Ministry of industry and trade

Local companies could further improve their utilization rate of the trade agreement to gain a larger share of the EU market. The EU-Vietnam Free Trade Agreement has been a driving force for Vietnam’s exports as local firms are now taking good advantage of the trade deal. Processing catfish for export at Cantho. Photo: Hung Thap Deputy Director of the Import-Export Department under the Ministry of Industry and Trade (MoIT) Tran Thanh Hai gave the assessment at a conference on the EVFTA on August 8. In 2021, bilateral trade turnover between Vietnam and the EU rose by 14.5% year-on-year to US$57.01 billion, in which Vietnam exported goods and products worth $40.1 billion, or an increase of 14.2%; and imported $16.9 billion. “This helped the country maintain a trade surplus of over $23.2 billion last year,” Hai said. According to Hai, since the launch of the EVFTA on August 1, 2020, Vietnam’s exports to the EU rose by 15% to $83 billion. Over the past two … [Read more...] about EVFTA drives Vietnam’s exports forward

Travel businesses will concentrate on niche markets rather than traditional markets such as South Korea or Japan. Vietnam’s travel businesses should turn to less explored markets such as Mongolia, India, the Middle East and South America to restore and develop inbound tourism in Vietnam. Local travel businesses attend the event. Photo: baocongthuong This is one of the suggestions given by Nguyen Anh Tuan, Director of the Institute for Tourism Development Research at the 2022 National Travel Forum with the theme “Solutions to restore and develop inbound tourism in Vietnam” on August 8 in Ho Chi Minh City. Tuan pointed out some international tourism trends in Vietnam in the new context, in which travel businesses need to pay more attention to the niche markets. Being of the same mind, Nguyen Thien Phuc, Director of Product Research & Development at Vidotour Indochina Travel, said in the context that traditional markets have not recovered, especially the … [Read more...] about Vietnamese tourism looks at niche markets

Such a move will help Vietnam diversify oil import sources from China, the US, and the Middle East, and avoid dependence on certain partners amid growing global uncertainties. The Vietnamese Government has agreed to halve the most favored nation (MFN) tariff on petroleum products from 20% to 10%. A gas station on Giai Phong Street, Hanoi. Photo: Viet Dung The decision, which took effect on August 8, was mentioned in the Government’s decree No.51/2022 on the revision of MFN tariff on fuel and gas products. In practice, a 10% cut in MFN tariff would not help Vietnam curb rising petrol prices, as the share of petrol imports subject to such a tariff is insignificant in the total domestic petrol consumption volume. Experts, however, expected such a move would diversify Vietnam’s import sources from countries such as China, the US, or those in the Middle East, and avoid the dependence on certain partners amid growing global uncertainties. The Ministry of … [Read more...] about Vietnamese Gov’t halves MFN tariff on petrol products to 10%

The annual ASEAN event, which is jointly organized by ASEAN nations, aims to boost regional e-commerce with a focus on commercial transactions. The ASEAN Online Sale Day 2022 kicked off today on www.onlineasean.com , with the participation of nearly 200 registered enterprises operating on digital platforms in Vietnam. ASEAN Online Sale Day 2022 kicks off on August 8. Photo: onlineasean.com On the 55th anniversary of ASEAN's founding, ASEAN's largest online shopping day is hosted by Vietnam, Singapore, and Cambodia, which is the chair of ASEAN 2022. Through the ASEAN Online Sale Day, ASEAN members hope to provide consumers and companies in ASEAN nations with a secure and beneficial environment for online shopping with high-quality items. The event comprises two tiers for domestic and cross-border transactions. Reputable e-commerce businesses and platforms in the ten ASEAN countries will launch a series of special discount shopping programs for consumers … [Read more...] about ASEAN Online Sale Day 2022 kicks off

According to Hanoi-based VNDIRECT Securities JSC, the following five sectors deserve investors’ attention in the second half of this year. As Vietnam reopened the tourism industry in mid-March, the demand for food, accommodation, travel, and entertainment has rebounded. The stock firm views businesses operating in aviation, food and accommodation provision, and travel and entertainment services like ACV or AST with upbeat prospects. High export growth pins investors’ expectations on export-oriented sectors Second is the group of businesses beneficial amid a higher interest rate environment, including banks, insurance firms and those keeping huge available cash volumes like FPT, GAS, MBB, VPB, and TCB, among others. The third is the group of milk and food makers like VNM or MCH which can expect high growth prospects when the price of their relevant input materials such as full-cream milk powder, corn, and sugar is expected to be abated. Fourth is the group of … [Read more...] about Weighing ticker appeal for remainder of 2022

Tourists to Hoi An ancient city in Quang Nam province (Photo: VNA) Hanoi (VNA) - To achieve the goal of welcoming 5 million foreign tourists this year as set out earlier, Vietnam's tourism industry needs to make greater efforts in promoting its image and building more tourism products, according to insiders. Statistics from the Vietnam National Administration of Tourism (VNAT) show that in the first seven months of 2022, Vietnam served 954,600 foreign tourists, up nine folds compared to the same period last year. In July alone, the nation welcomed 352,600 foreign visitors, up 49% month-on-month. Foreign tourists to Vietnam over the recent past mainly came from the Asia-Pacific region, prominently in the top 10 markets being the Republic of Korea with 196,200 arrivals, up 903.7% year-on-year; the US 102,900, up 5,382%; and Japan 46,000, up 794.6%. The VNAT also pointed out that European markets show impressive increases in the number of visitors to Vietnam and will … [Read more...] about Extra efforts needed to achieve target of 5 million foreign tourists: insiders

Argentinian Deputy Foreign Minister Pablo Tettamanti  (third, right) and ambassadors of ASEAN countries at the ceremony. (Photo: VNA) Buenos Aires (VNA) – The embassies of Association of Southeast Asian Nations (ASEAN) member countries in Argentina, including Vietnam, Thailand, Indonesia, the Philippines and Malaysia, in coordination with the Foreign Ministry of the host country, held a ceremony to mark the 55th founding anniversary of ASEAN on August 8. Addressing the event, Vietnamese Ambassador Duong Quoc Thanh, rotating Chair of the ASEAN Committee in Buenos Aires , reviewed the foundation and development of the ASEAN since 1967, highlighting the association’s success in maintaining peace and stability in the region, creating a favourable environment for cooperation and development of all member countries. With a population of more than 650 million and GDP of about 4 trillion USD in 2021, ASEAN is the most promising and dynamic market in the world, he said. Ambassador … [Read more...] about ASEAN founding anniversary celebrated in Argentina, Mexico

Illustrative image (Source: VNA) This year, the week aims to realise Vietnam’s commitments announced at the 26th UN Climate Change Conference (COP26). According to the Ministry of Construction, the Vietnam Green Building Week 2022 will be an open and prestigious forum that connects more than 1,200 policy-makers and representatives of construction businesses, industry-leading architects and design professionals, as well as suppliers of building materials, equipment and technology. The week will include a plenary session and three thematic discussions on experience in green building planning and development as well as sustainable urban construction, contributing to realising Vietnam's commitments at COP26. According to the nation’s update on the Nationally Determined Contribution (NDC), Vietnam commits to reducing greenhouse gas emissions by 9 percent by 2030, and this can be further brought to 27 percent with international support through cooperation and mechanisms under the … [Read more...] about Vietnam Green Building Week 2022 slated for October