Vietnam import products

The CEO and Regional Head, Client Coverage, Americas, Standard Chartered, shared his view on Vietnam's significance for US businesses and why Vietnam is potential for foreign investors. Vietnam has gone from being a frontier economy in ASEAN to a flourishing, cost-effective industrial nation. Firms and investors looking for new markets to grow, source, or manufacture their products – especially in Asia – should consider Vietnam’s long-term potential and stay updated on its opportunities. Steven Cranwell, CEO and Regional Head, Client Coverage, Americas, Standard Chartered. Photo: Standard Chartered In recent years, Vietnam has benefited from the trade tensions between the US and China. With US companies adopting a ‘China plus one’ approach to their supply chains, the percentage of exports from Vietnam to the US has risen by approximately nine percent between 2018 and 2021. It is, however, important to note that Vietnam has been an alternative to China … [Read more...] about The significance of Vietnam for US businesses and why they should take notice: Standard Chartered

Representatives of the ILO and the Vietnamese partners show the signed Decent Work Country Programme Vietnam 2022 - 2026 on March 28. (Photo qdnd.vn) Hanoi (VNA) – The Decent Work Country Programme Vietnam 2022 - 2026 was signed between representatives of the Vietnamese Government, workers, and employers and the International Labour Organisation (ILO) in Hanoi on March 28. The MoU on the programme was signed by Minister of Labour, Invalids and Social Affairs Dao Ngoc Dung, President of the Vietnam General Confederation of Labour (VGCL) Nguyen Dinh Khang, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Pham Tan Cong, President of the Vietnam Cooperative Alliance (VCA) Nguyen Ngoc Bao, and ILO Country Director for Vietnam Ingrid Christensen. The country programme provides a cooperation framework for the ILO and the Vietnamese partners until 2026 with a view to ensuring decent and sustainable work for all and that by 2026, Vietnamese people, especially those at … [Read more...] about Vietnam, ILO sign decent work country programme for 2022 – 2026

Vietnam's economic growth continues to be affected by the challenging global economic environment. Vietnam's GDP growth is estimated to expand by 3.32% year-on-year in the first quarter of 2023, the second lowest economic expansion rate during the 2011-2023 period. Dinh Vu Port, Haiphong. Photo: Chien Cong/The Hanoi Times Director of the General Statistics Office Nguyen Thi Huong announced the figure at a press conference today [March 29]. According to Huong, Vietnam's economic performance in 1Q2023 was affected by ongoing complex and volatile changes in the global economy, including persistently high global inflation, slow recovery, and reduced consumption demand from major trading partners. "Of particular concern was the instability of some banks in the U.S. and Europe, which negatively impacted market confidence in the banking system. In addition, central banks continued to raise interest rates and tighten monetary policies, further complicating the … [Read more...] about Vietnam’s GDP growth expands by 3.32% in Q1

An unbelievable story: A telecommunication business developing high-tech defense industry When Viettel started building its airborne warning system, military units of Vietnam were capable of upgrading old-generation radars only. In the world, only eight countries with strong defense industry sectors were able to build the system from scratch then. Overcoming numerous challenges, Viettel successfully manufactured its first complete radar, which was accepted by the Ministry of National Defense and put into mass production in 2014. Subsequently, the company achieved several significant milestones, such as exporting its radar products labeled "Made by Viettel" in 2017 and producing maritime warning radars that meet the standards of advanced countries in 2018. The radar system was one of many high-tech defense products made by Viettel at the time. Over the last 13 years, the company has researched and produced numerous military and civilian technological "Made in Vietnam" products. … [Read more...] about Viettel – A high-tech defense industrial center of Vietnam

VHT-produced core product ecosystem The system was the last step to complete a core product ecosystem that VHT designed and produced. This was also the last piece among an entire product ecosystem researched and manufactured by Viettel that has been integrated into Vietnam's telecommunications network. The IMS production marked the successful realization of Viettel's Made-in-Vietnam strategy in core telecommunications to ensure information security. Viettel has been, for decades, taking steps to replace imported components with its products. The telecoms corporation, one of the largest in Vietnam, has succeeded in integrating 100% "Made by Viettel" components in its networks, which serves 80 million customers in Vietnam with systems such as the online charging system (OCS), the policy and charging rules function (PCRF), the short message service center (SMSC) and the color ring back tone (CRBT). In order to guarantee network security and optimal network utilization by vendors, … [Read more...] about Viettel succeeds in performing “Made-in-Vietnam” telecommunications network strategy

