Total state budget collection in the first five months of 2024 was estimated to reach 898.4 trillion VND (35.2 billion USD), equivalent to 52.8% of the yearly estimate, representing a year-on-year rise of almost 15%, according to the Ministry of Finance (MoF).
Of the sum, collection from crude oil was about 24.7 trillion VND, equal to 53.6% of the estimate and equal to the figure in the same period last year, while domestic revenue was estimated at 757.5 trillion VND, equivalent to 52.4% of the estimate and up 16.8% year-on-year, the ministry reported.
Particularly, revenues from housing and land taxes and fees were estimated at 90.6 trillion VND, equivalent to 35.2% of the estimate, up 78.2% over the same period last year. It is attributable to the fact that localities have well organised land auctions and allocated land to projects since the end of 2023, generating land use fee payments in early 2024.
According to the MoF, a surge in domestic revenues reflected an economic recovery. The implementation of policies on the exemption and reduction of taxes, fees and charges have left positive impacts on the performance of businesses and state budget collection as revenues from three economic sectors was estimated to reach 54.1% of the estimate, a year-on-year increase of 12.7%.
Minister of Finance Ho Duc Phoc said that in the coming time, the finance sector will continue to roll out measures to collect enough state budget revenue for the whole year. Accordingly, state budget revenue management agencies will continue to strengthen revenue management, inspection and sources, prevent revenue loss, especially relating to real estate business activities, financial service activities, banking, restaurants, hotels, e-commerce, and trade on cross-border digital platforms.
At the same time, the tax sector will inspect and strictly control value-added tax refunds, ensuring its compliance with the provisions of laws, focusing on promoting digital transformation, modernising tax collection, and expanding the implementation of e-invoices, the minister added./.
FDI to be expanded with green focus
Vietnam is projected to improve its trade and investment flows as global demands increase, with a green trend on the rise in supply chains.
At last week’s Asia-Pacific Dialogue event organised by the Association of Chartered Certified Accountants (ACCA) in Hanoi, Vietnam was said to boast great potential in addition to a production and business climate fuelled by rising global demand (see pages 5-6).
“Vietnam is the land where the personal and the professional collide to perform, doing investment and business,” said ACCA chief executive Helen Brand. “I’ve been enormously impressed by the government’s serious and systematic intent to improve policies and build the accountancy profession in Vietnam, and how it has stepped onto the world stage by supporting international standards and regulatory frameworks.”
Vo Thanh Hung, Deputy Minister of Finance, also stated at the event, “Vietnam’s economy is significantly improved, with its global ranks escalated, being an attractive investment spot and a big exporter and importer.”
Vietnam has become among the top 40 largest economies in the world, among the 20th biggest attracters of foreign direct investment (FDI), and among the 20th largest nations in the world regarding exports and imports, Hung continued.
The World Trade Organization projects global trade to improve towards 2025 in its latest Global Trade Outlook and Statistics report released in April, citing resilient supply chains as one of the key factors for this recovery. The volume of world merchandise trade is expected to increase by 2.6 per cent in 2024 and 3.3 per cent in 2025, after dropping by 1.2 per cent in 2023.
The International Monetary Fund also said that the world economy has been “strongly recovering”, with a growth forecast of 3.2 per cent this year and next year. The rate forecasted by the EU for 2024 is 3.3 per cent.
However, under projections of the United Nations and the World Bank, the global economic growth rate will be about 2.4 per cent, lower than the 3.1 per cent growth last year. The Organisation for Economic Co-operation and Development has also predicted that the world economy will increase 2.9 per cent this year.
Amid lingering difficulties, the Vietnamese Ministry of Industry and Trade (MoIT) in May underlined that Vietnam’s trade will have many opportunities to expand trade and woo more FDI.
According to the MoIT, Vietnam’s multilateral and bilateral free trade agreements “are having positive impacts on Vietnam’s economy, and becoming a big advantage for Vietnam to expand trade and pull in FDI.”
