Rcep

With the Regional Comprehensive Economic Partnership set to take effect next year, more opportunities are around the corner for Vietnam to attract more investment and expand its trade with foreign partners. The RCEP agreement will help local businesses raise export numbers in agriculture, fisheries, and more besides. Photo: Le Toan All ASEAN member states and China last week said that they will assign authorised agencies in their countries to work out action plans to take advantage of the upcoming Regional Comprehensive Economic Partnership (RCEP). “We welcome the entry into force of the RCEP agreement on January 1, 2022. We will work together for the effective implementation of the agreement, to deliver benefits to businesses and people in the region,” said a joint statement of the ASEAN-China Special Summit to commemorate the 30th anniversary of ASEAN-China dialogue relation held online last week. ASEAN and China encouraged all parties to accelerate the …

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With export turnover surging by 11% to reach approximately US$32 billion during the past 10 months of the year, the local garment and textile industry is anticipated to rake in roughly US$38 billion this year. The Vietnam Textile and Apparel Association (Vitas) predicts that the country’s garment and textile exports will reach US$3 billion per month during the remaining two months of the year. Experts pointed out that the implementation of prolonged social distancing measures in several southern provinces during the fourth wave of the COVID-19 pandemic has served to reduce the sector’s capacity by half, thereby greatly impacting both domestic and international supply chains. However, with social distancing measures being relaxed from the beginning of October, garment textile production activities, especially in Ho Chi Minh City and other southern provinces, have bounced back as the rate of workers returning to factories now stands at over 90%. Moving forward, yarn exports are …

[Read more...] about Garment and textile exports likely to reach US$38 billion this year

Vietnam recorded 299.67 billion USD in exports and 299.45 billion USD in imports in the first 11 months of this year. (Photo: VNA) Hanoi (VNA) - A recent research by Standard Chartered has listed Vietnam among the 13 markets driving future trade growth, and with its enhanced integration into the global economy, the country is holding numerous advantages for bolstering export, the Cong Thuong (Industry & Trade) newspaper said. In its research, titled “Future of Trade 2030: Trend and markets to watch”, the bank forecast Vietnam will record an average annual exports growth rate of 7 percent to earn 535 billion USD in revenue in 2030. Notably, up to 41 percent of the global firms surveyed by Standard Chartered are operating in Vietnam or planning to invest in the country in the next five to 10 years. The US and China will remain the largest export markets of Vietnam, respectively accounting for 26 percent and 19 percent of the Southeast Asian country’s total exports by …

[Read more...] about Vietnam among markets driving future trade growth

Demand for industrial, logistics estates at core of enquiries next year: Savills Demand for industrial and logistics estates in addition to ready-built factories and warehouses will continue to be the core of enquiries next year, according to an expert from property consultancy Savills Vietnam. “However, in terms of new trends, data centres and cold storage facilities are in demand and have gained traction in 2020 and 2021,” John Campbell, manager of Industrial Services at Savills Vietnam told the Vietnam Investment Review. “Next year, we expect this to continue, as Vietnam is now on the radar for hyperscale facilities.” Low-value industries are beginning to set up elsewhere in Southeast Asia as Vietnam no longer offers the same incentives, he said, adding that these industries such as textiles and furniture struggle to source affordable labour and land in Vietnam. However, foreign and high value-added investors remain bullish on Vietnam’s long-term growth, …

[Read more...] about VIETNAM BUSINESS NEWS NOVEMBER 23

At the end of June 2021, the ultra-contagious Delta variant triggered a spike in infections in Ho Chi Minh City, reaching as high as 4,000 cases for the first time. As an office worker in a non-priority vaccination group, you hastily ordered an imported box of FDA-approved 3M 1870+ N95 masks. Before the spike, orders were delivered within 3-5 days, and certainly in no more than a week. However, due to strict social distancing restrictions, it was not until mid-September, when you had already received two doses of AstraZeneca, that your order arrived. In that 10 times longer delivery window, several things happened: Ho Chi Minh City authorities tightened social distancing measures three consecutive times, the number of infections exceeded 650,000, and the number of COVID-19-related deaths surpassed 16,000. With the pandemic putting incredible pressure on importers, sellers, e-commerce sites, and delivery companies, the shipping delay was an inevitable consequence of an over-loaded …

[Read more...] about Warehouse sector transforms misfortune into opportunity

Australian businesses consider Vietnam one of the most potential markets for investment and trade. Greater efficiency in investment cooperation between Vietnam and Australia would bring mutual benefits. Director of the International Markets at the South Australian Trade and Investment Authority John Ellis shared the view at a business forum held by the South Australia-Vietnam Business Council on November 29. Director of the International Markets at the South Australian Trade and Investment Authority John Ellis at the summit. Source: VNA According to Ellis, the Vietnam and Australia markets are complementary in nature rather than in direct competition. While Australian companies have strong expertise in agriculture, education, healthcare, and hi-tech, Vietnam has an abundant workforce and high IT development level, Ellis said, noting this is the aspect that Australia is lacking. In addition, the Vietnamese business environment is highly open as the …

[Read more...] about Bolstering Australia-Vietnam investment cooperation for mutual benefits

Additionally, the research found that 41 per cent of global corporates currently do or plan to manufacture in Vietnam within the next five to 10 years. This is evidence that Vietnam will be a major driver of global trade growth over the next decade. Future growth corridors The USA and Mainland China will continue to be the largest export corridors for Vietnam, accounting for 26 per cent and 19 per cent of total exports in 2030, respectively. India is a fast-growing export corridor for Vietnam with 11 per cent average growth per year from 2020 to 2030. According to the study, Vietnam is an emerging manufacturing powerhouse with expanding international trading relationships. The following sectors will dominate exports in 2030: Sector Share of exports (2030) 2020-2030 CAGR Machinery & electricals 40 per cent 6.4 per cent Textile & apparel 21 per cent 6.4 per cent Agriculture & food 15 per cent 8.1 per cent …

[Read more...] about Vietnam’s exports to hit almost $535 billion by 2030

The figure was revealed by Nguyen Dang Thang, Vietnamese Consul General in New South Wales, South Australia and Queensland while addressing a business forum held by South Australia-Vietnam Business Council on November 29. It aimed at introducing opportunities and potential for trade with Vietnam to the Australian business community as well as promoting bilateral investment. Thang attributed the above-mentioned result to the great efforts of businesses of both sides, adding that the bilateral trade turnover between Vietnam and Australia continue to grow even in the difficult time of the COVID-19 pandemic. He called on Vietnamese and Australian enterprises to make full use of the potential and available opportunities to raise bilateral trade turnover to a new height in the context that the pandemic has been better controlled. He said that the two-way investment turnover between the two countries has increased significantly, worth about USD 2.5 billion. However, according to …

[Read more...] about Vietnam, Australia promote trade ties

The country benefits from strengthening international integration through multiple free trade agreements. Vietnam is a key driver of global trade growth, with its exports projected to expand at an average annual rate of more than 7% to reach US$535 billion by 2030. Vietnam is a major driver of global trade growth by 2030. Photo: Dinh Vu Port The latest research “Future of Trade 2030: Trends and markets to watch” by Standard Chartered found that 41% of global corporates currently do or plan to manufacture in Vietnam in the next five to 10 years. “It is evident that Vietnam will be a major driver of global trade growth over the next decade,” the research underlined. Global exports are estimated to be almost double from $17.4 trillion to $29.7 trillion over the next decade. Simon Cooper, CEO Corporate & Institutional Banking and Europe & the Americas, Standard Chartered, said: “The predicted doubling of global trade offers strong evidence that …

[Read more...] about Vietnam – a major driver of global trade growth by 2030

The event is co-chaired by Vietnamese Deputy Foreign Minister Nguyen Quoc Dung, head of the SOM ASEAN Vietnam and his counterpart from the Republic of Korea (RoK) Yeo Seung-bae (Photo: VNA) Hanoi (VNA) – Vietnamese Deputy Foreign Minister Nguyen Quoc Dung , head of the SOM ASEAN Vietnam and his counterpart from the Republic of Korea (RoK) Yeo Seung-bae chaired a Vietnam-RoK consultation on the coordination of the ASEAN-RoK relations hip in the 2021-2024 period on November 29. During the consultation, one of the first activities after Vietnam serves as coordinator of the ASEAN-RoK relations in the 2021-2024 period, the two sides evaluated the relationship between the association and the RoK since 1989 and agreed that the ties have been growing in a deep manner in many fields. Yeo Seung-bae highlighted priorities of the RoK in relationship with ASEAN in the next period, with the speeding up of President Moon Jae-in initiated “New Southern Policy” that bases on the …

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