No Va Land Investment Group Corporation (NVL) has announced its financial report for the fourth quarter of 2023, with a decrease in revenue but a surprisingly strong increase in profit, reaching the highest level in the past three years. — Photo Novaland

Despite the uncertain future of the real estate market, several prominent companies in the industry have recently announced significant profits. This has sparked optimism among investors and experts, suggesting that the market may be on track for a gradual recovery and a fresh phase of growth.

No Va Land Investment Group Corporation (Novaland - NVL) has announced its financial report for the fourth quarter of 2023, with a decrease in revenue but a surprisingly strong increase in profit, reaching the highest level in the past three years at over VNĐ1.64 trillion, nearly 13 times higher than the same period in 2022.

For the entire year of 2023, Novaland reported a net profit after tax of nearly VNĐ685 billion, lower than the VNĐ2.18 trillion in the previous year.

The news of Novaland's significant profit in the fourth quarter, which contributed to the overall annual profit, comes as a surprise as the real estate market remained sluggish, and the company had to make efforts to accumulate funds for debt repayment in the past year, not to mention the challenges faced by many ongoing projects.

One surprising case is Vinhomes (VHM) of billionaire Phạm Nhật Vượng. The company reported a net profit after tax of VNĐ33.3 trillion in 2023, a 14 per cent increase compared to the previous year, thanks to growth in revenue.

Vinhomes recorded consolidated net revenue of VNĐ121.4 trillion, a 49 per cent increase compared to 2022, mainly driven by the handover of 9,800 low-rise real estate units in the Vinhomes Ocean Park 2 and 3 projects.

The company also saw its total assets increase by 24 per cent to VNĐ447 trillion, and its equity capital increase by 23 per cent to VNĐ182 trillion by the end of 2023.

Another case is An Gia Investment and Development Corporation (AGG), which reported a pre-tax profit of VNĐ109 billion and a net profit of VNĐ65 billion in the fourth quarter. This represents a significant improvement compared to the losses of VNĐ72 billion and VNĐ186 billion in the same period of the previous year.

The company closed 2023 with a pre-tax profit of VNĐ582 billion, a 2.6-fold increase, and a net profit of VNĐ460 billion, a 4.8-fold increase compared to the previous year. This is also the highest net profit in the past five years and the second-highest in history (second only to VNĐ565 billion in 2018).

It is worth noting that inventories decreased by 46 per cent to VNĐ2 trillion, accounting for 21.6 per cent of the assets, concentrated in projects such as The Westgate (VNĐ1.38 trillion), The Standard (VNĐ304 billion), The Signal (VNĐ233 billion) and The Sóng (VNĐ56 billion).

Similarly, Khải Hoàn Land Corporation (KHG) reported a negative core business operation of VNĐ44 billion in Q4/2023 but managed to turn losses around and record a profit of over VNĐ7 billion due to investment co-operation.

Century Real Estate Corporation - Cen Land (CRE) also showed a slight improvement in Q4/2023, recording a modest profit of VNĐ1 billion.

Many other real estate companies have reported significant decreases in revenue and profit. However, a positive point is that these companies have reduced losses through cost-cutting measures, streamlining operations, and strengthening sales and asset transfer to restructure their businesses after a few difficult years.

Apart from large companies with various restructuring activities, small and medium-sized real estate enterprises have also shown more positive signals in terms of revenue. Although they have not yet reached the levels of previous years, it may indicate a warming up of the general real estate market.

In the stock market, the overall picture of real estate stock prices is no longer pessimistic.

According to statistics, only 21 listed real estate stocks experienced price declines in 2023. Two stocks remained unchanged with less than 1 per cent decrease, while the remaining 59 stocks increased, with seven of them increasing by over 100 per cent.

The highest increase of 166 per cent was recorded by the stock VC7 of BGI Corporation; DTD (Investment and Development Thành Đạt) and QCG (Quốc Cường Gia Lai) also had similar increases, reaching 161 per cent and 159 per cent, respectively. Next are VPH of Vạn Phát Hưng (113 per cent), PDR of Phát Đạt Real Estate (105 per cent), SZC of Sonadezi Châu Đức (104 per cent), and TCH of Hoàng Huy (102 per cent).

Market expected to stay quiet ahead of Tết

The Vietnamese stock market was choppy last week with slight correction pressure. Trading volume is likely to be thin this week as investors decline to make big bets ahead of Tết (Lunar New Year holidays).

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index closed last week at 1,172.55 points, and the HNX-Index on the Hà Nội Stock Exchange (HNX) was last traded at 230.56 points.

For the week, the former fell 0.2 per cent while the latter rose nearly 0.5 per cent. 

The liquidity on HoSE reached nearly VNĐ86.5 trillion (US$3.55 billion) during the week, an increase of 17.7 per cent from the previous week. Similarly, liquidity on the HNX-Index also surged by 21.8 per cent.

The gains in liquidity were seen in most sectors, including real estate, securities, banking, construction, retail, information technology, logistics and maintenance, and industrial real estate, according to FiinTrade.

Last week, foreign investors net sold over VNĐ1.3 trillion on the market. 

Nguyễn Khắc Thành, an analyst at the Saigon - Hanoi Securities JSC (SHS), said that the highlight of the week was a session of corrective pressure with a significant liquidity of over VNĐ1 billion. However, afterwards, the VN-Index made a recovery and returned to the 1,160 point-level, with several stocks surpassing their recent peaks.

"The market performance reflects a high level of divergence, while short-term capital flow maintains positive rotation signals with active trading within each stock group,” Thành said. 

“During the week, many stocks continued to show outstanding price increases during the announcement of fourth-quarter business results.”

Technically, Thành noted that the VN-Index experienced a significant correction around the resistance zone near 1,185 points. This zone corresponds to the resistance of the long-term downtrend line, which dates back to April 2022 from the 1,500-point level.

The market showed hesitant movements, almost trading sideways after a recovery session.

Thành added: "In the short term, the VN-Index continues its upward trend, but the retest of the support level from the small consolidation phase is not yet complete.

"In the medium term, the index is moving within a balanced range, forming a new accumulation base. The market anticipates the formation of a consolidation range between 1,150 and 1,250 points."

Based on fundamental analysis, Thành observed that the domestic macro-economic conditions remain stable and there is a gradual increase in quarterly GDP growth. 

However, the GDP growth rate has not met expectations, and credit growth remains relatively weak. This suggests a limited capacity for capital absorption in the economy, with difficulties in the real estate market and especially in the bond market, which has not yet undergone significant transformations. 

Meanwhile, the global economic situation is currently unpredictable, characterised by instability and low growth, with many economies in the European Union experiencing a downturn.

Nevertheless, Thành pointed out the positive aspect that the inflation situation has stabilised and the US Federal Reserve has decided a pause in interest rate hikes, while also hinting at the possibility of initiating a rate cut cycle in 2024.

A report from Vietcombank Securities Company (VCBS) also highlighted the unfavourable external factors, as there have been warnings about the possibility of the largest economy in Europe, Germany, falling into a permacrisis.

This week, the market will have three trading sessions before entering a week-long holiday of Tết. At a time like this, investors’ risk appetite tends to stay at a low level.

Bà Rịa-Vũng Tàu seeks investment for 110 projects

The southern province of Bà Rịa-Vũng Tàu has called for investment into 110 projects, said Nguyễn Công Vinh, deputy chairman of the provincial People's Committee.

The province has also planned to develop seven new industrial parks (IPs) and five industrial clusters, bringing the total number of IPs in the province to 24 covering an area of over 16,000ha and 16 clusters with a total area of 547ha to better facilitate investors, the deputy chairman said.

The locality has paid attention to attracting high-quality projects creating breakthroughs for the local industry which is developing towards modernisation and sustainability.

Competent departments and sectors have provided investors in prioritised fields with support in industrial infrastructure, and helped other enterprises remove financial bottlenecks so that they can expand business and production.

Last year, the foreign investment inflow into the province reached US$1.4 billion, up 92 per cent year-on-year or 54 per cent higher than the yearly target, according to the provincial Department of Planning and Investment.

Of the sum, $893 million came from 21 newly licensed projects, up 221 per cent year-on-year while the remainder of $508 million from 29 capital-added ones, a yearly hike of 12 per cent.

Currently, Bà Rịa-Vũng Tàu is home to 458 valid foreign-invested projects with a total registered capital of over $31.53 billion.

Particularly, the province has lured several large-scale projects with investment capital of more than $1 billion such as the $5.1-billion Long Sơn Petrochemical Complex invested by Thailand’s Siam Cement Group, and a Polypropylene (PP) plant and a liquefied petroleum gas (LPG) storage cavern worth $1.3 billion invested by Hyosung Vina from South Korea.

The department said the province has also had 710 domestically-financed projects with capital totalling over VNĐ384 trillion ($15.76 billion). Of the total, 287 projects, worth over VNĐ160 trillion has gone to IPs.

According to the provincial People's Committee, the province would focus on calling for large-scale non-labour intensive projects with advanced technologies and high value-added products in the coming time.

It would also encourage investors to renew their production lines and technologies to improve productivity and product quality while saving energy, it said.

As the province is striving to attract at least $15 billion worth of foreign investment by 2025, it has invested in a modern transport system besides developing the industrial infrastructure.

It has identified four sectors as prioritised sectors for investment attraction that are industry, maritime economics, logistics services; tourism and high-quality services associated with the development of a modern urban system.

In the future, the province will focus on developing a system of logistics centres and international transhipment ports at Cái Mép-Thị Vải. At the same time, it will also build large-scale industrial-service and urban area complexes in Phú Mỹ District. 

HCM City aims for 6.5% growth rate in Q1

HCM City has set a target of achieving an economic growth rate of at least 6.5 per cent in the first quarter, the highest level since 2020.

At a meeting late last week, Nguyễn Văn Dũng, deputy chairman of the municipal People’s Committee, said the goal is to set the stage for full-year growth of 7.5-8 per cent.

This growth target is the most optimistic scenario out of the three projected by the HCM City Institute for Development Studies (HIDS).

According to HIDS, if domestic and international conditions improve, risks are well controlled, and there is increased confidence from people and businesses, the Gross Regional Domestic Product (GRDP) in the first quarter could grow by 6.5 per cent.

However, there are two other possibilities, with the baseline growth scenario projected at 6 per cent if the economy continues to recover from the end of 2023.

The unfavourable scenario may occur if the world economy recovers slowly, political conflicts escalate, and complex natural disasters and pandemics impact exports and investments. In that case, GRDP could grow by 5.4 per cent.

“The city’s growth rate scenarios will depend on global developments and the city’s implementation effort,” Dũng said.

According to HIDS, consumer purchasing power in the city continues to rise, and production activities are being maintained, but exports remain challenging. Some manufacturing sectors are at risk due to reduced global demand.

In addition, the city aims to disburse 12 per cent of public investment in the first quarter, according to Dũng.

It aims to disburse 95 per cent of public investment by the end of 2024, with total allocated capital of nearly VNĐ78.8 trillion, including nearly VNĐ3.2 trillion from the central budget.

For tasks throughout the year, the city will speed up public investment, increase domestic consumption, improve regional connectivity, focus on e-commerce development, and attract “green” capital.

To achieve its target growth rate for 2024, experts have proposed several policy recommendations, including diversifying export markets and expanding to potential markets such as Japan, South Korea, and India.

The city should also focus on developing high-tech industries, financial services, and managing and stabilising the real estate market to meet housing demand and support production and business activities.

However, experts have warned that the economic recovery of the country’s largest city will continue to face challenges this year caused by the global financial recession.

The real estate, stock, and bond markets will continue dealing with obstacles this year despite a number of Government measures, they noted.

A number of businesses have been experiencing a lack of export orders due to weak global demand.

The city’s total retail sales of goods and consumer services in January increased by 24.4 per cent year-on-year. Its industrial index increased by 26.9 per cent year-on-year.

The country’s largest economic hub attracted $126 million worth of foreign direct investment (FDI) in January, down 29.8 per cent year-on-year. 

VN's consumer gold demand impacted by global economic trends in 2023

The World Gold Council’s Gold Demand Trends report reveals that annual gold demand (excluding over-the-counter) fell to 4,448 tonnes in 2023, down just 5 per cent from a notably strong 2022.

Việt Nam saw a slight drop in overall consumer demand, down 6 per cent year-on-year, from 59.1 tonnes in 2022 to 55.5 tonnes in 2023. Bar and coin sales also saw a modest year-on-year decline in 2023, settling at 40 tonnes, reflecting a marginal decrease of tw tonnes.

However, Việt Nam experienced a substantial downturn in jewellery demand, dropping by 16 per cent to 15 tonnes. This decline was marked by four consecutive quarterly year-on-year decreases, attributed to slowing economic growth and relatively high inflation in the region.

Shaokai Fan, head of Asia-Pacific (ex-China) & global head of Central Banks at the World Gold Council, said: "In Q4, Việt Nam experienced an investment surge propelled by a price correction; however, increased demand and limited gold investment options led to a substantial premium on official SJC tael bars, reaching approximately US$600-700 per ounce.

"The steady decline in the value of the local currency throughout 2023 further fueled demand, especially amid a fragile economic environment."

Turning to bar and coin investment, global demand was subdued and down 3 per cent as strength in some markets worked to offset weakness elsewhere. In other ASEAN markets, including Việt Nam, Malaysia, Indonesia, and Singapore, bar and coin demand also experienced a decline of 2 per cent, 4 per cent, 5 per cent, and 8 per cent, respectively, year-on-year.

Meanwhile, the global jewellery market proved to be remarkably resilient amidst record-high prices as demand inched up by three tonnes year-on-year. China played an important role, recording a 17 per cent increase in demand for gold, as it recovered from COVID-19 lockdowns, offsetting a 9 per cent decrease in India.

Agro-forestry- fishery exports surge 80% in January

The country's agro-forestry-fishery exports in January saw a significant increase of 80 per cent to US$5.14 billion compared to the same month of last year, according to Ministry of Agriculture and Rural Development (MARD).

The import value amounted to $3.72 billion, up 40 per cent year-on-year. That resulted in a trade surplus of over $1.4 billion, a yearly surge of over 4.6 times.

In the first month of this year, the export revenue for forestry products reached $1.49 billion, up 73 per cent; seafood $730 million, up 61 per cent; farm produce $2.71 billion, up 94 per cent; production inputs $177 million, up 50 per cent; and livestock farming $36 million, up 3.5 per cent.

According to the ministry, export values of agricultural, forestry and aquatic products to different regions all witnessed growth. Typically, exports to the American region hit $1.18 billion, up 94 per cent; Africa $104 million, up 185 per cent; Asia $2.52 billion, up 86 per cent; Europe $532 million, up 38 per cent; and Oceania $78 million, up 101 per cent.

It added that China was the largest consumer of Việt Nam's ago-forestry-fishery products, accounting for 23 per cent of the total or marking a yearly rise of 106 per cent. The US came next with 20.8 per cent or an increase of 96 per cent, while Japan ranked third with 7.4 per cent, up 48 per cent.

The MARD noted that in January, prices for most commodities tended to rise compared to December 2023, driven by skyrocketing demand during the Lunar New Year (Tết). However, these prices remained relatively stable with intertwined fluctuations.

Overall, there is an abundant supply of agricultural products, ensuring sufficient provisions for the Tết holiday. Prices have not fluctuated significantly; in fact, some items have witnessed price decreases as a result of shifts in consumer habits, the ministry said.

The agriculture sector in 2023 posted a new record in the agro-forestry-fishery export value, hitting more than $53.2 billion, a year-on-year increase of 9.3 per cent.

The ministry reported on December 27 that the sector enjoyed a trade surplus of $8.5 billion, 30 per cent higher than that of 2021.

Specifically, the export value of main agricultural products reached $22.59 billion, up 4.8 per cent; main forest products topped $16.93 billion, up 6.1 per cent; and aquatic products hit $10.92 billion, up 22.9 per cent.

During the year, the sector focused on removing trade barriers, thus helping set the new export records, the ministry said.

MARD kept a close watch on price fluctuations and the balance of supply and demand in the market, while proposing solutions to promote the consumption of agricultural products.

It also coordinated with embassies, and trade and agriculture counsellors to set up channels for providing information related to export markets.

At the same time, it also strengthened online trade promotion activities to expand exports to big markets such as China, the US, the EU, Russia and Brazil, and effectively exploited potential markets including Japan, South Korea, ASEAN, Australia, New Zealand and the Middle East.

The ministry closely coordinated with the Ministry of Industry and Trade to negotiate on opening export markets for local farm produce and promptly solving problems to promote agricultural, forestry and fishery exports.

It had measures to minimise negative impacts of the COVID-19 pandemic and the Russia-Ukraine conflict which have affected the global supply chain of agricultural products. It actively took advantage of free trade agreements (FTAs) to promote agricultural product exports.

Central bank proposed to issue gold certificates

The Government should issue gold certificates that have an interest like cash savings to attract 400 tonnes of gold from the people, experts suggest.

Many countries allow capital raising through gold certificates issued by the central banks, and the trading of gold certificates must follow strict rules.