“Currently despite difficulties, demands in the world market in general and in the European and American markets in particular are gradually recovering due to a trendy reduction in inflation since late 2023,” said Deputy Minister of Industry and Trade Phan Thi Thang. “Developed industrial nations continuing their strategies on diversification of supply and supply chains, and investment flows will facilitate Vietnam to become an important manufacturing and export hub in the global value chains.”
According to the MoIT, many nations in the European and American regions are boosting the development of green economy, digital transformation, and circular economy will usher in many new cooperation opportunities, and green credits and technologies for Vietnam.”
The General Statistics Office (GSO) reported that total goods export turnover the first five months is estimated to reach $ 156.8 billion – up 15.2 per cent on-year, with $43.7 billion for Vietnamese exporters (up 20.5 per cent), and $ 113.1 billion for foreign exporters (up 13.3 per cent – including crude oil exports).
Meanwhile, total goods import turnover of the economy in the period is estimated to hit $ 148.76 billion – up 18.2 per cent on-year, including $54.95 billion for Vietnamese importers (up 24.2 per cent) and $93.8 billion for foreign importers (up 15 per cent).
When it comes to FDI, cumulatively as of May 20, total registered FDI hit $7.94 billion, up 50.8 per cent as compared to the same period last year. Total newly registered and newly added capital, stake acquisition, and capital contributions hit $11.07 billion, up 2 per cent on-year.
At the international conference last week held by ACCA, participants also stressed that Vietnam is now significantly improving its legal framework, and has become a strong selection for many foreign initiatives.
Besides companies in the processing, garments and textiles, and toy industries, which are consistently on the hunt for competitive labour and shifting to new markets like Vietnam, companies in the high-tech industry are also making the move.
For example, in early 2020, Apple announced the plan to produce about 30 per cent of its AirPods wireless earphones in Vietnam. Foxconn Group, Apple’s largest contractor, also revealed plans to invest over $1.5 billion to expand its operation in India. During a press conference in December 2023, AI chipmaker Nvidia CEO Jensen Huang said the company would expand its partnership in Vietnam, calling the country “Nvidia’s second homeland”.
France provides €10 million to build Hanoi Metro Line 3 extension
The French government has pledged its support to help Vietnam accelerate metro projects, develop public transport, and cut carbon emissions.
On May 30, at the headquarters of the Ministry of Planning and Investment (MPI), Deputy Minister Tran Quoc Phuong and Hervé Conan, general director of the French Development Agency (AFD), signed an agreement for a technical assistance project titled "Investment preparation of Hanoi Metro Line 3 extension project, section Hanoi station - Hoang Mai and supporting the research and construction of an integrated urban transport system for urban railway projects".
The signing ceremony was witnessed by leaders of the Department General of International Partnerships under the European Commission, the Delegation of the European Union to Vietnam, the French Embassy, and representatives of numerous ministries and agencies.
The technical assistance is worth €10 million in non-refundable aid, and will fund feasibility studies for an extension to Hanoi Metro Line 3 from Hanoi station to Hoang Mai. It will also support the research and construction of an integrated urban transport system with railway projects.
Phuong, on behalf of the Vietnamese government, expressed his thanks to the EU, the government of France, and AFD for accompanying and supporting Vietnam in implementing its climate commitments and reducing emissions, the energy transition, and improving quality of life.
He said the cooperative relationship would help meet the country's socioeconomic development goals and build Hanoi into a cultured, civilised, and modern city.
“By signing the agreement today, the MPI, in collaboration with ministries and agencies, will carry out projects and use the EU fund in accordance with the goals set forth, and we look forward to close support from the EU and AFD to enhance the effectiveness of funding," Phuong said.
Myriam Ferran, deputy director general of the Department General of International Partnerships under the European Commission, said, "€10 million in non-refundable aid for this project aims to contribute to low-carbon emissions and energy transition in urban transport infrastructure in Hanoi. This matches with the EU's Global Gateway to narrow the gap between global investments, and the EU's commitment to becoming loyal partner of Vietnam in climate action, energy transition, and sustainable development."
Olivier Brochet, French Ambassador to Vietnam, highly appreciated Hanoi's socioeconomic development, but also said this raises numerous challenges such as traffic, pollution, and quality of life. That is why the French government has mobilised funding for the development of transport infrastructure towards a low-carbon economy.
