Three firms from South Korea, Germany, and Japan have pledged to invest US$3.7 billion in Viet Nam, revealed Investment Minister Nguyen Chi Dung during a recent meeting between the Prime Minister and foreign businesses.

Specifically, a Korean firm would invest US$1.6 billion in the fields of heavy industry and logistics. A German investor would pour US$1.5 billion into a green production project using renewable energy. The rest of US$600 million would come from a Japanese company to produce medical equipment in Viet Nam. 

At the meeting, Gabor Fluit, Chairman of the European Chamber of Commerce in Viet Nam (EuroCham), pointed out that despite facing various obstacles, Viet Nam remains a rising star in terms of business and investment.

He suggested the Vietnamese Government should introduce appropriate and competitive preferential policies aimed at attracting investment, especially ahead of the enforcement of the global minimum tax regulation from 2024.

Takeo Nakajima, chief representative of the Japan External Trade Organization (JETRO) Ha Noi, affirmed that Japanese businesses are willing to invest further in Viet Nam. He cited a JETRO survey highlighting that 47 percent of questioned businesses are seeking to expand their operation over the next one or two years.

Meanwhile, Hong Sun, chairman of the Korean Business Association in Viet Nam (Kocham), said that the Korean Government and businesses see Viet Nam as their best cooperation partner. 

Korean investments in Viet Nam are diverse, ranging from production and manufacturing to services, as well as from labor-intensive industries to high-tech industries, he said.

Roughly 9,000 Korean enterprises have already invested in the Southeast Asian nation, employing a total of 700,000 local people.

Many Korean businesses operating in Viet Nam, especially high-tech, financial, and energy firms, are considering increasing their investment capital and making new investments, providing that the local investment environment remains stable, he said.

The minister said that new investment incentives would be introduced in the time to come to increase the competitiveness of the country's business environment.

FDI inflows to Viet Nam totalled US$5.45 billion in the first quarter of 2023, equal to 61.2 percent of the same period last year, the Foreign Investment Agency (FIA) reported.

PM chairs meeting seeking ways to remove obstacles for production, business

Prime Minister Pham Minh Chinh on April 25 presided over a meeting between standing members of the Government with ministries and measures on solutions to address difficulties and promote production and business.

Accordingly, participants discussed measures to reduce lending interest rates; the operation of the corporate bond market and solutions in the coming time; the performance of the Prime Minister's working group on reviewing, urging and guiding the removal of difficulties and obstacles in the implementation of real estate projects for localities and businesses and other solutions.

In his opening remarks, PM Chinh emphasized that in the first quarter of 2023, the country's economic growth was lower than the same period in 2022 due to both objective and subjective reasons.

For the economy to recover quickly and develop sustainably, it is necessary to evaluate and set out appropriate goals, tasks and solutions, with focus on supporting businesses and people to promote production and business, he stated.

The Government has given many directions and issued resolutions on a number of key policies and solutions to support businesses in proactive adaptation, quick recovery and sustainable development, while the State Bank of Vietnam has also issued two circulars guiding the implementation of solutions related to the financial and banking sectors to support businesses and people. Thanks to these efforts, the difficulties and obstacles facing enterprises have been gradually removed, while the production and business situation has improved.

At this meeting, standing members of the Government are expected to find out obstacles that need to be removed and put forth appropriate solutions.

Lang Son facilitates export of fruits from Thailand to China

Authorities of the northern border province of Lang Son had a working session with a delegation from the Thai Ministry of Commerce (MOC) and Thai Embassy in Vietnam, led by the MOC’s Permanent Secretary Keerati Rushchano, to discuss creating favourable for the transport of fruits from Thailand to China via border gates in Lang Son.

Vice Chairwoman of the provincial People’s Committee Doan Thu Ha said in the first quarter this year, the total imports-exports via the province surpassed 9 billion USD, of which the export turnover of farm produce of Thailand’s origin reached over 66 million USD.

