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VN wood and furniture firms eye Mexico, Canada      Mexico and Canada will be promising markets for Viet Nam’s wood and furniture products when the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) takes effect in early 2019, according to the Ministry of Industry and Trade. Deputy Minister Tran Quoc Khanh said exports to Canada were worth over US$129 million last year and are expected to top $140 million this year. “The CPTPP will open opportunities for products such as wood flooring and bars to Canada because the market will immediately scrap the import tariff of 3.5 per cent when the agreement comes into effect. “Products such as plywood, picture frames, door frames and especially furniture will also have an opportunity because import tariffs of between 6 per cent and 9.5 per cent will be eliminated as soon as the agreement comes into effect. “Wooden handicrafts will also benefit when Canada agrees to abolish the 7 … [Read more...] about BUSINESS NEWS IN BRIEF 19/12

Interest in Singles’ Day sales skyrockets in VN An analysis conducted by online shopping aggregator iPrice found that Việt Nam’s interest in November 11 Singles’ Day sales skyrocketed this year. According to internet traffic data, the company discovered a huge jump of 210 per cent in the number of customers participating in the Singles Day sales in Việt Nam compared to the same time last year. By analysing Vietnamese search trends on Google, iPrice found that keyword searches for “November 11” began growing steadily nearly two weeks prior to the date, three times higher in search interest compared to the same period last year. In addition, Vietnamese consumers were now much more familiar with the November 11 tradition which originated from China, and excitedly look forward to it as an important annual promotion period. For the event, big merchants offered different promotions with discounts being the most popular, together with vouchers, flash … [Read more...] about BUSINESS NEWS IN BRIEF 13/11

Vietnam’s rice exports hit 5.2 million tonnes in ten months Vietnam shipped abroad 264,000 tonnes of rice in October this year for 136 million USD, pushing the total figures so far this year to 5.2 million tonnes worth 2.6 billion USD, up 1.7 and 14.1 percent year-on-year. China remained the leading importer of Vietnamese rice with a growth rate of 24 percent. Strong rises were also seen in many other markets, such as Indonesia, Iraq, the Philippines, and Malaysia. Average rice prices in the first nine months of 2018 reached 503 USD per tonne, up 13.7 percent year-on-year. The highest price was recorded for Jasmine rice with 575 USD per tonne, followed by Japonica with 526 USD per tonne. The export of medium- and high-quality rice increased, while that of low quality types reduced, now accounting for just 2 percent of the total export volume. [Video: Vietnamese rice now top quality on the international market] On October 18 this year, the Philippines closed its bidding and … [Read more...] about BUSINESS NEWS IN BRIEF 11/11