1 billion revenue companies

The locality also imported USD 4.78 billion worth of goods in the period, according to the provincial Department of Industry and Trade. The department said the trade surplus can be attributed to local businesses’ efforts to seek domestic supply of materials and goods. Stronger connection among domestic enterprises has also helped reduce import while allowing domestic enterprises to enjoy tax incentives when shipping their products to the markets with which Vietnam has signed free trade agreements (FTAs), including the Republic of Korea (RoK), Japan, Chile, and ASEAN nations. Export revenues from traditional markets recorded good growth, such as an 88 percent increase year-on-year in the RoK market, nearly 13 percent in Japan, over 9 percent in France, and nearly 8 percent in the US. The province’s major export products were footwear, machinery and equipment, vehicles, and fibers. A number of agricultural products saw their export price rise in the period, such as cashew nut, … [Read more...] about Dong Nai earns over USD 5.2 billion in export in four months

Vietnam’s skilled workforce, optimistic economic outlook, and competitive wage prices are among the factors drawing foreign investors’ attention to the country. An estimated 21% of Indian companies that have operations in Southeast Asia or expect to do so in the future show their plan to expand their businesses in Vietnam in the next two years. Whilst, 26% of Chinese corporates in Vietnam are looking to prioritize growth here over the next two years. Car production at Thanh Cong Hyundai Plant. Photo: Viet Dung These are some of the key findings from HSBC Navigator: SEA in Focus , which surveyed more than 1,500 companies from six of the largest economies in the world, including China, France, Germany, India, the UK, and the US – all of which have operations in Southeast Asia or have plans to do so in the future.  The survey gauges their sentiment on doing business in Southeast Asia, with a particular focus on trade, digitization, and sustainability. … [Read more...] about Companies from China and India temped to move to Vietnam

A ceremony for the third phase of the FPT Complex in Da Nang City. — Photo courtesy of F-Soft Da Nang FPT Software (F-Soft) Da Nang has commenced construction of key infrastructure projects in the Information Technology (IT) Service Centre F-Complex in the central-city, after a two-year delay caused by the COVID-19. Chairman of F-Soft, Nguyen Tuan Phuong spoke at the ground-breaking ceremony for the third phase of the apartment (FPT Plaza 3), the second phase of the FPT education (FPT school), a Data Centre (FPT Telecom) and public space of the FPT City, which will enter full operation in the first quarter of 2024. Phuong said the infrastructure items would reserve working space and living accommodation for at least 10,000 employees, experts, and 80,000 families. He said a series of apartments and Information Technology (IT) infrastructure projects would help boost F-Soft Da Nang as a leading software exporter and end-to-end digital transformation service supplier in central … [Read more...] about Key infrastructure projects start in Da Nang

Of the export earnings, the foreign-invested sector is projected to contribute USD 7 billion, up 12 percent, while the non-state sector and the state sector are forecast to make up USD 963 million and USD 108 million, respectively. The trade surplus is attributed to the export growth of hard currency earners such as footwear with USD 1.3 billion and garments with USD 704 million, while wood and wooden furniture and textile products are estimated to contribute USD 508 million and USD 560 million, respectively. Dong Nai’s export revenues from the Republic of Korea market recorded the highest growth of 19.6 percent, followed by China with 19.2 percent; Japan, 9.6 percent and the US, 5 percent. In the first five months of the year, Dong Nai province raked in over USD 6.6 billion from exports while importing USD 6.1 billion worth of products. Source: VNA … [Read more...] about Dong Nai’s first-half trade surplus forecast to hit USD 600 mln

Garment production for export at Kim Dung Textile and Garment Company in District 12, Ho Chi Minh City. (Photo: SGGP) Dependence on imported raw materials Ms. Nguyen Thi Tuyet Mai, Deputy General Secretary of the Vietnam Textile and Apparel Association, said that the total number of enterprises participating in the textile and garment sector in Vietnam, including foreign and domestic enterprises, is more than 7,000. Of which, only 18 percent of them produce fabric materials, 12 percent produce yarn, 2 percent produce other materials, and the rest are garment enterprises. This fact has put the textile industry in front of the challenge of unstable growth due to its dependence on imported raw materials. Currently, each year, Vietnam imports 100 percent of cotton with an estimated value of US$3.2 billion and 60 percent of fabric with an estimated value of $14 billion. The US is the largest cotton and fabric import market of Vietnam, followed by China, Japan, South Korea, and … [Read more...] about Vietnamese textile-garment industry strong but not stable

Bilateral trade recovery According to the Ministry of Industry and Trade, after two years of COVID-19, trade between Vietnam and the UK recovered in 2021, reaching nearly US$6.6 billion. This included more than US$5.7 billion worth of Vietnam’s exports to the UK, an increase of 16.4 percent compared with 2020. Vietnamese goods at a UK supermarket Products with high export growth included fruit and vegetables (up 67 percent); coffee (up 17 percent); pepper (up 49 percent); carpets and products made of bamboo, rattan and sedge (up 56 percent); iron and steel materials (up 1,269 percent); steel products (up 100 percent) and toys and sports equipment (up 19 percent). The value of Vietnam’s imports from the UK reached nearly US$850 million, an increase of 23.6 percent compared with 2020. In the first four months of 2022, Vietnam’s exports to the UK reached an estimated US$4.8 billion with key products including seafood, coffee, pepper, cashew nuts, plastic products, … [Read more...] about Vietnam-UK agreement creates leverage for bilateral trade