The French government has mobilised funding for the first phase of Hanoi Metro Line 3 (Nhon - Hanoi Railway Station section), which will be put into operation soon.
"Technical assistance for the second phase will be approved soon under the management of AFD. This will develop urban railways in Hanoi, increase multi-modal connectivity, and enhance mobility for people in the capital, while gradually reducing the volume of personal vehicles in inner city areas and cutting air pollution. The common goal is to increase the attractiveness not only of public transport but also of the city itself," the ambassador emphasised.
Duong Duc Tuan, Vice Chairman of Hanoi People's Committee, thanked the partners for their interest and support for Hanoi, and committed to creating favourable conditions during the project implementation process.
"Hanoi will also mobilise maximum resources and support to ensure the project runs on schedule, with high quality and efficiency, contributing to the sustainable development of the capital," Tuan said.
Cooperation crucial to claim camera market slice
With a 100 million-plus population, Vietnam’s surveillance camera market is a tempting proposition, yet over 90 per cent of the market share is in the hands of foreign rivals, sparking the need for local firms to team up and claim their slice of the pie.
Nguyen Trung Kien, CEO of Hanoi-based smart camera manufacturer Pavana Technologies JSC, noted that Vietnam’s camera market has been growing rapidly at 13-14 per cent annually, of which cameras for household use have expanded more swiftly at 17 per cent per year.
“Currently, local factory production capacity comes to around 2-2.5 million cameras per year. The market for surveillance cameras for infrastructure, enterprises, and government organisations remains underdeveloped in Vietnam, so it has large development potential,” said Kien.
Kien also revealed that based on diverse sources, the country’s camera market generated $175 million in revenue in 2023, of which Chinese brands Dahua and HikVision and their subsidiaries held nearly 90 per cent of the market share, with the rest mostly seized by smaller Chinese brands.
In the general camera market landscape, cameras for household use account for up to 48 per cent of the total revenue and 60 per cent of the total volume of the products in circulation.
Most of these products have a low value, ranging from $8.3 to below $42 per unit, being sold either online or without control in the domestic market.
Business executives in the field shared that locally-produced cameras struggled to compete with foreign low-cost cameras that are widely available in the Vietnamese market.
Availing the advantage of being produced in huge volume and receiving government support, Chinese camera makers are taking the upper hand over native producers in many countries.
Vo Duc Tho, CEO of AI camera startup Hanet Technology, said that the low cost of Chinese cameras came from the fact that they are produced in mass volumes of millions of units.
Hence, for market survival, local firms need to find a distinction, such as integrated AI or other features their foreign rivals have yet to embrace, and shouldn’t enter a price war with Chinese-made items.
Nguyen Tuan Anh, chairman of innovative startup Lumi Vietnam, said that the company is striving to best avail of smarthome technology and synchronised solutions to bolster competitiveness.
“The cost is by no means small when embracing a big solution, yet it could drop sharply through a shared use. The room for development in the Vietnamese market is still huge. The question is how to optimise the cost, master the technology, and elevate user experience? Local camera makers could form an alliance aimed at market dominance,” said Tuan Anh.
Viettel Telecom, part of tech giant Viettel Group, also envisages not competing through individual camera sales.
Nguyen Dang Trien, director of the IT Solutions and Digital Services Centre under Viettel Telecom, said that the business has enacted camera hardware technical specifications set to satisfy user requirements.
Viettel has integrated hardware and software applications, network layer, and servicers, including ensuring camera data storage in Vietnam for user protection.
“With this approach, the product price and relevant costs might be higher compared to several global platforms which manage huge volumes of cameras reaching several hundred million units. I believe to enhance competitiveness and ensure information security, it is necessary to have in place a set of criteria about basic network information security requirements, including technical specifications, to create fair competition between domestic businesses and their foreign peers operating in Vietnam,” said Trien.
Advocating the mindset, Nguyen Duc Quy, CEO of Vconnex Technology, which boasts international standard IoT platforms, said that independent local businesses often face myriad hardships.
