Vietnam was the second largest importer of Lao products in June this year, with a total value reaching 115 million USD, according to the Lao Trade Portal (LTP).

The country’s import-export value amounted to nearly 1.23 billion USD in the month, excluding the value of electricity import-export, up 13% month-on-month.

Although Laos still recorded a trade deficit of about 133 million USD, its export turnover rose by 13% compared to the previous month.

The country’s main exports included potash salt (80 million USD), mixed gold (67 million USD), paper (40 million USD), rubber (29 million USD), copper ore (27 million USD), wood chips (23 million USD), and sugar (17 million USD), the LTP said.

Meanwhile, the total import value in the month increased by 7% compared to the previous month, with major items being diesel fuel, road vehicles, machinery and equipment, electrical appliances and equipment, and steel and steel products./.

Vietravel Airlines launches direct flight linking Phu Quoc to China’s Taiwan

Vietravel Airlines has run its inaugural flight connecting Phu Quoc (Vietnam) with Taipei (Taiwan, China), marking a significant step in expanding its international network to major source markets this year.

Flight VU1183, carrying 210 passengers traveling for tourism and family visits, departed from the Taoyuan International Airport in Taipei and landed at the Phu Quoc International Airport on Phu Quoc island, off the coast of the Mekong Delta province of Kien Giang, on the evening of August 1.

CEO of Vietravel Airlines Nguyen Minh Hai said it represents a pivotal moment in the airline's growth journey, opening new collaboration opportunities with potential partners to broaden its market reach.

Hai noted the Taipei-Phu Quoc route is expected to increase tourist arrivals to Phu Quoc and boost local tourism development. The carrier is committed to providing high-quality, safe, and convenient air travel services on every flight.

Taiwan is one of the airline’s targeted markets for 2024. In September, it plans to launch new routes connecting the central coastal city of Da Nang and the central province of Thua Thien-Hue’s Hue city with Taiwan’s Taichung.

According to the General Statistics Office, Vietnam welcomed over 8.8 million foreign arrivals in the first half of 2024, a 58.4% increase compared to the same period last year and 4.1% higher than in 2019 – the year before the outbreak of the COVID-19 pandemic. The Republic of Korea remained the largest source market with 2.2 million visitors, followed by China with 1.8 million, and Taiwan (China) with 630,000./.

Int’l logistic expo kicks off in HCM City

The Vietnam International Logistics Exhibition (VILOG), the second of its kind, kicked off on August 1 in Ho Chi Minh City.

Featuring a total of 400 booths by 300 firms from 20 countries and territories worldwide, including the US, Germany, Japan, China, Singapore, and the Republic of Korea, the event is showcasing products, services, and the latest technologies in the fields of transport and forwarding, services and warehouse systems, packaging and cold chains, and logistics IT.

Addressing the opening ceremony, Deputy Minister of Industry and Trade Phan Thi Thang said that the expo has drawn the participation of logistics services, equipment, and solution providers, thereby creating favourable conditions for Vietnamese enterprises to gain access to both international solutions and markets.

Chairman of the Vietnam Logistics Association (VLA) Dao Trong Khoa said that VILOG 2024 also features field trips to important ports and logistics centres that play a crucial role in Vietnam's growing trade and transportation sectors.

Besides, many exhibitors display advanced logistics management software, automation solutions, AI and IoT logistics platforms, and blockchain technology applications to enhance supply chain transparency.

The expo also offers a range of networking opportunities for Vietnamese firms, including business-to-business (B2B) sessions, allowing participants to explore cooperation potential whilst expanding into new international markets.

A number of seminars will also be held during the course of the event to discuss hot issues and new trends in the logistics sector.

The exhibition, to last through to August 3, is expected to attract over 25,000 visitors.

Last year's event lured 256 firms with 354 booths from 22 countries and territories, and more than 25,000 visitors.