Huỳnh Trung Khánh, vice president of the Vietnam Gold Trading Association and an advisor to the World Gold Council in Việt Nam, said that issuing gold certificates is common in some countries. Instead of holding gold, people can keep gold certificates issued by the central bank that can trade on the exchanges.

According to Khánh, the association has also discussed the measure with the State Bank of Việt Nam (SBV) for a long time, but it is a long-term issue that must be done methodically and carefully.

When there is direction from the SBV, the World Gold Council as well as the Vietnam Gold Trading Association will be ready to cooperate with the SBV and competent authorities to explore neighbouring markets such as Singapore and China which have gold certificates and gold exchanges, to research and find suitable measures to apply in Việt Nam.

The issuance of gold certificates will help reduce dependence on gold as people or investors will have a place to deposit gold and the Government can put the gold into circulation to serve economic development.

Currently, people buy gold just for storage, therefore Khánh believes if the State stores the gold for them with interest rates, which do not need to be too high, people will be willing to deposit it.

In addition to gold certificates, Khánh also commented that for safe and sustainable market development, the first principle is that the SBV needs to control and not let it develop spontaneously.

If a gold exchange is established, the SBV, the Ministry of Finance or the State Securities Commission will be able to control the buying and selling of gold. Besides, the measure can help better balance domestic gold supply and demand.

Echoing Khánh, financial expert Nguyễn Trí Hiếu said the issuance of gold certificates would help mobilise hundreds of tonnes of gold held by the people, to serve economic development purposes.

The SBV should issue gold certificates to people so they can deposit gold, Hiếu said, adding that these certificates must have interest, the same as savings.

A number of people are supporting this proposal.

Vũ Xuân Thành told vietnamnet.vn that sending gold to the State for certification was an action that contributed to stabilising the country's economy, helping the State become more economically autonomous.

Another man who is asked not to be named, said he also wanted to do the same, describing it as a responsibility to the Fatherland.

However, a policy that allowed people to deposit gold like a savings account would be needed. Currently, people have to pay a fee for depositing gold, which would not encourage them to do so.

Some others opposed the proposal, saying that gold certificates were not feasible.

Pham Anh Tuấn who lives in Hà Nội said gold or money should be kept in the safe or in the bank so that their owners could feel secure.

He said people should not send gold to the State without receiving any interest rates.

No one would be willing to use real gold to exchange for a few pieces of paper, Quốc Chiến told vietnamnet.vn. 

Remittances – important resource for socio-economic development

The increasing inflow of remittances to Vietnam over the years has increased the foreign currency reserve while helping enterprises expand production and business, thus creating an impetus for socio-economic development, according to economists.

The State Bank of Vietnam (SBV) said Vietnamese abroad sent home 16 billion USD in 2023, a year-on-year surge of 32.5%. Of the total figure, Ho Chi Minh City received 8.92 billion USD, up 35% from the previous year.

Experts attributed the rise to the relaxed immigration control and health measures in many countries in the post-COVID-19 period that resulted in an increase in the number of Vietnamese people working abroad.

Besides, despite formidable challenges posed by high inflation rates, overseas Vietnamese (OVs) in the UK, the US, Canada and Europe sent remittances home to support their families.

Experts held that remittances not only help improve the domestic livelihoods but also serve as an important financial resource for the country’s economic development. Therefore, with a view to attracting this capital, credit institutions should work to better their transfer and receipt services.

Over the past time, many Vietnamese commercial banks have cooperated with nearly 1,000 banks across 100 countries and territories to promote international connectivity and payment. They particularly focus on markets with a large number of Vietnamese people such as the US, Australia, Canada, Japan and the Republic of Korea.

Vietcombank, Agribank, BIDV, VietinBank, ACB and EximBank are putting on many promotional programmes for their remittance transfer services leading up to Tet – the time when OVs send more money to the homeland.

According to Chairman of the Business Association of OVs Peter Hong, around 5.5 million Vietnamese reside in 130 countries and territories across the globe. Many people aged from 60 and businessmen and intellectuals want to come back home to live or make investment there.

Meanwhile, Chairman of the Vietnam Archive Business Association Dinh The Vinh said that remittances have emerged as an important resource of external development finance, without which the economy will face difficulties. He added that it is necessary to create favourable conditions for OVs to invest in the homeland such as allowing them to buy houses in the country.

He also suggested that the amount of remittances will further increase if more high-quality workers are sent overseas.

Laying stress on the significance of remittances, Dr. Nguyen Tri Hieu, a finance-banking expert, said the State should provide full and clear information on investment opportunities in Vietnam, and ensure favourable healthcare, security and visa procedure, among others, for OVs.

As for those getting remittances from their relatives, they should be encouraged to set aside a part of the money for investment in Vietnamese projects, he added.

B2C E-commerce to be Vietnam’s fifth largest export industry in five years

The cross-border B2C E-commerce (consumer-facing segment of e-commerce) is set to grow strongly in 2027 and become the fifth largest export industry in Vietnam in the next five years, according to Amazon Global Selling. 

Cross-border B2C E-commerce is set to become the fifth largest export industry in Vietnam in the next five years, according to AAmazone Globall Selling. (Illustrative image)

In its latest report, Amazon Global Selling raised two development possibilities for cross-border e-commerce exports in Vietnam through 2027. The industry could bring back US$5 billion (equivalent to VND124,200 billion) from export turnover in a baseline scenario, and US$12 billion by 2027 in the other scenario if small, medium and micro enterprises get assistance and increase online exports.

The General Statistics Office reported that Vietnam earned nearly US$356 billion from exports last year. Notably, five groups of products having an export turnover of more than US$20 billion each were electronics - computers and components; phones and accessories; machinery – equipment; textiles and garments; and agro - forestry and fisheries.

According to Amazon Global Selling, Vietnamese businesses have the opportunity to increase online exports as global consumption continues to shift from offline to online. Globally, the value of B2C e-commerce sales in 2024 is projected to hit more than US$31.3 billion, accounting for nearly 13% of retails. The value is set to increase to more than US$40.5 billion in the next five years, equivalent to 15% of global consumption.

The Amazon report shows that, in one year (up to August 31, 2023), Vietnamese retailers sold more than 17 million products on Amazon, an increase of 50% compared to the same period in 2022. In addition, the number of Vietnamese sellers on the world’s largest e-commerce platform also increased by 40%.

The report also points out that the industries such as health, personal care and beauty are developing strongly in Vietnam, helping to fuel online exports. Last year alone saw the number of Vietnamese sellers with revenue exceeding US$100,000 each on Amazon increase by 70%. 

Agricultural sector reports trade surplus for January

The total export turnover of agro-forestry-fishery products was $5.14 billion in January, up almost 80 per cent on-year; meanwhile, the import turnover was $3.72 billion, leaving a trade surplus of $1.43 billion, a more than 4.5-fold increase compared to the same period last year.
 
The strong export turnover was thanks to the contribution of several product groups, such as forestry products with almost $1.5 billion (an increase of 72.5 per cent); seafood with $730 million (an increase of almost 61 per cent); agricultural products with over $2.7 billion (an increase of around 94 per cent); livestock showing $36 million (up 3.5 per cent); and input materials bringing in $177 million (an increase of just under 43 per cent).

The export value of agro-forestry-fishery products to all markets increased, with exports to the Americas totalling $1.18 billion (up almost 94 per cent); Africa with $104 million (up over 185 per cent); Europe with $532 million (up 38 per cent); and the rest of Asia accounting for $2.52 billion (up 86 per cent). Exports to China accounted for 23 per cent of the total, the US was just under 22 per cent, while Japan took in 7.4 per cent.

The Ministry of Agriculture and Rural Development (MARD) set the target to reach a total export turnover of $54-55 billion in 2024. The GDP growth rate of the entire industry is expected to increase by 3.2–4 per cent, and the stable forest coverage rate is at 42 per cent.

“This year, along with the traditional market, we will focus on exploiting new markets, such as Muslim countries, the Middle East and Africa. In addition, we will take advantage of free trade agreements, especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and EU-Vietnam Free Trade Agreement to promote the export of key agro-forestry-fishery products,” Deputy Minister Phung Duc Tien said at a meeting with press agencies on February 1.

“The MARD will also support businesses in signing new export orders and support both businesses and cooperatives to coordinate support for trademark protection and geographical indication for Vietnam's potential export products abroad.”

Deputy Minister Tien shared that in 2023, although there were still many challenges, the agricultural sector had also achieved positive results. With direction and drastic action from the ministry's leaders to affiliated units, the agricultural sector has asserted its position as a 'pillar' of the economy.

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