Vietnam foreign trade

Vietnamese lychees are sold at an AEON supermarket in Japan which is a major trade partner of Vietnam in Asia. (Photo: VNA) Hanoi (VNA) – Vietnam’s merchandise trade with Asia reached 475.29 billion USD in 2022, increasing by 9.6% compared to 2021 and accounting for the highest proportion (65.1%) in the country's total import-export value. Accordingly, Vietnam’s exports to other Asian countries reached 177.26 billion USD in 2022, up 9.5% year-on-year. The country’s imports from other Asian nations hit 298.03 billion USD, up 9.6%. Vietnam saw a trade deficit with only Asia among the five continents. Major trade partners of Vietnam in Asia include China, the Republic of Korea, Japan, and the Association of Southeast Asian Nations (ASEAN). According to preliminary statistics of the General Department of Customs, Vietnam's total import-export value of goods reached 730.2 billion USD last year, up 9.1% compared to 2021. The value of imports and exports between … [Read more...] about Vietnam-Asia trade reaches nearly 475.3 billion USD in 2022

During the year, Vietnam’s exports to India topped 7.9 billion USD, up nearly 27% year-on-year. Among its export items , mobile phones and accessories posted the highest turnover with 1.5 billion USD. Computers, electronics and parts came next, and they were followed by machinery and equipment. Other staples with the highest value increase were coffee, iron and steel and footwear. Meanwhile, Vietnam imported over 7 billion worth of goods from India last year, a yearly hike of 2%. Its major import commodities from the market were iron and steel with nearly 775 million USD, machinery and equipment and ordinary metals. India is Vietnam’s leading provider of aquatic, garment and textile, leather and pharmaceutical materials. The 1.4-billion-strong Indian market has diverse demands with various market segments - a good condition for Vietnamese exporters. Besides trade, bilateral cooperation in tourism and investment also grew with the resumption and launch of direct … [Read more...] about Vietnam’s trade with India hits record in 2022

Many banks in Vietnam have released their business results in 2022, which indicate their hefty profits. According to the 2022 financial report of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), it recorded a pre-tax profit of over VND37.3 trillion (US$1.59 billion), up 36 percent year on year and exceeding its 2022 target. With this result, Vietcombank has taken the lead in pre-tax profit in the entire banking system for five consecutive years. It was followed by Vietnam Technological and Commercial Joint Stock Bank (Techcombank), which earned over VND25.5 trillion (nearly $1.09 billion) last year, rising 10 percent compared with the preceding year. Last year was the ninth straight year that Techcombank had posted a profit growth rate, albeit at a modest rate. Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) was also among the banks with a high profit. Its pre-tax profit surged more than 70 percent to nearly VND23 … [Read more...] about Banks in Vietnam report handsome profits in 2022

More than 80% of rice varieties in Vietnam are fragrant high-quality rice, which is an important factor that helps increase Vietnamese rice's value and accessibility to markets.(Photo: VNA) Hanoi (VNA) – Vietnam’s rice export is forecast to continue reaping successes this year as the world's rice prices remain high at least in the short term as global economic and political uncertainties have resulted in a high demand for rice reserves, according to experts. According to the Vietnam Food Association, by the middle of last month, Vietnam earned nearly 115 million USD from exporting more than 226,000 tonnes of rice, an increase of over 41% in terms of both volume and value compared to the same period last year. The country exported ST24 and ST25 rice to the Middle East region with a record-high price of 1,000 USD per tonne, doubling the price of normal white rice. Vietnamese rice further penetrated demanding markets like Japan and the EU. According to experts, more than 80% … [Read more...] about Vietnam’s rice export forecast to enjoy another successful year

The Ho Chi Minh City Stock Exchange (HoSE) on Thursday warned that Vietnam Airlines (HVN) could be delisted if an audit proves the company has logged an operating loss for three consecutive years. In its warning, the HoSE cited the firm’s consolidated financial statement for the last quarter of 2022 in which Vietnam Airlines posted an accumulated loss of nearly VND34.2 trillion (US$1.46 billion) in 2022. The carrier also reported that its equity was negative VND10.2 trillion ($435.4 million) last year. According to the Law on Securities, the stock of a public company must be delisted if it suffers annual operating losses for three consecutive years, if its accumulated losses exceed its charter capital, or if its equity is negative. As such, if Vietnam Airlines' audited consolidated financial statement for 2022 shows a loss, it will be the firm’s third consecutive year of operational losses and its ticker will be delisted, the HoSE warned. On June 1, 2022, the HoSE issued a … [Read more...] about Vietnam Airlines risks stock delisting

