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VASEP said that amid rising inflation, European importers tend to increase their import of raw tuna from sources with competitive prices and customs advantages. Therefore, it forecast that Vietnam's tuna export to the EU in the last months of the year will continue to climb compared to the same period in 2021.
In addition, tuna export is forecast to continue growing in some other important markets such as the Middle East, Japan.
Le Hang, Deputy Director of VASEP.PRO Centre, said that by the end of this year, the turnover will hit the 1 billion USD mark for the first time.
Impressive growth was also recorded in the export of squid and octopus, as the value reached 625 million USD in the January-October period, up 32% year-on-year, and higher than the 602 million USD of 2021.
The turnover is predicted to surpass the 700 million USD mark for the first time, at around 734 million USD.
Bell rang at Nasdaq ahead of largest startup contest for overseas Vietnamese
Permanent Representative of Vietnam to the UN, Ambassador Dang Hoang Giang has joined two leaders of VietChallenge, known as the largest fundraising contest for Vietnamese-born startups worldwide, to ring the opening bell at the Nasdaq MarketSite in Times Square, New York.
The ceremony was held on November 17 in celebration of Vietnamese entrepreneurship, as the final round of the 2022 VietChallenge is scheduled to take place at the site, the second biggest stock exchange in the world, on December 2.
Mai Phan Zymaris Esq., Founder and President of VietChallenge, said she and other young Vietnamese in the US feel the full support of Ambassador Giang and Vietnam's diplomatic missions for youth activities with positive elements for the community.
Since its launch in 2015, the three-round-judging competition has helped elevate more than 800 startups who came to compete from over 20 different countries.
Mekong Connect Forum set for next week in Can Tho
The Mekong Connect Forum 2022 with the theme “Actively improve the connectivity and integration for mutual development” will take place in Can Tho City on November 23 and 24.
On November 24, the leaders of An Giang, Ben Tre, Can Tho, Dong Thap and HCMC participating in the forum will introduce their most important projects in 2023, call for investment, and discuss the implementation of integrated and valuable linkage activities.
The “Start-up Day – Green Market” event will also take place there to create favorable conditions for start-ups to collaborate, sell their products and boost their export activities.
Mekong Connect is an annual forum attracting huge attention from entrepreneurs, managers, experts, farmers and those interested in the development of the Mekong Delta region.
This forum was first held in 2015 with the regional network initiative among An Giang, Ben Tre, Can Tho, Dong Thap, and later HCMC.
Strong purchasing power, demand drive Vietnam’s economic growth: expert
Strong purchasing power and demand have created a fast and strong locomotive for economic growth, and Vietnam is forecast to record a GDP growth rate of over 8% this year, said Executive Chairman of Dragon Capital Dominic Scriven.
This is a rare high amid the context that 2022 is a year full of difficulties for not only Vietnam but also the whole world, he told the Vietnam News Agency.
He held that this growth is driven by a purchasing power rebound after the COVID-19 pandemic, as well as the strength of the Vietnamese economy, especially political and social stability, the stability of economic and investment policies, and its openness and integration into the global economy.
Scriven noted the economy’s internal driving forces are relatively balanced and strong, from people’s demand, enterprises’ strength, and foreign investment attraction to Vietnam’s competitiveness thanks to free trade agreements, which have helped open up new markets.
Vietnam is assessed as a new and strong economy with an internationally recognised stature. It is a rare example of stability among Southeast Asian nations, the Dragon Capital leader went on, adding that while global uncertainties this year are mainly caused by food and energy crises, it seems to haven’t suffered from too big impacts.
Echoing the view, Dr. Ho Quoc Tuan, senior lecturer in finance and accounting at the UK-based University of Bristol, said since the year’s beginning, Vietnam has succeeded in sustaining high economic growth and low inflation, about 3% - lower than other Asian countries like Japan, Indonesia, the Republic of Korea, and many European countries, which have neared an inflation rate of over 10%.
However, he noted, it is hard for Vietnam to maintain a high growth rate amid prolonged difficulties predicted for the global economy for many months to come. In particular, its exports will be affected by a slowdown in global export growth.