She wished that Keerati woud serve as a bridge promoting cooperation between Lang Son and Thai localities and units, and introducing Thai firms and investors to Lang Son to explore opportunities.

In the near future, Lang Son will continue pooling resources to develop border, transport and technical infrastructure, thereby improving transport capacity, expanding routes for goods transportation and put into operation a goods transshipment area, she said, adding that the province will continue building a smart digital border gate management platform, stepping up administrative reform and automation procedures to help businesses save time.

According to her, the province will direct relevant departments and agencies to proactively build plans and set up working groups between the two sides.

Keerati, for his part, wished that Lang Son would continue creating favourable conditions for customs clearance, especially farm produce from Thailand.

Earlier, the delegation visited the Huu Nghi International Border Gate and Dong Dang International Railway Border Gate in the province.

Can Tho, Sweden boost trade cooperation

Vice Chairman of the Can Tho municipal People’s Committee Nguyen Thuc Hien held a working session with Swedish Ambassador to Vietnam Ann Måwe in the Mekong Delta city on April 24 to discuss enhancing bilateral cooperation in trade, investment and education-training.

Speaking at the event, Hien said last year, Can Tho’s exports to Sweden hit 1.43 million USD, mostly rice, aquatic products, apparel, farm produce and processed agricultural products. In the first half of this year, the figure hit 410,000 USD.

Can Tho wishes to tap opportunities from the EU-Vietnam Free Trade Agreement (EVFTA) to propel bilateral trade ties, particularly in fields of strength such as rice, fruits and aquatic products, he said.

He expressed his expectation that following the visit, Swedish partners will develop cooperation and investment with Can Tho city in fields of shared interest, especially in climate change response and green growth.

As a agriculture-strong area, Can Tho hopes for Sweden’s support in the application of digital transformation and advanced technology to achieve efficient agricultural production, popularise the city's potential, advantages, and investment attraction policies to the Business Sweden while providing information on Sweden's strengths, markets, and trade policies for Can Tho.

Hien also proposed Ambassador Måwe help with online or direct supply-demand connections between Swedish importers and Can Tho's producers and exporters of rice, seafood, farm produce and processed food.

In education-training, Can Tho hopes that Sweden will increase scholarships for local excellent students in the city, full scholarships for lecturers at universities and colleges to improve their knowledge and skills in the country.

Måwe, for her part, congratulated Can Tho on ranking 19th in the Provincial Competitiveness Index (PCI). She said Sweden wants to learn about business environment in the Mekong Delta and Can Tho city in particular.

According to her, they are interested in the Mekong Delta region and want to learn about projects on collecting wastes and pollutants that cause pollution and affect waterway traffic, in order to reduce pollution and create better waterway transportation conditions for the region.

The Swedish Embassy will continue working with Swedish businesses to tackle difficulties when investing in Can Tho, as well as share information to help the Vietnamese firms facilitate exports to Sweden, she said.

Officials seek to boost agricultural trade between Vietnamese, Chinese localities

Trade officials from Viet Nam’s northern border province of Lao Cai and Honghe county of the neighbouring Chinese province of Yunnan visited the Mekong Delta province of Long An on Sunday, seeking to form partnerships with local agricultural production, processing, and exporting companies.

The delegation from the Lao Cai Department of Industry and Trade and the Honghe commerce division made a fact-finding tour of some member businesses of the Long An Dragon Fruit Association in Chau Thanh District, a rice processing firm in Thu Thua District, and a lime processing company in Ben Luc District.

Chau Thi Le, deputy director of the Long An Department of Industry and Trade, said her province is home to a wide range of agricultural products such as rice, dragon fruit, seedless lime, banana, and watermelon.

In 2021 and 2022, it exported about 646,250 tonnes of rice to 40 countries and territories, mainly China, Hong Kong (China), Singapore, and Malaysia. Last year, China purchased 36.35 per cent of Long An’s total exported rice volume.

