Vietnam e commerce report 2020 pdf

Illustrative image (Source: baodautu.vn) Hanoi (VNA) – Vietnam is one of the most potential markets in the Asia-Pacific region for shoppertainment - a trend that combines online shopping with entertainment, according to a report named “Shoppertainment: APAC’s Trillion-Dollar Opportunity” by the US-based Boston Consulting Group ( BCG ) and TikTok. The report shows that the shoppertainment opportunity in the region is projected to expand to a market value of over 1 trillion USD by 2025, doubling from the 500 billion USD value last year. Indonesia, Japan, and the Republic of Korea will contribute 67% of gross market value (GMV) in shoppertainment by 2025, reflecting their large and established e-commerce bases. Meanwhile, Indonesia, Vietnam, and Thailand add to the mix of some of the region’s most exciting growth markets, and, alongside Australia, will contribute to a remarkable 63% compound annual growth rate (CAGR) over the next three years, quadrupling the market … [Read more...] about Vietnam a potential market for shoppertainment: report

The nation resolutely opposes and demands Taiwan (China) cancel live-fire drills taking place in the waters around Ba Binh (Itu Aba) which are part of Vietnam’s Truong Sa, also known as the Spratly Islands, said Pham Thu Hang, vice spokesperson of the Vietnamese Ministry of Foreign Affairs, on March 31. Spokesperson of the Vietnamese Ministry of Foreign Affairs Pham Thu Hang In reply to a reporter's query on the country’s reaction to the Taiwanese announcement of its live-fire drills, Hang said Vietnam has repeatedly affirmed that the exercises seriously violate Vietnamese territorial sovereignty over Truong Sa. Indeed, these actions threaten peace, stability, safety, and security of navigation, whilst also complicating the situation in the East Sea. The country demands that the Taiwanese side do not repeat such violations in the future, the spokesperson stressed. In reply to a reporter's query on Vietnam’s reaction to Taiwan’s announcement of its live-fire … [Read more...] about Vietnam resolutely opposes Taiwanese live-fire drills in Ba Binh

Vice spokesperson of the Vietnamese Ministry of Foreign Affairs Pham Thu Hang (Photo: VNA) Hanoi (VNA) - Vietnam resolutely opposes to and demands Taiwan (China) to cancel live-fire drills in the waters around Ba Binh (Itu Aba) belonging to Vietnam’s Truong Sa (Spratly), vice spokesperson of the Vietnamese Ministry of Foreign Affairs Pham Thu Hang said on March 31. Answering a reporter's query on Vietnam’s reaction to Taiwan’s announcement of its live-fire drills , Hang said Vietnam has repeatedly affirmed that the exercises seriously violate the country’s territorial sovereignty over Truong Sa, threaten peace, stability, safety and security of navigation, and complicates the situation in the East Sea. Vietnam demands that Taiwan not repeat such violations in the future, she stressed./. VNA … [Read more...] about Vietnam objects to Taiwan’s live-fire drills in Ba Binh

The project was funded by the German Ministry for the Environment, Nature Conservation and Nuclear Safety (BMU) under the International Climate Initiative (IKI) and implemented by the German Corporation for International Cooperation (GIZ) from 2019 to 2023. Addressing the event, Tang The Cuong, Director of the Department of Climate Change under the Ministry of Natural Resources and Environment, said as one of the countries that are hardest hit by climate change, Vietnam has made strong commitments to joining hands with the international community in responding to climate change. The Government of Vietnam ratified the Paris Climate Accords in 2016 and issued a plan to implement the agreement. At the 26th UN Climate Change Conference (COP26), the Vietnamese Prime Minister announced Vietnam’s commitment to net-zero emission by 2050. As part of efforts to realise the commitment, Vietnam has significantly increased its contribution to greenhouse gas emission reductions in the updated … [Read more...] about German-funded project supports Vietnam in implementing Paris Agreement

The call was due to the first quarter (Q1) of the year getting off to a slow start, likely hampering the total performance for the year. Vietnam’s real GDP growth in Q1/2023 decelerated to 3.32 per cent on-year, and from 5.92 per cent in Q2/2022, missing both the UOB and consensus forecasts. The main cause for the weak performance was due to manufacturing, which dipped into negative territory with a 0.4 per cent decline, for the first contraction since Q3/2021. The sector undershot estimates considerably and saw the slowest pace of expansion since that 6 per cent fall over 18 months ago, when the economy was in a state of shutdown during the pandemic. UOB said that the main cause for the manufacturing sector’s poor performance came primarily from weak external demand, which was largely expected. Exports in Q1 fell just under 12 per cent on-year to $79.2 billion, compared with an almost 13 per cent increase in the same quarter last year, while imports declined by over 14.5 per cent, … [Read more...] about UOB trim GDP growth forecast for Vietnam

