Experts have predicted that gold prices, which reached a record high last week, may continue to rise in the short term, but the upward trend would be hard to sustain in the medium and long term.

Selling prices are high due to several factors in the domestic market, including VND/USD exchange rate, the global rising trend in gold prices, and seasonal such as the end-of-year consumption cycle, the wedding season, and God of Wealth Day (the 10th day of a lunar year).

With these psychological factors, experts believe that gold prices will grow further in the short term. However, the current rising pace would not continue in the medium and long term because the price difference between domestic and global gold has reached 15 million VND (619.32 USD) per tael.

Earlier, gold prices experienced a flourishing week, setting a new record of 77.4 million VND per tael in the trading session on December 22.

Although the price quickly dropped from the peak, it still stayed at a high level. At the final session last week, buying prices were listed at 75.7 million VND per tael and the selling prices at between 76.9 million VND and 77 million VND per tael in Hanoi.

My Khanh Tourism Village in Can Tho recognised as four-star OCOP product

My Khanh Tourism Village in Phong Dien district received a decision from the People’s Committee of Mekong Delta Can Tho city recognising it as a four-star “One Commune, One Product” (OCOP) product, on December 23.

Le Van Sang, Director of My Khanh Tourism Village, said the recognition will contribute to preserving and promoting unique cultural and artistic values of the Southwest region, and serve as a premise for the village to upgrade its tourism products, thus promoting rural economic development in the direction of rural and community-based tourism model.  

The recognition is expected to further promote tourism potential of Can Tho and the Mekong Delta region in general to domestic and international visitors, he said.

Established in 1996, My Khanh tourist village is seen as an attractive and typical tourist destination of Can Tho. Covering an area of 30ha, the village provides numerous entertainment, leisure and relaxation activities.

The destination serves thousands of tourists every year, earning great revenues for the municipal tourism sector, he said.

Not only attracting tourists, My Khanh Tourist Village in particular and tourist destinations in Phong Dien in general have focused on promoting local OCOP products and specialties to tourists, contributing to preserving and promoting cultural values and traditional cuisine of the Mekong Delta region, Sang added.

 A site for introducing and selling OCOP products is launched in the village. (Photo: VNA)

On the occasion, a site for introducing and selling OCOP products was launched in the village.

Meanwhile, a trade fair featuring 50 pavilions which kicked off in the village on the same day is introducing specialties and OCOP products of the Mekong Delta region. The event will last until January 1, 2024.

According to Vice Chairman of the municipal People’s Committee Nguyen Ngoc He, Can Tho has so far had 148 products recognised as three- and four-star OCOP products.

The “One Commune, One Product” programme has importantly contributed to implementing the national target programme on new-style rural area building in the locality, and improving the material and spiritual life of residents in rural areas.

Central banks promote consumer lending

The State Bank of Vietnam (SBV) has requested credit institutions and branches of foreign banks to boost consumer lending as part of efforts to prevent loan sharks who have targeted vulnerable people.

In its document, the central bank said that the move aims at carrying out the Prime Minister’s dispatch on enhancing measures to prevent and handle “black credit” activities.

Accordingly, credit institutions and foreign banks’ branches are ordered to proactively balance capital resources, and diversify credit products, making them suitable with different groups of customers.

Besides, the central bank said that it is necessary to bolster digital transformation, step up the application of science and technology to shorten the time of the settlement of loan applications, and simplify lending procedures for customers.

Along with accessing the national population database to check and authenticate customer information to ensure effective and safe lending, the financial institutions are asked to promote communications work to raise public awareness of the lending activities, credit offerings, and measures to get access to the products.

PM attends inauguration ceremonies of four important transport projects

Four important transport projects nationwide were inaugurated in the presence of Prime Minister Pham Minh Chinh on December 24.

