Vietnamese shares fell further on Tuesday morning as investors became cautious of the current volatility in the market. Vietnamese shares fell further on Tuesday morning as investors became cautious of the current volatility in the market. The benchmark VN Index on HCM Stock Exchange dropped 0.61 per cent to close at 1,141.43 points. It had lost 2.1 per cent in the previous two sessions. The HNX Index on Ha Noi Stock Exchange slipped down 0.32 per cent to end at 132.89 points, extending the loss from a two-day decline of 1.7 per cent. More than 121 million shares, worth VND3.33 trillion (US$148.2 million), were traded on the two local exchanges. Large-cap stocks underperformed and were the main factor to drive the market down. The large-cap VN30 Index lost 0.56 per cent to reach 1,121.71 points, with 19 of the 30 largest shares by market capitalisation decreasing. Investors remained quite cautious after trading on the stock market had shown signs of decline in recent … [Read more...] about VN stocks decline, investors worried about market volatility
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Vietnamese firms to join international expo in China
Vietnamese firms will showcase their products at the China International Import Exposition-CIIE 2018- to be held in Shanghai in November. This was announced by the Trade Promotion Agency under the Ministry of Industry and Trade in HCM City on Friday. Sixty booths representing the firms will display farm produce, food, consumer goods and other services at the expo. Head of the agency Vu Ba Phu described the large-scale event as a good opportunity for domestic enterprises to expand their channels to Chinese and other international markets, besides seeking new trade partners. The event will also help the firms to update the demand of the Chinese market and speed up their exports to reduce Viet Nam’s trade deficit with the neighbouring country, Phu said. According to trade experts, to boost exports to the Chinese market, Vietnamese enterprises need to build their own trademarks, improve product quality and diversify designs of their products. A report of the agency showed that … [Read more...] about Vietnamese firms to join international expo in China
FTAs help garment-textile firms diversify export markets
He said Vietnam is exporting garment-textiles to the US, the European Union (EU), Japan and the Republic of Korea. Apart from those traditional markets, Vietnamese firms are pushing exports to new markets such as China and Russia, with export turnover projected to exceed $2 billion and about $500 million in 2018 in each of the countries respectively. Most domestic garment-textile businesses have received orders for the second and third quarters of 2018, he added. The garment-textile sector has exported more than $3 billion worth of yarn, nearly $1 billion worth of fabric and $400 million worth of garment accessories. Particularly, the fourth industrial revolution has changed the mindset of businesses in regards to technology investment, Giang said. Garment-textile companies have paid more attention to developing human resources and using technology to create quality products. The selection of high value production segments helps such as Original Design Manufacturing and Own Brand … [Read more...] about FTAs help garment-textile firms diversify export markets
Expert urges Vietnamese firms to explore other markets
Vietnamese firms should expand their partnership to at least three markets to avoid sole dependence on a particular market, said economist Pham Chi Lan. She also urged the firms to provide clear and transparent filings to meet the standards of exporting markets. Vietnamese enterprises must prove that they do not enjoy protectionism of the government and do not sell products at a dumping price level to ensure they are not affected by the anti-dumping tax policies of the exporting markets, she said. Given the context in which US regulators have planned to impose anti-dumping taxes on Vietnamese exports to protect their local fishery and steel industries, Lan suggested firms to explore other markets and diversify their targeted markets to ensure less reliance on a sole, large market. “A three-market strategy will ensure that a company’s export is balanced and that business will not depend on any particular market,” Lan said. Such business strategy will help Vietnamese … [Read more...] about Expert urges Vietnamese firms to explore other markets
Major opportunity for Vietnamese businesses to enter Romanian market
The ways in which Vietnam can fully exploit the advantages offered by the EVFTA to bolster exports and investment into the Eastern European nation are the focus of an exclusive Voice of Vietnam (VOV) interview with Vietnamese ambassador to Romania Tran Thanh Cong.Reporter: During the Romanian President’s visit to Vietnam in 2016, both sides placed a large emphasis on economic cooperation. What is your assessment of the advantages and disadvantages of such potential cooperation?Ambassador Tran Thanh Cong: Firstly, there are advantages in some fields of Romania’s particular strengths and Vietnam’s priority includes agriculture, oil and gas, and electronic devices which are the forefront of our bilateral cooperation. Several Romanian businesses have also signed cooperation documents in fields such as oil and gas and information and technology (IT). Furthermore, we have the ability to bring cooperation prospects to new heights. For example, in the arena of labour, … [Read more...] about Major opportunity for Vietnamese businesses to enter Romanian market