It will also be difficult for enterprises to maintain growth and capital accessibility since the country is facing increasing production costs while interest rates are surging, causing pressure on foreign exchange rates and general interest rates in the economy.
Tuan recommended that to keep economic growth, Vietnam should use fiscal tools, including boosting public spending, especially on infrastructure development, power generation, and climate change fight, to support the economy and enterprises. It is also important to step up market reforms and create opportunities for businesses to develop further.
Scriven said Vietnam should not lower vigilance but continue reforming the labour market, the real estate market, trade and visa regulations, and accounting standards.
The British expert also pointed out chances for Vietnam as global supply chains are being restructured, and many foreign firms are paying attention to the country, which is currently viewed as a manufacturing hub for the Asian market.
Vietnam bird's nests to enter Chinese market through official channel
Vietnam bird’s nests will be officially exported to China after the protocol on allowing the exportation of this product was signed by both countries.
Minister of Agriculture and Rural Development Le Minh Hoan on November 16 signed this protocol after it was signed by China’s side.
Hoan said the ministry will start preparing the promotion strategy to export bird's nests to China soon.
China is the world's largest market for bird's nests, accounting for more than 80% of the global market share. According to the specialised data on bird's nest imports, demand for this product has risen steadily in this market with the import volume rising from 180 tonnes in 2019 to 220 tonnes in 2020 and more than 300 tonnes in 2021.
Meanwhile, Vietnam has many favourable conditions for swiftlet farming with its long coastline, many islands, bays and lagoons. The quality of Vietnam bird's nest products is also considered superior to other countries in the region and favoured by Chinese consumers.
At the same time, Vietnam has a long border with China which is very convenient for trading and transporting goods to the Chinese market, creating a more competitive advantage for Vietnamese products.
Given its economic value and export potential, since 2019 the Ministry of Agriculture and Rural Development (MARD) has negotiated and submitted to the General Department of Customs of China for the official export of this product to China.
Immediately after signing the protocol, MARD requested relevant units and agencies to fully inform industry associations, bird’s nest farming sites and farmers about regulations on traceability and food safety according to the protocol.
According to the Department of Livestock Production (MARD), in the past five years, swiftlet farming has developed strongly in 42 provinces and cities nationwide, concentrating in the South-Central region and the Central Highlands.
Currently, more than 22,000 swiftlet houses have been installed nationwide with an annual output of about 120 tonnes worth over 500 million USD.
So far, 13 agricultural products of Vietnam have been allowed to be exported to the Chinese market, including dragon fruit, rambutan, longan, mangosteen, mango, jackfruit, lychee, watermelon, durian, and banana among others.
President attends Vietnam-Thailand High-Level Business Meeting
President Nguyen Xuan Phuc has described businesses as "heroes" in the economic sector, who will bring trade revenue between Vietnam and Thailand to 30 billion USD by 2025.
Addressing the Vietnam-Thailand High-Level Business Meeting on November 17 as part of his trip to Thailand, President Phuc stressed that Vietnam and Thailand have been strategic partners of each other, and they have provided mutual support at all bilateral, regional and international levels.
He urged enterprises of the two countries to enhance cooperation and exchange experience in the areas they have potential and interests such as digital economy, energy and food security, and green, sustainable development.
Noting the announcement of the connection of retail payments using QR codes between Vietnam and Thailand, the State leader called it a vivid demonstration of the effective cooperation between management agencies, businesses and commercial banks in the two countries, and expressed his hope that it will contribute to boosting the bilateral trade and tourism ties.
Over the past 30 years, especially the past decade, Thailand has remained one of the biggest trade partners of Vietnam, he said, stressing that during his visit, Vietnamese and Thai leaders have agreed to raise the bilateral trade to 25-30 billion USD by 2025.
He highlighted the important role of businesses, especially the outstanding firms that have made significant contributions to the bilateral economic and trade relations, in realising the target.
President attends opening ceremony of 2022 Vietnam Goods Week in Thailand
President Nguyen Xuan Phuc on November 17 attended and opened the 2022 Vietnam Goods Week in Thailand, which has attracted the participation of more than 70 businesses.
The event, from November 16-20, is being jointly held by the Vietnamese Ministry of Industry and Trade (MoIT) and Central Retail Vietnam at CentralWorld – one of the biggest commercial centres in the world.
Since its launch in 2016, the programme has made it easier for Vietnamese goods to access the distribution system of Central Group - a leader in retail and service business in Thailand, according to MoIT Deputy Minister Do Thang Hai.
With 45 booths, the exhibition is displaying the best of Vietnamese products, while promoting tourism and culture in Vietnamese localities. It is expected to welcome 500,000 visitors.
Central Retail Vietnam will be a strategic partner of the MoIT in trade promotion and market expansion under an agreement signed within the framework of the programme.
Vietnam, US eye balanced, sustainable trade
Vietnam and the US have recorded impressive growth in their relations over the past years but they are also facing many challenges, so their state agencies and enterprises should actively exchange views and cooperate to help bilateral partnerships achieve balance and sustainability, heard a trade forum in Ho Chi Minh City on November 17.
Highlighting bilateral trade growth, Deputy Minister of Industry and Trade Do Thang Hai said the trade shot up 248-fold to nearly 113 billion USD in 2021, from 450 million USD in 1995 – when the countries normalised diplomatic ties, despite the prolonged and complex COVID-19 pandemic and disrupted supply chains. The US has become the second largest trading partner of Vietnam and the biggest importer of goods from the Southeast Asian nation.
Meanwhile, the North American country has continually been one of the top foreign investors in Vietnam for many years. With nearly 1,150 operational projects worth over 10.3 billion USD, it now ranks 11th among the 141 economies investing here.
Over the past years, the enhancement of ties with such US states as Oregon, West Virginia, Maryland, Virginia, and California has helped set up comprehensive cooperation frameworks, facilitate trade and investment activities, increase sharing information about business opportunities, and assist projects and operations of the two countries’ enterprises, he added.
Echoing the view, Pamela Phan, Deputy Assistant Secretary for Asia at the US Department of Trade, said the two countries’ relations are enjoying vigorous growth in all spheres, with economy - trade playing the central role. Both public and private sectors of the US are ready to strengthen ties with Vietnam in new initiatives and potential areas that match the current sustainable development trend like digital economy, clean energy, climate change fight, health care, education, and financial services.
However, Hai also noted considerable challenges to Vietnam, pointing out an increase in the US’s trade remedy investigations into Vietnamese goods and the US yet to recognise Vietnam as a market economy, which has caused great losses to the country in trade remedy probes.
The Ministry of Industry and Trade hopes that aside from traditional cooperation areas, the two countries will actively discuss ways for adapting to the shift of global supply chains, new policy orientations of the US, potential fields, and opportunities for promoting bilateral economic and trade links, thereby helping create momentum for the two business circles to expand export and import markets, and boost balanced and sustainable trade and investment, he went on.
According to US Consul General in HCM City Susan Burns, Vietnam has become a key link in supply chains and important to the US economy.
Aside from traditional chain connectivity in electronics, cotton, wood, and agricultural products, the countries also hold numerous chances for expanding partnerships to new areas like clean energy, infrastructure, health care, and especially digital economy, she added.
VinFast receives big order from US service firm Autonomy
Vietnamese carmaker VinFast announced on November 18 that, it has received an order from American electric vehicle subscription firm Autonomy for more than 2,500 VF 8 and VF 9 vehicles.
This is VinFast's largest corporate order to date, and one of Autonomy's largest electric vehicle orders, affirming the acceptance by the international market of the Vietnamese automaker.
In August 2022, Autonomy ordered 23,000 electric vehicles across 17 different global automakers, including VinFast, to operate its subscription services.
At that time, Autonomy planned to order 400 VF 8 and VF 9 vehicles and now has officially increased the order to more than 2,500 units.
Customers can learn about VinFast vehicles at any of VinFast’s six stores in California. Those interested in subscribing a VinFast through Autonomy can sign up via Autonomy's mobile app and receive the car directly from Autonomy's AutoNation pickup locations.
VinFast has already started delivering the VF 8 to Vietnamese customers, and the VF 8 and VF 9 are currently open for global reservations.