The inauguration ceremonies for Dien Bien Airport, Tuyen Quang - Phu Tho and My Thuan - Can Tho expressways, and My Thuan 2 Bridge were held via videoconference in the provinces accommodating the projects, namely the northwestern province of Dien Bien, the northern province of Phu Tho, and the Mekong Delta provinces of Vinh Long and Tien Giang.

The project on building and expanding Dien Bien Airport in Dien Bien province started on January 22, 2022, and had total investment of nearly 1.47 trillion VND (60.6 million USD). The airport is capable of handling A320s/A321s and similar planes, and 500,000 passengers per year. It is serving the Hanoi - Dien Bien and Ho Chi Minh City - Dien Bien air routes at present.

Tuyen Quang - Phu Tho Expressway, connected with Noi Bai - Lao Cai Expressway, is 40.2km long in total, comprising 11.63km traversing the northern province of Tuyen Quang and 28.57km through Phu Tho. The four-lane road with a design speed of 120km per hour, invested with a total of 3.75 trillion VND, had its construction started in early 2021.

Meanwhile, My Thuan - Can Tho Expressway, part of the eastern North - South Expressway project, is almost 23km long and has investment totalling over 4.8 trillion VND. Work started on this expressway in January 2021. It begins at the intersection of My Thuan 2 Bridge and Trung Luong - My Thuan Expressway. Its end is temporarily connected with National Highway 1 but will be linked with Can Tho - Ca Mau Expressway in the future. In the first phase, this road has four lanes and a design speed of 80km per hour.

The 6.61km My Thuan 2 Bridge, which spans the Tien River and links Tien Giang with Vinh Long, is the first cable-stayed one completely designed and built by Vietnamese engineers and workers. It has total investment of 5 trillion VND and had work started in February 2020. This bridge not only connects Trung Luong - My Thuan and My Thuan - Can Tho expressways but also shortens the distance between HCM City and Can Tho city.

Speaking from the ceremony in Dien Bien Phu city of Dien Bien province, PM Chinh highlighted the importance of transport infrastructure to socio-economic development.

He said that only 1,163km of expressways were put into use during 2000 - 2021 while the resolution of the 13th National Party Congress targets about 5,000km to be built by 2030. That means the length of expressways that must be built during 2021 - 2030 is almost four-fold that constructed over the last 20 years.

To that end, he noted, the Party and State have provided great resources, enabled different forms of investment, and issued appropriate policies to mobilise the private engagement in transport infrastructure development.

The inauguration of the four projects is a step to carry out the policy of delegating power to localities and mobilising investment from non-state budget sources for infrastructure development, the PM said.

The Government leader attributed that result to the leadership by the Party Central Committee; support from the National Assembly, local People’s Councils, the Vietnam Fatherland Front, social-economic organisations, and residents in the areas housing the projects; as well as efforts by ministries, sectors, investors, project management boards, designers, contractors, workers, and local residents.

He asked relevant sides to operate the facilities in an effective manner, continue perfecting and connecting those facilities with related structures, and ensure the people displaced to serve the projects have better or at least similar life quality compared to their previous living places.

Vietnamese agricultural products introduced to Algerian consumers

The Vietnam Trade Office in Algeria on December 22 coordinated with the Carrefour supermarket system in Algeria to organise an activity to introduce and promote Vietnamese products at the Carrefour Hypermarket in the City Center Mall in the capital of Algiers.

At the event, two of Vietnam’s key products - coffee and catfish (tra and basa fish) fillets - were introduced Algerian consumers. They had a chance to learn about information of Vietnamese products, how to cook them and try them.

Speaking to consumers, supermarket representatives, and local importers, Vietnamese Trade Counselor in Algeria Hoang Duc Nhuan said that Vietnam's aquaculture output in 2023 is expected to reach more than 9.26 million tonnes and a total export turnover is estimated at 9.2 billion USD. Vietnam’s main export items include shrimp with an export turnover of 3.45 billion USD, catfish (1.9 billion USD), mollusks (0.8 billion USD), and tuna (0.9 billion USD).

