HCM City (VNS/VNA) - Vietnamese firms need to diversify their overseas markets and improve their strengths to capitalise on opportunities after the COVID-19 pandemic ends, a recent online seminar heard in Ho Chi Minh City. Pham Chi Lan, an economist who was an advisor to the Government in the past, said firms would need to join hands with industry business groups to study new market trend and changes in consumer habits after the pandemic to identify large and niche markets and reshape their business strategies. “The market will never return to the old normal that existed before the pandemic but to a new normal. New normal will have new abnormalities. Therefore, research should be conducted. “Businesses that are in associations should sit together to discuss what they can do and should not wait for the Government. Based on their requirements, they can propose policies.” Nguyen Thi Thu Trang, Director of the Vietnam Chamber of Commerce and Industry’s WTO and … [Read more...] about Local firms urged to diversify markets, understand post-pandemic trends
Pandemic on the brink rules
Hanoi (VNA) - The EU-Vietnam Free Trade Agreement (EVFTA), to take effect shortly, is expected to make up for some of the losses Vietnam’s economy incurred during the COVID-19 pandemic, according to insiders. The Ministry of Industry and Trade (MoIT) said that amid a global economic crisis caused by the coronavirus outbreak, the EVFTA will play an important role in the recovery of the local economy. Echoing this, many experts said that although growth is unlikely to reach this year’s target, the trade deal with the EU will help buffer the downturn. They also believe the agreement will create opportunities for businesses to diversify markets and regain growth momentum. Vietnamese companies have long struggled to gain a foothold in the EU as they face rivals from countries with developed industries, especially China, and its product prices are usually 10-20 percent higher than those of identical goods from other countries. The EU is the world’s second-largest … [Read more...] about EVFTA to help cover some economic losses from pandemic
Jakarta (VNA) - Managing director of Indonesia’s national railway company PT Kereta Api Indonesia (KAI), Didiek Hartantos, said its revenue has plummeted 24.2 billion rupiah (1.6 million USD) a day due to the COVID-19 pandemic. The company’s average daily turnover was previously from 20-25 billion rupiah (1.35-1.68 million USD), but since the outbreak has tumbled to 800 million rupiah (54,000 USD). Hartantos said daily revenue of the country’s railway industry stood at 39 billion rupiah (2.6 million USD) in January but was down to 32 billion rupiah (2.1 million USD) in April. The revenue decline comes as the numbers of commuters travelling by long distance train and tram have both slipped. To comply with large-scale social distancing regulations, long-distance trains and trams are only allowed to run at 50 percent and 35 percent of their passenger capacity, respectively. The number of passengers, however, is even less than that. KAI is also preparing for the … [Read more...] about COVID-19 pandemic causes severe losses for Indonesia’s railway industry
Vu Ba Phu, director of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade, said the agency has cancelled or delayed 49 projects under the national trade promotion program this year. The programs include large international fairs and exhibitions of agricultural products, food, seafood, textiles and footwear at home and abroad, and major international trade events in Vietnam and the region. … [Read more...] about Pandemic curbs generate boost for trade promotion on digital platforms
The cuts came amid bank credit growth in the first quarter of only 1.1 per cent compared to 2.28 per cent in the same period last year as many businesses scaled down or stopped operations, experts said. … [Read more...] about VN ready to be world’s factory, but is the world?