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 …
Loans for small businesses start up
VIETNAM BUSINESS NEWS FEBRUARY 15
VIETNAM BUSINESS NEWS Rice exports enjoy opportunities for breakthrough in 2021 High hopes are pinned on Vietnam’s rice exports in 2021 when major export markets such as the Philippines and Africa continue to sign contracts to buy rice from Vietnam, while many others have great demand for fragrant rice and sticky rice – which are advantageous staples of Vietnamese enterprises. The bilateral and multilateral free trade agreements between Vietnam and other countries such as the EU-Vietnam and the UK-Vietnam FTAs with preferential tariffs would create favourable conditions for Vietnamese rice to compete with that from rival countries, the Vietnam Food Association said. According to the Vietnamese Trade Counsellor in the UK Nguyen Canh Cuong, rice shipments to the country this year will sharply rise against 2020. He added more UK firms will purchase Vietnamese rice under the UK-Vietnam FTA, creating a chance for Vietnamese rice to expand its market share in the UK this year. In 2019, rice exports from Vietnam to the UK had a leap forward with a turnover growth of 376 percent. That meant the UK has great potential as a rice export market for Vietnam. In order to tap into the advantages under FTAs, rice export giants such as Intimex JSC, Loc Troi Group, VRICE Co, Trung An High Technology Agriculture JSC are planning to seek new customers in markets where Vietnam had signed FTAs, especially in the UK. The Ministry of Industry and Trade said it would provide rice export firms with information about the market demand situation in a timely manner while implementing trade promotion activities to help Vietnamese rice exporters better access customers. Detailed information about the regulations and barriers under these FTAs’ commitments will be also offered by the ministry so that businesses can improve their understanding and draw up suitable business plans. As part of its efforts to facilitate Vietnam's rice exports, the VAF has built up online sales …
Vietnam signals soft improvement in business condition at start of 2021
The Hanoitimes - While the Vietnamese economy remains one of the better performers globally, there are significant headwinds that could prevent a return to the stellar growth rates seen pre-pandemic in the near-term at least. The Vietnam Manufacturing Purchasing Managers' Index (PMI) posted 51.3 in January, down from 51.7 in December to signal a softer improvement in business conditions at the start of 2021, according to Nikkei and IHS Markit. A reading below the 50 neutral mark indicates no change from the previous month, while a reading below 50 indicates contractions and above 50 points to an expansion. “The Vietnamese manufacturing sector struggled to gain momentum at the start of 2021, as the ongoing effects of the Covid-19 pandemic and substantial disruption to supply chains hampered operations,” said Andrew Harker, associate director at IHS Markit, which compiles the survey. “The data suggest that while the Vietnamese economy remains one of the better performers globally, there are significant headwinds that could prevent a return to the stellar growth rates seen pre-pandemic in the near-term at least," added Mr. Harker. New orders continued to rise, extending the current sequence of expansion to five months. There were some reports of customers increasing the size of their orders. That said, the rate of growth eased from December. Meanwhile, new export orders were broadly unchanged, with weakness noted in markets where Covid-19 case numbers remained elevated. January saw a broadly stable picture for manufacturing production. While the rise in new orders supported increases in output at some firms, others reported that the effects of the Covid-19 pandemic continued to lead to falls in production. The aforementioned increases in size of some orders started to impart pressure on capacity during January. Although backlogs of work decreased for the twelfth successive month, the rate of depletion was the …
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