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Vietnam posts trade surplus of US$1.3 billion in 2-month period

by hanoitimes.vn

The Hanoitimes – The foreign-invested sector made up 76.4% of Vietnam’s total exports in the first two months with US$37.07 billion, representing an increase of 30.5% year-on-year.

Vietnam reported an estimated trade deficit of US$800 million in February, narrowing the trade surplus in the first two months of 2021 to US$1.29 billion in 2019, the General Statistics Office (GSO) has said in a monthly report.

Data: GSO. Chart: Ngoc Thuy

Overall, Vietnam’s trade turnover in the January-February period is likely to rise by 24.5% year-on-year to reach US$95.81 billion, of which its export value could amount to US$48.55 billion, up 23.2% year-on-year, and imports are estimated at US$47.26 billion, up 25.9%.

According to the GSO, the foreign-invested sector made up 76.4% of the total exports with US$37.07 billion, representing an increase of 30.5% year-on-year, and the domestic-invested sector with US$11.48 billion, or 23.6% of the total.

Among Vietnam’s key export staples, phones and parts are predicted to earn the largest export turnover during the January-February period at US$9.3 billion, up 22.8% year-on-year and accounting for 19.2% of Vietnam’s total exports.

In addition, electronic products, computers and components have earned an estimated US$6.9 billion, up 27.3% year-on-year; followed by equipment and parts (US$5.5 billion and up 72.6%); garments (US$4.8 billion and down 0.01%).

Data: GSO. Chart: Ngoc Thuy

In the January – February period, the US, China, EU, ASEAN and South Korea remained Vietnam’s largest five export markets.

Meanwhile, China continued to be Vietnam’s largest supplier, selling US$17 . 3 billion worth of goods to Vietnam, surging 85 . 7% year-on-year.

South Korea claimed the second place by exporting US$8 . 4 billion worth of goods to Vietnam, up 6.7% year-on-year, followed by ASEAN countries with US$5.6 billion, up 18.5%.

UKVFTA to boost export of Vietnam key items

by hanoitimes.vn

The Hanoitimes – The trade deal will open a new chapter in the Vietnam – UK relations, UK International Trade Secretary Liz Truss has said.

Once coming into force, the UK – Vietnam Free Trade Agreement (UKVFTA) would serve as a major boost for a number of Vietnam’s export staples, including seafood, rice, garment, vegetables, among others, suggested the Ministry of Industry and Trade (MoIT) in a report.

Prime Minister Nguyen Xuan Phuc and UK International Trade Secretary Liz Truss in a meeting yesterday. Photo: Quang Hieu.

In 2019, Vietnam exported seafood worth US$298.2 million to the UK, or 6.7% of the latter’s total fishery imports. With the UKVFTA in place import tariffs for fresh or frozen shrimp would immediately go down to 0%.

A zero-tariff rate is set to continue boosting Vietnam’s exports of shrimp and catfish to the UK market, which also makes the sector more attractive in the eyes of investors looking to take advantage of the trade deal.

A study from the Ministry of Planning and Investment (MPI) predicted export turnover of Vietnam’s garment products to the EU market would expand by 67% by 2025 with the EU – Vietnam Free Trade Agreement (EVFTA). A similar effect is expected from the UKVFTA, stated the MoIT.

At present, Vietnam’s textile exports to the UK only accounts for 2.77% of total import turnover of the latter for garment products, indicating huge potential for Vietnamese textile companies to further penetrate the market.

The MoIT also views the UK as a potential rice buyer for Vietnam. In 2019, the country’s rice exports to the UK surged by 376% against that of in the previous year. Needless to say, the UKVFTA is set to put Vietnam in a favorable position compared to other rice exporters that do not possess a similar deal with the UK, including Thailand, China or India.

Vietnam remained 6 th largest exporter of wooden products to the UK in 2019 with turnover of US$432.8 million, accounting for 3.6% of the market share. The UKVFTA would remove import tariffs for certain products in five-year period.

Given its huge demand for vegetable and fruits, the UK is committed to removing import tariffs for 94% of fruits and vegetable imported from Vietnam, including the latter’s key export staples of lychees, dragon fruits, watermelon, among others.

Amid the Covid-19 pandemic, there has been a strong growth in demand for electronic products and medical protective gear from the UK market, the UKVFTA, thus, would continue to boost exports of these items from Vietnam to the UK.

Besides a boost in trade turnover, Vietnam’s commitments in the UKVFTA would help the country further improve its business/investment environment towards greater transparency and fairness.

In return, UK enterprises and products would have an open access to a market with 100 million people.

In a ceremony marking the conclusion of the negotiation process for the UKVFTA yesterday, UK International Trade Secretary Liz Truss expected the deal to be a major step for her country to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a move that is supported by the Vietnamese government.

