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Vietnam's agro-forestry-fishery exports generated $38.48 billion revenue in January-September, down 5.1 percent year on year, according to the Ministry of Agriculture and Rural Development. Agricultural exports accounted for over half of the total, at $19.54 billion, up 17 percent year on year. Key export earners were vegetables and fruits ($4.2 billion), rice ($3.66 billion), cashew nuts ($2.61 billion), and coffee ($3.16 billion). The average rice export price reached $553 per metric ton during the nine-month period, rising 14 percent. The price of coffee exports also picked up 10 percent to hit nearly $2,500 per metric ton. Asia was the major importer of Vietnam’s agro-forestry-fishery exports with $18.71 billion worth of products in January-September. It was followed by America with $8.73 billion and Europe with $4.17 billion. China, the U.S., and Japan remained the top three import markets of Vietnam’s agro-forestry-fishery products with exports to China accounting for … [Read more...] about Vietnam fetches over $38bn in agro-forestry-fishery exports in Jan-Sep

Vietnamese labourers wait for boarding procedures at the airport. (Photo: VNA) Hanoi (VNA) – Vietnam is speeding up negotiations with Hungary in a bid to sign an agreement on sending and receiving Vietnamese labourers in the European country – an emerging market drawing great interest from labourers. Statistics from the Department of Overseas Labour under the Ministry of Labour, Invalids and Social Affairs, Vietnam has sent workers to Hungary since 2018. So far, more than 2,700 Vietnamese labourers have been dispatched to the market, with the number of workers increasing year on year, reaching 1,148 in the first nine months of 2023. The department has licenced 25 businesses to recruit and send Vietnamese labourers to Hungary. Vietnamese labourers have engaged in many sectors in Hungary, including construction, manufacturing-processing, wood processing, agriculture and hotel and restaurant services. They have enjoyed good salaries and social welfare in the country. … [Read more...] about Vietnam looks to increase labour exports to Hungary

Vietnam sent over 56,800 labourers to work abroad in the first seven months of 2022 (Photo: VietnamPlus) Hanoi (VNA) – Vietnam sent over 56,800 workers, including 21,238 females, abroad to work under labour contracts over the first seven months of 2022, equivalent to 63.2 percent of the target set for the year. According to data from the Ministry of Labour, Invalids and Social Affairs (MoLISA), Japan, Taiwan (China) and the Republic of Korea (RoK) remained the largest recipients of Vietnamese labourers during the reviewed period. With the number of workers going to work abroad continuing to remain stable, Vietnam’s plan to send 90,000 labourers to work abroad this year is completely feasible, the ministry said. Due to the impact of COVID-19, last year, Vietnam completed only 50 percent of its yearly target in labour export with 45,058 workers sent abroad. Thanks to wide-scale vaccination against COVID-19 and the changes in pandemic control strategies towards … [Read more...] about Over 56,800 Vietnamese labourers sent abroad in 7 months

US Ambassador to Vietnam Marc E. Knapper (Photo: VNA) Hanoi (VNS/VNA) - On the back of the newly-signed Comprehensive Strategic Partnership between Vietnam and the US, American exporters are setting their sights on delivering a wider range of agricultural products to Vietnamese consumers. US Ambassador to Vietnam Marc Knapper said bilateral trade was growing steadily over the past decade, reaching 130 billion USD in 2022, of which 10 billion USD went to agriculture. Following the elevation of the relationship to a Comprehensive Strategic Partnership, there's no doubt that bilateral trade, particularly in the agricultural sector, would continue to thrive. In other words, a wider range of American agricultural products would make their way into Vietnam in the short term and so would Vietnamese products into the US. Francis Lee, a representative of the Washington Apple Commission, said American apples were in high demand in Vietnam with about 2 million baskets being … [Read more...] about Vietnam-US Comprehensive Strategic Partnership heralds new waves of trade

U.S. Ambassador to Vietnam Marc Knapper said bilateral trade was growing steadily over the past decade, reaching 130 billion USD in 2022, of which 10 billion USD went to agriculture. Following the elevation of the relationship to a Comprehensive Strategic Partnership, there's no doubt that bilateral trade, particularly in the agricultural sector, would continue to thrive. In other words, a wider range of American agricultural products would make their way into Vietnam in the short term and so would Vietnamese products into the U.S. Francis Lee, a representative of the Washington Apple Commission, said American apples were in high demand in Vietnam with about 2 million baskets being consumed annually. Other products such as grapes and cherries were also gaining popularity among Vietnamese consumers. He expected that the upgraded relationship would facilitate the entry of more American fruits into Vietnam in the years to come. He said Vietnam and the U.S. could consider reducing … [Read more...] about Vietnam-U.S. Comprehensive Strategic Partnership heralds new waves of trade

During the January – September period, Vietnam exported some 259.67 billion USD worth of products, a year-on-year fall of 8.2%. Meanwhile, the country's imports totaled 237.99 billion USD, down 13.8% year on year. Regarding the structure of exported goods in the period, processed goods accounted for 88.3% of the total export value, with 292.22 billion USD. As for imported goods, materials for production made up 93.7% of the value, with 223.08 billion USD. The U.S. was the largest export market of Vietnam with 70.9 billion USD, while China was the largest import market of the Southeast Asian country with 79.1 billion USD. According to the Ministry of Industry and Trade, the drop in Vietnam’s exports was attributed to slow recovery of the global economy, falling demand and high interest rates in developed countries such as the U.S., E.U. nations and China, coupled with a tightened monetary policy and high levels of inventory. The ministry will continue to keep a close watch on … [Read more...] about Vietnam posts trade surplus of 21.68 billion USD in nine months

Vietnam's gross domestic product growth accelerated in the third quarter from the previous three months, data showed on Friday, but fell short of this year's growth target as dull demand for exports overshadowed support from monetary easing. GDP in the July-September quarter is expected to have grown 5.33% from a year earlier, faster than the 4.05% expansion in the second quarter, the General Statistics Office said in a report on Friday. Capital Economics said the worst for Vietnam's economy was over but growth remained subdued by past standards. With inflation becoming a growing concern, however, it did not expect a further rate cut from the central bank. The third-quarter figure was much slower than growth of 13.71% in the same period of 2022, when its manufacturing-led economy managed a post-pandemic pickup following a 6% quarterly contraction in 2021. Factory powerhouse Vietnam is targeting growth of 6.5% this year, down from 8.02% last year, but most economists expect … [Read more...] about Vietnam sees Q3 GDP growth capped by weak external demand

Speaking at the opening of the event held in Quang Ninh Province, he emphasized the importance of developing science, technology and innovation. Hundreds of delegates from ministries, businesses and production units and scientists were in attendance to learn about breakthrough technologies and solutions. Before the opening, Deputy Prime Minister Tran Luu Quang, Dat, other Party and state leaders, their counterparts from the Quang Ninh Province Party Committee, People's Council and People's Committee, and ministry and other officials visited the booths set up at an exhibition that is part of the event. Nearly 200 booths showcased technological devices and solutions. Quang called for ensuring products are also competitive in terms of prices. "The product might be good, but the price must also be lower than in foreign markets," he said while visiting the booth set up by auto company Thanh Cong Group. Minister of Science and Technology, Huynh Thanh Dat speaks at the … [Read more...] about Technology is foundation for Vietnam’s rapid, sustainable development: minister

A customer shops at MM Mega Market An Phú's food wholesale and distribution centre in Thủ Đức District in HCM City. In the first nine months of 2023, CPI increased by 3.16 per cent over the same period last year; core inflation rose by 4.49 per cent. — VNA/VNS Photo Mỹ Phương Việt Nam’s gross domestic product (GDP) expanded by 4.24 per cent in the first nine months of this year, the General Statistics Office (GSO) said on Friday. The expansion is nearly the lowest 9-month GDP growth in 13 years, only higher than the same period of 2020 and 2021, which recorded growth rates of 2.19 per cent and 1.57 per cent respectively. In Q3 alone, GDP posted a year-on-year rise of 5.33 per cent, also nearly the lowest third-quarter GDP growth in 13 years, only higher than the same quarters of 2020 and 2021. The information was released at a conference held on Friday in Hà Nội by the GSO. In Q3, the agro-forestry-fishery sector grew by 3.72 per cent, contributing 8.03 per cent to the … [Read more...] about Việt Nam’s economy grows 4.24 per cent in nine months of 2023

Photo Le Toan Just a week after Vietnam and the US elevated their bilateral relations to a comprehensive strategic partnership, Prime Minister Pham Minh Chinh paid a working trip to the US to attend the 78th session of the UN General Assembly where he underlined Vietnam’s contributions and commitments to the UN’s activities, and met with UN Secretary-General António Guterres. In the US, he also met with US Vice President Kamala Harris, leaders of the US Congress, the national security advisor, and several members of the US cabinet. He also visited the New York Stock Exchange where he knocked the gavel to open a trading session. He underlined the need for both nations to focus on materialising the new cooperation framework into specific strategies, projects, and business cooperation. Noting priorities to be implemented, the PM said both nations must continue to prioritise resources for realising commitments in the joint leaders’ statement on elevating US-Vietnam relations. … [Read more...] about More consideration lent to US investment