The first month of 2024 has seen coffee exports showing a robust performance, surging to a trade value of 621 million USD, marking a 99.6 % increase compared to the same period in 2023, according to data from the Ministry of Industry and Trade (MoIT).

With the current export prices standing at 2,955 USD per tonne, reflecting a 35.2% uptick from the previous year, Vietnamese coffee export companies were said to have secured substantial orders in the first quarter of 2024.

Following a 4.6% increase in coffee export volume to a record-breaking 4.24 billion USD in 2023, industry observers said Vietnam's coffee exports will likely scale new heights in 2024, with projections ranging from 4.6-5 billion USD. To achieve this ambitious target, the Vietnamese coffee industry must intensify efforts to improve the value of coffee through a greater emphasis on deep processing, product line repositioning, and alignment with market trends. 

Deputy Minister of Agriculture and Rural Development (MARD) Phung Duc Tien underscored the need for the coffee sector to invest in deep processing to increase the added value of Vietnamese coffee. This strategic move was seen as crucial to realising the ambitious target of a 6 billion USD export value in the coming years.

In light of shifting preferences in major import markets such as the United States and the European Union with the two alone making up roughly half of the world's coffee imports, Vietnamese coffee exporters must learn to adapt to the trend of processed coffee over raw Robusta. This necessitated substantial investments in deep processing plants and the continuous adoption of cutting-edge processing technologies.

Meanwhile, the Vietnam Pepper Association (VPSA) estimated a 10.5% decrease in production to 170,000 tonnes in 2024 compared to 2023. While a favourable outlook was still anticipated for black pepper exports this year due to reduced production and low inventory levels worldwide, the sector must not overlook the importance of deep processing in enhancing export value. The current proportion of processed black pepper exports stands at a mere 30%, indicating the need for a significant improvement.

Despite the projected increase in pepper prices, the cultivation of pepper has faced stiff competition in the Central Highlands and Southeast regions, primarily from other crops, notably durian. This shift highlighted the urgency for the industry to prioritise deep processing, not only to increase export value but also to provide farmers with a sense of security amid fluctuating prices and market challenges.

From the perspective of a leading exporter to major markets, Phan Minh Thong, Chairman of the Board of Directors of Phuc Sinh Corporation, a Vietnamese pepper and coffee trader based in HCM City, highlighted the indispensable role of continued investment in deep processing for the sustainable development of Vietnam's coffee and black pepper sectors.

The seafood export sector also recognised the importance of deep processing to enhance competitiveness, said industry insiders.

Kim Thu, a shrimp market expert at the Association of Seafood Processing and Export (VASEP), stressed the need for the Vietnamese shrimp industry to improve its competitive capacity by promoting the processing of value-added products. Currently, value-added processed shrimp products contribute a mere 40-45% to the total shrimp export value annually.

As the Southeast Asian country aims for higher export values and sets new records in trade volume for key agricultural products in 2024, industry experts and insiders have called for greater commitment to deep processing. They said this strategic approach will not only boost Vietnamese products' competitiveness but also foster the creation of a robust industry chain, creating exceptional products that command higher values on the global market.

Minister emphasises need to improve resilience of national economy

Improving the resilience and self-reliance of the national economy, laying a groundwork to build an independent and self-reliant economy integrated extensively and effectively into the world, holds particular significance for Vietnam in the new context, Minister of Planning and Investment Nguyen Chi Dung has said.

In an interview recently granted to the Vietnam News Agency, Dung said this approach aligns closely with the consistent direction and guidelines outlined in the Party and State's resolutions, strategies, and socio-economic development plans.

Following the National Assembly's approval of a resolution on the socio-economic development plan for 2024 at its 6th session, the Government swiftly issued resolutions to translate it into actions, he added.

As complicated and uncertain global and domestic developments are forecast to persist, with numerous challenges ahead, achieving the set socio-economic development goals requires resolute and focused efforts to expedite key tasks and solutions, he said, adding that it is imperative to improve institutional refinement and law enforcement, thus creating conditions to unlock, mobilise and use all resources effectively for development. Concurrently, significant strides must be made in strategic breakthroughs concerning institutions, human resources, and infrastructure systems.

For businesses, he suggested instilling a spirit of innovation, self-reliance and adaptability, urging enterprises to seize even the smallest opportunities and devise contingency plans to navigate future uncertainties. He stressed the importance of anticipating emerging trends, particularly in green economy and circular economy, and accelerating digital transformation and technology adoption to improve productivity, quality, efficiency and competitiveness.