The province cultivates more than 9,900ha of dragon fruit, producing 256,800 tonnes annually. Over 80 per cent of the total output is shipped to nearly 20 foreign markets. The fruit is exported to China via border gates in Lang Son and Lao Cai provinces.

Meanwhile, there is over 11,800ha of lime across Long An, generating 184,322 tonnes each year. Local limes have been exported to China, some other Asian countries, and Europe, according to Le.

The Honghe commerce division said Yunnan province is working to improve the business climate, develop the Hekou digital border gate, and streamline export and import procedures to facilitate customs clearance for agricultural products and by-products. Therefore, it is necessary to connect businesses of Honghe county with Vietnamese partners with large farming areas.

This was also an occasion for Long An to help local agricultural production firms and cooperatives to boost trade with domestic and foreign markets, thereby helping promote that between Viet Nam - China in 2023 and the following years. 

Vietnam’s rice exports surge on supply crunch

Strong rice export demand coupled with waning supplies have caused prices to surge in the market since the beginning of 2023.

According to the General Department of Vietnam Customs, Vietnam exported 1.85 million tonnes of rice worth 981.4 million USD in the first quarter of this year, up 23.4% in quantity and 34.3% in value year-on-year.

The Philippines spent more than 450 million USD importing some 900,000 tonnes of Vietnamese rice in the first quarter of this year, and more orders are expected to be placed in the time ahead.

The Southeast Asian neighbouring country was the biggest importer of Vietnamese rice in the quarter, making up 48.2% in volume and 45.9% in value, followed by China, Indonesia, Malaysia and Ghana, the department reported.
The average export price in the reviewed period was estimated at 531 USD per tonne, up 9.2% year-on-year, the highest in the past decade.

The global shortage of rice, one of the most consumed food grains in the world, is set to be the largest in the last two decades, according to New York-based research firm Fitch Solutions.

It forecast the global shortfall at 8.7 million tonnes in 2022-2023, which is the highest since the deficit of 18.6 million recorded in 2003-2004.

Experts say the forecasts predict a buoyant market, stressing favourable conditions for Vietnam’s rice exports given the increasing demand for food reserves amid global economic and political uncertainties.

The Agency for Foreign Trade under the Ministry of Industry and Trade (MoIT) suggested businesses keep a close watch on the market, and fully assess opportunities and risks in order to make successful transaction plans, sign suitable contracts and ensure export efficiency.

They should provide updates for the Vietnam Food Association and the MoIT to keep all stakeholders in the loop in Vietnam.

Credit institutions allowed to reschedule repayment terms

Credit institutions and foreign bank branches are now allowed to restructure the repayment terms to support clients struggling with production and business expenses.

The State Bank of Vietnam (SBV) on Sunday issued Circular No. 02/2023/TT-NHNN stipulating the restructuring of repayment terms and keeping the debt group of credit institutions and foreign bank branches unchanged.

The rescheduling of debt repayment terms for customers is implemented from the effective date of this circular, starting from April 24 to the end of June 30, 2024.

Restructured debts include loans and financial leases.

SBV authorised credit institutions and foreign bank branches to take the initiative in reviewing and assessing the difficulties of borrowers to decide on the restructuring.

The rescheduled terms shall be decided by credit institutions but not exceed 12 months from the due date of the balances subject to the restructured repayment term.

The just-issued circular, along with other supportive policies, will contribute to removing difficulties for people and businesses, extending the lending period, repaying bank loans, and creating conditions for continued capital turnover and access to new loans.

In a meeting with representatives of the central bank at the end of March, business leaders all expressed their most pressing need for a suspension of debt payments.

Most export items saw a decline in the first quarter, which led to a slowdown in GDP growth.