Logistics is one of the fastest growing and most stable industries in Vietnam, with an average growth rate of 14–16% a year and a scale of 40-42 billion USD per year. According to Agility's assessment in 2022. Vietnam was ranked 11th in the group of 50 global emerging logistics markets./.

Conference helps connect Central Highlands provinces, RoK enterprises

Enterprises in the Central Highlands provinces of Vietnam inked 36 memorandums of understandings with partners from the Republic of Korea (RoK) at a trade promotion conference held in Lam Dong province on August 1.

The event drew the participation of 29 Korean firms and 74 enterprises based in the Central Highlands provinces of Lam Dong, Dak Lak, Gia Lai, Kon Tum and Dak Nong.

In his opening remarks, Duong Quoc Anh, Director of the Trade, Tourism and Investment Promotion Centre of Lam Dong highlighted the strong growth of the cooperative relationship between Vietnam and the RoK in various fields, including trade and investment, adding that the Central Highlands region, which boasts great potential in natural resources, friendly people and diverse culture, has become an attractive destination for domestic and foreign investors.

Cho Beob - Vice President of RoK Y Mart Retail Group, said that by participating in this conference, he wanted to work directly with Vietnamese enterprises and seek best local products for trading. He went on to say that Koreans like products such as coffee and cocoa, so he is looking for these types of products.

Tran Hai Linh, Chairman of the Vietnam - Korea Business and Investment Association (VKBIA) said that ample room remains to promote trade cooperation and import-export between Vietnam and the RoK. According to him, the conference in Lam Dong offered a good chance for the business community of the two countries to implement B2B and B2C activities./.

Hanoi’s consumer price index up 5.51% in seven months

Hanoi’s Consumer Price Index (CPI) in the January – July period rose 5.51% from the same time last year, according to the city’s statistics office.

During the period, among the 11 main groups of consumer goods and services, 10 saw price hikes while postal and telecommunications services experienced a decline of 0.16%.

Notably, in the seven months, educational services increased by 30.58%; housing, electricity, water, fuel and building materials grew by 6.19%; food and catering services expanded by 3.28%, and medicine and medical services increased by 4.15%.

The total revenue from the retail sales of goods and consumer services reached 475.3 trillion VND (18.84 billion USD), up 10.3% over the same period last year.

The revenue of the hotel and restaurant sector stood at 62.1 trillion VND, up 10.5%, while that of tourism was 15.7 trillion VND, up 46.8%, and other services, 95.9 trillion VND, up 6.5%.

Tourism activities remained a major source of revenue for many service sectors and the local budget. In July, Hanoi attracted about 468,000 visitors, up 2.9% over the previous month and 16.6% year-on-year.

In the first seven months, the city welcomed nearly 3.5 million visitors, a rise of 33.2% over the same period last year. Particularly, the number of foreign visitors went up 43.4% year-on-year./.

More than 6,800 enterprises resume operations in July

More than 6,800 enterprises resumed operations in July, up 26.2% over the previous month but down 0.7% from the same period last year, according to the Agency for Business Registration (ABR) under the Ministry of Planning and Investment.

Also in July, 14,700 enterprises were established in July with a total registered capital of 110 trillion VND (4.36 billion USD), a drop of 6.3% in the number of enterprises and a decline of 22.8% in registered capital against the previous month.

In the first seven months of this year, nearly 44,300 enterprises re-enter the market, up 4.7% over the same period last year.

More than 95,200 enterprises were established in the January-July period with a total registered capital of 854.6 trillion VND, up 6.3% and 2.4% in the number of enterprises and registered capital, respectively.

According to the ABR, nine out of 17 industries saw increases in the numbers of newly established enterprises compared to the same period in 2023.

Specifically, the number of newly-established enterprises in transport and warehousing ranked first with a rise of 20.8%, followed by wholesale, retail, car and motorbike repair with 14%, and electricity, water, gas production and distribution industries with 12%.