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam's tra fish has been exported to more than 140 countries and territories around the world, conquering both traditional and demanding markets like the US, the EU, and Japan.

Regarding coffee export, according to data from the Ministry of Agriculture and Rural Development, in the first 11 months of this year, Vietnam shipped abroad 1.36 million tonnes worth 3.5 billion USD. The figure is expected to be higher as the country is entering the 2023-2024 harvest season. Currently, Vietnamese coffee is present in more than 80 countries worldwide.

Algeria is considered a large market for coffee consumption as it imports 130,000 tonnes of coffee beans a year.

Ministry proposes supports for building materials

The Ministry of Construction has proposed reductions of taxes and interest rates together with measures to promote the use of building materials in the context that the industry, especially cement, has had the most difficult year in a decade.

Normally, the peak season for construction takes place from September to December when the construction material market is the most vibrant. However, it is different this year as demand for building materials such as iron, steel, brick and cement is low.

Looking at the cement industry, Lương Đức Long, General Secretary of the Việt Nam Cement Association, said that now is the most difficult time for the industry since its foundation more than a decade ago.

The pressure is coming from slumping sales in the domestic market coupled with rising product costs due to increasing prices of energy, coal and electricity.

With the modest annual growth in cement sales of 1.6 per cent per year, the industry faces an over productivity, Long said.

Another difficulty is that the export tax on clinker was raised from 5 per cent to 10 per cent this year.

Sharing the same viewpoint, Nguyễn Quang Hiệp, Deputy Director of the Building Materials Department under the Ministry of Construction, said that cement production dropped by 12 per cent in January – November and sales fell by 16 per cent compared to the same period last year.

Hiệp attributed the fall in cement demand to the frozen real estate market which pushed many enterprises into difficulty. In addition, the construction of public-invested projects is also stagnant.

A recent report by the Ministry of Construction pointed out that the domestic real estate market has plummeted, and the slow implementation of public-invested projects and global economic instability has affected the sale of building materials at home and abroad.

Some cement factories are forced to temporarily halt production as inventories remain high.

In order to support the building material industry to overcome the difficult time, the construction ministry proposed the use of cement in infrastructure projects to be increased.

Specifically, the Ministry of Transport should ask investors to use reinforced concrete viaducts for highway projects which are being designed, especially in areas of weak soil and lacking road base materials such as the Mekong River Delta.

Localities should increase the use of cement in road construction.

In addition, the policy of reducing value added tax by 2 percentage points should be extended.

The ministry also proposed policies be raised to encourage deep processing and promote exports.

The construction ministry urged the Ministry of Industry and Trade to launch anti-dumping investigations on several products which see significant increases in imports.

Producers should actively improve their competitiveness, diversify products and renovate production technologies and expand export markets, the ministry said.

According to Hiệp, greater attention must be paid to developing the urban infrastructure system, transport infrastructure and drainage systems, as well as removing difficulties for the housing market.

The export tax on clinker should be kept at 5 per cent instead of 10 per cent for at least the next two years, he said. 

Hà Nội enhances intellectual property progamme to increase product value

Hà Nội has employed numerous specific methods to create awareness about enhancing the application of intellectual property (IP) to protect the interests of owners.

Intellectual property (IP) activities have been booming in Hà Nội lately, and these developments have significantly contributed to the progress of innovation, science, and technology as well as the socioeconomic growth of the city. This is an important premise for realising the Intellectual Property Development Program until 2030.

Speaking at the opening exhibition of intellectual property development results in Hà Nội on December 12, Nguyễn Anh Tuấn, Deputy Director of the Hà Nội Department of Science and Technology, said that Hà Nội was one of the leading cities in establishing IP rights. By the end of the second quarter of this year, the number of industrial property registration applications was 4,335, accounting for 34.3 per cent of the country. Of these, there were 96 patent applications, 48 ​​utility solution applications, 155 industrial design applications, and 4,036 trademark applications. 

