Export import balance

Cashew exports reduced both in volume and value in the first five months of the year. — Photo congthuong.vn Viet Nam’s cashew exports reduced significantly in both volume and value in the first months of the year, exports for the entire year are forecast to be lower than last year, according to the Viet Nam Cashew Association (Vinacas). Speaking at a meeting to review the industry’s performance in the first half of the year and set plans for the latter half, Tran Van Hiep, Vinacas’ deputy chairman, said cashew exports in the first five months fell by 7.81 per cent in volume and 6.81 per cent in value to 206,111 tonnes and US$1.19 billion, respectively. The average export price was about $5,792 per tonne, up 1.45 per cent over the same period in 2021. Enterprises imported about 968,000 tonnes of raw cashew nuts from abroad worth nearly $1.4 billion, down 35.24 per cent in volume and 37.84 per cent in value in the first five months. But the price of raw cashews imported from … [Read more...] about Cashew exports to slow in 2022 amid global inflation, Russia sanctions

Workers process pineapple for export at the factory of the An Giang Agriculture and Food Import - Export Company. (Photo: VNA) Hanoi (VNA) – Vietnam has recorded impressive growth in exports to Hungary in recent years, statistics showed. Exports from Vietnam to Hungary increased eight-fold to 1 billion USD in 2020 from 124.2 million USD in 2016. The figure stood at 842.7 million USD in the first 10 months of 2021, up 5% year on year, according to data from the European country. Though shipments of agricultural and food products remain modest, the revenue posted a strong increase in the recent past as seen in some key exports. Vietnam exported almost 4.4 million USD worth of processed coffee to Hungary in 2020, surging 38-fold from four years earlier, and 7.13 million USD during January - October of 2021, up 85.6% year on year. Cashew nut exports grew 27.7% to nearly 2.4 million USD in 2020 compared to 2016, and 11.6% year on year to 2.2 million USD in the first 10 … [Read more...] about Vietnam’s exports to Hungary on the rise

National Assembly Chairman Vương Đình Huệ and his Hungarian counterpart László Kövér sign a new cooperation agreement between the two parliaments in Budapest on Monday. — VNA/VNS Photos Doãn Tấn BUDAPEST — A new cooperation agreement between Việt Nam and Hungary’s national assemblies was assigned by National Assembly (NA) Chairman Vương Đình Huệ and his Hungarian counterpart László Kövér in Budapest on Monday. The document was signed after the two officials spoke at the Hungarian Parliament building, which was part of Huệ’s official visit to the country. The agreement was based on the comprehensive partnership between the two countries, and the cooperation agreement signed between the two national assemblies in 2008. It aims to strengthen the partnership and multifaceted cooperation between Việt Nam and Hungary based on the principles of equality, mutual benefit, mutual respect, compliance with each country's laws, and adherence to international treaties. With the new … [Read more...] about VN, Hungary’s parliaments sign new cooperation agreement

Peter Bernhardt, team leader of the ARISE+ Vietnam project Since coming into force in August 2021, the EU - Vietnam Free Trade Agreement (EVFTA) has become an effective tool for boosting trade ties between the EU and Vietnam. What should Vietnam pay attention to in order to benefit more from this deal? I agree that the overall picture of EVFTA performance in this starting period, where exporters and government authorities from both sides have to adapt to the new situation, looks definitely promising. The EVFTA is the most ambitious FTA that the EU has ever signed with a developing country. The deal will mutually lift about 99 per cent of the tariffs within 10 years. Duty was lifted from 65 per cent of EU exports to Vietnam and 71 per cent of Vietnamese exports to the EU, immediately after the EVFTA came into effect. As most Vietnamese exporting products are consumer products, the real challenge Vietnam exporters will face to comply with EU consumer protection regulations is … [Read more...] about EU supporting comprehensive implementation of the EVFTA

Tan Phu Plastic Company produces safe products to serve the local market. The Zero COVID policy in China means many Vietnamese producers lack input materials. — Photo courtesy of the firrm While many exporters and producers had orders for 2022, they are worried about a possible shortage of production materials because of supply disruptions from China. The worst sufferers were the electronics, wood, textiles, and footwear industries. According to the Ministry of Industry and Trade (MoIT), China was an important market for the export and import activities of Viet Nam as it provides the majority of input materials for Viet Nam's production, especially electronic components, machinery parts, fabrics and chemicals. MoIT said from 50 to 55 per cent of raw materials and accessories for the textile, garment, and footwear industries originated from China. The country was currently implementing the "Zero COVID" strategy, which forced many factories there temporarily stop production to … [Read more...] about Local enterprises lack materials due to China’s ‘Zero COVID’ policy