“Local firms might be defeated at home if users continue to use the uncontrolled low-cost cameras that are ‘drifting’ into the domestic market. Therefore, it is important to have in place policies strong enough to support local firms before thinking of reaching out to the global market,” said Quy.
A GlobeNewswire report showed that the global security camera market value amounted to $12.83 billion in 2023, and is expected to touch $41.32 billion by 2032, eying a compound growth rate approximating 13.9 per cent annually.
In Vietnam, the demand for cameras is huge. The total market size might reach 100-150 million units a year, yet in fact the country just produces 10-15 million units, and needs to import 5-6 million units each year, mostly cameras for business and household use.
Businesses fined over VND200 million for gold trading violations
A Vietnamese business has been fined over VND200 million (approximately US$8,800) for violating gold trading regulations.
The Quang Binh Provincial Market Surveillance Authority said that the provincial People's Committee has issued Decision No. 1269a/QĐ-XPHC to impose a fine of more than VND200 million on a gold and silver trading establishment in the province.
The staff from the Market Surveillance Authority No.1 this morning paid an unexpected visit to Kim Quang QB company in Dong Hoi City to check its compliance with the regulation.
Market surveillance inspectors discovered that the jewelry establishment was displaying for sale 45 units of assorted jewelry products including 26 rings, 10 pendants, four bracelets, four pairs of earrings, and one bracelet without unclear indication of origin but the jewelry products are counterfeit Chanel's registration trademark which has been protected in Vietnam. All jewelry products are valued at VND195,900,000.
Inspectors of the Market Surveillance Authority in Quang Binh Province advised the Chairman of the Quang Binh Provincial People's Committee to issue a decision to impose an administrative penalty on the above-mentioned enterprise for displaying for sale counterfeit goods with a fine of VND205 million. Moreover, the company was suspended from business activities related to the infringing goods for two months.
RoK’s North Chungcheong province boosts farm produce exports to Vietnam
The government of North Chungcheong of the Republic of Korea (RoK) announced on June 2 that the province is beginning market research in Vietnam to strengthen the export of agricultural products.
Accordingly, North Chungcheong opened a store selling agricultural products in K-Market Sapphire in Hanoi on May 30, which is scheduled to operate in four months.
The first store introduces 71 products from 19 companies in the province, including processed products such as tteokbokki, seaweed, and confectionery. In the coming time, kimchi and seasonal fresh fruits will also be introduced to explore customers' preferences.
Vietnam is the 5th largest importer of North Chungcheong. Along with the Korean wave (Hallyu), Vietnam is considered a potential market for specialty agricultural products of the RoK./.
Thailand becomes Việt Nam's second largest durian importer
Thailand, the world’s biggest durian exporter with a total export turnover of US$7 billion, became Việt Nam's second largest importer of this fruit in the first four months of 2024.
In the period, Thailand spent up to $22.5 million importing Vietnamese durian, a year-on-year surge of 82 per cent. This figure is much higher than that of the third ranked market, China’s Hong Kong, with only $3.6 million. In 2023, Hong Kong was the second largest import market with a turnover of $20 million, followed by China’s Taiwan with $16 million.
Đặng Phúc Nguyên, General Secretary of the Vietnam Fruit and Vegetable Association (Vinafruit), explained that in recent times, Thailand increased imports of Vietnamese durian because during that time, Việt Nam was the only country supplying this kind of fruit in the world.
Although Thailand is the largest exporter of the fruit, its durian has decreased significantly in quantity and quality due to severe drought, so it has to buy this fruit from other countries to serve domestic and tourist needs, stated Nguyên.
Vinafruit Chairman Nguyễn Thanh Bình added that while China is the largest importer of Vietnamese fresh durian, Thailand is Việt Nam's top frozen durian importer thanks to competitive prices.
Some of the imported frozen durian is to serve processing activities, but the majority is exported to third countries, mainly China, Bình said, adding that currently, Việt Nam is not allowed to export frozen durian to China while Thailand and China have a protocol on frozen durian.
Therefore, the Vietnamese business community is looking forward to the early signing of a protocol between Việt Nam and China, so that products do not have to detour to benefit both Vietnamese farmers and Chinese consumers.
In April, Vietnam earned $217 million from shipping durian abroad, up 487 per cent against the same period last year.