The city's programme has brought about a positive impact by raising awareness and interest among businesses in protecting their intellectual property for agricultural products. This has led to improved management and commercial exploitation of products. The programme also supports stable manufacturers and helps people increase competitiveness and income.

For instance, Đông Cao red grapefruit (Tràng Việt commune, Mê Linh), is one of the agricultural products under the IP development programme of the Hà Nội People's Committee, with a traceability stamp and collective brand logo. The management and brand development capacity of Đông Cao Agricultural Cooperative has improved, while the government and consumers are raising awareness of building brand value for local vegetables, thus affirming their position in the market.

Lương Văn Phương, Director of Đông Cao Red Grapefruit Cooperative, said that since participating in this programme, Đồng Cao red grapefruits have been available in many convenience stores and supermarket chains across the country. 

“Collective trademark registration has helped establish the product as a reputable brand, contributing to increased value, providing opportunities for organisations and individuals, and building trust with customers,” he affirmed.

Hà Nội has actively deployed and implemented the intellectual property development programme in the area. The Department of Science and Technology in Hà Nội works closely with the People's Committees of towns and districts to evaluate and choose products that meet the city's requirements for ownership protection, such as collective marks, certification marks, and geographical indications.

Hà Nội's intellectual property development programme aims to train 50 per cent of local businesses and support 40 per cent of key products and services associated with the One Commune One Product programme (OCOP) to register for IP protection by 2025. The programme also aims to control the origin and quality of these products after they have been protected

Tuấn Anh suggested coordinating new and creative innovations to increase agricultural product quality and quantity. He also aimed to conduct research results that are protected by IP rights and support businesses to promote the use of IP tools in production and business activities.

Besides that, strengthen the management of resources and urban culture to exploit the potential of strong products, while prioritising the registration of intellectual property rights for goods with high export potential.

However, building a product brand is challenging, and maintaining and developing it is even more difficult. It requires businesses to establish and properly implement regulations for managing brand usage, raise awareness and responsibility among producers, and create solidarity in production and business. It's also important to strengthen the introduction and promotion of IP products through mass media, thus gaining wider recognition. 

Market likely to trade sideways due to year-end holidays

The consecutive 18-session net selling of foreign investors is currently raising cautious sentiment towards domestic funds, hindering the recovery momentum of the stock market.

However, as the market is in the holiday season with Christmas and the forthcoming New Year, the net selling momentum from overseas investors is likely to cool down, according to securities firms.

Last week, the market’s benchmark VN-Index opened the week on a negative note, then retested the support level at 1,080 points before having four consecutive sessions of gains and returning above the 1,100-point level.

The VN-Index closed the week at 1,103.06 points, while the HNX-Index on the Hà Nội Stock Exchange (HNX) was last traded at 228.27 points.

For the week, the former slightly rose 0.07 per cent and the latter was up 0.55 per cent. 

Both stock exchanges witnessed a significant decline in liquidity, with a 17.8 per cent decrease compared to the previous week to over VNĐ70.9 trillion (US$2.9 billion). The trading volume on the two bourses also dropped by 17.1 per cent.

The falls indicated a continued reduction in cash flows as the market entered the final stages of the year. 

The selling pressure from foreign investors persisted, as they recorded a net selling of more than VNĐ2.67 trillion for the seventh consecutive week, following the portfolio restructuring of exchange-traded funds (ETFs). 

The majority of net selling happened on the southern exchange, focusing on sectors such as banking, steel, financial-securities services and real estate. On the other hand, the HNX exchange experienced slight net buying with a value of VNĐ18 billion.

According to Saigon - Hanoi Securities JSC (SHS), there remains a possibility of the VN-Index resuming its upward trend in the final trading week of 2023, aiming for the nearest resistance area of around 1,130 points. However, it is also likely that the index will continue to fluctuate around 1,100 points with low liquidity.