According to the minister, it is crucial to strengthen collaboration with enterprises, especially those willing to transfer advanced techniques, new knowledge and cutting-edge technologies worldwide.

There should be a heightened focus on improving the quality of human resources through enhanced training and retention mechanisms, particularly skilled and high-level workers, as well as labour restructuring to adapt to and stay ahead of emerging market trends, he said.

Agricultural products benefit from deep processing

The first month of 2024 has seen coffee exports showing a robust performance, surging to a trade value of 621 million USD, marking a 99.6 % increase compared to the same period in 2023, according to data from the Ministry of Industry and Trade (MoIT).

With the current export prices standing at 2,955 USD per tonne, reflecting a 35.2% uptick from the previous year, Vietnamese coffee export companies were said to have secured substantial orders in the first quarter of 2024.

Following a 4.6% increase in coffee export volume to a record-breaking 4.24 billion USD in 2023, industry observers said Vietnam's coffee exports will likely scale new heights in 2024, with projections ranging from 4.6-5 billion USD. To achieve this ambitious target, the Vietnamese coffee industry must intensify efforts to improve the value of coffee through a greater emphasis on deep processing, product line repositioning, and alignment with market trends. 

Deputy Minister of Agriculture and Rural Development (MARD) Phung Duc Tien underscored the need for the coffee sector to invest in deep processing to increase the added value of Vietnamese coffee. This strategic move was seen as crucial to realising the ambitious target of a 6 billion USD export value in the coming years.

In light of shifting preferences in major import markets such as the United States and the European Union with the two alone making up roughly half of the world's coffee imports, Vietnamese coffee exporters must learn to adapt to the trend of processed coffee over raw Robusta. This necessitated substantial investments in deep processing plants and the continuous adoption of cutting-edge processing technologies.

Meanwhile, the Vietnam Pepper Association (VPSA) estimated a 10.5% decrease in production to 170,000 tonnes in 2024 compared to 2023. While a favourable outlook was still anticipated for black pepper exports this year due to reduced production and low inventory levels worldwide, the sector must not overlook the importance of deep processing in enhancing export value. The current proportion of processed black pepper exports stands at a mere 30%, indicating the need for a significant improvement.

Despite the projected increase in pepper prices, the cultivation of pepper has faced stiff competition in the Central Highlands and Southeast regions, primarily from other crops, notably durian. This shift highlighted the urgency for the industry to prioritise deep processing, not only to increase export value but also to provide farmers with a sense of security amid fluctuating prices and market challenges.

From the perspective of a leading exporter to major markets, Phan Minh Thong, Chairman of the Board of Directors of Phuc Sinh Corporation, a Vietnamese pepper and coffee trader based in HCM City, highlighted the indispensable role of continued investment in deep processing for the sustainable development of Vietnam's coffee and black pepper sectors.

The seafood export sector also recognised the importance of deep processing to enhance competitiveness, said industry insiders.

Kim Thu, a shrimp market expert at the Association of Seafood Processing and Export (VASEP), stressed the need for the Vietnamese shrimp industry to improve its competitive capacity by promoting the processing of value-added products. Currently, value-added processed shrimp products contribute a mere 40-45% to the total shrimp export value annually.

As the Southeast Asian country aims for higher export values and sets new records in trade volume for key agricultural products in 2024, industry experts and insiders have called for greater commitment to deep processing. They said this strategic approach will not only boost Vietnamese products' competitiveness but also foster the creation of a robust industry chain, creating exceptional products that command higher values on the global market.

Da Nang’s tourism flourishes on first days of Lunar New Year

Da Nang has welcomed international and domestic flights as well as cruise liners transporting tens of thousands of holidaymakers who came to explore the central coastal city during Lunar New Year (Tet) holidays lasting from February 8 to February 14 this year.

During this period, it is estimated that there will be around 894 domestic and international flights arriving in Da Nang, up 16% year-on-year. The city's Tien Sa Port, meanwhile, is expected to host three international vessels staying overnight with a total of over 3,400 passengers onboard.

Truong Thi Hong Hanh, Director of the municipal Department of Tourism, said the total number of visitors to the central economic hub is anticipated to reach near 362,000, an annual increase of 23% compared to the same period in 2023, including 172,000 foreign and 190,000 domestic tourists. These are promising signals for the beginning of the Lunar New Year of the Dragon, given the city’s expectations for new successes in the development of the tourism industry as one of its key economic sectors.