The figure for the first four months of this year reached $470 million, a year-on-year rise of 146 per cent. China was the largest importer, accounting for 92 per cent of the market share.
VietinBank raises deposit rates, commercial banks follow
The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) became the first large commercial bank with state capital to raise deposit rates earlier this morning.
Starting on June 3, VietinBank adjusted its deposit rates, increasing them by 0.2 percent point per annum for terms ranging from one to 11 months. The bank posted the adjusted rates as follows: 2% per annum for 1-2 month terms, 2.3% per annum for 3-5 month terms, and 3.3% per annum for 6-11 month terms.
Other terms’ rates remained unchanged, according to the bank. Rates for 12-18 month terms stay at 4.7% per annum and for 24-36 month terms at 5% per annum.
The latest raise was on April 16, when VietinBank and the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) raised the deposit rates by 0.2 percentage point per annum for 1-11 month terms and 24-36 month terms. VietinBank's deposit rates for 24-36 month terms were listed at 5% per annum.
VietinBank, the Vietnam Bank for Agriculture and Rural Development (Agribank), BIDV and the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) are four of the country’s largest commercial banks with state capital.
Meanwhile, in the private sector, Tien Phong Commercial Joint Stock Bank (TPBank) adjusted its deposit rates, raising one-month terms by 0.23 percentage point per annum and for other terms by 0.1 percentage point per annum.
The bank posted deposit rates as follows: 1-month terms at 3.2% per annum, 3-month terms at 3.4% per annum, 6-month terms at 4.3% per annum, 12-month terms at 5% per annum, 18-month terms at 5.4% per annum, and the highest rate for 24-36 month terms at 5.7% per annum.
The Vietnam International Commercial Joint Stock Bank (VIB) also raised its deposit interest rates earlier this morning. The bank posted deposit rates as follows: 1-2 month terms at 2.8% per annum, 3-5 month terms at 3.1% per annum, 15-18 month terms at 4.9% per annum, and 24-36 month terms at 5.1% per annum./.
Conference shares experience in offshore wind power development
The southern province of Ba Ria-Vung Tau and the Danish Embassy in Vietnam on June 3 jointly organised a conference to share knowledge on developing offshore wind power in the locality, gathering a large number of Vietnamese and Danish experts.
Addressing the event, Vice Chairman of the People’s Committee of Ba Ria-Vung Tau Nguyen Cong Vinh said that developing renewable energy in general and offshore wind power in particular is one of the breakthrough measures in energy transition and ensuring national energy security.
This also makes an important part of the Ba Ria-Vung Tau Master Planning Scheme for the 2021-2030 period with a vision to 2050, he said.
The official highlighted the province’s potential in developing offshore wind power and advantages in forming an inter-regional energy industrial-service centre, affirming that in the coming time, promoting renewable energy will be one of the major tasks to ensure socio-economic development as well as defence-security of the province and the whole southeastern region.
Experts at the event analysed challenges in offshore wind power development and share experience in the field, while giving their opinions on the feasibility of electricity projects and expected power prices.
General Director of Copenhagen Offshore Partners Vietnam Stuart Livesey underlined the significant role of seaports in the offshore wind power industry and other marine energy and marine sectors.
Thanks to its strength in offshore wind power development, Ba Ria-Vung Tau is hosting many experienced member companies of the Vietnam Oil and Gas Group (Petrovietnam), and the largest number of steel enterprises in the country, enabling the province to engage in the supply chain for offshore wind power projects, he noted.
Tran Hoai Bac, Deputy General Director of the Petrovietnam Technical Services Corporation (PTSC), said that along with seaports, the province’s good infrastructure system is also another strength of the province to form service chains for the offshore wind power industry.
At the event, businesses and investors suggested ministries and sectors to issue policies to create favourable conditions for them to develop this industry.
Within the framework of the conference, a discussion was held on developing the offshore wind power supply chain centre and Vietnam's skilled workforce, gathering domestic and foreign business leaders and experts in the field./.
Hanoi's economy shows strong growth in five months
The capital city of Hanoi experienced a robust economic upswing in January-May, with positive growth across trade, services and tourism sectors.