Nguyen Ngoc Hoa, chairman of the HCM City Union of Business Association (HUBA), said: "Since the beginning of the year, the city's main export industries have all dropped sharply by 20-40 per cent. Although businesses have limited expansion, they still need capital to endure this tough time."

Dinh Trong Thinh, senior lecturer at the Academy of Finance, said that the circular helps banks have a legal basis to be able to extend, postpone, and charge off debt groups for businesses, thereby creating favourable conditions for businesses to access credit.

However, other financial experts said the rescheduling term of 12 months is short. Therefore, the period should be extended to support individuals and enterprises in overcoming challenges due to the slowdown of the global economy.

In the middle of last year, a debt restructuring policy was also issued to support businesses affected by the COVID-19 pandemic.

Statistics showed that in the previous debt restructuring for clients affected by the pandemic, nearly 1.1 million debtors had their repayment terms restructured, keeping the debt group with an accumulated value of more than VND722 trillion (US$30.7 billion).

Recently, Prime Minister Pham Minh Chinh, in a meeting with SBV, requested the central bank to amend bond regulations and reschedule debts for businesses.

The PM asked for the completion of the draft circular amending Circular 16/2021 on credit institutions buying and selling corporate bonds in the direction of allowing banks to immediately buy corporate bonds.

According to regulations applied in 2021, banks can only buy unlisted corporate bonds 12 months after these bonds are sold and can only repurchase the same type of bonds that were sold by credit institutions before.

The SBV's recent amendment is to allow credit institutions to buy back unlisted or unregistered bonds on UPCoM that banks sold before the end of 2023. 

Vietnam draws nearly US$8.88 billion of FDI over four-month period

Vietnam attracted approximately US$8.88 billion of foreign direct investment (FDI) during the opening four months of the year, equivalent to 82.1% of the amount recorded during the same period from last year, according to the Ministry of Planning and Investment (MPI).      

Of the figures, US$4.1 billion came from 750 newly-registered projects, surging by 11.1% and 65.2% on-year.

The agency noted that a total of 386 operating projects have been permitted to raise their capital by US$1.66 billion, marking an increase of 19.5% against the same period from last year.

Throughout the reviewed period, capital contributions and share purchases made by foreign investors stood at US$3.1 billion, representing a year-on-year rise of 70.4%.

Foreign investors invested in 18 out of 21 economic sectors, mostly in the processing-manufacturing sector with US$5.1 billion,  accounting for 57.8% of total FDI. This was followed by banking and finance with US$1.5 billion, along with real estate with US$972 million.

In the January to April period, Singapore led 77 countries and localities investing in the Vietnamese market with US$2.2 billion, making up 24.7% of the total FDI. Japan came second with nearly US$2 billion, while China was third with around US$752 million.

As of April the country was home to 37,065 valid projects with a total registered capital of approximately US$445.9 billion.

Deputy PM urges hastening of public investment disbursement

Deputy Prime Minister Le Minh Khai has emphasised the need to clear all roadblocks and clarify the responsibilities of the persons concerned to accelerate public investment disbursement.

He made the request on April 24 while addressing a teleconference with Ho Chi Minh City and the Mekong Delta provinces of Tra Vinh, Vinh Long, Soc Trang, and An Giang, which have recorded slow disbursement.

For 2023, the five localities were assigned more than 92.9 trillion VND (3.9 billion USD) in investment capital from the state budget, including over 67.2 trillion VND from the local and 25.6 trillion VND from the central ones.

As of the end of March, they disbursed over 2.5 trillion VND, equivalent to 2.74% of the target set by the Prime Minister and much lower than the national average of 10.35%. Among them, the disbursement rate stood at more than 5% in the four Mekong Delta provinces and only 0.89% in HCM City, according to the Ministry of Finance.

At the meeting, HCM City, An Giang, and Soc Trang pledged to disburse 100% of their assigned capital, Tra Vinh over 98%, and Vinh Long 100% of the capital from the central budget and 95% of that from the local one.

