Vietnam china trade deficit

The cross-border interoperable QR code payment linkage between the two countries would promote trade, tourism, and the use of the local currencies of each country. Businesses, which play an imporant role in economic development, will take Vietnam-Thailand's bilateral trade turnover to US$30 billion by 2025, State President Nguyen Xuan Phuc at the Vietnam-Thailand High-level business meeting on November 17. Vietnam's President Nguyen Xuan Phuc at the meeting. Photos: VNA According to Phuc, Vietnam and Thailand are strategic partners and support each other in bilateral and multilateral cooperation mechanisms. "The two countries' enterprises would strengthen cooperation and experience sharing in high-potential fields, such as digital economy, energy, food security, green growth, and sustainable development," Phuc said. He expressed his satisfaction with launching the interoperable cross-border QR code payment connection between the two countries, saying this … [Read more...] about Businesses central to take Vietnam-Thailand trade revenue to US$30 billion by 2025

Poland is now the fifth largest cosmetics producer in the European Union and is seeking new markets, said Business Development Manager of the city-based Office of the Polish Investment and Trade Agency Ho Thi Hanh Ngan. Ngan described Asia as the world’s biggest cosmetics market, with nearly 660 million potential consumers and about 38% of the global revenue. Hence, Polish firms wish to step up trade with Vietnam to effectively navigate ASEAN and Asia, she said. At the event, the two countries were also said to serve as an important bridge to elevate trade and investment between the E.U. and ASEAN. ITPC Deputy Director Nguyen Tuan said in the E.U., Poland was one of the first partners to establish diplomatic ties with Vietnam. It also has growing economic and trade ties with the Southeast Asian nation. Poland is now Vietnam's top trading partner in Eastern Europe while Vietnam is Poland's seventh largest partner outside the E.U. In the first nine months of this year, two-way … [Read more...] about Cosmetics considered highlight of Vietnam-Poland trade

In terms of Vietnam’s trade exchange, the region has always been among the markets with the highest growth. Not only a potential export market for Vietnam's key products such as garment and textile, footwear, and agricultural and aquatic products, Latin America is also an important source of raw materials for the Vietnamese processing industry with such products as corn, soybean, and animal feed. Two-way trade nearly doubled from 11.6 billion USD in 2016 to 21.4 billion USD last year, of which 12.5 billion USD came from Vietnam’s exports. The figure reached 18.7 billion USD in the first 10 months of this year, up 10.5% year-on-year, of which Vietnam’s exports were valued at 10.2 billion USD. Notably, besides Vietnam’s key markets such as Brazil, Mexico, Argentina and Chile, newly emerging ones such as Panama, Colombia and Peru have become bright spots in trade exchanges between the two sides. Vietnam’s trade turnover with Colombia, Peru and Panama hit 674.7 million USD, 633.7 … [Read more...] about Vietnam fosters trade cooperation with Latin America

Vietnam is on track to export 7.2-7.3 million tons of rice in 2022, the second-highest export volume in the country's history. Vietnam’s rice exports continue to beat records with strong growth in both volume and revenue, showcasing the agricultural sector's efforts to meet the high standards of the global market. Harvesting crops in the Mekong Delta. Photo: Giang Lam Data from the Ministry of Agriculture and Rural Development (MARD) reveal that Vietnam's rice exports reached a monthly record of 713,546 tons in October, bringing in US$341 million, up 22.3% in quantity and 23.9% in value from the previous month. For the ten months, the total volume of rice for exports stood at over six million tons worth nearly $3 billion, up 17.4% in quantity and 7.6% in value year on year. Vice Minister of Agricultural and Rural Development Phung Duc Tien said the total export volume in 2022 would be 7.2-7.3 tons, the second-highest rice export volume in the history of … [Read more...] about Vietnam’s rice exports to beat records in 2022

Visitors at Vietnam Expo 2021 in Hanoi. (Source: vinexad ) Hanoi (VNA) - The Vietnam International Trade Fair 2022 ( VIETNAM EXPO ) will take place from December 1 to 3 in Ho Chi Minh City, expecting to draw 520 businesses. According to the Vietnam National Trade Fair & Advertising Company (Vinexad), the organiser of the event, the exhibition will cover 10,000sq.m at the Saigon Exhibition and Convention Centre (SECC), attracting roughly 20,000 visitors. The event has received registrations from foreign businesses from many countries and territories, including the UK, the US, Japan, Germany, Russia, Spain, the Netherlands, Thailand, Switzerland, China, India, the Republic of Korea, Taiwan (China), Hong Kong (China), Nepal, Pakistan, Sri Lanka, Slovenia, Italy and Vietnam. The fair has four exhibition zones, the Vietnam Elevator Expo, Hardware and Hand Tools, Vietnam Supporting Industry Fair and Garden and Landscape. The Korean national pavilion will also be one … [Read more...] about Vietnam Expo 2022 to open in HCM City next month