Vietnam has benefited from the trade tensions between the United States and China. With US companies adopting a China-plus-one approach to their supply chains, the percentage of exports from Vietnam to the US has risen by approximately nine per cent between 2018 and 2021. Steven Cranwell, CEO and Regional Head, Client Coverage, Americas It is, however, important to note that Vietnam was an alternative to China for general manufacturing in Asia long before the pandemic, and its long-term prospects remain bright. Despite the uncertainty of global economic conditions, many remain confident in Vietnam’s outlook. The country’s business-friendly atmosphere, its strategic location as a gateway to other fast-growing markets, the plentiful supply of skilled labour, and the competitive costs and incentives are compelling propositions for companies looking to expand their manufacturing in the region. While Vietnam has yet to host an Apple plant, the country is already home to … [Read more...] about The significance of Vietnam for US businesses and why they should take notice

The exhibition of Yakishime-style ceramics aims to help Hanoi residents and visitors understand the diversity of Japanese culture and appreciate Japanese creativity. The ceramics exhibition titled "Yakishime - Earth Metamorphosis" will be held from April 4 to 20 at the Vietnam National Fine Arts Museum, Hanoi, according to the Japan Foundation Center for Cultural Exchange in Vietnam. The poster of the “Yakishime - Earth Metamorphosis” provided by the Japan Foundation in Vietnam "Yakishime - Earth Metamorphosis" focuses on the ceramic technique of yakishime, the firing of unglazed wares at high temperatures. While one of the most basic means of producing ceramics, yakishime has developed in distinctive directions in Japan. This exhibition introduces an aspect of Japanese culture by examining yakishime from the earliest examples to contemporary works. The earliest known examples of yakishime ware date back to the fourth or fifth century. However, it was not … [Read more...] about Exhibition of traditional Japanese pottery to be opened in Hanoi

Prime Minister Pham Minh Chinh (R) and Ambassador of Saudi Arabia to Vietnam Mohammed Ismaeil A. Dahlwy (Photo: VNA) Hanoi (VNA) – Prime Minister Pham Minh Chinh received Ambassador of Saudi Arabia to Vietnam Mohammed Ismaeil A. Dahlwy in Hanoi on March 29, highly valuing his guest’s activeness in helping strengthen friendship and cooperation. The PM expressed his belief that the ambassador will contribute to improved bilateral relations, adding that the Vietnamese Government will order relevant agencies to coordinate with and assist the diplomat to fulfil his duties. Implementing the foreign policy of independence, self-reliance, diversification, and multilateralisation of external relations, and being a good friend, trustworthy partner, and responsible member of the international community, Vietnam wishes to intensify cooperation with Middle Eastern countries, of which Saudi Arabia is a major and influential nation, PM Chinh noted. Ambassador Mohammed Ismaeil A. … [Read more...] about PM Pham Minh Chinh receives Saudi Arabian ambassador

The meeting between officials of the Ministry of Industry and Trade and China's Yunnan province in Hanoi (Source: Ministry of Industry and Trade) Hanoi (VNA) – Minister of Industry and Trade Nguyen Hong Dien discussed measures to promote economic and trade ties between Vietnam and China’s Yunnan province, while meeting with Secretary of the Yunnan Party Committee Wang Ning in Hanoi. Dien said Yunnan province holds an important role in economic and trade ties as it has a large market and diverse goods demand while serving as a crucial gateway for Vietnamese products to enter the southwest of China. However, trade between Vietnam and Yunnan remains modest, accounting for less than 5% of the Vietnam - China trade, which hasn’t fully reflected the cooperation potential and demand of both sides or met expectations leaders from of the two countries, he went on. Proposing measures for fostering economic and trade links, the host official suggested Yunnan facilitate … [Read more...] about Minister talks enhancement of economic, trade ties with China’s province

Indonesian Minister of Finance Sri Mulyani speaks at the seminar. (Photo: en.tempo.co) Jakarta (VNA) – Indonesian Minister of Finance Sri Mulyani said on March 29 that financial exclusion remains a major challenge and also a crucial factor in ASEAN countries' economies, especially micro, small, and medium enterprises (MSMEs). Speaking at a high-level dialogue seminar on promoting financial inclusion and literacy for MSMEs in Badung district, Bali, the minister said the development of digital technology and economy in the region is supposed to help turn financial exclusion into financial inclusion . There are several ASEAN countries that still do not have a financial inclusion index, Mulyani said, noting that the condition reveals the large gap existing among countries in the region in terms of financial inclusion. Mulyani also drew attention to the rapid development growth of digital technology and economy in the ASEAN after three years of the COVID-19 pandemic. … [Read more...] about ASEAN faces challenge in financial exclusion: Indonesian minister