Meanwhile in July, 6,837 enterprises temporarily suspended operation, up 26.2% over the same period last year but down 0.7% from the same period last year. A total of 7,035 enterprises stopped operating to wait for dissolution procedures, up 30.2% from the previous month and up 33.8% over the same period last year; and 1,730 businesses completed dissolution procedures, down 22.4% from June but up 9.4% from the same period last year.

In the January-July period, the number of enterprises temporarily suspending business was more than 78,000, up 16.7% compared to the same period last year.

More than 35,500 enterprises stopped operating to wait for dissolution procedures, down 1.5% over the same period last year; and 11,900 enterprises completed dissolution procedures, an increase of 14.5% over the same period last year./.

Petrol prices down in latest adjustment

The Ministry of Industry and Trade and the Ministry of Finance have decided to reduce the retail sale prices of petrol products from 3pm on August 1.

Accordingly, the price of E5RON92 bio-fuel was cut by 284 VND to 21,616 VND (0.86 USD) per litre, while that of RON95-III fell by 281 VND to 22,603 VND per litre.

Meanwhile, the price of diesel 0.05S dropped by 316 VND per litre to 19,878 VND per litre, and kerosene is now priced at 20,095 VND per litre, down 231 VND. Mazut oil 180CST 3.5S is sold at 16,886 VND per kg, a decrease of 292 VND.

The two ministries decided not to use the petrol price stabilisation fund./.

Foreign investment in property sector in seven months surges 78%

Foreign investors injected more than 2.87 billion USD into the Vietnamese realty market during January-July, a year-on-year surge of 78%, according to the Ministry of Planning and Investment (MPI)’s Foreign Investment Agency.

The agency said that foreign investors funneled their money in 18 out of the 21 economic sectors, with the processing and manufacturing industry attracting the largest share of over 12.65 billion USD, or 70.3% of the total.

The realty industry came second. Total newly-registered capital in the property market was 1.94 billion USD while 1.14 billion USD was disbursed during the seven-month span.

Experts from property consultancy firm Savills said Vietnam has opportunities to welcome the fourth wave of foreign direct investment (FDI), mainly into high-tech sectors like electronics, semiconductor, AI and renewable energy whose development has a direct impact on the industrial property on the back of an increasing demand for warehouses.

Thomas Rooney, Senior Manager of Industrial Services at Savills Hanoi, said that it is necessary to handle the energy issue at industrial parks to maintain their attractiveness to foreign capital in the coming time.

That the Vietnamese Government has sketched out a plan to build a 1,500 MW thermal power plant in the central province of Nghe An, which is expected to become operational in 2029-2030, is a notable effort to lure foreign investors, he added.

He also suggested industrial parks pay due attention to green trend as there is an increasing number of foreign businesses focusing on the development of the circular economy while Vietnam has eyed to achieve net-zero carbon emissions by 2050.

A Savills survey showed that around 80-85% of the foreign investors impose requirements on environment, social and governance (ESG) responsibilities, and Vietnam has climbed on the bandwagon.

According to statistics from the MPI, up to 50% of cities and provinces across the nation will plan to transform their existing industrial parks into eco ones, and 8-10% of the localities will develop new eco industrial zones, which are among the factors that help increase their attractiveness to foreign capital.

Total registered foreign capital in Vietnam during January – July amounted to more than 18 billion USD in Vietnam, a year-on-year increase of 10.9%.

The disbursed investment was recorded at over 12.55 billion USD, up 8.4% as compared to the same time last year.

Foreign investors injected 10.76 billion USD in 1,816 new projects, rising 35.6% and 11.6%, respectively.

Meanwhile, 734 projects had their capital adjusted up with a total amount of more than 10.76 billion USD, down 0.3% in the project number, and up 19.4% in capital year-on-year.

Capital contributions and share purchases fell 45.2% to 2.27 billion USD.

Registering 6.52 billion USD, Singapore was the biggest investor among the 91 countries and territories investing in the nation in the reviewed period, followed by China’s Hong Kong, Japan, China, and the Republic of Korea.

