A fair, aiming to promote Chi Lang district’s custard apple and specialties of Lang Son, as well as safe agricultural products, opened in Hanoi on August 16. At the event - Photo:bnews.vn The custard apple helps Chi Lang district’s people earn thousands of trillions of VND every year. The National Office of Intellectual Property of Vietnam under the Ministry of Science and Technology granted a certificate to “Chi Lang custard-apple” brand in 2011. Therefore, the fair is considered as an effective bridge to bring Chi Lang district’s custard apple to consumers. According to Dao Van Ho, director of the Trade Promotion Centre for Agriculture, the event is also an opportunity for cooperatives and production facilities to promote products and access local markets; direct wholesale and export enterprises; contact and exchange experiences to improve production, improve quality, design and productivity for custard apple plants in Chi Lang. With a scale … [Read more...] about Lang Son’s custard apple promoted in Hanoi
Limited effectiveness of integration The report indicates that the growth of foreign trade in 2018 has turned Vietnam into one of the leading countries in the region and worldwide in terms of economic openness, with total export value exceeding US$480 billion, almost double Vietnam’s gross domestic product (GDP). This satisfactory result reflects the success of international integration. However, Dr. Luong Minh Huan from the Vietnam Chamber of Commerce and Industry (VCCI)’s Institute for Business Development said export activities still lack sustainability. Specifically, exports by domestic companies keep decreasing. In 2007, Vietnam joined the World Trade Organization (WTO), but the domestic sector’s contribution to Vietnam’s total export value has dropped from 51.5 percent in 2007 to 28.5 percent in 2018. Meanwhile, exports by companies with foreign direct investment (FDI) keep increasing, from 48.5 percent to 71.5 percent. In 2018, the domestic sector faced a … [Read more...] about Can Vietnam utilize growing trade opportunities?
Phan Thi Thanh Xuan, Secretary General of the Vietnam Leather, Footwear and Handbag Association How will the EVFTA benefit leather and footwear businesses? In recent times, Vietnam’s leather and footwear exports to the EU have grown at only 5-6 percent annually, accounting for 28-30 percent of total export turnover to this market. One of the reasons is due to the economic slowdown in the EU, along with the Brexit issue, which has harmed Vietnam’s footwear orders. The agreement is expected to boost Vietnam’s leather and footwear exports. Under the deal, Vietnam will learn from footwear production technologies of developed countries, such as Germany and Italy, and import materials and accessories for the sector’s middle and high-end segments. How have domestic firms prepared to satisfy the EVFTA’s rules of origin? The rules of origin are no big deal for Vietnamese businesses as the domestic leather and footwear sector has benefited from the EU’s … [Read more...] about Leather, footwear sector takes first hopeful steps under EVFTA
A recent Ministry of Industry and Trade report showed that total export value in the first half of 2019 grew a mere 7.1 percent compared with the same period last year, a lower growth rate compared with the first halves of 2018 and 2017. However, this growth rate was higher than the 5.3 percent growth in the first quarter of 2019 and was especially noteworthy given the negative export growth in many other countries in the region. Moreover, Vietnam maintained a trade surplus of US$1.64 billion in the first six months, creating impetus for its efforts to fulfill its Q3 and Q4 targets because export orders generally increase towards year’s end. The VDSC report also projected more prospects for Vietnam’s trade compared with other countries in the region. Specifically, manufacturing facilities and export orders in certain sectors are expected to move from China to Vietnam due to the Washington-Beijing trade tensions. Moreover, the recently inked EU-Vietnam Free Trade Agreement … [Read more...] about Vietnam’s trade: More opportunities than challenges
Developing last-mile logistics is an important component of the national supply chain High growth rate According to the Ministry of Industry and Trade’s Vietnam eCommerce and Digital Economy Agency (IDEA), B2C (business-to-consumer) e-commerce has grown about 30 percent per year to reach US$8.06 billion in value in 2018, accounting for 4.2 percent of Vietnam’s total retail sales of goods and service revenue. About 39.9 million people in Vietnam shopped online last year. IDEA Director Dang Hoang Hai quoted Google and Temasek’s latest report saying that the Southeast Asian internet economy reached US$72 billion in gross merchandise value (GMV) in 2018 across online travel, e-commerce, online media, and ride hailing, up 37 percent from 2017. Of this, the merchandise value of Vietnam’s market hit US$9 billion. Vietnam has reached a four-percent internet economy per gross domestic product (GDP) ratio, ranking first among Southeast Asian countries in this area. … [Read more...] about Ministry pushes modern technology for e-commerce development