"For short-term investors in the current phase, it is advisable to maintain a low proportion of stocks in their portfolio and closely monitor market developments," said SHS.

In the medium to long term, SHS maintains a forecast that there is a high likelihood for the VN-Index to consolidate within the range of 1,100 - 1,150 points. In a more positive scenario, the mid-term accumulation range could extend from 1,150 points to 1,250 points.

Việt Dragon Securities Company (VDSC) said that despite a weak performance in the last session of the week, the market continues to make efforts to maintain its recovery momentum. 

Although liquidity remains low, it has increased compared to the previous session, indicating some improvement in supportive cash flows while pressure from the supply side was not too large. The selling pressure primarily came from foreign investors.

With a stable condition and gradually increasing supportive cash flows, there is a possibility that the market will surpass the resistance level of 1,105 points and expand its recovery in the near future. However, this recovery is temporarily of a short-term nature, allowing the market more time to retest the supply side at a higher resistance level, such as around 1,120 points.

Meanwhile, Vietcombank Securities Company (VCBS) said that investors should maintain a steady mindset during volatile sessions and not reduce their positions at the current time. 

They may consider restructuring portfolios, increasing allocations, or making new purchases for stocks that are still performing well.

Similarly, BIDV Securities JSC (BSC) said that the VN-Index continues to sustain above the 1,100-point mark but with weak liquidity, indicating that the market is still in a short-term accumulation phase, and the possibility of breakout sessions to reach higher levels remains unclear. 

Prime Minister urges absolute prevention of group interests and negativity in credit growth

Prime Minister Phạm Minh Chính on Friday signed a directive aiming to strengthen management and improve the effectiveness of credit growth to support economic development.

Directive No. 1403/CD-TTg has been sent to the Governor of the State Bank of Vietnam (SBV), the Minister of Public Security and the Inspector General of the Government.

In the directive, the Prime Minister instructs SBV to immediately implement tasks outlined in Directive No. 1224/CD-TTg dated November 26, 2023, and Notice No. 527/TB-VPCP dated December 18, 2023. This includes actively and flexibly managing monetary policies, ensuring timely responses, and preventing issues such as rent-seeking mechanisms, group interests, negative consequences, and corruption in credit growth.

The Governor of the State Bank of Vietnam is directed to use prescribed tools to enhance inspection, examination, control, and strict supervision of the use of credit growth quotas by credit institutions. This process aims to ensure that credit capital is concentrated in priority and important sectors, serving the development needs of businesses and citizens.

The directive strictly prohibits unauthorised lending, especially preferential lending to the leadership and relevant individuals of credit institutions. The PM requires SBV and relevant authorities to implement measures to control inflation and minimise bad debts for weak credit institutions.

Furthermore, the Prime Minister urges close coordination among SBV, the Ministry of Finance, and relevant agencies to address issues with investment advisory services, client introductions, and non-compliant corporate bond purchases. Additionally, the Government Inspectorate is recommended to collaborate with SBV and related agencies for inspections on credit growth management. Simultaneously, the Ministry of Public Security must work closely with relevant agencies to monitor and address violations in corporate bond issuance, credit growth, and credit limit allocation, aiming to prevent "seek-and-give" practices in credit institutions.

Recently, Prime Minister and SBV have made efforts to inject capital into the economy, but the targets have not been met. Despite a significant reduction in lending interest rates, credit growth for the first 11 months of 2023 increased by only 9.15 per cent, falling short of the yearly credit growth target (minimum 14 per cent).

During a meeting with the Government early this month, the Governor of the State Bank of Vietnam Nguyễn Thị Hồng said the credit growth rate of 9.15 per cent indicates that the banking system is still providing short-term credit, and the capital turnover is normal. This means that the difficulty lies in providing medium- to long-term loans, and this difficulty is mainly due to objective factors.

Notably, the Governor informed that the central bank is reviewing and amending certain legal documents, based on the principle of overcoming difficulties while managing risks tightly to ensure the system's safety. It will review and evaluate the entire process of managing credit growth targets, including both achieved and unachieved aspects, and whether to continue maintaining these targets, and if so, what the roadmap will be.

According to Phạm Xuân Hoè, Secretary-General of Vietnam Financial Leasing Association, there are various ways to inject capital into the economy. There are approximately 25-26 credit guarantee funds dedicated to supporting small- and medium-sized enterprises (SMEs), with some having a longstanding presence while others are newly formed. Despite their varying histories, these funds share a common characteristic – they exist, but their inability to provide credit assurance for SMEs renders them ineffective in practice.

In comparison to the effective operations of credit guarantee funds in South Korea, Taiwan, or Japan, which serve as alternative sources of capital when businesses face challenges in accessing bank loans, Việt Nam's credit guarantee mechanism proves to be complex and demanding. In Việt Nam, the requirement for businesses to provide collateral to secure credit is considered unreasonable, prompting the question of why additional steps such as guarantees, paperwork, documentation, and guarantee fees are necessary when businesses already possess collateral.

Another significant challenge is the limited capital of credit guarantee funds, constraining their ability to make a substantial impact. Consequently, a proposed solution involves allocating approximately VNĐ20 trillion out of the total VNĐ40 trillion to support interest rates for credit guarantee funds and instituting fundamental changes in the operations of these funds, particularly for the benefit of SMEs, Hòe told baodautu.vn.

Hà Nội Agriculture Fair 2023: nurturing trade and growth in the heart of Hải Phòng

The fourth event as part of the "Hà Nọi Agriculture Fair 2023" is taking place from 21 to 24 December 2023, at AEON MALL Hải Phòng Lê Chân.

The primary objective of this event is to bolster businesses by facilitating the introduction and promotion of consumer connections, exploring potential cooperation opportunities, and expanding market reach. It seeks to tap into the modern retail distribution network of the AEON Group, promoting outlets for agricultural products, processed foods, OCOP-certified products, handicrafts, and exemplary traditional villages from Hà Nội and other provinces and cities.

Additionally, the fair aims to disseminate and promote safe agricultural products from Hà Nội to provinces, cities, and businesses across the country. It aims to enhance consumer awareness in choosing clean and safe agricultural products, providing access to reliable information about safe agricultural products.

This fair showcases nearly 1,000 agricultural products, processed foods, OCOP (One commune One product) certified products ranging from 3 to 5 stars, handicrafts, and traditional exemplary villages with export potential. Products include items such as lingzhi mushrooms, various teas, dairy products, bird's nests, vermicelli, noodles, coffee, spices, dried goods, beef sausage, agarwood, honey, and more. All participating products must meet quality standards, have clear origins, and come with complete packaging and labelling.

Speaking at the opening ceremony, Mr. Bùi Duy Quang, Deputy Director of HPA, emphasised the continuity of the success of three previous fairs at AEON MALLs in Hà Nội. The fair contributes significantly to the development of the cooperative relationship between Hà Nội City and AEON Corporation, as well as between Việt Nam and Japan.

As the organiser, HPA carefully selected representative products and specialities from the regions, showcasing the strengths of Hà Nội and other provinces and cities to potential partners and visitors. The organisers prioritise products with export potential, OCOP products rated 4 to 5 stars, equipped with QR codes for source tracking, and having beautiful and well-labelled packaging. Every booth must be neatly arranged, and products must be clearly labelled, packaged, and priced transparently.

The total revenue of 19 groups and corporations reached over $45 billion

The total revenue of parent companies of 19 corporations under the Committee for Management of State Capital at Enterprises (CMSC) reached more than VNĐ1.13 quadrillion (US$45 billion) in revenue in 2023.

