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/ November 4, 2020

Positive outlook ahead as Vietnamese firms look to increase exports via Amazon

During her opening speech at a recent seminar held to discuss cross-border e-commerce, Tran Thi Phuong Lan, deputy director of the Hanoi Department of Industry and Trade, said local businesses have encountered numerous difficulties caused by the delay of export orders, coupled with the slow progress of customs clearance. Lan added that Hanoi’s export turnover during the opening ten months of the year has witnessed an annual increase of only 0.1% to US$13.194 million, the lowest figure over the past 10 years. She also underlined the importance of online sales channels as a means of increasing exports for businesses amid this challenging period. Sharing this point of view, Nguyen Thi Minh Huyen, deputy director of the Department of E-Commerce and Digital Economy, pointed that through e-commerce platforms domestic firms are able to gain access to customers based in fastidious markets such as North America, Japan, and Europe in a fast manner. Tran Xuan Thuy, director of Amazon in Vietnam, outlined that cross-border e-commerce represents an effective channel for local enterprises, including small and medium enterprises (SMEs) as they export goods to the global market, especially in the context of the COVID-19 epidemic. Thuy therefore advised local firms to improve their knowledge relating to cross-border e-commerce channels, devise coherent business strategies, whilst simultaneously developing their brands in order to successfully export goods to these demanding markets. Do Quang Vinh, CEO of T&T Group's branch in the United States, emphasized that enterprises must devise plans based around the actual needs of each export market, their various tax incentives, and the online shopping habits of customers via Amazon to boost exports. The event attracted roughly 300 businesses that are keen to increase their export of goods via Amazon's online retail channel. …

/ April 17, 2021

Vietnam, Colombia seek stronger economic and trade ties

The Vietnamese Embassy in Venezuela, concurrently Colombia, recently held a webinar aimed at promoting trade, investment, and tourism co-operation between both sides. The purpose of the event was to introduce the potential of the Vietnamese labour and export market as a means of ramping up bilateral co-operation in the fields of economics, trade, tourism, and investment between the two nations. As part of his opening speech, Vietnamese Ambassador to Venezuela concurrently Colombia Le Viet Duyen highlighted the ever-growing friendship and co-operative ties after 42 years of diplomatic relations, adding that the Government and people of Vietnam always place great importance on promoting friendly relations and bilateral co-operation, especially in sectors where the two countries boast great potential. In particular, bilateral trade relations over recent years have seen continuous growth, he added. Last year witnessed total two-way turnover reach US$640.8 million, of which Vietnam mainly exported engines, machinery, electrical equipment, footwear, seafood, apparel and textiles, fibers, and metals worth US$622.5 million , while importing goods such as timber and wood products, food, leather, organic chemicals, and precious metals valued at US$18.3 million from the South American nation. Furthermore, Ambassador Duyen also introduced key Vietnamese export products which are much sought after globally, including rice, coffee, pepper, electronic products and components, garments textiles, footwear, seafood, furniture, and agricultural machinery. With the world continuing to struggle against the novel coronavirus (COVD-19) pandemic, Vietnam has successfully brought it under control and has emerged as an attractive destination for trade, investment, and tourism in the region and the wider world, the Vietnamese diplomat said. The Chamber of Commerce is currently ready to assist local firms in fully grasping economic policies and market information as a means of …

/ April 18, 2021

Việt Nam applauds positive adjustment in US Treasury Department’s report

Spokeswoman of the Ministry of Foreign Affairs Lê Thị Thu Hằng. —VNA/VNS Photo HÀ NỘI — Việt Nam welcomes the US Department of the Treasury’s positive adjustment to the content related to Việt Nam in the department’s latest report on the macroeconomic and foreign exchange policies of major trading partners of the US, said Spokeswoman of the Ministry of Foreign Affairs Lê Thị Thu Hằng. Replying to reporters’ question about the report released on Friday by the US Department of the Treasury, Hằng noted that the report revealed insufficient evidence that Việt Nam has been manipulating its exchange rate. She added that in the recent past, Vietnamese relevant agencies have shared information and discussed with the US to clarify that Việt Nam’s exchange rate policy has been steered by managerial agencies in a uniform and flexible manner that matches the reality in the country for the purpose of stabilising macro-balances, not to create unfair competitive advantages in international trade. “In the spirit of respecting the economic – trade ties with the US, a pillar in the comprehensive partnership between the two countries, Việt Nam will maintain constructive dialogue and consultation with the US side about this issue,” the spokeswoman added. The US Treasury has removed Việt Nam and Switzerland from the list of countries labeled as currency manipulators, reversing a decision of the administration under President Trump last December. The US Treasury said in its semi-annual report on forex and macro-economic policies of big trade partners of the US to the Congress on April 16 that no country currently meets the US criteria as a manipulator. It said Việt Nam, Switzerland and Taiwan will be under enhanced monitoring, which means those countries and territories will not immediately face US sanctions. In the report, the first of the Biden administration, China is not designated as a currency manipulator. The Trump administration put China on the list in 2019 during …