In 2024, Da Nang aims to serve more than 8.42 million visitors staying overnight, including 2.5 million foreigners and rising over 13.8% compared to 2023. Revenue from accommodation, dining, and travel services is expected to exceed 30.8 trillion VND (1.26 billion USD), an annual growth rate of more than 10%.

Hanh said that Da Nang is currently increasing its investment in tourism products to ensure service quality and meet the needs and tastes of tourists. The city has so far developed nine groups of products, including festival-event, cultural-historical, entertainment, and MICE tourism, beach tourism combined with resort real estate, and those offering night tours, golf and wedding services, among others.

Vietjet inaugurates HCM City - Chengdu route

Vietjet inaugurated a new route connecting Ho Chi Minh City of Vietnam and Chengdu of China on February 10 – the first day of the Lunar New Year, opening up opportunities for easy travel, promoting trade and tourism between the two countries.

Vietjet operates seven return flights per week between HCM City and Chengdu, with a flight time of over four hours per leg.

Located in Southwestern China, Chengdu is an important gateway connecting many cities in China and the world, where is the “homeland” of Pandas or easily going to Jiuzhaigou - a world heritage site recognised by UNESCO.

 At the inauguration ceremony of the new route connecting Ho Chi Minh City of Vietnam and Chengdu of China. (Photo: VNA)
Meanwhile, HCM City is a trade centre in the region and an attractive destination with diverse culture and Vietnamese unique street food, easily connecting to Vietjet’s extensive international network.

On the first morning of the Year of Dragon, passengers flying with Vietjet at airports across the country were welcomed with smiles, best wishes, and lucky money from Vietjet leaders, staff, and cabin crews for spreading the joy and happiness of reunion in Tet holiday. 

The new-age carrier Vietjet has not only revolutionised the aviation industry in Vietnam but also been a pioneering airline across the region and around the world. With a focus on cost management ability, effective operations, and performance, applying the latest technology to all activities and leading the trend, Vietjet offers flying opportunities with cost-saving and flexible fares as well as diversified services to meet customers’ demands.

Vietjet is a fully-fledged member of International Air Transport Association (IATA) with the IATA Operational Safety Audit (IOSA) certificate. As Vietnam’s largest private carrier, the airline has been awarded the highest ranking for safety with 7 stars by the world’s only safety and product rating website airlineratings.com and listed as one of the world's 50 best airlines for healthy financing and operations by Airfinance Journal for many consecutive years. The airline has also been named as Best Low-Cost Carrier by renowned organisations such as Skytrax, CAPA, Airline Ratings, and many others.

Lao Cai targets 8.5 million tourist arrivals in 2024

In the wake of an impressive recovery in 2023, the tourism sector in the northern border province of Lao Cai is on a transformative journey, unveiling novel experiences and products as it sets its sights on the ambitious goal of hosting 8.5 million visitors this year.

The sector wasted no time in making its mark in 2024, with a remarkable surge in tourist arrivals during the three-day New Year holidays, registering an impressive increase of 27% year on year. Total tourism revenue soared to approximately 467 billion VND (19.4 million USD), reflecting 9% year-on-year growth. Notably, the hotel room occupancy rate across the province reached 75%, with Sa Pa National Tourist Area boasting an exceptional 90-95%.

During the Lunar New Year (Tet) holidays from February 8-14, the province anticipates a significant influx of tourists drawn by a captivating array of cultural, art and sport activities. A promise of memorable and joyful experiences awaits visitors, setting an auspicious tone for the New Year.

With the target of welcoming 8.5 million tourists and generating revenue surpassing 27 trillion VND this year, Director of the provincial Tourism Department Ha Van Thang outlined strategic plans for Sa Pa township. The focus is on developing outstanding tourism products, emphasising festivals for each season. This approach aims to effectively amplify the Sa Pa tourism brand and extend the duration of visitors' stays.

Beyond Sa Pa, Lao Cai envisions the development of Bao Yen district into a spiritual tourism hub for the northwest region and the entire country. Boasting three national-level and seven provincial-level historical and cultural relics, along with Bao Ha temple complex, the district annually attracts over 1 million visitors for sightseeing and worship.