Noting that the five localities’ disbursement rates are very low, Deputy PM Khai said that as Vietnam’s GDP growth was at only 3.32% in the first quarter, it is necessary to further speed up public investment disbursement to create an impetus for growth and make up for growth slowdowns in other sectors.

He demanded causes of the slow disbursement and the responsibilities of the persons concerned be clarified, asking the chairpersons of the provincial-level People’s Committees to enhance their sense of responsibility, frequently examine and promote the implementation of projects, and tackle hindrances in a timely manner.

He told provincial leaders to take charge of certain groups of projects, especially key ones.

Capital and plans have already been ready, if disbursement fails, it will greatly affect economic growth, Khai pointed out, adding that the localities should view the disbursement of medium-term public investment as a political task for 2023 and use disbursement results as a basis for personnel arrangement.

Ample room ahead for Vietnam-Argentina trade links

The past five decades since Vietnam and Argentina first officially established diplomatic ties in October, 1973, the friendship and co-operation between the two sides have been constantly consolidated and has recorded steady growth.

Most notably, since the original establishment of the comprehensive partnership back in 2010, the bilateral relationship has made impressive progress, especially in terms of economics and trade.

According to details given by the European-American Market Department under the Ministry of Industry and Trade, Vietnam is the Argentinean side’s sixth largest trading partner and fifth largest importer in the world. It also represents a key Southeast Asian partner in the Latin American nation’s South-South co-operation. Meanwhile, Argentina remains the country’s third largest trading partner in Latin America.

Bilateral trade has been constantly increasing, rising from US$316 million in 2007 to more than US$4.8 billion in 2022. Of the figure, Vietnamese exports were valued at US$851 million, up 2.4% on-year, while its imports stood at US$4.03 billion, up 9.7% on-year.

The Vietnamese side has primarily exported phones of all kinds and components, computers, electronic products and components, footwear, and machinery to Argentina, while importing maize, animal feed and raw materials, cotton of all kinds, and soybeans in return.

Vietnamese Minister of Industry and Trade Nguyen Hong Dien said that bilateral trade turnover remains modest compared to the existing potential.

He therefore expressed his hope that both sides will press forward with existing efforts to intensify trade exchanges, diversify imports and exports, as well as gradually equilibrating the trade balance.

According to information given experts, with a population exceeding 46 million, Argentina represents a large potential market to which Vietnamese businesses can export advantageous products such as footwear, garments and textiles, furniture, and handicrafts.

Meanwhile, with a population of nearly 100 million and a gradual increase in terms of purchasing power, Vietnam is also a potential market for Argentinean exporters.

At a meeting held alongside representatives of the Vietnamese Ministry of Industry and Trade, Governor of Entre Rios province Gustavo Bordet underscored the importance of Vietnam in terms of Argentine trade relations, as well as the three provinces of Cordoba, Entre Rios, and Santa Fe in particular.

The Governor said that the two sides continue to boast huge potential to further step up co-operation in the fields of trade, investment, and agriculture. He therefore agreed with the Vietnamese side’s proposals on providing support for the two countries’ businesses in terms of trade promotion and market research.

As a means of bolstering exports to the Argentinean market, the European and American Market Department has proposed enterprises actively seek information regarding the market and update Argentina's economic, trade, and investment policies through government agencies and units such as the Ministry of Industry and Trade, the Vietnamese Embassy in Argentinean, the Argentinean Embassy in Vietnam, and various trade promotion centres.

Businesses should seek to accelerate promotion activities, increase the overall quality of products, develop items in line with the market’s demand and taste, and seek ways in which to reduce transportation and logistics costs.

Minister Dien suggested that the Argentinean side offer optimal conditions for Vietnamese exporters to make inroads into the Argentinean market, especially for goods such as agricultural products, garments and textiles, along with wood products and handicrafts.