Vietnamese wood, furniture products introduced in Indian expo
Vietnamese businesses are exhibiting wood products at the World Furniture Expo (WOFX), which kicked off at Bombay Exhibition Centre in India's Mumbai city on November 17.
The three-day event offers a business-to-business (B2B) platform for Indian and international furniture and décor firms to seek cooperation opportunities and set up partnerships.
On the occasion, the Ministry of Industry and Trade's Asia-Africa Market Department and the Vietnam Trade Office in India coordinated with the Institute of Indian Interior Designers (IIID) to hold a seminar on potential cooperation in the wood and furniture industry between Vietnam and India, attracting crowds of Indian companies.
According to Vietnamese Trade Counsellor in India Bui Trung Thuong, in the context that orders from large and traditional markets are declining, India is expected to become a potential market for Vietnamese wood businesses.
Processing and manufacturing enterprises connect to expand markets
Viet Nam is becoming more well-known for its supporting and manufacturing industries, especially as the world needs to diversify supply chains due to the impact of the COVID-19 pandemic.
According to experts, many international corporations and businesses have expressed their desire to approach and associate with Vietnamese industrial enterprises.
To create this connection, in addition to improving their technology and production capacity, domestic processing and manufacturing enterprises were in need of more support from the State in terms of capital and technology, they said.
At the third Vietnam International Supporting Industry and Manufacturing Exhibition (VIMEXPO 2022), Nguyen Van, deputy chairman of the Ha Noi Association of Supporting Industry Enterprises (HANSIBA), said the supporting and manufacturing industries in Viet Nam are developing quickly and attracting the interest of many foreign partners.
According to the chairman of Toyota Motor Vietnam (TMV), the exhibition will connect more international and Vietnamese manufacturers, thereby helping them to expand the supplier network. Through previous events, Toyota Vietnam has connected with more than 20 potential suppliers, one of which has become the official supplier for TMV.
Chairman and General Director of Intech Group Hoang Huu Thang said: “Enterprises must choose whether they wait for partners to come to improve technology and quality to meet demand or find ways to improve the position and quality of the business first to be more convenient in finding partners.”
Thang said the Government's support policies related to industrial development, processing and manufacturing were adequate. In the future, more exhibitions and product introduction events are needed for businesses to have the opportunity to meet and connect with each other. In addition, policies on loans and incentives in research and development of new technologies should be implemented.”
Nguyen Quy Tinh, director of An Hoa Equipment and Technology Solutions Co., Ltd., said for small and medium-sized enterprises, the cost to attend international exhibitions must also be considered, so State-supported exhibitions were very practical for businesses.
Thomas Jacob, International Finance Corporation (IFC) country manager for Viet Nam, Cambodia and Laos, said that assisting manufacturing enterprises and supporting industries to shift from low-cost production to higher value segment production and increased access to digital technology will help boost production efficiency and enhance connectivity with foreign businesses and global value chains, thus, improving the competitiveness of local businesses
The three-day VIMEXPO 2022 exhibition is organised by the Ministry of Industry and Trade (MoIT), the Center for Industry Development Support in collaboration with the Advertising and Exhibition Company CIS Vietnam.
Work begins on electric vehicle battery factory in Ha Tinh
A groundbreaking ceremony was held on Friday to commence work on a Lithium Iron Phosphate (LFP) battery factory in Ha Tinh Province.
The joint-venture LFP battery cell factory, funded by VinES and Gotion, is situated in Vung Ang Economic Zone.
VinES Energy Solutions JSC is a member of Vingroup, and Gotion Inc. is a wholly-owned subsidiary of Gotion High-Tech.
The project has a total investment of more than VND6,32 trillion (US$275 million), a scale of 14ha (34.5 acres) with a design capacity of 5GWh/year, equivalent to approximately 30 million battery cells per year.
The factory's products are rechargeable LFP battery cells, mainly used for EV batteries and energy storage systems (ESS).
With a high level of automation and a cutting-edge, optimised production process, the joint venture LFP battery cell factory will fulfil the needs of VinFast's electric vehicles that require LFP batteries and ESS products developed by VinES. In the later phase, VinES and Gotion will research and expand the project according to the market's development opportunities and potential.
Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes
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