The Trade Secretary, in a previous meeting with Prime Minister Nguyen Xuan Phuc on the same day, said the UKVFTA would open a new chapter in Vietnam – UK relations, expecting the two governments to accelerate the ratification process for the soon implementation of the deal.

Bilateral trade between UK and Vietnam surges thanks to UKVFTA

by hanoitimes.vn

The Hanoitimes – The initial results of the UK-Vietnam Free Trade Agreement promise to continue creating new impetus for economic and trade cooperation between the two countries in the coming time.

Since the UK-Vietnam Free Trade Agreement (UKVFTA) took effect on January 1, the bilateral trade turnover between the two countries has recorded a spectacular rise in the context of exports disruption due to the Covid-19 pandemic, according to the Ministry of Industry and Trade.

Vietnamese rice exports to EU. Photo: Vinaseed

According to the General Department of Vietnam Customs, in January, the total trade turnover between Vietnam and the UK reached US$657.3 million, up 78.6% over the same period last year.

Vietnam’s exports to the UK reached US$598 million worth of goods, up 84.6% compared to last January and 56.5% to last December.

Among Vietnam’s exports to the UK,  farm produce attained stable and positive growth in January, with seafood reaching US$19.7 million, representing a rise of 18.1% over the same period last year, and vegetables and fruits with US$1 million, increasing 148.6%.

Chart: Phi Nhat

Vietnamese shipments to the UK get opportunities to rise drastically and expand market share thanks to many tariff preferential treatment under the agreement, according to the MoIT.

Under the trade deal, more than 94% of the total 547 tariff lines of vegetable and fruit will be reduced to zero. Many Vietnamese key products such as litchi, longan, rambutan, dragon fruit, pineapple and melon will have more market access advantages over tropical fruits originating from rivals such as Brazil, Thailand and Malaysia, the countries that have not signed an FTA with the UK.

Chart: Phi Nhat

Shipments of the group of processing and manufacturing industries to the UK achieved an impressive growth in January such as phones and components (up 371.6% over the same period last year), followed by machinery, equipment and spare parts (109.9%), computers and electronic components (91%); iron and steel of all kinds (11%).

In 2020, the bilateral trade reached US$5.64 billion in value, in which Vietnam exported goods worth US$4.95 billion to the UK and enjoyed a trade surplus of US$4.27 billion. The UK continued to be the third largest trading partner of Vietnam in Europe, behind Germany and the Netherlands.

HCMC’s imports and exports soar in Jan-Feb period

by english.thesaigontimes.vn

HCMC’s imports and exports soar in Jan-Feb period

The Saigon Times

A container ship docks at the Tan Cang-Cai Mep Terminal. HCMC recorded an increase in both imports and exports in the first two months of 2021 – PHOTO: VNA

HCMC – HCMC earned nearly US$8 billion in export revenue and spent US$10.92 billion on imports in the first two months of the year, rising over 25% and 53% against last year’s figures, respectively, according to the HCMC Department of Statistics.

Without crude oil, the city’s export revenue would amount to US$7.6 billion, up over 26% year-on-year.

Specifically, in the two-month period, the city exported wood and wooden products worth over US$220 million, up over 60% versus last year’s figure. The export of machinery, equipment, tools and spare parts fetched US$400 million, up 23%; computers, electronics and accessories saw US$2.57 billion, up over 11% and rice saw US$135 million, improving over 5%.

The city’s imports of plastic materials in the year to February surged 52%, fuel products were up by 44% and garment-leather-footwear materials by 16%.

Further, China remained HCMC’s largest trade partner. Businesses in the city exported nearly US$1.8 billion and purchased some US$3.3 billion worth of goods to and from China, up some 31% and 78%, respectively, over the figures recorded in the same period last year.

The United States was the second largest importer of the city, followed by Japan and South Korea. Meanwhile, Singapore was the city’s biggest exporter.

The “connection” between traditional and modern music

by vietnamnet.vn

In recent years, Vietnamese music lovers have witnessed the birth of many works combining traditional and modern music.

The “connection' between traditional and modern music

The song “Xam Hanoi” by Ha Myo has surprised audiences. (Photo: tuoitre.vn)

The video “Xam Hanoi”, which shows young singer Nguyen Thi Ngoc Ha (Ha Myo)’s love for the capital city through Xam (ballads sung by wandering blind musicians), was one outstanding example.

This is the first time the traditional Xam art of song was perfectly combined with rap and electronic music and modern choreography, creating a new music product bearing the charm and beauty of folk culture while featuring the freshness of the modern arts.