Vietnam and Argentina are seeking to tap into opportunities to expand their bilateral trade towards raising bilateral trade to US$10 billion by 2025.

Vietnam to allow online business registration
 
Starting from July 1 this year, investors can register business online, making the business registration process simple and easy, particularly for household businesses.

The Ministry of Planning and Investment has issued a circular amending and supplementing regulations on online business registration. According to the circular, file formats for online business registration include .doc, .docx and .pdf.

Online business registration can be done on the National Business Registration Portal. Investors should declare their information, upload documents and use a digital signature for authentication.

The registration fee will be paid at the district-level agencies that receive documents by cash, bank transfer or online service on the National Public Service Portal.

E-invoice fraudulence prevention tool introduced

The General Department of Taxation (under the Finance Ministry) yesterday held an online meeting for the launch of its ‘Database analysis and electronic invoice management system’.

According to the General Department of Taxation, the use of electronic invoices is a popular trend in the world now thanks to various benefits. However, the Department has discovered that lately in Vietnam, there have been certain organizations and individuals that play tricks in the issuance and use of e-invoices to appropriate tax money.

Therefore, the General Department of Taxation decided to introduce the Center for E-invoice Database with the purpose of analyzing e-invoice data to serve the risk management task in the taxation industry.

Acting General Director Mai Xuan Thanh of this Department stated that the establishment of this Center helps tax agencies to better implement Big Data and AI in the management of tax, invoices so that any invoice-related violations can be timely detected.

In particular, the database analysis system is able to

_Identify unusual purchase prices thanks to the use of AI in analyzing natural languages before comparing the results with other invoices for the sales of the same goods types;

_Identify stores where transactions occur thanks to the application of Bayesian network so that tax agencies can trace goods origin and the added value after each stage.

Vietnam ready to cooperate in agricultural development: Deputy PM

The 4th Global Conference of the One Planet Network’s Sustainable Food System Programme (SFS Programme) opened in Hanoi on April 24, bringing together more than 300 delegates, of whom nearly 200 were foreigners.

In his remarks at the ministerial-level conference, Deputy Prime Minister Tran Luu Quang briefed the participants on the national action plan on building a transparent, responsible and sustainable food and food stuff system by 2030, which is aimed at turning Vietnam into a transparent, responsible and sustainable food producer and supplier.

Vietnam stands ready to share its experience and cooperate with other countries in agriculture and rural development, and wishes to receive more support from them in the time ahead, he said.

The Deputy PM cited a report by the Food and Agriculture Organisation of the United Nations (FAO) showing that the number of people affected by hunger globally rose to as many as 828 million in 2021. The Asia-Pacific region is so off track, it would need an additional 35 years to achieve the Sustainable Development Goals – in 2065.

“It’s high time to take actions to protect the planet – our common house,” Quang stressed.

Estrella Esther Penunia, Secretary General of the Asian Farmers' Association, also pointed out that natural disasters, climate change, epidemics and political conflicts have worsened and seriously impacted lives of households, causing food prices to double or triple, which makes it difficult for people, especially those in remote areas, to access nutritious food.

She suggested countries integrate sustainable development into policy making, and work to ensure seeds, technology and technical assistance.

FAO Director General Qu Dongyu stressed the urgent need to transform the food system in a more effective, comprehensive, flexible and sustainable fashion, saying this requires efforts by all countries.

The conference, to last until April 27, will look into barriers and problems related to the transformation of the food system, and proposed solutions, focusing on models and global architecture of the food system; national and local policies and administration of the food system; production and consumption models; food system transformation methods.

The One Planet Network is an open partnership chaired by the United Nations Environment Programme, aiming to promote sustainable consumption and production.

SFS is a global programme led by the UN, intending to accelerate the transition of food systems towards a more sustainable one through capacity building, synergies and strengthening cooperation between partners at all levels.

Global shrimp demand expected to rebound from Q2

The price of black tiger shrimp in the first months of the year dropped sharply, causing farmers to suffer heavy losses due to the lack of export orders.

Many seafood enterprises said that there have been no new export orders, so shrimp prices are falling sharply. The price of shrimp has decreased by 30-40% compared to the beginning of the year, with the current price at 85,000-210,000 VND (3.7-9 USD), causing farmers to lose from 50-150 million VND (2,155-6,465 USD) per tonne of shrimp sold.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), last month, shrimp exports only reached 265 million USD, down 33% over the same period last year.

In the first three months of the year, exports reached 600 million USD, down 37%.

Specifically, shrimp exports to the US, EU and China were down more than 40% and to the Republic of Korea and Japan around 20% over the same period last year.

Japan is Vietnam's largest shrimp export market at 17.6% of total exports. In the first quarter of this year, shrimp exports to this market reached more than 105 million USD, down 29% over the same period a year ago.

In the first quarter of this year, Vietnam's shrimp exports to the US reached more than 104 million USD, down 46% over the same period a year ago. Record inflation, reduced purchasing power, and high inventories from 2022 are all factors that have reduced demand for shrimp imports into the US.

The situation of US shrimp imports from Vietnam depends a lot on current inventory. If the situation is positive, import demand may recover after the second quarter of this year, according to the VASEP.

Meanwhile, shrimp exports to the EU reached 89 million USD in the first quarter, down 44% over the same period a year ago. Shrimp exports to the EU are not expected to recover in 2023 due to the impact of the Russia-Ukraine conflict.

VASEP said that the reason for the sudden drop in exports was the sharp drop in international market demand. In EU, purchasing power has been affected by the impact of inflation and uncertainties related to the Russia-Ukraine conflict, while the US is in oversupply. According to data from the National Oceanic and Atmospheric Administration (NOAA), US shrimp imports in December 2022 hit a 10-year low.

In addition, Vietnam is facing increasing competition from rival suppliers such as Ecuador and India.

Vietnam's shrimp sector still faces many difficulties and challenges in both input and output related to shrimplet quality, disease control, the ratio of farming areas and product that sometimes does not meet GAP standards. The production cost of shrimp in Vietnam is still much higher than that of Ecuador and India.

In order to increase competitiveness and increase exports, enterprises need to optimise costs, focus on developing added value, improve product quality, and actively change product structure to meet the needs of each market segment. In addition, businesses also need support from the government in terms of technology transformation and capital.

FDI sector has trade surplus of nearly US$14.1 billion

By April 20, the total newly registered capital, adjusted capital and capital contributions and share purchases of foreign investors reached nearly US$8.88 billion, as much as 82.1 percent over the same period last year.
The Foreign Investment Agency under the Ministry of Planning and Investment reported that the capital generated by foreign direct investment projects was estimated to gain US$5.85 billion, reducing 1.2 percent.

Accumulated to April 20, the whole country has 37,065 valid projects with a total registered capital of nearly US$445.9 billion.

The accumulated realized capital of foreign investment projects was estimated at over US$279.8 billion, equaling 62.8 percent of the total valid registered investment capital.

According to the Foreign Investment Agency, export turnover including crude oil of foreign investment areas was estimated at nearly US$81.19 billion, a reduction of 10.8 percent compared to the same period last year, accounting for 74.6 percent of export turnover.

Export turnover excluding crude oil was nearly US$80.56 billion, a decrease of 10.8 percent over the same period, accounting for 74 percent of the country’s export turnover.

On the other hand, imports of the foreign investment sector attained over US$67.1 billion, decreasing 15.5 percent compared to the same period and accounting for 65.2 percent of the country’s import turnover.

The FDI sector had a trade surplus of nearly US$14.1 billion including crude while the domestic sector had a trade surplus of nearly US$8.3 billion.

Vietnamese firms aim for stronger presence on Japanese market

Vietnamese firms are working to bring more products to the Japan to not only increase their presence at the over 125-million-strong market but also use their foothold there as a launch pad to reach other choosy markets in the world.

