Trade economics

"After sluggish GDP performance in the first quarter, Vietnam is still not out of the woods yet. In particular, we have not seen the light at the end of the tunnel on the trade front," HSBC analysts said in a recent report. Minister of Planning and Investment Nguyen Chi Dung said that the economy faces a number of challenges, including high inflation and tightened monetary policy globally. But although exports dropped 11.2% and imports fell 13% year-on-year last month, revenue from retail and services grew 11.5%, implying a rise in domestic consumption, data from the ministry showed. Total supply of goods at Ho Chi Minh City’s wholesale market in the five-day national holiday earlier this month rose 5.7% year-on-year, and consumption at supermarkets and malls surged, according to the city’s Department of Industry and Trade. Tourism also showed signs of recovery. Vietnam welcomed around 984,000 international tourists last month, taking the year-to-date figure up … [Read more...] about Retail, services shine amid cloudy economic outlook

Minister of Industry and Trade Nguyen Hong Dien (R) and Ambassador of the UAE to Vietnam Bader Almatrooshi. (Photo: VNA) Hanoi (VNA) - Vietnam always considers the United Arab Emirates (UAE) as one of its most important partners in the Middle East, Minister of Industry and Trade Nguyen Hong Dien told Ambassador of the UAE to Vietnam Bader Almatrooshi at a reception for the diplomat on May 19 in Hanoi. UAE as a leading economic , trade, financial, tourism, and logistics center in the world and the Middle East region. The host and the guest discussed economic, trade, and energy cooperation issues of mutual interest. Vietnam . important partner in the Asia-Pacific region and wishes to strengthen multifaceted cooperation with the Southeast Asian nation. VNA … [Read more...] about Vietnam, UAE eye stronger economic, trade and energy cooperation

At the Vietnam - Slovenia business forum (Photo: VNA) HCM City (VNA) – Vietnam and Slovenia are eyeing major changes to the way they do business, to make a breakthrough in multi-faceted trade and investment cooperation, heard a Vietnam-Slovenia business forum in Ho Chi Minh City on May 22. Vo Van Hoan, Vice Chairman of the HCM City People’s Committee said that Vietnam and Slovenia have enjoyed expanded ties since they set up their diplomatic relations in 1994. He highlighted similarities between the two sides in history and economic development, with a large number of small and medium-sized enterprises. The two countries are gateways to the EU and ASEAN, said Hoan, holding that this is a good time for the two sides to deepen their partnership. The EU-Vietnam Free Trade Agreement (EVFTA), along with finalising EU-Vietnam Investment Protection Agreement (EVIPA), has opened new opportunities for the two sides to foster trade and investment ties, he said. Hoan … [Read more...] about Vietnam, Slovenia seek to deepen trade, investment partnership

The two sides sign a document approving bilateral commitments at the meeting. — Photo courtesy of New Zealand Embassy in Ha Noi There is great potential for Viet Nam and New Zealand to further strengthen cooperation in terms of trade, industry and investment, said Deputy Minister of Industry and Trade Phan Thi Thang at the 8th meeting of the Viet Nam-New Zealand Joint Trade and Economic Commission (JTEC) held in Ha Noi on Tuesday. Co-chaired by Thang and Deputy Secretary for Foreign Affairs and Trade of New Zealand Vangelis Vitalis, the meeting focused on reviewing bilateral cooperation in trade, investment, agriculture, education and training, tourism, aviation, and labour. The two sides applauded the efforts and close cooperation between ministries and sectors of both sides in implementing agreements on economic and trade cooperation signed by the two countries' leaders. Trade between Viet Nam and New Zealand has grown strongly since the two countries established the … [Read more...] about Large room for Viet Nam, New Zealand to boost trade, investment ties: official

Vietnam and New Zealand have been working closely together to promote trade and investment between the two countries. Vietnam and New Zealand have set a goal of reaching $2 billion in bilateral trade by 2024. The goal was made at the 8th meeting of the Vietnam-New Zealand Joint Economic and Trade Committee (JTEC) held in Hanoi on May 23, in which the two sides reviewed the current state of bilateral cooperation and discussed measures to promote bilateral trade and reduce trade barriers. Vietnam’s Deputy Minister of Industry and Trade Phan Thi Thang and New Zealand’s Deputy Secretary of Foreign Affairs and Trade Vangelis Vitalis signed a Memorandum of Understanding following their meeting. At the meeting, the two sides agreed that economic relations have flourished since the signing of the 2020 Strategic Partnership, and celebrated the progress on market access for Vietnamese limes and pomelos, and New Zealand pumpkins and strawberries, which … [Read more...] about Vietnam and New Zealand target $2 billion trade by 2024