The foreign investors landed their capital in 48 cities and provinces across the nation. Bac Ninh attracted the largest amount of foreign capital with nearly 3.2 billion USD while in the second and third places were Quang Ninh and Ho Chi Minh City, luring over 1.56 billion USD and 1.55 billion USD, respectively.

The foreign-invested sector enjoyed a trade surplus of around 27.9 billion USD (including crude oil), and contributed greatly to the nation’s trade surplus of 12.4 billion USD during the seven-month period.

As of July 20, Vietnam was home to 40,777 valid foreign projects with total registered capital of 487 billion USD. Some 309.7 billion USD had been disbursed by the time./.

Ba Ria-Vung Tau holds dialogue with Japanese enterprises

The People's Committee of Ba Ria-Vung Tau held a dialogue with Japanese enterprises on July 31 to help remove difficulties and address problems facing them while operating in the southern province.

At the dialogue, Chairman of the provincial People's Committee Nguyen Van Tho affirmed that Ba Ria-Vung Tau has always accompanied Japanese enterprises to promptly address arising problems and facilitating their investment, operation and business in the locality.

He asked the enterprises to continue accompanying the province in enhancing the development and applicaiton of new management models, towards sustainable business and development.

In addition to directly replying questions raised by Japanese investors and partners, the provincial chairman took notes their proposals and instructed relevant departments and agencies to seek measures to remove difficulties for enterprises.

According to the provincial Department of Planning and Investment, Japan is among five countries and territories with the largest foreign direct investment (FDI) in Ba Ria - Vung Tau. There are 45 Japanese projects with a total registered capital of nearly 4 billion USD in the province./.

Vietnam Airlines, Innovation India seal MoU for collaboration

National flag carrier Vietnam Airlines and India's Innovation India on July 31 signed a memorandum of understanding (MoU) on collaboration in enhancing the two countries’ economic, investment, cultural, and tourism connections.

Under the MoU inked in New Delhi as part of a Vietnam-India business forum, the sides are scheduled to co-host the NAMASTE Vietnam Festival in late August in Ho Chi Minh City. This festival will feature trade, culture, and tourism workshops, along with art performances, providing a platform for business and community engagements between the two nations. Additionally, their partnership will support the production of the first joint India-Vietnam film titled "Love in Vietnam."

This cooperation is expected to deepen bilateral cultural understanding and ties as well as tourism and trade exchanges, creating new opportunities for Vietnamese and Indian businesses and investors.

Nguyen Chien Thang, Deputy General Director of Vietnam Airlines, stressed the importance of the Indian market for the airline and expressed his delight to partner with Innovation India to foster exchanges between the countries.

Besides operating direct flights, the carrier has been actively promoting Vietnamese tourism in India, he said, adding that it will expand its flight network, enhance service quality, and explore new cooperation opportunities with Indian partners.

At the event, Vietnam Airlines showcased its brand, service offerings, and networked with Indian firms.

To meet the growing travel demand between the two nations, the airline currently operates four weekly flights between Hanoi and New Delhi, three between Ho Chi Minh City and New Delhi, four between Hanoi and Mumbai, and three between Ho Chi Minh City and Mumbai.

A representative from Vietnam Airlines noted that with nearly 1,900 flights and 280,000 passengers served, the carrier has played a crucial role in promoting exchanges between Vietnam and India. This success is attributed not only to its efforts but also to the strong cooperation between the governments of the two countries, paving the way for future growth and development./.

East-West trade, tourism, and investment fair gets underway in Da Nang

The International East-West Economic Corridor (EWEC) Trade, Tourism, and Investment Fair - Da Nang 2024 (EWEC Da Nang 2024) opened in the central city of Da Nang on August 2, featuring 300 booths by more than 150 local and foreign businesses.

The annual event, due to last until August 6, is showcasing an array of electronics, technological equipment, furniture interior décor, handicrafts, gifts, food and beverages, textiles, fashion items, pharmaceuticals, cosmetics, and tourism services, as well as products in the logistics, education, and health care industries.