This result was announced at a recent meeting of CMSC to review performance in 2023 and set tasks for 2024.

The 19 firms’ total revenue reached VNĐ1.13 quadrillion, equivalent to 105.1 per cent of this year’s target. The pre-tax profit reached approximately VNĐ53.26 trillion, representing 166.1 per cent of the target this year and 110.9 per cent of last year’s result.

Meanwhile, businesses have paid VNĐ79,25 trillion into the state coffers, which represents 199.9 per cent of the target this year and 120.2 per cent of the amount in 2022.

In 2024, businesses plan to restructure, equitise, and divest state capital and focus on promoting digital transformation and contributing to the development of digital, green, and circular economies.

Võ Văn Dũng, the Standing Deputy Head of the Central Internal Affairs Committee, said that corporations needed to focus on developing corporate culture and strengthening key factors of culture in business operations and leadership.

Regarding development investment, the disbursed investment capital of 19 enterprises is more than VNĐ161 trillion. Those with high investment disbursement are in the energy sector, such as the Việt Nam National Coal and Mineral Industries Group (Vinacomin), the Việt Nam Oil and Gas Group (Petrovietnam), and Vietnam Electricity (EVN).

In addition, many transportation and energy infrastructure projects faced obstacles and difficulties in implementation.

Nguyễn Hoàng Anh, CMSC Chairman, said that despite the world's complicated and uncertain changes in 2023, the CMSC, organisations, and businesses made great efforts to complete their jobs, achieving favourable outcomes and making a significant contribution to the socioeconomic development of the country. 

E-commerce helps businesses go global, HCM City workshop hears

Cross-border e-commerce is booming in many countries and helps companies expand to other markets, a workshop heard in HCM City late last week.

Speaking at “Cross-border e-commerce: Global expansion opportunities for Vietnamese businesses,” Nguyễn Nguyên Phương, deputy director of the city Department of Industry and Trade, said while many businesses have faced difficulties amid the current hard times, some still achieved growth thanks to their innovations and utilisation of e-commerce channels to promote sales of their products in the domestic and overseas market.

Phạm Trang Đài, senior account manager at Amazon Global Selling Vietnam, said e-commerce has grown steadily and rapidly in the country.

With an annual growth rate of 20 per cent, Việt Nam is in fact among the five fastest growing e-commerce markets in the world, she said.

Many Vietnamese companies are ready for online exports to take their products to the world, she said. 

Vietnamese selling partners on Amazon achieved solid results during the 12-month period ending August 31, 2023, selling 17 million products to Amazon customers worldwide, she said. 

Their value was up 50 per cent, and with thousands of Vietnamese enterprises seizing global expansion opportunities, the number of sellers rose by an impressive 40 per cent, she said.

The bestsellers were houseware, kitchen utensils, health and personal care products, apparel, and beauty items, she said.

Prominent Vietnamese firms such as Minh Long, Sunhouse, Lafooco, Thiệp 3D, and Equo have successfully exported their products via Amazon, she added.

Emphasizing its commitment to supporting Việt Nam’s online export growth, Amazon Global Selling Vietnam outlined strategic priorities for 2024.

They include enhancing cross-border e-commerce readiness, accelerating local supply chain integration and elevating Vietnamese selling partner competencies and successes.

Phương highlighted the untapped potential of e-commerce, particularly for small and medium-sized enterprises and local manufacturing establishments.

The workshop took place as part of the 2023 Supply-Demand Connection conference at the Phú Thọ Gymnasium in District 11 from December 21 to 24.

In addition to this workshop, the department also collaborated with Tiki and Alibaba to organise two others, “Solutions to increase sales and business opportunities on Tiki e-commerce platform” and "Promoting the export of Vietnamese products through the e-commerce platform Alibaba.com” on December 22.

Delegates expected these workshops to help firms understand market trends, encourage investment in e-commerce platforms and boost product promotion, brand awareness and customer outreach. 

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