Why exports are important for economic growth

Tra fish exports are projected to surge a whopping 97 percent year-on-year in the first five months of 2022, reaching 1.1 billion USD. Besides exporting to traditional markets such as the U.S. and Europe, seafood exporters have expanded markets to take advantage of the new demand. Specifically, Vietnam has trolled new fish markets in Mexico, Egypt and Thailand. VASEP expert Ta Ha said that the Mexico market has the largest export value in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade bloc. Tra fish sales to Mexico topped 50 million USD in the first five months of this year, an increase of 70 percent against last year’s figure. Shipments to Thailand hit nearly 50 million USD during the period, a year-on-year spike of 80 percent. Vietnam exported over 15 million USD worth of tra fish to Egypt, up 85 percent year-on-year. These are positive signs that tra fish is a favored seafood product in these fresh new markets. VASEP reports that … [Read more...] about Huge haul in new markets for Vietnam’s tra fish exports

Illustrative image. (Photo: SGGP) According to Mr. Nguyen Ngoc Dung, Chairman of Vietnam E-commerce Association (Vecom), in 2021, despite being heavily affected by the Covid-19 pandemic, Vietnam's e-commerce still maintained a good growth momentum with an increase of about 20 percent and a scale of $16 billion. Keeping the growth momentum, Vietnam is now one of the countries with the largest e-commerce market size in the region, besides Indonesia, Thailand, and Malaysia. Vietnam's internet economy in 2021 grew by 31 percent compared to 2020 and reached a scale of $21 billion. Of which, the online retail sector enlarged by 53 percent and touched a scale of $13 billion. There are two waves that have contributed to the steady development of e-commerce in Vietnam in 2020 and 2021 and will be the driving force for the next period. The first wave took place during the early stages of the Covid-19 pandemic in 2020, and the second one from June to September 2021, during the fourth … [Read more...] about Opportunities for e-commerce in Vietnam to boom

Global food prices are expected to keep on rising this year due to the Ukraine conflict and other factors, Photo: Thanh Tung China’s National Bureau of Statistics (NBS) said on May 11 that the consumer price index (CPI), the main measure of inflation and retail sales, increased by 2.1 per cent on-year in 2021 due to the impact of the recession and skyrocketing energy costs and food prices. Data released by the General Administration of Customs of China on April 13 recorded a decrease in China’s imports for the first time since August 2020. In March, China’s imports fell 0.1 per cent on-year. Assoc. Prof. Dr. Vu Sy Cuong from the Academy of Finance warned last week, “Along with the conflict in Ukraine, China’s economic difficulties could exacerbate inflationary pressures in Vietnam.” China’s slowing growth is clearly felt by many manufacturing and export industries of Vietnam. Pham Van Viet, president of garment firm VitaJean Co., Ltd., said, “Restrictions on raw materials … [Read more...] about Global effects mar control of inflation