Addressing the opening ceremony, Deputy Minister of Industry and Trade Nguyen Hoang Long expected that international fair would promote mutually beneficial cooperation, mutual understanding and trust between countries along the East-West Economic Corridor and other countries in the region.

EWEC Da Nang 2024 provides a venue for businesses to showcase their products, seek partners and promote cooperation in many areas, he said, revealing that many investment promotion programmes will also be held, including a conference on trade connection and export promotion.

The fair has drawn the participation of businesses from 31 cities and provinces across the country, as well as firms from Laos, Cambodia, Myanmar, Russia, the Republic of Korea, China, Malaysia, and Thailand.

The EWEC Da Nang has been held annually since 2007 as part of efforts to popularize the socio-economic development achievements and promote the trade, investment, and tourism potential of provinces, cities in the Central and Central Highlands regions, and localities of countries along the East-West Economic Corridor.

VinFast mini electric car VF 3 hits the road in Vietnam

Vietnam’s leading electric vehicle manufacturer VinFast has delivered the first batch of its mini electric car VF 3 to customers in the country.

VinFast officially launched the VF 3, a mini electric car model designed specifically for the Vietnam market on June 8, 2024. Customers put in nearly 28,000 orders immediately after the sale opening ceremony. A VF 3 costs VND322 million with a battery on offer, and VND240 million with battery rental.

According to the automaker, boasting a compact and contemporary design, the VF 3 offers numerous benefits, making it suitable for a wide range of applications and operating environments. This eco-friendly vehicle is also equipped with smart features, providing a dynamic mobility option for individuals of all backgrounds.

The car has an overall length of approximately 3,114 mm and features a 2-door design, a rear trunk, and sufficient interior space to accommodate up to five people. The body is compact yet tall and robust, providing ample ground clearance and equipped with 16-inch wheels. The exterior design is characterized by bold geometric blocks and strong lines that run consistently from the front to the back, creating an eye-catching appearance.

The car is equipped with an electric motor and battery that offer an impressive travel distance, catering to the needs and daily usage patterns of most Vietnamese drivers.

VF 3 comes in two trims, Eco and Plus, and is accessibly priced for mass appeal while providing a safe, convenient, and smart transportation solution. 

By marketing VF 3, VinFast continues to firmly assert its position as an original equipment manufacturer with the most diverse product range in the global electric vehicle market, offering seven models that cover from Mini cars to full-size E-class SUVs. VinFast has launched six electric car models in segments ranging from A to E, including VF 5 Plus, VF e34, VF 6, VF 7, VF 8, and VF 9.

VinFast is scheduled to hand over at least 20,000 VF 3 vehicles to customers who have pre-ordered at showrooms and distributors nationwide in 2024.

Domestic gold prices experience sudden surge despite world market fall

Gold prices in the domestic market bounced back on August 2, reaching nearly VND80 million per tael, up VND800,000 compared to the previous day, while gold prices fell slightly in the world market.

According to the latest changes, Saigon Gold and Jewelry Company rated each tael of SJC gold at VND77.8 million for buying and VND79.8 million for selling,

Elsewhere, prices of gold bars at Bao Tin Minh Chau and Phu Nhuan jewelries were also quoted at VND77.8 million and VND79.8 million per tael for buying and selling, respectively.

The sudden surge comes after the State Bank of Vietnam (SBV) announced on July 30 a direct selling price of SJC gold bars to four State-owned commercial banks and Saigon Jewelry Company (SJC) at VND78 million per tael, down VND500,000 compared to the previous week.

The State Bank stated that it will continue to implement a roadmap in order to narrow and control the difference between the domestic selling price of SJC gold bars and the global price of the product at an appropriate level.

Meanwhile, at 5a.m. on August 2, gold in the world market was changing hands at US$2,446.7 per ounce (equivalent to VND73.564 million) on the gold exchange Kitco, down US$1.29 compared to the previous trading session.