Looking to the future, Lao Cai city is positioned to become an irresistible tourist destination, introducing high-end entertainment tourism products, including a casino, golf course, amusement park, and MICE facilities. The northern area intends to serve as a pivotal bridge for international tours connecting with Yunnan (China) and vice versa.

Wet markets, supermarkets resume operations after lunar New Year’s Day

Most wet markets and supermarkets reopened their doors on February 11, the second day of the lunar New Year.

Supermarkets offered essential goods with the price tag unchanged as they have registered to take part in the price stabilization programme.

At the wet market, the amount of food and vegetables was not offered as much as before the lunar New Year holiday, and the prices increase slightly.

The prices of some gift baskets, beer, and soft drinks also increased slightly by VND5,000 - 10,000 each unit.

While most supermarkets closed the door on New Year’s Day (February 10), Aeon Mall and Gigamall chains remained open.

In addition, convenience stores such as Bsmart, CircleK, and FamilyMart operated around the clock on February 10 to meet local consumers’ demand.

Despite the stable prices, the Ministry of Finance requested that relevant ministries and localities continue to closely monitor market developments for timely intervention.

It held that special attention should be paid to the prices of essential goods and those with high price fluctuations in the area, to ensure a balance of goods to meet the people’s consumption needs and stabilize the market.

Cần Thơ to be allocated over VNĐ5 trillion for infrastructure projects

Cần Thơ City will be allocated more than VNĐ5 trillion (US$205.6 million) for infrastructure development in 2021-25, according to the Ministry of Transport.

With the allocation of investment capital, the ministry expects a dramatic change for the socio-economic development of the Cửu Long (Mekong) Delta region.

The projects include North-South Expressway’s Cần Thơ-Hậu Giang section with investment capital of nearly VNĐ3.5 trillion ($142.9 million), Connection of Mekong Delta Region (phase 1,2 and 3) of VNĐ212 billion ($8.7 million), Lộ Tẻ-Rạch Sỏi Highway with VNĐ366 billion ($15 million), road connecting National Highway 91 and và bypass of Long Xuyên City with VNĐ250 billion ($10 million), raising air clearance of road bridges crossing the national inland waterway - phase 1 in southern region with capital of VNĐ326 billion ($13.3 million), and upgrading the road surface of Lộ Tẻ-Rạch Sỏi route of VNĐ440 billion ($17.9 million).

In addition, the Ministry of Transport has also advised the Government to submit to the National Assembly for approval the investment policy of four-lane Châu Đốc – Cần Thơ – Sóc Trăng Expressway with total length of 188.2km, in which section passing Cần Thơ City is 37.7km long.

The route has a total investment of about VNĐ44.7 trillion ($1.82 billion), of which the Prime Minister has assigned the People's Committee of Cần Thơ City to be the managing agency to implement the component project.

The Long Xuyên bypass project on National Highway 91 has total length of 23.56km including the section through Thốt Nốt District of 5.3km.

The scale of the project is a plain road at level 3 with a 12m wide roadbed and 11m wide road surface and the design speed is 80km per hour. Total proposed investment is $151.79 million used ODA loan from the Asian Development Bank (ADB). 

Bạc Liêu strives to become country’s shrimp production hub

Bạc Liêu Province in the Mekong Delta plans to rank first in shrimp processing technology in the country.

According to Chairman of Bạc Liêu Provincial People's Committee Phạm Văn Thiều, the province has three main export products: shrimp, rice and salt. Accordingly, the main export product is shrimp, accounting for over 95 per cent of the province's export turnover.

Together with rice, shrimp has been identified as a key product of Bạc Liêu over the last few years, and the provincial People’s Committee has issued an action plan to carry out the National Program for the development of aquaculture.

The province is working out a plan to attract investment and select qualified products. For the period of 2022-2025, the province has set a target of building and putting a high-tech-based agriculture zone into operation for shrimp development in Bạc Liêu.

In addition, the province promotes the application of science and technology in agricultural and fishery production to increase productivity and quality to build brands for the province's export products.

The province gives priority to the development of super-intensive, intensive, and semi-intensive shrimp farms, as well as organic shrimp farms and shrimp-rice farming areas.

Recently, the fisheries industry in Bạc Liêu province has developed very quickly, bringing many economic benefits to farmers, especially the super-intensive shrimp farming model.

Currently, there are 48 export seafood processing factories in the province, with modern equipment lines and a designed processing capacity of about 294,000 tons/year. Shrimp products have been processed to meet standards and exported to markets such as the US, Japan, EU, China, Korea and many other markets around the world.

