Greener trade

Free trade agreements (FTAs) spurred Vietnam’s bilateral and multilateral trade, with 2022 revenues projected to hit a record 750 billion USD, according to experts. A port in Vietnam (Photo: VNA) Vietnam’s signatory FTAs, especially recent agreements will promote trade breakthroughs and generate major trade surplus for 2022 and build momentum for 2022-23 in the process. Despite Vietnam’s challenges, exports recovered well in the first four months of 2022 to hit 122.4 billion USD, a year-on-year surge of 16.4 percent. The increase was attributed to business resilience and flexibility taking advantage of FTA parameters, notably the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), European Union-Vietnam Free Trade Agreement (EVFTA) and the Regional Cooperation Economic Partnership (RCEP) which took effect at the start of 2022. Nguyen Chanh Phuong, Vice Chairman of the Handicraft and Wood Industry Association of Ho Chi … [Read more...] about Trade revenue set to eclipse 700 billion USD this year

A roundtable on workplace safety and the quality of meals provided to workers was held by the HCM City Federation of Labour on Thursday. VNA/VNS Photo Thanh Vũ HCM CITY — Trade unions at all levels need to take drastic measures to improve workers’ meals at companies by ensuring employers pay at least VNĐ20,000-25,000 (US$0.85-1.07) for them, a roundtable held by the HCM City Federation of Labour heard on Thursday. With the rising cost of living, the meals procured for workers at an average price of VNĐ15,000 do not provide nutrition, safety or hygiene requirements, delegates said. Decent meals are essential to ensure health as well as productivity, Trần Đức Tài, deputy head of the Tân Bình District Labour, Invalid and Social Affairs Office, said. Trade unions need to work with employers to develop workplace meal programmes that provide decent food to employees, he said. Activities to raise awareness of food quality need to be frequently carried out, he said. Lê … [Read more...] about Trade unions urged to improve quality of workers’ meals at factories

Of the export earnings, the foreign-invested sector is projected to contribute USD 7 billion, up 12 percent, while the non-state sector and the state sector are forecast to make up USD 963 million and USD 108 million, respectively. The trade surplus is attributed to the export growth of hard currency earners such as footwear with USD 1.3 billion and garments with USD 704 million, while wood and wooden furniture and textile products are estimated to contribute USD 508 million and USD 560 million, respectively. Dong Nai’s export revenues from the Republic of Korea market recorded the highest growth of 19.6 percent, followed by China with 19.2 percent; Japan, 9.6 percent and the US, 5 percent. In the first five months of the year, Dong Nai province raked in over USD 6.6 billion from exports while importing USD 6.1 billion worth of products. Source: VNA … [Read more...] about Dong Nai’s first-half trade surplus forecast to hit USD 600 mln

Bilateral trade recovery According to the Ministry of Industry and Trade, after two years of COVID-19, trade between Vietnam and the UK recovered in 2021, reaching nearly US$6.6 billion. This included more than US$5.7 billion worth of Vietnam’s exports to the UK, an increase of 16.4 percent compared with 2020. Vietnamese goods at a UK supermarket Products with high export growth included fruit and vegetables (up 67 percent); coffee (up 17 percent); pepper (up 49 percent); carpets and products made of bamboo, rattan and sedge (up 56 percent); iron and steel materials (up 1,269 percent); steel products (up 100 percent) and toys and sports equipment (up 19 percent). The value of Vietnam’s imports from the UK reached nearly US$850 million, an increase of 23.6 percent compared with 2020. In the first four months of 2022, Vietnam’s exports to the UK reached an estimated US$4.8 billion with key products including seafood, coffee, pepper, cashew nuts, plastic products, … [Read more...] about Vietnam-UK agreement creates leverage for bilateral trade

At the scholarship-awarding ceremony (Photo: SGGP) At the program, 300 children with disabilities and orphans who are children of trade union members, workers, officials, and laborers in Ho Chi Minh City were able to participate in games as well as enjoy cultural performances, and fashionable performances with recycled materials. On this occasion, the City Trade Union Social Work Center also awarded 30 scholarships to disadvantaged children who overcame difficulties to study well. Units and benefactors gave away 300 toys, 220 portions, beverages, 200 boxes of confectionery, and 750 T-shirts totally worth more than VND150 million (US$6,437). According to Mr. Nguyen Mai Huy, Deputy Director of the Center for Social Work of Ho Chi Minh City Trade Union, the program has created a healthy playground for children with disabilities and orphans. Moreover, at the same time, it helped connect units, businesses, and donors for a meaningful activity full of love for workers’ kids in this … [Read more...] about Orphans, disabled kids receive scholarships on occasion of Int’l Children’s Day