Vietnamese manufacturing records highest rise in output over 13 years

The Vietnamese manufacturing sector continued to sustain its growth in July, 2024, securing the highest rise in output since March 2011, according to S&P Global.

In its recently released survey, the S&P Global measured the Vietnamese manufacturing sector’s Purchasing Managers’ Index (PMI) at 54.7 in July, the highest since November 2018.

The index, which is equivalent to the June rate, signals a further marked strengthening of business conditions in the local manufacturing sector, said S&P Global, adding marked improvements were seen across the consumer, intermediate and investment goods categories.

New orders increased for the fourth month running in July on the back of stronger market demand and an increase in customer numbers. New export orders also rose, albeit at a much softer pace than total new business.

With new orders rising sharply, manufacturers ramped up production in July. Moreover, the rate of expansion in output quickened from that seen in June and was the second-fastest on record, just behind that seen in the opening month of data collection in March 2011.

“The fact that the Vietnamese manufacturing sector was able to sustain the strong expansion seen in June through into July adds to optimism that we are at the start of a good spell of growth that will help drive the wider economy forward,” said Andrew Harker, Economics Director at S&P Global Market Intelligence.

The results of the survey are in tandem with statistics recently released by the General Statistics Office of Vietnam. Accordingly, the country's index of industrial production (IIP) obtained its positive growth in July at 0.7% over June and 11.2% compared to the same period last year.

Meanwhile, the S&P Global survey also pointed out that input costs continued to increase sharply during July, with the pace of inflation only marginally weaker than the two-year high seen in June. Suppliers had reportedly raised their charges, while increased shipping costs was also a factor.

Rising costs for raw materials and shipping meant that manufacturers increased their own selling prices for the third month running in July. The rate of inflation was solid, albeit softer than that seen in the previous survey period.

Expectations that new orders will continue to rise over the coming year supported confidence in the outlook for production. Around 40% of respondents expressed optimism, but sentiment eased to the lowest since January and was weaker than the series average.

“The main issue for firms at present is keeping up with demand. While production was ramped up, firms were still forced to dip into warehouse stocks to help meet new order requirements, resulting in one of the sharpest depletions of inventories on record. Manufacturers will need to expand workforce numbers more quickly and continue to secure additional materials should current trends in new orders be sustained in the months ahead,” said Harker.

Standard Chartered named most inspiring brand in Vietnam

Standard Chartered Bank Vietnam has been named the most inspiring brand in Vietnam 2024 (Banking Sector) by International Business Magazine, marking the third consecutive year the bank has received this prestigious award.

The recognition reaffirms Standard Chartered’s unwavering commitment to its core value and dedication to fostering a culture of inspiration and excellence for its clients, employees and the community.

Michele Wee, CEO, Standard Chartered Bank Vietnam said, “We are deeply honoured to be recognised as the 'Most inspiring brand in Vietnam 2024 (Banking Sector)', acknowledging the bank’s efforts in contributions to fostering growth, innovation, and sustainability of the country. Celebrating our 120th anniversary in Vietnam, this recognition holds immense significance and inspires us to continue driving positive change and supporting Vietnam’s journey towards a more prosperous and sustainable future.”

Standard Chartered celebrates the 120th anniversary of its presence in Vietnam with a series of events and activities to mark the milestone. Highlights include the first Standard Chartered Hanoi Marathon Heritage Race on November 3, 2024, celebrating cultural heritage and binding the community through healthy living and the shared values of resilience and determination. This race is the 10th in Standard Chartered’s global marathon system. 

The upcoming Standard Chartered Cup 2024 offers Vietnamese amateur footballers and fans a chance to tour Anfield stadium, and the SC Games 2024, an internal sport competition for all the Bank’s colleagues in markets in Asia, will be held in Vietnam for the first time.

