New products innovations

A production line at Toyota in the northern province of Vinh Phuc. — VNA/VNS Photo Danh Lam Vietnamese enterprises currently have limited participation in the global supply chain, and are not deeply involved in the value chain of multinational corporations in Viet Nam. Pham Tuan Anh, deputy director of the Industry Agency said that Viet Nam currently had about 5,000 processing and manufacturing enterprises engaged in providing spare parts for the automotive and mechanical industries. In which 70 per cent of enterprises supply domestic manufacturers, 8 per cent supply exporters and 17 per cent are involved in providing both. Only about 30 per cent of supporting industry enterprises have joined the global supply chain and value chain. This linkage is loose for many reasons, the main one being the limited internal resources of the industry, said Anh. Do Thi Thuy Huong, Vice President of the Viet Nam Association for Supporting Industries, said that the specificity of the … [Read more...] about Vietnamese enterprises limited in global supply chain

Trade in goods between Vietnam and the UK has grown rapidly According to the Ministry of Industry and Trade, two-way trade between the UK and Vietnam reached US$6.6 billion in 2021, an increase of 17.2 percent compared to 2020. The expected recovery of the British economy from the pandemic and growing consumer demand in the UK will offer more opportunities for Vietnam’s exports in the years to come. The UK is currently Vietnam’s third largest trading partner in Europe after Germany and the Netherlands. The UK and Vietnam established a strategic partnership in 2010. The signing of the trade deal was of great significance, preventing an interruption of bilateral trade at the end of the Brexit transition period on December 31, 2020 and promoting post-pandemic economic recovery. In addition, the contents of the UKVFTA are similar to those of the EU-Vietnam Free Trade Agreement (EVFTA), shortening negotiations. Embracing globalization has been one of Vietnam’s core strategies to … [Read more...] about UK deal offers gateways to regional trade

Double digit export growth According to the Hanoi People’s Committee, the export turnover of goods in June 2022 reached about US$1.517 billion, up 6.8 percent from May 2022 and 17.5 percent from June 2021. In the first half of this year, the commodity exports turnover reached US$8.3 billion, up 17.1 percent over the first half of 2021. Some key items with increased export turnover in this period included textile and garment, reaching US$1.22 billion, up 29.6 percent; computer components and peripherals, US$1.072 billion, up 20.2 percent. The total import turnover of goods hit US$3.675 billion in June and US$20.5 billion in the first six months of 2022, the latter of which is 24.5 percent higher than the same period in 2021. Among the items of highest value were machinery, equipment and spare parts reaching US$2.996 billion, down 5.6 percent; petroleum US$2.934 billion, 2.8 times higher than the same period in 2021; computers, electronic goods and components at US$1.535 … [Read more...] about Hanoi helps firms implement trade deals

The Strategic Framework for Sustainable Development Cooperation 2022-2026 (CF) guides and steers the government of Vietnam and the UN in Vietnam’s collaboration on accelerating progress to achieve its Sustainable Development Goals. It highlights the joint commitment to deliver sustainable development for all. Speaking at the signing ceremony on August 11, MPI Minister Nguyen Chi Dung emphasised that the CF will be implemented at a time when Vietnam has been synchronously implementing solutions to strengthen economic recovery after the pandemic, respond to climate change, and transition to a green, circular economy. "The government has been working to improve institutions and policies in order to mobilise resources from all economic sectors to develop the country. Together with other development partners, the UN plays an important role in supporting Vietnam in its development, integration, and strong participation in global development through policy advice, sharing Vietnam’s … [Read more...] about Strategic framework for sustainable development between UN and Vietnam

Cooperation between Hanoi and Vientiane remains an example of the long-standing and special relations Vietnam-Laos. Hanoi and Vientiane have been taking steps to bolster economic ties during the Vietnam-Laos 2022 Solidarity and Friendship Year. Overview of the “Hanoi-Vientiane Cooperation for Development” investment, trade, and tourism conference. Photo: The Hanoi Times At the investment, trade, and tourism conference titled “Hanoi-Vientiane Cooperation for Development” on August 10, Vice Chairman of the Hanoi People’s Committee Nguyen Manh Quyen noted the cooperation between Hanoi and Laos’ provinces in general, and with Vientiane in particular, have been progressing in all spheres, including priority fields of economy, healthcare, education, agriculture, military, and people-to-people exchange. Echoing Quyen’s view, Vice Director of the Hanoi’s Department of Planning and Investment Nguyen Ngoc Tu added since 2004, Hanoi has been funding several projects to … [Read more...] about Hanoi – Vientiane bolster economic ties