New Zealand and Vietnam agree to boost trade and investment cooperation On May 23, the eighth meeting of the Vietnam-New Zealand Joint Economic and Trade Committee (JTEC) took place in Hanoi. The two sides were represented by Vietnam's Deputy Minister of Industry and Trade Phan Thi Thang and New Zealand’s Deputy Secretary of Foreign Affairs and Trade Vangelis Vitalis. Established in 2006, the JTEC is an important cooperation mechanism for promoting economic and trade cooperation between the two countries and is held alternately in each nation every two years. At the meeting, the two sides unanimously felt that economic relations have flourished since the signing of the strategic partnership in 2020 and celebrated the progression of market access for Vietnamese limes and pomelos and New Zealand squash and strawberries, which were agreed to late last year. Both nations discussed measures to further promote bilateral trade and reduce trade barriers, with the goal of raising the … [Read more...] about New Zealand and Vietnam agree to boost trade and investment cooperation

But they warned President Xi Jinping's ability to raise the stakes will be limited as he battles to re-energise the world's number two economy while it struggles to recover from years of zero-Covid-imposed inertia. China on Sunday banned the use of Micron's chips in critical infrastructure projects, which Beijing said posed "major network security risks" that could affect "national security". Washington expressed "serious concerns" over the ruling that came just as leaders of the world's seven richest nations (G7) signed a statement urging Beijing to end "economic coercion." The move marked a significant shift in China's response to U.S. measures that have targeted the country's technology sector, with Gary Ng, a senior economist at Natixis who specialises in the global chip trade, calling it "a landmark case." He emphasised it was China's first cybersecurity probe into a foreign company since tighter rules were announced in 2021, and a rare instance when the scope of such … [Read more...] about China steps up response to US chip moves but economic reality limits how far

Canada's westernmost province of British Columbia has opened a new trade and investment office in Vietnam as part of a new international trade strategy to provide more jobs and opportunities for B.C. and Vietnamese businesses to work together. The Trade and Investment Representative Office opened in Ho Chi Minh City to assist B.C. businesses with better access to the Vietnamese market and promote B.C. origin exports. “The global economy has drastically shifted over the last few years and the pandemic and global uncertainties have shown us the impacts they can have on our economies and supply chains, and the importance of strengthening our international partnerships,” B.C.’s Minister of State for Trade Jagrup Brar said at a ceremony held to announce the office’s opening in Ho Chi Minh City on Thursday evening. “Strengthening our relationships with global partners -- like Vietnam -- is so important. “B.C. and Vietnam have benefited from trade across a variety of sectors and we … [Read more...] about Canada’s British Columbia opens new trade and investment office in Vietnam

Wang made the comments at the Asia-Pacific Economic Cooperation (APEC) conference in Detroit, where he met with several leaders and exchanged views on multilateral and bilateral economic and trade issues amid wider global trade rifts and uncertainties. Wang said he recognized the difficulties faced by the region, but added that China, as a major developing country, was willing to make due contributions. "The Asia-Pacific region has always been the region with the most growth vitality, development potential and economic resilience in the global economy, but economic and trade development still faces many disturbances and challenges," Wang said, according to a statement from the Chinese Ministry of Commerce. Wang also discussed China's positions on supporting the multilateral trading system and promoting sustainable and inclusive trade development. "China calls on APEC economies to continue to uphold open regionalism, unswervingly promote the process of regional economic … [Read more...] about Economic development in Asia still faces many challenges, China minister says

In the first five months of the year, Viet Nam exported about $136.17 billion worth of goods, a year-on-year drop of 11.6 per cent, while imports totalled $126.37 billion, down 17.9 per cent year on year. — VNA/VNS Photo Viet Nam’s import-export value in the first five months of this year was estimated at US$262.54 billion, down 14.7 per cent year-on-year, with a trade surplus of $9.8 billion, the General Statistics Office (GSO) announced on Monday. In the period, Viet Nam exported about $136.17 billion worth of goods, a year-on-year drop of 11.6 per cent, while imports totalled $126.37 billion, down 17.9 per cent year on year. As many as 23 export items joined the more than one-billion-US dollar club, making up 87.4 per cent of the total export turnover. Regarding the structure of exports, processed commodities earned $120.24 billion (88.3 per cent); agro-forestry products, $10.79 billion; aquatic products, $3.37 billion; and fuel and minerals, about $1.77 billion. As for … [Read more...] about Viet Nam posts trade surplus of US$9.8 billion in five months