At the international seminar on achievements, difficulties and challenges facing ASEAN’s integration (Photo: VNA) Moscow (VNA) – Russian experts have highly valued the role and strategic position of ASEAN in the region and in the world, particularly given recent global fluctuations. They made the comment at an international seminar on achievements, difficulties and challenges facing the bloc’s integration held Moscow on May 25 and 26. The event, co-organised by two academies and the Ministry of Foreign Affairs of Russia, gathered representatives of ASEAN embassies and 40 Russian and international experts. The hybrid event saw 30 presentations in five working sessions, whose topics revolved around ASEAN’s external relations policy, relations with strategic partners, experience in regional integration, and sustainable development. Participants analysed ASEAN ’s roles and stances on building a regional security structure; and development orientations in digitisation, … [Read more...] about Russian scholars praise ASEAN’s role, position

Vietnam’s skilled workforce, optimistic economic outlook, and competitive wage prices are among the factors drawing foreign investors’ attention to the country. An estimated 21% of Indian companies that have operations in Southeast Asia or expect to do so in the future show their plan to expand their businesses in Vietnam in the next two years. Whilst, 26% of Chinese corporates in Vietnam are looking to prioritize growth here over the next two years. Car production at Thanh Cong Hyundai Plant. Photo: Viet Dung These are some of the key findings from HSBC Navigator: SEA in Focus , which surveyed more than 1,500 companies from six of the largest economies in the world, including China, France, Germany, India, the UK, and the US – all of which have operations in Southeast Asia or have plans to do so in the future.  The survey gauges their sentiment on doing business in Southeast Asia, with a particular focus on trade, digitization, and sustainability. … [Read more...] about Companies from China and India temped to move to Vietnam

Garment production for export at Kim Dung Textile and Garment Company in District 12, Ho Chi Minh City. (Photo: SGGP) Dependence on imported raw materials Ms. Nguyen Thi Tuyet Mai, Deputy General Secretary of the Vietnam Textile and Apparel Association, said that the total number of enterprises participating in the textile and garment sector in Vietnam, including foreign and domestic enterprises, is more than 7,000. Of which, only 18 percent of them produce fabric materials, 12 percent produce yarn, 2 percent produce other materials, and the rest are garment enterprises. This fact has put the textile industry in front of the challenge of unstable growth due to its dependence on imported raw materials. Currently, each year, Vietnam imports 100 percent of cotton with an estimated value of US$3.2 billion and 60 percent of fabric with an estimated value of $14 billion. The US is the largest cotton and fabric import market of Vietnam, followed by China, Japan, South Korea, and … [Read more...] about Vietnamese textile-garment industry strong but not stable

The conference was held via videoconference on May 26 (Photo: VNA) Hanoi (VNA) - Assistant Minister of Foreign Affairs Do Hung Viet and Israel Ministry of Foreign Affairs’ Political Director Alon Bar co-chaired the fourth political consultation conference between the two ministries via videoconference on May 26. Viet and Bar briefed each other on the political and socio-economic situation in their respective countries, and highly valued the positive progresses in the all-round cooperation between Vietnam and Israel over the years, especially in politics, diplomacy, economy, science-technology, and startup. Viet welcomed the organisation of the fourth consultation conference, describing it as an effective mechanism for reviewing and enhancing the effectiveness of the cooperation between the two countries. He affirmed that Vietnam highly values and hopes to promote multifaceted ties with Israel , and thanked the Israeli Government and businesses for assisting … [Read more...] about Vietnam, Israel convene fourth political consultation

The shows are the result of co-operation between VOV and the Vietnam Film Studio (VFS). Launched last month, Vietnam Journey aims to honor Vietnamese culture and tourism. The screening of these shows is a part of the effort, according to Nguyen The Ky, General Director of the VOV. “We are introducing two shows for the Tet holiday to give viewers a chance to relax and enjoy interesting stories,” he said. “The stories are told in a tender and humorous way to call on people to preserve the country’s fine traditions.” Vuong To (Beauty of Silk) tells the story of Van Phuc Silk Village in Ha Dong district, where the trade of weaving silk has been nurtured for centuries. The film depicts the process of making and designing silk, and how hard the artisans fight to preserve the traditional trade in the face of modern trends and foreign brands. Directed by Nguyen Duc Viet, the show stars Quoc Tuan, Phu Don, Vinh Xuong and Thu Hien. Xuong said he spent a long time and effort learning … [Read more...] about TV shows promoting traditional culture to be screened