The video “Xam Hanoi” has rapidly received a warm response from a large number of young music listeners after arrived in the digital environment. This is on example highlighting the “connection” between modern and traditional music.

Young artist Ngo Hong Quang is also a remarkable face possessesing many works that exploit the rich traditions of music from around the country. He has finished an album entitled “Tinh dan” featuring many indigenous music styles of Vietnam.

Earlier, singers such as Hoang Thuy Linh and Bich Phuong also made their marks with pop songs imbued with folk music or inspired by traditional culture. It can be seen that this feature of traditional music in composition has become a trend for many young artists over recent years, contributing to a new wind affecting contemporary musical life.

This composition trend is considered a rope connecting modern music lovers with traditional music. It has not only brought about a new style but also highlighted Vietnamese identities in contemporary music.

On the contrary, many traditional art works now feature modern musical elements to conquer young audiences. One highlight is the Cai Luong (reformed opera) and circus play entitled “Cay gay than” (Magic stick) by the Vietnam Cai Luong Theatre and Vietnam Circus Federation.

The play was an audacious experience as the familiar Cai Luong ancient songs were added to a background of jazz music and featured the appearance of rap music in some scenes. All have created an interesting “opening” for Cai Luong that is not only admired young people but has also surprised veteran artists.

The newly released play “Son Hau – Beyond The Mountain” by young directors Nguyen Quoc Hoang Anh and Ha Nguyen Long has also rejuvenated the ancient art of Tuong (classical drama) through attractive performances of hip hop dance on a background of electronic sounds.

This exploitation of modern music is a way to bring traditional arts and music closer to young audiences as well as preserving and promoting traditional music values that are at risk of degradation over times.

Obviously, the reciprocal combination of modern and traditional elements in music has not only made both art forms newer and more impressive but also opened potential trends for the future, towards a new world of contemporary arts imbued with national identities.

This is also a way for Vietnamese music to define itself among international friends. This mission belongs to both traditional and modern artists.

However, it is not an easy “path” for artists who have a great passion for the arts and who also dare to deviate. Because, in fact, not any old combination creates the right “fit”. An inappropriate mix of modern and traditional elements can make art works rude and objectionable.

The unreasonable exploitation of ancient materials can also easily cause distortions of tradition. Creators must thus have a deep understanding of each art form so that they will not blur one another.

The successes of various art works using this combination in recent years was in part due to the participation of experts having strengths in each form.

With an in-depth understanding of each field, they support and adjust together, helping the works avoid crossing the delicate line between creativity and objection. Thereby, they will enhance the value of the country’s music in particular and the arts in general.

NDO

Bilateral trade between UK and Vietnam enhanced thanks to UKVFTA

by hanoitimes.vn

The Hanoitimes – The initial results of the UK-Vietnam Free Trade Agreement promise to continue creating new impetus for economic and trade cooperation between the two countries in the coming time.

Since the UK-Vietnam Free Trade Agreement (UKVFTA) took effect on January 1, the bilateral trade turnover between the two countries has recorded a spectacular rise in the context of exports disruption due to the Covid-19 pandemic, according to the Ministry of Industry and Trade.

Vietnamese rice exports to EU. Photo: Vinaseed

According to the General Department of Vietnam Customs, in January, the total trade turnover between Vietnam and the UK reached US$657.3 million, up 78.6% over the same period last year.

Vietnam’s exports to the UK reached US$598 million worth of goods, up 84.6% compared to last January and 56.5% to last December.

Among Vietnam’s exports to the UK,  farm produce attained stable and positive growth in January, with seafood reaching US$19.7 million, representing a rise of 18.1% over the same period last year, and vegetables and fruits with US$1 million, increasing 148.6%.

Chart: Phi Nhat

Vietnamese shipments to the UK get opportunities to rise drastically and expand market share thanks to many tariff preferential treatment under the agreement, according to the MoIT.

Under the trade deal, more than 94% of the total 547 tariff lines of vegetable and fruit will be reduced to zero. Many Vietnamese key products such as litchi, longan, rambutan, dragon fruit, pineapple and melon will have more market access advantages over tropical fruits originating from rivals such as Brazil, Thailand and Malaysia, the countries that have not signed an FTA with the UK.

Chart: Phi Nhat

Shipments of the group of processing and manufacturing industries to the UK achieved an impressive growth in January such as phones and components (up 371.6% over the same period last year), followed by machinery, equipment and spare parts (109.9%), computers and electronic components (91%); iron and steel of all kinds (11%).

In 2020, the bilateral trade reached US$5.64 billion in value, in which Vietnam exported goods worth US$4.95 billion to the UK and enjoyed a trade surplus of US$4.27 billion. The UK continued to be the third largest trading partner of Vietnam in Europe, behind Germany and the Netherlands.