Vietnam officially set up diplomatic relations with Trinidad and Tobago on Wednesday, taking the number of countries that Hanoi has diplomatic ties with to 192. According to the Ministry of Foreign Affairs, Ambassadors Dang Hoang Giang and Dennis Francis Smith, heads of the delegations of Vietnam and Trinidad and Tobago, respectively, to the United Nations (UN), signed a joint communiqué on the diplomatic tie establishment on behalf of the two governments at the UN headquarters in New York. The two sides agreed to exchange diplomatic representatives at the ambassadorial level under the 1961 Vienna Convention on Diplomatic Relations. On the same day, the joint communiqué was sent to UN Secretary General Antonio Guterres for circulation and to UN member countries for information. With the diplomatic ties with Trinidad and Tobago, Vietnam has had official diplomatic relations with all 35 countries in the Americas and 190 out of the 193 member countries of the UN, proving the … [Read more...] about Vietnam establishes diplomatic ties with Trinidad and Tobago

Ninh Binh Province in northern Vietnam ranked seventh on a list of the 10 most welcoming destinations in the world published recently by Dutch-based online travel agency Booking.com. The ranking was based on an analysis of more than 240 million verified customer reviews on the website. Around 90 kilometers south of Hanoi, Ninh Binh Province is famous for a high density of natural and cultural attractions, including Cuc Phuong National Park, Van Long wetland nature reserve, grotto caves and rivers in Trang An, Tam Coc-Bich Dong and Mua Caves, historic monuments in the Hoa Lu ancient capital, Bai Dinh Temple -- Vietnam’s largest buddhist worshiping complex -- and the Phat Diem Cathedral. The northern Vietnamese province started shining on the global stage after the Hollywood movie ‘Kong: Skull Island’ was filmed there in 2016. It welcomed nearly 330,000 visitors, including over 29,500 foreigners, during the recent seven-day Lunar New Year holiday. La Rioja in Spain topped … [Read more...] about Vietnam’s Ninh Binh world’s 7th most welcoming destination: Booking.com

The website suggested newlyweds can spend their unforgettable honeymoon in the “pearl island” of Phu Quoc, the ancient town of Hoi An or Ha Long Bay - the UNESCO world heritage site without hurting their wallet. According to the website, the top 10 budget-friendly getaways allow visitors to count their pennies without compromising on the once-in-a-lifetime experience. Indeed, they can experience a dynamic culture and delicious cuisine during their first adventure as newlyweds. Lonely Planet stressed that Vietnam is something of a street-food heaven, adding that visitors must sample the country's signature dishes, such as Pho bo (beef noodle soup), Bun cha (a type of barbecued pork with rice noodles), and Banh mi, a local type of baguette. “A mid-range trip won’t break the bank either, but will buy more characterful guesthouses, a better Ha Long Bay cruise and memorable experiences (a cookery class, a cycle around Hoi An) with change left for a beach stay on beautiful Phu Quoc … [Read more...] about Vietnam among top best places to go for budget honeymoon

UK Minister of International Trade Greg Hands visited Vietnam on Wednesday to explore trade cooperation opportunities between the two countries. His visit came amidst the UK’s pursuit of full membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2023. Vietnam is the first stop on the minister’s three-day trip to three Southeast Asian countries, all of which are founding members of the partnership. During an exclusive interview with Tuoi Tre News , Hands emphasized what the UK can offer the CPTPP, as well as discussed the UK’s strong strategic partnership with Vietnam. In a speech at Lancaster House on January 23, UK Trade Secretary Kemi Badenoch outlined five priorities for trade. What are your priorities as the Minister of State for Trade Policy? My personal priorities are, first, to get the UK into the CPTPP. Vietnam will play a crucial role in that progress. My second priority is to do a free trade agreement with India this … [Read more...] about UK joining CPTPP a fundamental change to the bloc: minister

-What do you think about local garment firms’ inability to dominate the domestic market of 100 million people here in Vietnam? - Vietnamese textile and garment enterprises are still [only beginning to] tap the domestic market. Last year, the domestic market increased by 40% against 2021. Local enterprises performed very well in the first half of last year and began to face difficulties in the third quarter. In the fourth quarter, many good Vietnamese brands like Viet Tien saw sales decrease. In late 2022, the Vinatex Fashion Center retail outlet in Hanoi made revenues of only VND500-600 million ($21,200-25,400) a day, compared with daily revenues of over VND1 billion in previous years. Over the past two years, many domestic fashion brands have reduced their number of stores and limited new openings. They have had to focus on certain locations to reduce costs, optimize operations and try to offer products that are most suitable to consumers’ incomes.In fact, domestic … [Read more...] about Garment firms should tap niche markets: Vinatex chairman