Representatives cut the ribbons to open the programme. — VNA/VNS Photo A programme to introduce Vietnamese goods and foods in the UK is underway at Longdan Supermarket in Crawley, about 45km south of London. The week-long event, which started on Sunday, is hosted by the Vietnam Trade Office under the Vietnamese Embassy in the UK, in collaboration with the Vietnam Business Association in the UK (VBUK), and Longdan and EUTEK groups. As part of activities in the trade promotion programme of the Vietnamese Ministry of Industry and Trade (MoIT), the event aims to promote high-quality Vietnamese products that are benefiting from the UK-Viet Nam Free Trade Agreement (UKVFTA) to British retailers and consumers. Handicraft products, coffee, fresh and dried fruits, canned fruit juice, vermicelli, dried noodle, rice papers, cashew nuts, and fragrant rice from reputable export enterprises of Viet Nam are being displayed at the supermarket and Vietnamese markets in Nottingham. At the … [Read more...] about Vietnamese goods, foods introduced in UK

Hanoi, (VNA) – The following is a brief review of the day’s events as reported by the Vietnam News Agency on June 27. -National Assembly (NA) Chairman Vuong Dinh Hue met representatives from the Vietnamese entrepreneur community in Europe in Budapest on June 26 evening (local time), as part of his official visit to Hungary. Earlier the same day, NA Chairman Hue visited the Vietnamese Embassy and met Vietnamese people living in Hungary. Read full story -Prof. Dr. Nguyen Xuan Thang, Director of the Ho Chi Minh National Academy of Politics (HCMA) and visiting Australian Minister for Foreign Affairs Penny Wong jointly pressed the button to inaugurate a portal of the Vietnam-Australia Centre (VAC) on June 27. Penny Wong, who is on an official visit to Vietnam from June 26-28, said the VAC will play an important role in enriching the knowledge of future Vietnamese officials trained at the academy, as well as promoting cooperation and strengthening links between the people of the … [Read more...] about ☕ Afternoon briefing on June 27

Additionally-registered and share-purchased FDI soared sharply in the first half of the year According to the Ministry of Planning and Investment's Foreign Investment Agency, Vietnam counted newly-registered FDI inflows of about $14 billion in the first half of the year, equivalent to 91.1 per cent of the previous year's total. Of this, $4.9 billion was poured into 752 newly-licensed projects, a slight decrease of 6.5 per cent in the number of projects, and a sharp reduction of 48.2 per cent in value. Another $6.8 billion was added to 487 projects currently underway, a rise of 65.6 per cent in value and 5.9 per cent in number. Overseas investors also poured almost $2.3 billion into just over 1,700 share purchase deals, an increase of 41.4 per cent over the same period last year. FDI disbursement climbed slightly by 8.9 per cent on-year, to around $10 billion. Almost 35,000 valid foreign-invested projects were accumulated across the country with a total registered capital … [Read more...] about Additionally-registered and share-purchased FDI soars sharply in first half of 2022

They have to balance their relationships between Russia and their Western partners. China hosted the 14th annual BRICS Summit virtually because of the pandemic. This event was held only a few days before the G7 in-person summit in Germany. BRICS comprises Brazil, Russia, India, China, and South Africa. Overview of the event. Source: VNA The online meeting drew special attention around the world, especially from the US, EU, NATO and their allies due to Russia's military actions in Ukraine for more than four months now. The US, EU, NATO, and their allies - among them all G7 members - stand on Ukraine's side and have imposed strong and multifaceted sanctions on Russia. They have been trying as much as they could to politically isolate Russia on the world stage. Brics members, including China, India, Brazil and South Africa, refused to follow the West in imposing sanctions against Russia and supporting Ukraine. Therefore, this event was a major significant gain … [Read more...] about BRICS in dilemma

During the talks, participants evaluated that the effective coordination among parties has contributed to well maintaining political security and public order, firmly protecting national sovereignty in each country and consolidating the special solidarity between Vietnam and Laos. In realizing their inked memorandum of understanding, the Ha Tinh provincial Border Guard Command and the Borikhamxay and Khammuane provincial Public Security Departments have regularly exchanged information and situational developments and promoted information dissemination to mobilize people along the shared borderline to strictly observe the Protocol on the borderline and border markers and the Agreement on the regulations managing the land border and border gate system signed by the two governments. In addition, the two sides have well managed the import and export activities through border gates and sub-border gates. Over the past years, Cau Treo International Border Gate in Ha Tinh province and … [Read more...] about Ha Tinh’s border guard holds talks with Laos’ public security units