Its total retail sales of goods and consumer services reached an impressive 336.5 trillion VND (14 billion USD), representing a 10% increase compared to the same period last year, said Director of the municipal Statistics Office Dau Ngoc Hung.
Breaking down the figure, retail sales of goods reached 215.8 trillion VND, accounting for 64.1% of the total and demonstrating a 10% year-on-year growth.
Revenue from hotels and restaurants reached 43 trillion VND, a 12.4% increase year-on-year, and constituting 12.8% of the total sales. That of travel and tourism services saw a remarkable surge of 48.9% to 10.6 trillion VND, making up 3.2% of the total. Other service sectors also reported positive revenue growth, with a 4.3% rise to 67.1 trillion VND, or 19.9% of the total.
The number of tourists visiting Hanoi in May was estimated at 547,000, reflecting a slight month-on-month decrease of 1% but 42.9% higher than the same period last year. The five-month figure reached 2.641 million, a robust 42.9% increase year-on-year. Notably, domestic tourism saw a 16.2% annual rise, with 724,000 visitors flocking to the capital city.
The city’s Consumer Price Index (CPI) in May went up 5.31% year-on-year, primarily driven by rising costs across nine out of 11 commodity groups. The most significant was observed in the education sector, with a rise of 32.87%.
The Hanoi leaders also identified tourism and farm produce with clear traceability as a key focus to cater to consumer demand in the coming months. This strategic focus is expected to solidify Hanoi's economic recovery and position it for continued growth./.
Vietnamese manufacturing sector rebounds for two consecutive months
Vietnam’s Manufacturing Purchasing Managers’ Index™ (PMI) remained unchanged at 50.3 in May, signaling a second consecutive marginal monthly improvement in business conditions in the industry, according to the latest report published on June 3 by S&P Global.
According to the report, growth was sustained in the Vietnamese manufacturing industry in May thanks to a continued rise in new orders, prompting a faster expansion of production.
Firms also moved to increase their purchase, although employment declined for the second month running amid resignations and extended staff absences.
Meanwhile, there was a marked acceleration in the rate of input cost inflation during the month. In turn, manufacturers subsequently moved to raise their own selling prices for the first time since February.
Experts shared that new orders increased solidly once again in May amid a strengthening demand environment helping firms to secure new customers and bring in new business. The rate of expansion was only slightly softer than that seen in April, however.
The expansion of total new business encouraged manufacturers to raise their production volumes for the second month in a row. Moreover, the rate of growth quickened to its fastest level seen since September 2022.
Despite increases in new orders and output, manufacturers recorded a second successive monthly fall in employment midway through the second quarter.
Economists pointed out that despite enduring a drop in staffing levels, enterprises were able to keep on top of workloads in May and reduced outstanding business following a marginal increase in the previous survey period.
Where companies purchased inputs during the month, they were faced with a sharp increase in prices. In fact, the rate of inflation rapidly increased and was at its fastest since June, 2022.
A number of respondents indicated that currency weakness had added to material prices, while there were some reports of higher oil and fuel costs. Around one-quarter of respondents therefore signaled an increase in input costs, against 5% that posted a decrease. The sharp rise in input costs fed through to an increase in selling prices, the first in three months. The pace of charge inflation was the joint-steepest recorded in 15 months, on a par with that seen in October 2023.
Andrew Harker, economics director at S&P Global Market Intelligence, said, “The latest S&P Global Vietnam Manufacturing PMI data was something of a mixed bag. On the positive side of the ledger, new orders were up solidly again amid signs that demand growth is being sustained, prompting a sharper increase in production in May.”
"On the other hand, there are concerns around staffing levels and inflationary pressures. The former decreased again and at a solid pace, potentially limiting capacity at firms. Meanwhile, cost inflation was the fastest in close to two years, feeding through to higher output prices. This could have the effect of restricting demand in the months to come,” he added.
"Overall, companies are optimistic regarding the future, with success in securing new business hopefully acting to overcome the headwinds being felt elsewhere," he noted.