Bạc Liêu has over 157,000 ha of aquaculture, with 6,000 ha of super-intensive shrimp farms and 23,000 ha of intensive and semi-intensive farms.

As many as 480,000 tons of aquatic species are produced, with 290,000 tons of shrimp, and 190,000 tons of fish and other aquatic species.

In 2023, the province's seafood export reached US$1 billion for the first time, up 17.2 per cent compared to 2022.

It targets exporting $1.3 billion worth of seafood by 2025, and $1.7 billion by 2030.

Increased preference for international travel, tours fully booked for Tết

Travel agencies reported that their outbound tours to domestic and international destinations are now fully booked as they enter the peak of the travel season during Tết (Lunar New Year).

Viet Media Travel has completed its business target for the Tết holiday, the company’s communications director Phạm Anh Vũ told Người lao động (Labourer) newspaper.

The company expects to serve more than 5,000 tourists this travel season, an increase of over 30 per cent compared to the same period last year.

Tour prices remain relatively stable, with price hikes only recorded among domestic tours due to rising airfares. Most tourists opted for tours lasting 4-6 days.

Foreign destinations are a popular choice this year due to reasonable pricing and attractive tour schedules, the company’s representative said, adding that 25 per cent of their customers chose nearby locations such as Malaysia, Cambodia, Laos, Thailand or Indonesia.

Meanwhile for domestic tours, customer preferences lean towards travel itineraries in the northeastern, northwestern and central regions, as well as the Mekong Delta and HCM City.

Trần Phương Linh, marketing and information technology director of Ben Thanh Tourist said that the company has achieved more than 98 per cent of its business targets for this Tết holiday.

“Customers tend to choose international tours over domestic ones this Tết holiday, around over 60 per cent.

“As for domestic tourism, destinations with beautiful landscapes and unique cultural experiences, diverse entertainment activities for families (tours to the northern region or sea and islands) are still the top choices,” said Linh.

Particularly, tours to distant destinations such as Europe, Oceania, Northeast Asia (Japan, South Korea and China), the US, Egypt and India are sold out.

Tours to Southeast Asian countries (Cambodia, Thailand, Malaysia and Singapore) are still available but with limited supply, according to the company.

Compared to the same period in 2023, Ben Thanh Tourist saw a 20 per cent increase in the number of visitors.

However, the total number of its customers only reached about 87 per cent of the pre-pandemic figure, mostly due to economic downturn and people tightening their spending.

According to PYS Travel deputy director Nguyễn Thị Minh Hiền, all of the company’s domestic tours that began during the Tết holiday are fully booked, especially for peach and plum blossoms viewing itineraries in Hà Giang and Mộc Châu.

The agency’s spring tours beginning from the 3rd to the 15th of the first lunar month also witnessed a sharp rise in the number of customers over the past two weeks.

In addition to one-day pagoda tours, PYS Travel also recorded increased interest in tours that combine pagoda visits and other leisure activities.

For a safe spring travel season, Vietluxtour communications director Trần Thị Bảo Thu recommends that tourists book their vacations at reputable agencies and check all the information carefully before confirming.

Vietluxtour also reported sold-out tours for their domestic and international itineraries, and is now offering other services including air tickets, hotels and restaurants and car rentals in the northern, central and southern regions throughout the Tết holiday.

Vietjet inaugurates HCM City-Chengdu route

Vietjet inaugurated the new route connecting HCM City and Chengdu (China) on Saturday - the Lunar New Year’s first day, opening up opportunities for easy travel, promoting trade and tourism between Việt Nam and China.

Vietjet operates seven return flights per week between HCM City and Chengdu, with a flight time of over four hours per leg.

Located in Southwestern China, Chengdu is an important gateway connecting many cities in China and internationally, where is the “homeland” of Pandas or easily going to Jiuzhaigou - a world heritage site recognised by UNESCO.

Meanwhile, HCM City is a trade centre in the region and an attractive destination with diverse culture and Vietnamese unique street food, easily connecting to Vietjet’s extensive international network.

On the first morning of the Year of Dragon, passengers flying with Vietjet at airports across the country were welcomed with smiles, best wishes, and lucky money from Vietjet leaders, staff, and cabin crews for spreading the joy and happiness of reunion in Tết holiday. 