Standard Chartered has a longstanding commitment to Environmental, Social, and Governance (ESG) principles and Sustainable Finance. The bank has committed to mobilising US$300 billion globally by 2030 in green and transition financing, and have set up a transition acceleration team to support carbon-intensive sectors. More recently, at COP26 the bank executed US$8.5 billion and at COP28 US$3 billion in MoUs with local corporates to advance ESG and sustainable financing initiatives.

Standard Chartered’s three strategic pillars – driving net zero, lifting participation, and resetting globalisation – guide its mission to create a more just and prosperous world. Standard Chartered is a fervent supporter and aligned with the Vietnamese Government’s ambitions to be net zero by 2050.

Partnering with the Vietnamese Government since COP26, the bank, along with diverse stakeholder groups from the Government to the private sector, has been actively in the Just Energy Transition Partnership (JETP) to achieve these ambitions.

Vietnamese manufacturing continues improving in July

The Vietnam Manufacturing Purchasing Managers' Index (PMI) hit 54.7 in July, reaching above the 50-point threshold for the third consecutive month.

According to S&P Global, the world’s foremost provider of credit ratings, benchmarks, and analytics in the global capital and commodity markets, the figure has remained at its highest level since May, 2022.

In a report released on August 1, S&P Global revealed that new orders witnessed growth for the fourth consecutive month, with the expansion rate being slightly slower than the near-record pace recorded in June.

New export orders also increased, though much softer compared to the total amount of new business. Consequently, manufacturers moved to ramp up production, with the rate of expansion being the second-fastest on record.

It is said that firms had worked to expand capacity by boosting both purchasing activity and employment. Input buying surged, reaching its steepest pace since May, 2022, while staffing levels also grew modestly and slower in comparison to June.

In terms of prices, input cost inflation was only slightly weaker than the two-year high recorded last month, thereby pushing output charges to rise for the third consecutive time, S&P Global reported.

Lastly, expectations of continued growth in new orders over the coming year served to bolster confidence in the production outlook, although sentiment eased to its lowest level since January, it added.

The S&P Global Vietnam Manufacturing Purchasing Managers’ Index measures the performance of the manufacturing sector and is derived from a survey comprising of 400 manufacturing companies.

The index is based on five individual indexes with weights such as new orders at 30%, output at 25%, employment at 20%, suppliers’ delivery times at 15%, and stock of items purchased at 10%, with the delivery times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change.

US initiates second anti-dumping duty review into Vietnamese honey

The United States Department of Commerce (DOC) has announced the initiation of a second administrative review of the anti-dumping duty order into Vietnamese honey, according to the Trad Remedies Authority under the Ministry of Industry and Trade (MoIT).

The review list is expected to include businesses exporting honey to the US market. Any firm which finds itself on this list that did not export honey to the US during the review period must notify the US Department of Commerce within 30 days of the date of the notice of initiation of the review if any shipments are suspended for consideration.

As stipulated, within 35 days from the date of announcing the initiation of the review set for September 2, the DOC will move to conduct the selection of enterprises as compulsory defendants in the case based on the export volume of businesses from high to low, according to data compiled by the US Customs and Border Protection (CPB).

Furthermore, within 90 days from the date of initiation of the review slated for October 27, the parties can move to withdraw their request for review.

Moreover, for countries that the US considers to be non-market economies such as Vietnam, in order to enjoy separate tax rates, businesses must apply for separate tax rates within 30 days from the date of the notice of initiation of review slated for August 28.

In the event that the enterprise does not apply for a separate tax rate and is not selected as a mandatory defendant, the firm will instead be subject to the national tax rate.

The DOC will issue its final review results no later than June 30, 2025.

As a means of ensuring the legitimate rights of enterprises, the Trade Remedies Authority recommends that firms either producing or exporting related products continue to stay updated on the developments of the case, properly and fully implement the requirements of the US investigation agency, and closely co-ordinate with authorities throughout the process of dealing with the case.