Masan Consumer, which has successfully sold its Chin-su-branded chili sauce in Japan since August 2018, has introduced a Chin-su seasoning product collection that the firm has developed exclusively for the Japanese market.

As the success in Japan has helped Chin-su chili sauce to enter many other markets such as China, the Republic of Korea, Australia, Europe and northern America, the firm wants to follow the same scenario for its Chin-su seasoning products.

Dan Katsuhiko, chief of office for international trade of AEON Group highly valued the quality of Vietnamese products and expressed hope that other products of Vietnam such as vegetable and aquatic products, including those from Masan, will be welcomed by Japanese consumers.

Pan Group, one of the large-scale agricultural and food companies of Vietnam, brought many high added value products to the recent Foodex Japan 2023 such as tra fish, dried fruits, and coffee in the hope of getting attention from Japanese customers.

Nguyen Thi Tra My, Vice Chairwoman and General Director of Pan Group said that Japan is a gateway for Vietnamese products to the world.

Before Masan and Pan Group, in June 2022, Tan Long Group was able to sell Vietnamese ST25 rice with the brand name of A An in Japan after meeting over 600 technical standards set by the country.

Vietnamese Trade Councillor to Japan Ta Duc Minh said that Japanese consumers pay special attention to details like size, colour, packaging and processing methods besides quality and food safety of imported products.

Minh advised Vietnamese exporters to carefully explore the habits and consuming trend of Japanese consumers, while making sure that their products meet the strict requirements of the Japanese market, especially in food safety.

Officials seek to boost agricultural trade between Vietnamese, Chinese localities

Trade officials from Vietnam’s northern border province of Lao Cai and Honghe county of the neighbouring Chinese province of Yunnan visited the Mekong Delta province of Long An on April 23, seeking to form partnerships with local agricultural production, processing, and exporting companies.

The delegation from the Lao Cai Department of Industry and Trade and the Honghe commerce division made a fact-finding tour of some member businesses of the Long An Dragon Fruit Association in Chau Thanh district, a rice processing firm in Thu Thua district, and a lime processing company in Ben Luc district.

Chau Thi Le, Deputy Director of the Long An Department of Industry and Trade, said her province is home to a wide range of agricultural products such as rice, dragon fruit, seedless lime, banana, and watermelon. In 2021 and 2022 each, it exported about 646,250 tonnes of rice to 40 countries and territories, mainly China, Hong Kong (China), Singapore, and Malaysia. Last year, China purchased 36.35% of Long An’s total rice export volume.

Long An to help local agricultural production firms and cooperatives to boost trade with domestic and foreign markets, thereby helping promote that between Vietnam - China in 2023 and the following years.

Global Sourcing Fair Vietnam to take place this week

The Global Sourcing Fair Vietnam will take place in Ho Chi Minh City from April 26-28, expected to bring together hundreds of suppliers from Vietnam and other Asian nations, and welcome 6,000 buyers.  

It will be co-organised by the Vietnam National Trade Fair and Advertising Company (Vinexad) under the Ministry of Industry and Trade, and the Hong Kong-based Global Sources.

On display will be more than 5,000 products, including household utensils, furniture, gifts and handicrafts, fashion and accessories, and garments-textiles, according to Wei Hu, Chief Executive Officer of the Global Sources.

Given global economic challenges, the fair, the first of its kind in Vietnam, is expected to serve as a bridge between buyers and suppliers from Vietnam and other countries in Southeast Asia, he added.

Notably, more than 30% of the participating enterprises are foreign.

The organisers said the fair is intended to connect promising buyers with prestigious suppliers all over the world through such events as business matching, online tours and workshops.

With both online and offline formats, Global Sourcing Fair Vietnam is expected to maximise business opportunities for the participating firms and give new experiences to buyers.

Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes