Nghi he o viet nam

MDF production line at Thanh Thanh Dat MDF JSC's factory in Ha Tinh Province. — VNA/VNS Photo While many products exported to the UK enjoyed strong increases thanks to the UK-Viet Nam Free Trade Agreement (UKVFTA), Viet Nam’s timber industry is facing difficulties in expanding in this market, requiring manufacturers and exporters to change their business strategies. In fact, Viet Nam’s wood industry is seeing declining sales overseas. The export value in July was estimated at US$1.41 billion, down 5.5 per cent against June and 1.6 per cent year-on-year, according to a report of the General Department of Forestry under the Ministry of Agriculture and Rural Development (MARD). This was the second month that the export of wood and timber products decelerated. Earlier, figures from the General Department of Customs showed the export turnover of wood and wood products reached $1.4 billion in June, down nearly 11 per cent year-on-year. Ending July, wood and wood products were … [Read more...] about Viet Nam’s timber industry urged to seek new opportunities in the UK

Inside a clean clam processing line of Lenger Seafoods Vietnam. The company exports products to markets in the EU, the UK, Japan, the US, and South Korea. — Photo courtesy of Lenger Seafoods Vietnam To provide a more favourable playground for enterprises to strengthen and access international markets, Viet Nam is on a path to boost institutional improvement. And it is believed that the United Kingdom-Vietnam Free Trade Agreement (UKVFTA) is accelerating the process, said experts. As Viet Nam has signed many new free trade agreements (FTAs) with countries or regions that require more stringent standards not only on quality but also on production processes, it is crucial for local enterprises to quickly adapt to new rules. Therefore, the Government has to make changes to relevant policies to support them. The reform is building a favourable business environment, reducing transaction expenses for enterprises, especially small and medium enterprises, and attracting quality … [Read more...] about UKVFTA to accelerate Viet Nam’s institutional reform

Workers produce electronic components at a factory in the northern province of Hung Yen. — VNA/VNS Photo The Vietnamese manufacturing sector remained in growth territory at the start of the third quarter of the year, but there were some signs of demand softening. As such, output, new orders and employment all increased at weaker rates than in June, according to S&P Global. In a survey released on Monday, S&P Global said the Vietnam Manufacturing Purchasing Managers' Index (PMI) remained above the 50.0 no-change mark for the tenth successive month in July, signalling a further strengthening of business conditions. That said, at 51.2, down from 54.0 in June, the index signalled a softer improvement. New orders increased for the tenth month running, but the rate of expansion eased to the weakest since April. New export business rose solidly, meanwhile, and at a faster pace than total new orders. The continued growth of new orders encouraged manufacturers to keep expanding … [Read more...] about Viet Nam’s manufacturing output continues to rise

Making clothes at a garment company in Ha Noi. Clothing is among the top 5 export products to UK markets. — VNA/VNS Photo Viet Nam enjoyed a trade surplus of 3.9 billion pounds (over US$4.7 billion) in the four quarters to the end of March 2022, up nearly 22 per cent over the same period to 2021, reported the UK’s Department for International Trade. The data released early this week showed total trade in goods and services (exports plus imports) between the UK and Viet Nam was 5.7 billion pounds, an increase of 15 per cent year-on-year. During the reviewed period, total UK exports to Viet Nam amounted to 905 million pounds (an increase of 0.2 per cent), of which export of goods accounted for 68.3 per cent at 618 million pounds, up 3 per cent year-on-year, while services were 287 million pounds, making up 31.7 per cent and down 5.3 per cent year-on-year. Major products shipped from the UK to Viet Nam included pulp and waste paper (74.4 million pounds), medicinal and … [Read more...] about Viet Nam records $4.7 billion trade surplus with UK over 12 months

Emart Go Vap in HCM City. THACO wants to turn Emart into a leading supermarket chain in Viet Nam. — Photo courtesy of THACO Emart Vietnam plans to open two hypermarkets in HCM City this year, one in Thu Duc City’s Thu Thiem area in October and the other in Go Vap District in December. Chun Byung Ki, general director of THISO Retail, revealed this information at the 2022 Emart Partners Day in HCM City on August 5, which was attended by more than 500 suppliers, saying the chain aims to have 20 stores across the country and revenues of US$1 billion by 2026 to become the hypermarket chain with a largest market share. Emart Sala Thu Thiem will spread over an area of ​​more than 6,000sq.m inside THISO Mall in Thu Duc City. With its outstanding facilities, Emart Sala Thu Thiem will seek to provide modern and differentiated shopping experiences to customers living in high-end residential areas and their neighbourhoods. Emart Phan Huy Ich in Go Vap District will be located at the … [Read more...] about THACO determined to turn Emart into leading supermarket chain in Viet Nam

