 600 square metre four-star hotel on Vo Nguyen Giap Street with 19 floors and 125 rooms has been offered at the price of VND440bn (USD19m). Other hotels on Ha Bong, Tran Bach Dang and Ho Xuan Huong streets were also put on sale. Hoang Lam, a hotel owner on Tran Bach Dang Street said, "We tried to maintain business but our funds ran out and we have to sell the hotel to repay loans. We don't have income while the operational costs remain high." Do Van Hien, an employee at Dana Hotel, said, "The hotel business was still good during the 2016-2019 period. But I have seen many two-star to four-star hotels being put on sale when the second Covid-19 outbreak in Vietnam started. Since 2020, very few visitors have used hotels. As of now, the prices of the hotels have dropped by 20% and most of the customers are from the northern region." Three-star hotels cost from VND20bn (USD865,000) to VND100bn. The lowest price for a four-star hotel is VND280bn. According to Hien, the trading of four and five-star hotels are more secret and done through reputable brokers. Cao Tri Dung, chairman of Danang Tourism Association, said the tourism sector was nearly frozen. 90% of visitors who had plans to go to Danang have either postponed or cancelled their trips. It's inevitable that many hotels have been put on sale. This may be a chance to reform the sector for the better with investors who have long-term vision and more strategy." Statistics from Danang People's Committee show that the total visitors at hotels in January was 251,094, a decrease of 65.6% compared to the same period last year. The number of international and domestic tourists dropped by 95% and 36.7% respectively. Revenues …
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A man successfully exploits his homeland’s potentials
Phạm Văn Phong (in blue T-shirt) checking his products in the workshop. — VNA/VNS Nguyễn Lành NAM ĐỊNH — A man from Nam Định Province has taken advantage of the strengths of his homeland for economic development, creating jobs for many local workers. Phạm Văn Phong decided to return to his hometown of Thịnh Long Township in Hải Hậu District to start up his own business in 2012 after many years working in Hà Nội in unstable and poorly paid jobs. Hải Hậu District has an established fishing and aquaculture sector and Phong’s family has a business for jellyfish processing for export to China. Phong’s family business is one of few establishments that processes jellyfish in Nam Định Province and indeed the entire northern region. Seeing start-up opportunities as well as great development potential, with the support of his family, Phong built a 6,000sq.m workshop for processing instant jellyfish and established Quý Thịnh Limited Company. As head of the enterprise, he thought about how production and business activities could be most effective to both increase revenue and create jobs. To maintain production year-round, from February to April, the company has to purchase fresh jellyfish and preserve them in tanks of salty water. To produce quality instant jellyfish products, all stages from selecting raw materials to processing and storing must comply with regulations on food safety, labels and traceability. In 2013, his products started to be sold and received good feedback from customers. From 2013 to 2015, his company sold 300-350 tonnes of instant jellyfish and gained a turnover of VNĐ10 billion (US$434,000) per year. However, his business faced various difficulties. Realising the high economic gains from producing instant jellyfish, many firms inside and outside the province started to enter the market and saturated it. Refusing to step back when the family's revenues and employee's incomes decreased, in 2017, thanks to the support of the …
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