Visitors at VIETNAM EXPO 2021 in Ha Noi. First held in 1991, the annual VIETNAM EXPO has become a prestigious event for Vietnamese firms to introduce their products and seek partnerships. — Photo Vinexad The Vietnam International Trade Fair 2022 (VIETNAM EXPO) will take place from December 1 to 3 in HCM City, expecting to draw 520 businesses. According to the Viet Nam National Trade Fair & Advertising Company (Vinexad), the organiser of the event, the exhibition will cover 10,000sq.m at the Saigon Exhibition and Convention Centre (SECC), attracting roughly 20,000 visitors. The event has received registrations from foreign businesses from many countries and territories, including the UK, the US, Japan, Germany, Russia, Spain, Netherlands, Thailand, Switzerland, mainland China, India, South Korea, Taiwan, Hong Kong, Nepal, Pakistan, Sri Lanka, Slovenia, Italy and Viet Nam. The fair has four exhibition zones, the Vietnam Elevator Expo, Hardware and Hand Tools, Vietnam … [Read more...] about Vietnam Expo 2022 to opens in HCM City next month

Deputy Minister of Industry and Trade Do Thang Hai speaks at the event. Speaking at the opening ceremony, Deputy Minister of Industry and Trade Do Thang Hai said that US-Vietnam trade turnover has grown from US$451 million in 1995 to over US$113 billion in 2021 despite Covid-19 challenges and the interruption of global supply chains. The US is currently the second largest trading partner having a trade turnover with Vietnam reaching over US$100 billion, and becomes the largest and most important export market of Vietnam for many years while the country is the eighth largest trading partner of the US. The US is one of the country’s biggest investment partners with nearly 1,150 projects with a total investment capital of more than US$10.3 billion, taking 11th place out of 114 economies invested in Vietnam. According to Vice Chairman of the HCMC People’s Committee Phan Thi Thang, the city currently sees 534 direct investment projects of US investors with a total registered … [Read more...] about US becomes Vietnams’ second largest trading partner

Amid a dim global economic outlook, Vietnam continues to maintain macroeconomic stability, a low inflation rate, and ensure food and energy security. Vietnam's recent economic achievements are proof of how strengthening trade and investment cooperation in the region and around the world could benefit all parties involved. Vietnam's President Nguyen Xuan Phuc at the summit. Source: VNA State President Nguyen Xuan Phuc stressed the view at the APEC CEO Summit held today [November 17], one of the critical events at the APEC Economic Leaders’ Week in Bangkok, Thailand. According to Phuc, amid a dim global economic outlook, Vietnam maintains macroeconomic stability and a low inflation rate while ensuring food and energy security. International agencies gave an optimistic forecast on the country's GDP growth this year, estimated at between 7.2% and 8.5% in 2022 and then moderating to around 6.7% in 2023, among the fastest-growing economies in Asia-Pacific. … [Read more...] about Vietnam’s economic achievements are proof of successful global trade cooperation: State President

The Vietnam - US trade forum in HCM City on November 17 (Photo: VNA) HCM City (VNA) – Vietnam and the US have recorded impressive growth in their relations over the past years but they are also facing many challenges, so their state agencies and enterprises should actively exchange views and cooperate to help bilateral partnerships achieve balance and sustainability, heard a trade forum in Ho Chi Minh City on November 17. Highlighting bilateral trade growth, Deputy Minister of Industry and Trade Do Thang Hai said the trade shot up 248-fold to nearly 113 billion USD in 2021, from 450 million USD in 1995 – when the countries normalised diplomatic ties, despite the prolonged and complex COVID-19 pandemic and disrupted supply chains. The US has become the second largest trading partner of Vietnam and the biggest importer of goods from the Southeast Asian nation. Meanwhile, the North American country has continually been one of the top foreign investors in Vietnam for many … [Read more...] about Vietnam, US eye balanced, sustainable trade

Illustrative photo (Source: vneconomy.vn) Hanoi (VNA) – Thanks to the UK-Vietnam Free Trade Agreement (UKVFTA), Vietnam’s agro-forestry-fishery exports to the European nation now enjoy many advantages which, however, also come with several challenges. In full effect, the trade pact will slash 94% of the 547 tariff lines the UK imposed on Vietnamese farm produce . As a result, import tariffs for most shrimp and some wooden products from Vietnam will be 0% within the next five years. The UK is currently among Vietnam’s top five export markets of aquatic goods and top three of wooden products. At a recent workshop on tapping the UK market and the UKVFTA , British Consul General in Ho Chi Minh City Oliver Todd lauded Vietnam’s position as a trade partner in the Southeast Asian region. The diplomat expressed his belief that the country can replace others like India and Indonesia to become a new agro-fishery-forestry supplier of the UK. However, the European market … [Read more...] about Vietnam’s agro-forestry-fishery exports face UKVFTA-related opportunities, challenges