Việt Nam’s exports surge 42% in January

Việt Nam’s exports reached nearly US$33.6 billion in January, a 42 per cent surge over the same period last year and the highest level since April 2022.

According to a report by the Ministry of Industry and Trade, Việt Nam’s total imports and exports of goods in the first month surpassed $64 billion, up 38 per cent year-on-year.

The surge in exports was mainly driven by the agriculture-forestry-fisheries, and processing industries, which increased nearly 97 per cent and 38 per cent, respectively.

The export of phones and components also rose by over 56 per cent to nearly $6 billion in January.

Việt Nam’s agricultural products maintained their strong export performance, with coffee prices surging by more than 35 per cent and rice prices escalating by 33.5 per cent year-on-year.

The US remained Việt Nam’s largest export market, with recorded imports of $9.6 billion, while traditional export markets such as China, the EU, and ASEAN also showed growth.

Việt Nam’s imports in January totaled more than $30.6 billion, with China remaining the largest exporter at nearly $11 billion.

The trade balance continued to exhibit a surplus of $2.9 billion, with significant surpluses with the US and China.

The Ministry of Industry and Trade anticipated challenges for this year’s exports due to increased transport costs and escalating political tensions in the world.

The ministry plans to focus on stimulating domestic consumption, promoting production, and monitoring market developments to avoid shortages or disruptions in the supply of goods.

Textile and textile sector to see breakthroughs in 2024

Despite facing global uncertainties, Vietnam's garment and textile industry has set its sights on an export target of US$44 billion this year thanks to efforts made to improve management and promote the application of cutting-edge technology in production, according to industry insiders.In fact, the sector is forecast to continue to face a number of challenges due to impacts from both the global and domestic economies, leading to a reduction in consumption demand.

In addition, there are other hindrances such as rising input costs such as electricity prices, transportation costs, minimum wages, and new regulations set by foreign importers.

As a means of achieving the set target, Than Duc Viet, general director of Garment 10 Corporation, said that local businesses are required to proactively seek and fully tap into both domestic and international markets as part of their wider strategies to diversify markets and products.

Viet revealed that the company plans to focus on developing new products, improving quality and product design as a means of fulfilling stringent export orders and ensuring a fast delivery time.

Moreover, local firms are required to improve the digitalization system of production management and conduct in-depth investment to meet the strict standards set by importing countries, Viet noted.

Sharing this perspective, Nguyen Xuan Duong, chairman of the Board of Directors of Hung Yen Garment Corporation, pointed out that the firm will focus on increasing labour productivity by investing in advanced equipment, especially digital technologies in line with the trend of green and circular production in the world.

Furthermore, the company will continue to make use of automated equipment as it seeks to produce high-value commodities, he added.

This year, Vietnam National Textile and Garment Group (Vinatex) has set a target of earning a revenue of VND17,536 billion, up 3% compared to 2023, and making a profit of VND415 billion, up 10% from 2023.

As a way of fulfilling this plan, Cao Huu Hieu, general director of Vinatex, said the group will closely update the market situation and input materials so that its member companies can devise concrete orientations for production activities.

The group is set to give priority to deal with urgent issues in a bid to avoid disruptions occurring in production activities or cause workers to quit their jobs, as well as putting into operation the digital transformation system for financial and human resource management.

In addition, a production management software will be also put into practice to create a transparent administration platform at the corporation and member companies.

At present, Vietnam is one of the economies with deep and comprehensive integration of trade, Giang said, adding that the sector needs to continue diversifying markets and clients as well as seeking measures to cope with trade competition moving forward.

Giang revealed that the garment and textile industry has set a goal of achieving sustainable development in line with the requirements of the global market in terms of green development and reduction of greenhouse gas emissions.

He underlined the need to invest in cutting-edge technology, automation, and adaptive lines for fast delivery and high-quality product, as well as focusing on solutions for the fashion industry.

It can be seen that the textile and garment industry will enjoy a wealth of opportunities this year as Vietnam is the only nation that has signed free trade agreements (FTAs) with all major global economic partners such as the United States, Japan, China, the UK, Russia, and the EU.

In particular, the development strategy for the Vietnamese garment and textile sector by 2030, with a vision towards 2035, will lay the foundation for attracting greater foreign investment in the field of fiber - weaving – dyeing moving forwards.

These favourable factors will help the garment and textile industry to maximise incentives from the FTAs for long-term and sustainable development.

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