Outstanding real estate brokers to be honoured
A ceremony will be held by the Vietnam Association of Realtors (VARS) later this month to honour the collectives and individuals with outstanding achievements in the field.
The VARS Awards 2024 will be presented as part of the Vietnam Real Estate Brokerage Day 2024, scheduled to take place in Ho Chi Minh City on June 28 - 29.
The awards aim to contribute to the development of real estate brokerage and market in the country, VARS Standing Vice Chairman Nguyen Chi Thanh told a press conference in Hanoi on June 3.
He noted that the year 2023 was full of difficulties for the economy and the real estate market, but the honourees opted to stay to seek the most suitable and effective solutions to sustain activities and enhance investors and clients’ trust. Their persistence has considerably helped with the market’s recovery and sustainable development, the official added.
The awards provide a solid basis for investors, project developers, and clients to select prestigious brokers to receive good services, Thanh added.
They include the “Cau Vang” (Golden Bridge) award for real estate brokerage companies with remarkable achievements in their specialised area and contributions to society. Meanwhile, the “Canh Buom Vang” (Golden Sail) award is reserved for young brokerage firm leaders who excellently steered their businesses through difficulties and challenges to obtain prideworthy attainments in 2023.
The VARS Awards were first presented in 2016./.
Ministry promotes market development in Northeast Asia
The Ministry of Industry and Trade (MoIT) will continue to focus on and tie into solutions to develop foreign exports, in which Northeast Asia and its prime markets, is one of the focal points.
Northeast Asia is a large market with a population of about 1.6 billion people and includes including important trade partners of Vietnam such as China, Japan and the Republic of Korea (RoK).
The partners in the the Northeast Asia region have signed and participated in bilateral and multilateral free trade agreements with Vietnam such as the Vietnam - Korea Free Trade Agreement (VKFTA), the Vietnam - Japan Economic Partnership Agreement (VJEPA), the Regional Comprehensive Economic Partnership Agreement (RCEP).
So these agreements were a key support for the development of trade and investment exchanges with countries in the Northeast Asia region, while also helping Vietnam participate in the regional and global supply chain, said the MoIT’s Asian - African Market Department.
Exports to China reached 61.2 billion USD, up 6.4% at the end of last year, a bright spot while other export markets were declining.
Exports to the remaining markets in the Northeast Asia region decreased slightly, of which exports to Japan and South Korea declined by 4% and to Taiwan (China) fell by 7%.
From the start of 2024 and facing concerns about the world economic outlook, the MoIT determined that it was necessary to push further and explore deeper in order to promote exports to the region and also remove any barriers for the business community in order to increase bilateral trade turnover with all partners in the world.
Those in the Northeast Asia region have seen a more visible export push in the first months of the year.
Firstly, foreign affairs activities have been strongly implemented to promote bilateral co-operation in trade, industry, and energy through visits of senior leaders to China, Japan, and the RoK.
Secondly, the ministry promoted and co-ordinated with partners in other countries to implement the cooperation contents agreed upon at joint meetings and the agreements and action plans.
The ministry is also providing market information guides on how to access the markets of Northeast Asian countries and organised conferences to promote those free trade agreements and helping the business community to grasp and exploit advantages offered by the FTAs.
Vietnamese businesses received help to connect to domestic and foreign trade organisations to boost exports.
Lastly the ministry will co-ordinate and support localities in organising trade promotion activities, removing difficulties at border gates, focusing on key and seasonal agricultural products such as lychee, rice, durian, dragon fruit to the markets of China, Japan and the RoK.
The total trade turnover between Vietnam and countries in the Northeast Asia region reached over 112 billion USD in the first four months of this year, an increase of 16% over the same period last year.
Of which, exports to China increased by 14.3%, to the RoK up 8.8%, Japan up 3.2%, Taiwan (China) up 20%; Hong Kong (China) up 59%.
The Cong Thuong (Industry and Trade) Magazine quoted the Asian - African Market Department as saying that they want to keep up this momentum of recovery and at the same time promote further growth for Vietnam's economy and trade over the remainder of 2024.
The MoIT will continue to focus on and simultaneously find solutions to develop Vietnam's foreign trade, in which the Northeast Asia region has been identified as key./.
Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes