Substance increases bulk of a product

Thanh Cong Textile Garment Investment Trading JSC exported over one-third of its products to the United States in 2021. However, the company started to face challenges following the US’ blanket ban on all Xinjiang cotton. Last year, President Joe Biden signed into law the Uyghur Forced Labor Prevention Act. Vietnam’s cotton imports reach up to one million tonnes each year, Photo: Shutterstock Tran Nhu Tung, chairman of the company, said that the company has adopted regulations this year related to this act. Accordingly, buyers have to be responsible for export orders to the US which source Chinese cotton materials. Thanh Cong secures many large orders from the US. In 2022, the company sets a target to generate $179 million in revenues and $10.87 million in profit, up 120 per cent and 188 per cent respectively against last year. Tung noted that yarn exports are the main driving force for Thanh Cong. “There is a rapidly growing demand for yarn imports in the global … [Read more...] about Demand for cotton forces adjustments

The Government Office last week issued Dispatch No.4648/VPCP-KTTH to the Ministry of Finance (MoF) requiring it to continue proposing a reduction of taxes and fees related to fuel and consumption, especially those that can cause an increase in input costs for production and business. Rough waters remain in fuel price pressure “This aims to help reduce costs and selling prices of products in service of exports, production, and business, contributing to controlling inflation and supporting the government’s monetary policy in the short and medium term,” the dispatch stated. The MoF has also proposed to the government a plan to halve the preferential import tax for petrol and oil from the existing 20 to 10 per cent, in order to help reduce the prices of these items in the local market. Meanwhile, the Vietnamese government has also submitted to the National Assembly a plan on reducing the special consumption tax and VAT for October. According to the General Statistics … [Read more...] about Rough waters remain in fuel price pressure

For one, the oil and gas industry is under immense pressure to improve operational efficiency, productivity, and worker safety; maintain cybersecurity; and, simultaneously, reduce environmental impact. In order to solve these challenges, oil and gas companies are accelerating their digital transformation. Denis Brunetti, President, Vietnam and Myanmar Ericsson As they adopt use cases around automation, smart safety and environmental monitoring, the oil and gas industry is increasingly looking to advanced cellular connectivity to help drive efficiencies, while being more environmentally sound. The industry is expected to meet the global goal of net-zero carbon by 2050. According to a McKinsey study, the use of advanced connectivity to optimise drilling and production throughput and improvements in maintenance and field operations could add up to $250 billion of value for oil and gas upstream operations by 2030. Digitalisation enabled by cellular connectivity can … [Read more...] about 4G/5G wireless networks driving digitalisation across industries

Seizing the opportunity laid out by its clean energy resources and phasing out coal could be key for Vietnam’s green growth path. Vietnam’s Prime Minister Pham Minh Chinh has set a deadline for sectors to build plans for their sustainable development within the first quarter (Q1) of this year as part of efforts to materialize the country’s sustainable development. Vietnam’s Prime Minister Pham Minh Chinh speaks at COP26 in Glasgow, the UK in November 2021. Photo: VNA The PM demanded in Q2 a comprehensive program to implement Vietnam’s net-zero target that he pledged at the 2021 United Nations Climate Change Conference in Glasgow (COP26) in November 2021. Accordingly, authorized agencies are tasked with eight issues, namely energy transition, reducing greenhouse gas emissions; lowering methane emissions; developing electric cars; planting forests to absorb carbon dioxide; building construction materials and urban development suitable for green and sustainable … [Read more...] about [Net-zero strategy] Which way is possible for Vietnam’s net zero journey?

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, according to a survey released on August 8 by S&P Global. Illustrative image (Photo: VNA) 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. As such, output, new orders and employment all increased at weaker rates than in June. New orders increased for the 10th 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 production in July. Output rose for the … [Read more...] about Vietnam’s manufacturing output continues to rise

What are the concerns surrounding the Uyghur Forced Labor Prevention Act (UFLPA) implementation among Vietnamese garment exporters to the US? Association chairman Vu Duc Giang Some of the concerns are real. Since the UFLPA became effective in June, Vietnam has witnessed certain impacts on its garment exports to the US. Vietnam has maintained its position as the world’s third-largest cotton importer with a volume of 1.5 million tonnes per year. This includes 800,000 tonnes of cotton imported from the US, accounting for 60 per cent of the total imports. In January 2021, US Customs and Border Protection announced a ban on raw fibres, apparel, and textiles made from Xinjiang-grown cotton, which also covers cotton products made in third countries. Customs will detain imported merchandise unless the importer can prove by clear and convincing evidence that the goods were not from Xinjiang. What is the status of the recommendations from the US on Chinese cotton? Vietnam … [Read more...] about Facilitating recovery of Vietnam’s yarn sector in midst of US policy enforcement

As Vietnam steps into the post-pandemic era, experiences and learnings from the pandemic serve as a reminder of the importance of digital transformation and its crucial technology component. Eunjung Han, consultant at Rouse Legal Vietnam and vice chair of the Digital Sector Committee of the European Chamber of Commerce in Vietnam Despite COVID-19’s negative economic and social impact, Vietnam remains an attractive destination to European investors. According to the European Chamber of Commerce (EuroCham) 2021 White Book, Vietnam’s stable macro-economic climate, with inflation in the single digits, continues to increase investor confidence in the country’s trade and investment environment. Only adding to that, the EU-Vietnam Free Trade Agreement (EVFTA) is paving the way for continued foreign direct investment (FDI) from the EU and is viewed as a means for shared recovery and economic rebound. As the first comprehensive FTA between the EU and a developing country in … [Read more...] about EVFTA underpinning growth in Vietnamese tech market

Digital payment service provider Visa announced earlier this week the launch of Visa Eco Benefits in the Asia-Pacific region in order to meet increasing demand for sustainable financial services. Eco Benefits is a suite of sustainability-focused solutions that will help Visa cardholders across the region better understand the environmental impact of their day-to-day payments, the multinational company said in a press release on Wednesday. They can calculate the carbon footprint generated by their Visa transactions, and access options for carbon offsetting or charitable donations from their bank’s website or app. Banks in Asia Pacific that sign up for Eco Benefits will be able to offer these solutions to their Visa cardholders and meet a growing demand for sustainable financial services. Sixty-six percent of consumers in the Asia-Pacific region expect their bank to offer eco-friendly payment solutions, according to a new Visa/YouGov survey. Over half (52 percent) would switch … [Read more...] about Visa launches eco-friendly payment solutions in Asia Pacific

Kenneth Chan, senior director of Market Development at Renze Textile JSC, under Texhong Group, has unveiled a new process to monitor origin-tracing. A tracing system is slated to be put into operation in August for the subsidiaries of Texhong Group, after Chan informed the Vietnam Textile and Apparel Association and the American Cotton Association (CCI) at a meeting earlier in June. This US has made major decisions on cotton origin-tracing that affects Vietnam and beyond, Duc Thanh Renze, one of eight Texhong member companies, is using American cotton for its products to ensure product quality and comply with strict requirements for export to the United States and EU. From March, customers were able to access the Texhong cotton tracing system to trace the details of their orders. Chan noted that Renze is focusing on sustainability and transparency. He also informed the company’s partners about key development trends as well as viable solutions for Vietnamese suppliers to … [Read more...] about US ratchets up origin-tracing on cotton materials

From five grams of toothpaste to 10 millilitres of cooking oil, many Nigerians struggling with soaring prices now buy their basic necessities in small quantities packed in tiny plastic bags to be consumed on the same day. Consumer brands behind this "sachetisation of the economy" see it as a creative innovation, allowing consumption for all Nigerians, the majority of whom live on less than $2 a day. But critics see the development as an economic and ecological aberration, even as Africa's largest economy struggles with the inflationary fallout from Russia's war in Ukraine. In the streets of Lagos, the vibrant economic capital of Africa's most populous country, small sachets are now part of the decor: they colour its streets, packing the wood and tin shops found on the corner of most streets. Sitting on a stool, Ibrahim Atahire has been running his small grocery store for 30 years in a busy area of Obalende, a popular district of the megalopolis. "At my place, you can buy … [Read more...] about From coffee to toothpaste, Nigerians buy small as hardships bite