Nguyen Ba Vinh, director of Minh Vi Exhibition and Advertisement Services Co., Ltd, introduces China Homelife Vietnam 2022 at a press briefing in HCM City last Friday. — VNS Photo China Homelife, a specialised trade show for Chinese products, will be held for the first time in Viet Nam at the Saigon Exhibition and Convention Centre from August 29 to 31. Nguyen Ba Vinh, director of Minh Vi Exhibition and Advertisement Services Co, Ltd (VEAS), said China Homelife Vietnam 2022 has attracted the participation of more than 160 leading Chinese manufacturers and suppliers in over 200 booths, displaying products in four main categories: household appliances, consumer electronics, textiles and garments, and building materials-interior. Vinh said currently China is implementing a ‘zero COVID policy’, so the exhibition will be held in a hybrid format. Chinese exhibitors will still showcase their latest products onsite for customers to experience and feel the new trends, and at the same … [Read more...] about China Homelife exhibition to open in Viet Nam for the first time

T&Y SuperPort Vinh Phuc SC (T&Y) – a joint venture between YCH Group and Vietnamese conglomerate T&T Group – inked two MoUs with VNA and VNR on August 12 to embark on the first multimodal connectivity partnerships for the first-of-its-kind smart logistics infrastructure project in Asia – Vietnam SuperPort – that is slated for completion by 2025. Vietnam SuperPort is the first multimodal infrastructure project invested in by a Singaporean firm in Vietnam. The project is expected to strengthen logistics and supply chain connectivity in the ASEAN region with the adoption of technologies and innovative solutions and driven by the strong economic ties made possible by the close partnership between Vietnam and Singapore and the strong business connections between the two nations. Executive chairman of YCH Group Robert Yap said, “The MoUs with VNA and VNR are an important milestone for Vietnam SuperPort. For a smart logistics infrastructure project of this stature, … [Read more...] about Vietnamese and Singaporean firms partner to improve supply chain connectivity

Collecting waste along the beach is among the programme’s primary activities. —Photo Coca-Cola Viet Nam Coca-Cola Vietnam, in partnership with Da Nang City, has launched a “For a Viet Nam without Waste” event in the city’s Lien Chieu District. The event, joined by representatives from agencies and the local community, is one of the activities organised by Coca-Cola Vietnam and local authorities in Da Nang and HCM City under the "World Without a Waste" vision. With many activities over a half-day, the “For a Vietnam Without Waste” event aims to raise public awareness of waste sorting, encourage people to use reusable bags, and promote a green lifestyle and sustainable production and consumption. Coca-Cola Vietnam handed Da Nang Department of Natural Resources and Environment, Department of Industry and Trade 90 segregation trash bins and 4,000 reusable bags, worth VND700 million. The in-kind sponsorship will help the local authority propagate the new environmental protection … [Read more...] about Coca Cola joins locals in Da Nang in “For a Viet Nam without Waste” programme

E-commerce is increasingly attracting consumer participation. — Photo thoibaotaichinhvietnam.vn Foreign-invested e-commerce floors doing business in Viet Nam must supplement their business licenses before January 1 next year if they have not provided enough according to regulations. The update is done online through portal online.gov.vn. The Viet Nam E-commerce and Digital Economy Agency has just announced the addition of business licenses for foreign-invested economic organisations operating in the field of e-commerce. Decree 85 issued last year, which amends and supplements a number of articles of the Government's Decree 52 (2013) on e-commerce, has specific provisions on supplementing business licenses for foreign investors, and economic organisations with foreign investment capital. Decree 85 adds many new regulations in the field of e-commerce. Specifically, foreign traders and organisations that have websites providing e-commerce services in Viet Nam must register … [Read more...] about Foreign e-commerce floors must supplement business licenses before January 1

The Vietnam Green Building Week 2022 will be held in Ho Chi Minh City by the Ministry of Construction this October as part of efforts to meet the net-zero emissions commitments set out at the UN Conference on Climate Change (COP26). The event, in response to the World Green Building Week, will attract the participation of over 1,200 delegates from various ministries and provincial authorities, policy makers, as well as both national and international organisations. They will be joined by experts such as construction project owners and operators, construction consultants, leading architects and design professionals. The Vietnam Green Building Week 2022 is to create a forum for policymakers and experts to share experience and exchange information relating to policymaking, new technologies, products, equipment, and materials to develop energy-efficient buildings. The event will consist of one plenary session and three thematic sessions discussing and exchanging experience on … [Read more...] about Vietnam Green Building Week 2022 to take place in October