Illustrative image (Source: AFP/VNA) Bangkok (VNA) – Thailand’s Commerce Ministry has projected the country's export sector to gradually recover in the latter part of the year. The rebound of the service and tourism sectors should also boost demand from trading partners , the ministry said. However, global economic uncertainty and an inflationary environment will inevitably affect Thai exports in the first half of the year. Thai outbound shipments are expected to contract in the first and second quarters, as importers still maintain large stockpiles, said Phusit Ratanakul Sereroengrit, director-general of the International Trade Promotion Department . The ministry reported on March 30 the customs-cleared value of exports dipped for the fifth month in a row in February, falling 4.7% year-on-year to 22.4 billion USD while imports increased by 1.1% to 23.5 billion USD, resulting in a trade deficit of 1.11 billion USD. For the first two months of 2023, Thai … [Read more...] about Thailand’s export expected to recover in H2 of 2023

At a press conference on March 30 to report the collection of State budget in the first quarter of 2023 (Photo: VNA) Hanoi (VNA) - State budget revenue reached an estimated 491.5 trillion VND (over 20.9 billion USD) in the first quarter of 2023, equivalent to 30.3% of the estimate, and up 1.3% from the same period last year, the Ministry of Finance reported on March 30. Twenty-eight of the 63 provinces and centrally-run cities nationwide recorded state budget revenue hitting 28% of their yearly estimates. Twenty-three provinces and centrally-run cities saw the higher revenues than in the same period of 2022, while 40 others reported lower revenues. Meanwhile, the accumulated expenditure in the first quarter was equivalent to 17.5%  of the yearly estimate. The Ministry of Finance said expenditures in the last three months were carried out as planned, meeting requirements for socio-economic development, defence, security safeguarding, state management, debt repayment, and … [Read more...] about State budget revenue up 1.3% in Q1

Vietnamese steel industry calling for wider investment from overseas entities, photo Le Toan Posco Yamato Vina Steel JSC, a joint venture between South Korea’s Pohang Iron and Steel Company and Japan’s Yamato Holdings, is contemplating constructing a second facility in Vietnam. Lee Youngwoo, general manager of Posco Yamato Vina, wants to “establish a robust sales network” across Vietnam while enhancing scrap supply security. In 2020, Posco Yamato Vina was the first to manufacture wide H-shaped steel in Vietnam. According to Lee, the business built a representative office in Haiphong last year in order to “create additional prospects for collaboration” with clients. In the southern province of Ba Ria-Vung Tau, Posco Yamato Vina operates a steel mill with a capacity of one million metric tonnes per year and produces section steel with a capacity of 500,000 tonnes per year. Following a lack of foreign investment in steel manufacturing in recent years, many observers see Posco … [Read more...] about Vietnamese steel industry calling for wider investment from overseas entities

Britain on Friday said it had struck a deal to join an 11-country trans-Pacific trade pact which includes Japan and Australia as it looks to deepen ties in the region and build its global trade links after leaving the European Union. Prime Minister Rishi Sunak said Britain had agreed to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), in a move his office said was the biggest trade deal since Brexit. A previous government impact assessment estimated the deal would add just 0.08% to GDP in the long term, but Britain has strategic - not just economic - motives, as it can now influence whether applicants China and Taiwan may join the group. "Joining the CPTPP trade bloc puts the UK at the centre of a dynamic and growing group of Pacific economies," Sunak said, adding the deal demonstrated "the real economic benefits of our post-Brexit freedoms." Britain has been looking to build trade ties following its departure from the EU in 2020, … [Read more...] about Britain, building post-Brexit ties, to join trans-Pacific trade pact

A Chinese director of a company in Binh Duong Province, southern Vietnam has been arrested on suspicion of killing a Vietnamese accountant, who was eight weeks pregnant, at his firm, a local police source said on Thursday. Yang Zhong Wu, 47, of Chinese nationality, was detained on Thursday evening while he was holed up in Pleiku City of the Central Highlands province of Gia Lai, about 460 kilometers from Binh Duong, according to the source. The victim was L.T.M., 30, an accountant of Vinh Nhuan Co. Ltd., located in Binh Duong’s Tan Uyen Town, where Yang is the director. Yang’s arrest came one day after Binh Duong police issued a notice to hunt for him after they examined the scene of the killing at Vinh Nhuan. The examination was made as soon as police received a report from the company's staff who found M.'s corpse in the restroom. M. was seen dead with multiple injuries, including a cut on her neck, on the floor of the toilet at around 5:00 pm on Wednesday. A knife … [Read more...] about Chinese director arrested for allegedly killing pregnant Vietnamese accountant