Export value skyrockets over Lunar New Year Vietnam's export turnover during this Lunar New Year saw breakthrough growth, occupying nearly half of the total export-import turnover. The latest data published by the General Department of Vietnam Customs showed that export volume over the seven days (February 10-16) of the Lunar New Year holiday reached $730 million, rising 79 per cent on-year and accounting for about 44 per cent of the $1.67 billion export-import turnover. The main export articles include mobile devices and components valued at $332 million; computer and electronic products worth $251 million. The two categories accounted for 80 per cent of the total export value. This Lunar New Year saw exports going to 80 markets, seven more than last year. China continues to be the leading export market with a value of $189 million (26 per cent). Following are the US ($152 million), South Korea ($67 million), and Hong Kong ($57 million). According to statistics from the General Department of Vietnam Customs, there were 960 import-export businesses, up 59 per cent on-year. Nevertheless, importers still outnumbered exporters with an import turnover of $940 million, up 37 per cent on-year. Thus, from early this year to February 16, the total export-import turnover reached $74.51 billion, up 31 per cent on-year. Of this, exports hit $38.57 billion, up 36 per cent on-year while imports reached $35.94 billion, up 26 per cent, resulting in a trade surplus of $2.63 billion. Drug market forecast to grow by 15 per cent in 2021 The pharmaceutical industry grew by just 2.8 per cent last year, much lower than its average 11.8 per cent growth in the last five years. It is expected to recover and grow by 15 per cent this year, mainly due to a rapidly ageing population and increasing incomes, analysts at SSI Securities Corporation said. Last year there was a short supply of active pharmaceutical ingredients from China and India due to social distancing and …
Worlds foremost bank
Added trade potential for Vietnam with UK-EU deals
Prof. Dr. Andreas Stoffers - Country director, Vietnam The Friedrich Naumann Foundation for Freedom The United Kingdom is an important trading partner of Vietnam. In 2020, trade turnover between the two countries amounted to $6.6 billion. With $5.8 billion in exports, Vietnam’s trade balance was clearly positive, which also underlines the country’s strong interest in reaching an amicable agreement with the UK. In recent years, despite the uncertainties associated with Brexit, the growth of trade relations has been unbroken, averaging 12.1 per cent per annum in 2011-2019. The trade relations between the EU and Vietnam are naturally greater given the fact that the EU is the world’s largest market. In 2019, the EU was the second-most important overseas market for Vietnamese products with a total trade volume of $56.45 billion, of which Vietnam’s exports accounted for two-thirds ($41.55 billion). This is 16 per cent of the country’s total export volume. In 2020, exports to the EU increased to $34.8 billion, and imports to $14.5 billion. Vietnam benefits significantly more from bilateral economic relations than the EU. The continuous surplus Vietnam enjoys in its bilateral trade relations with the EU has been instrumental in offsetting Vietnam’s huge trade deficits with China and South Korea. Vietnam exports mainly electronics, footwear, clothing and textiles, coffee, seafood, and furniture. The most important goods of EU exports to Vietnam are high-tech products including boilers, machinery and mechanical products, electrical machinery and equipment, pharmaceuticals, and a very limited number of motor vehicles. The EVFTA opens many opportunities for producers and traders on both sides, including small- and medium-sized enterprises. The EVFTA is of course one of the most modern and far-reaching agreements of its kind. It plays an important role in promoting trade liberalisation between Vietnam and the EU. Combined with the new Law on Investment which …
[Read more...] about Added trade potential for Vietnam with UK-EU deals
Hanoi targets to have 10 logistics centers
The Hanoitimes - Hanoi identifies the logistics sector essential to meet the demand of nearly 300,000 enterprises in the city and further support the its socio-economic development process. Hanoi plans to have a total of 10 logistics centers, and the city has approved investment plans for six, other three are under research and one is looking for investors, according to Vice Chairman of the Hanoi People’s Committee Nguyen Van Suu. Overview of the dialouge. Photo: Thanh Hai. With nearly 300,000 operational enterprises, logistics services play a key role for Hanoi’s development, stated Mr. Suu at a high-level panel dialogue in the Vietnam Logistics Forum 2020 held on November 26. In Hanoi’s annual investment conferences, the city has always been calling for investments for logistics centers, he added. In addition to the development of inland container depot (ICD), one of Hanoi’s advantages is a network of major rivers, so that the city is planning to build a network of container ports to boost inland waterway transportation, Mr. Suu informed. Minister of Industry and Trade Tran Tuan Anh said the ministry and Hanoi’s authorities would continue to cooperate to realize the goal of turning Hanoi into a logistics hub of not only Vietnam but also the region. As the city is pushing for the development of transport infrastructure, logistics services and innovative startups, Mr. Anh said Hanoi could become an example for other provinces and cities in taking logistics as a driving force for socio-economic development. Overview of the dialouge. Photo: Thanh Hai. Staying central in new regional supply chains To further support the development of logistics companies, Deputy Minister of Finance Vu Thi Mai said customs authorities are applying new technologies to save costs and time for the business community, including the recent deployment of GPS positioning seal system to track all import-export shipments transported …
[Read more...] about Hanoi targets to have 10 logistics centers
