Economy

Wooden furniture processing at a factory in Vietnam. Economists say the global economic situation has had an impact on the Vietnamese economy  The National Assembly (NA) Office and the NA Economic Commission co-held the “Vietnam SocioEconomic Forum 2018: Current Situation and Prospects” in Ho Chi Minh City on September 18 and 19. The forum was aimed at providing vital inputs for NA deputies to prepare for the sixth sitting of the law-making body next month to examine the execution of the NA resolution on socioeconomic development for 2018, according to Le Bo Linh, vice general secretary and deputy head of the NA Office. He noted that short- and long-term factors at home and abroad have impacted the adoption of the resolution’s measures. Therefore, it is necessary to identify the challenges and prospects of executing the socioeconomic objectives to present key solutions for the remainder of the year. Global economic uncertainty has had an impact on the … [Read more...] about Vietnam could lose growth momentum: economists

The U.S. market currently accounts for some 47% of Vietnam’s apparel revenue, while the ratio for Vietnamese leather shoe exports is 37%. Therefore, the accelerating trade war will have a significant impact on the nation’s key export products, according to a Nguoi Lao Dong newspaper report. The more opportunities, the more risks The Ministry of Industry and Trade has reported to the prime minister the influences of the U.S.-China trade war, noting the danger of a large inflow of Chinese apparel and leather shoe products. However, from another perspective, the trade war could help Vietnamese firms expand their market share and raise exports to the United States, as international manufacturers will have to transfer their production orders from China to Vietnam. According to Diep Thanh Kiet, vice chairman of the Vietnam Leather, Footwear and Handbag Association (LEFASO), the trade war may not affect the local shoe industry for the next one to two months because the United … [Read more...] about Vietnam’s shoe, apparel export orders to surge

The growth of the agricultural sector hit a 10 year high during the first half of this year. However, export markets have seen unstable developments from the impact of the US-China trade war, the European Commission (EC)’s extension of a yellow card warning on Vietnamese seafood, unpredictable weather and natural disasters are existing difficulties facing the sector in late months of the year. Domestic market faces intense competition as tariffs hit China and the US are the two major export markets for Vietnam’s agricultural products. The tit-for-tat US-China trade war has created dramatic shifts in the import and export policies of the two powerful economies and this will have a knock-on effect on Vietnamese farm produce. Agricultural products from China will have to find alternative markets to make up for the loss of trade resulting from the US’ increase of import duties on Chinese goods. With their plentiful supply, cheap prices and attractive varieties, Chinese … [Read more...] about US-China trade war puts pressure on Vietnamese agricultural products

The way coffee is bought and consumed in Vietnam is changing as new players work hard to get their name out there. Vietnam’s coffee market has seen the arrival of two newcomers in Ho Chi Minh City in the last two years: Guta Vietnam with small blue shops and mobile trolleys on the street selling coffee and CoffeeBike with orange shops and motorbikes selling coffee. The two brands have popped up in many corners of the city and won favor among savvy customers and millennials, with both focusing on opening outlets and offering clean coffee, low prices, and takeaway services.  After only a few years, the “coffee-on-the-street” model of the two brands has borne fruit. Guta Vietnam’s revenue is growing about 200 per cent a year, CEO Mr. Nguyen Minh The told VET. “We expect to retain this growth and expand our brand identity in the next few years.” The chain now has 43 outlets of 10-50 sq m each in the southern city. CoffeeBike, meanwhile, has 20 … [Read more...] about Coffee on the run