Top three importers of Vietnamese agro-forestry-fishery products

The United States, China, and Japan continued to make up the three largest importers of Vietnamese agro-forestry-fishery products in the first seven months of the year, according to the Ministry of Agriculture and Rural Development (MARD).

Statistics show shipments to the US accounted for 21.1% of the total and grew by 21.6% year on year, whilst those to China made up 20.5% of the total and secured 11.3% growth. Shipments to Japan represented 6.6% of the total with growth of 4% year on year.

Between January and July, Vietnam racked up a trade surplus of US$9.42 billion from agro-forestry-aquatic exports, marking an annual increase of 60%.

The country earned US$34.27 billion from agro-forestry-aquatic exports throughout the reviewed period, up 18.8% year on year.

The initial seven months of the year saw businesses ship abroad US$18.21 billion worth of agricultural products, up 23.4%; US$9.41 billion of forestry products, up 21.1%; and US$5.29 billion of aquatic products, up 7.3%.

Almost all key export items enjoyed high growth, including timber and wood products (US$8.7 billion, 21.9%); coffee (US$3.5 billion, 30.9%); rice (US$3.2 billion, 25.1%); cashew nuts (US$2.3 billion, 22.1%); fruits and vegetables (US$3.8 billion, 24.3%); and shrimp (US$1.02 billion, 7.1%).

Most notably, several items witnessed a significant increase in the average export price, including rice (US$632 per tonne, up 18.2%); coffee (US$3,669 per tonne, up 51.7%); and pepper (US$4,665 per tonne, up 45%).

Exports to the Asian market were up 16.9% to US$16.3 billion. Elsewhere, exports to the Americas increased by 20.5% to US$7.9 billion, whilst exports to the European market saw a rise of 29.6% to US$4.2 billion.

Vietnamese fruit and vegetable exports are on the rise and are anticipated to bring in more than US$7 billion this year.

Dang Phuc Nguyen, general secretary of the Vietnam Fruit and Vegetable Association, says that Vietnamese farm produce boasts a good food quality which is favoured by many markets.

In addition, local businesses have shown a trend of taking full advantage of opportunities from signed free trade agreements and other legal documents in a bid to further penetrate more markets in the coming time.

Viettel Global reports profit of VND1.2 trillion in Q2 2024

Viettel Global (UPCoM: VGI) reported a net profit of over VND1.2 trillion (US$47.5 million) for the second quarter of 2024, with net revenue increasing by 27%.

This marks the tenth consecutive quarter of growth compared to the same period in 2023 and is the highest quarterly revenue ever recorded by the corporation.

The figures were derived from Viettel Global's consolidated financial report for Q2 2024. Specifically, revenue from sales and service provision reached nearly VND8.7 trillion, a 27% increase compared to Q2 2023 and nearly five times the global telecommunications growth rate of 6% (according to GSMA).

In the second quarter, all nine markets exhibited high growth, with Lumitel in Burundi increasing by 32%, Unitel in Laos by 30%, Movitel in Mozambique by 23%, Mytel in Myanmar by 21%, Natcom in Haiti by 18% and Telemor in East Timor by 15%.

The electronic wallet companies also showed impressive growth, with M_mola (Mozambique) increasing by 136%, U-money (Laos) by 53%, Halopesa (Tanzania) by 35% and Lumicash (Burundi) by 25%.

In May 2024, Movitel (Viettel in Mozambique) rose to the number one market share position, marking the seventh market where Viettel Global holds the leading position. In 2024, the corporation aims to maintain a double-digit growth rate, with traditional telecommunications growing by over 10% and non-telecommunications services growing between 20-30%.

Viettel Global is pursuing a strategy of expanding its business both in depth and breadth. In depth, to ensure sustainable and effective development, Viettel Global maintains its number one position and continues to expand new services in markets such as data centres, cloud services, electronic wallets and digital services for governments and citizens. In breadth, at the invitation of various countries, Viettel Global continues to survey new markets to seek investment and business opportunities.

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