A man walks past the entrance to the KBank Building in Rat Burana district, Bangkok. — Photo: Bangkokpost Thailand’s Kasikornbank (KBank) is pressing ahead with plans to become a regional digital bank, with an expansion drive in Viet Nam. Aiming to invest more than 2.7 billion baht (about US$75 million) to fortify its service network within AEC+3 (ASEAN plus Japan, China, and the Republic of Korea), KBank has announced its commitment to broaden its presence in the Vietnamese market in order to serve customers across all segments with digital services. For the Vietnamese market, the bank aims to lend 20 billion baht ($560 million) and have a retail customer base of 1.2 million by 2023. KBank President Pipit Aneaknithi said that KBank aims to be the first foreign bank in Viet Nam to offer fully-fledged 'digital product solutions' to all customer segments. He added that the bank plans to continuously expand into new products and services. KBank currently has an overseas … [Read more...] about Thailand’s bank unveils expansion plans in Viet Nam

A customer at an HDBank transaction office. Viet Nam’s policy rate is expected to rise 50 basis points to 4.5 per cent by end-2023. — VNA/VNS Photo Capital account restrictions largely insulate interest rates in Viet Nam from global monetary tightening and the country’s policy rate is expected to rise 50 basis points to 4.5 per cent by end-2023, according to Fitch Ratings. Under a report on the impact of rising interest rates on Asia-Pacific (APAC) banks released this week, Fitch said annual credit targeting remains a centrepiece of the State Bank of Vietnam's (SBV) monetary policy framework, and the refinancing rate is not a primary policy lever. Moreover, strong foreign investment inflows underpin the dong's resilience, which has depreciated by only 2 per cent year-to-date by end-July 2022, making it the second-best performing currency in APAC behind only the Hong Kong dollar. According to Fitch, Viet Nam’s rates are driven chiefly by economic activity and inflation. … [Read more...] about Monetary stance points to only mildly higher interest rates in Viet Nam: Fitch Ratings

ABB DC Fast Charger at Audi Tan Binh Centre in HCM City. — Photo courtesy of ABB ABB E-mobility was selected to deliver its market-leading electric vehicle chargers in Viet Nam to launch the new all-electric Audi e-Tron GT Quattro, Audi’s first electric car to hit the Vietnamese market. To deliver a premium charging experience for Audi, ABB had a range of charging solutions for Audi Tan Binh, the most extensive service centre of Audi in the country, which serves customers in the south. ABB charging solutions include AC wall box chargers ranging from 7kW to 22kW and DC chargers ranging from 24kW to 180kW. Located outdoors for easy access, the Terra 184 DC fast charger is a modular DC fast charging system with high output current capabilities. The CCS2 charge post offers a wide range of output voltage from 150-920VDC and can deliver up to 375A and 180kW continuously, making it a highly flexible solution. The Terra 184 DC charger can add 100 miles of range in as little as 10 … [Read more...] about ABB and Audi cooperate to drive e-mobility adoption in Viet Nam

Manulife Vietnam secured the top position in the Million Dollar Round Table rankings for Viet Nam for a second year. — Photo courtesy of the company Manulife Vietnam has once again taken the top honour in the 2022 Million Dollar Round Table (MDRT) rankings for Viet Nam. Manulife Vietnam secured the top position in the market for a second year running with 1,429 advisers becoming MDRT members as of July 1, while also maintained its No.12 global ranking as part of the ‘Top 100 Companies’ list. “I am extremely proud of our advisers and the work they are doing to drive financial security. As the top ranked MDRT company in Viet Nam, this achievement is a testament to their professionalism and commitment to helping our customers live every day better,” said Sang Lee, CEO of Manulife Vietnam. Manulife Financial Corporation also placed third in the MDRT rankings among the ‘Top 10 Multinational Companies’, holding the position for a fourth consecutive year and achieving 5,685 members … [Read more...] about Manulife retains top MDRT ranking in Viet Nam

Long Son Petrochemicals Company Limited (LSP) in Viet Nam. — Photo courtesy of SCG Southeast Asian conglomerate SCG reported sales revenue of VND11.1 trillion (US$482 million) in the Vietnamese market in the second quarter of 2022, up 13 per cent year-on-year. The increase was mainly thanks to the new partnership of Duy Tan, a rigid plastic packaging products producer of SCGP - the packaging business of SCG, the company said in its statement. In Q2, SCG’s total assets in Viet Nam topped VND151 trillion, a yearly increase of 24 per cent mainly in the chemicals business from Long Son Petrochemicals (LSP) and packaging business. Overall, SCG’s revenue from sales for the first half of 2022 rose 19 per cent year-on-year to $9 billion. “Despite volatile situations with crisis upon crisis such as inflation, rising interest rates, increased energy and raw material costs as well as climate change, SCG continues to adapt, resulting in strong overall business and financial … [Read more...] about SCG posts Q2 sales revenue increase in Viet Nam