Export value

MoIT sets export growth target of up to 5% despite COVID-19 challenges

February 25, 2021 by vov.vn

Between the beginning of the year and mid-February, the country’s export turnover recorded an impressive surge of 36% to US$38 billion compared to the same period from last year, while imports also increased by approximately 25%, according to the Ministry of Industry and Trade (MoIT).

Hai emphasized that this year’s export target of between 4% and 5% remains reasonable due to the COVID-19 pandemic not being brought under complete control across the world, especially in major Vietnamese export markets.

Following the signing of three FTAs, including the EU-Vietnam Free Trade Agreement (EVFTA), the Regional Comprehensive Economic Partnership (RCEP), and the UK-Vietnam Free Trade Agreement (UKVFTA), they are anticipated to give fresh impetus to the nation’s import and export activities.

After coming into force last year, each of the FTAs, especially the EVFTA and RCEP, represent large-scale agreements that the nation can benefit from, Hai noted.

He elaborated that when the EVFTA first came into effect on August 1, 2020, the number of certificate of origin (C/O) forms of EUR.1 for Vietnamese exports to the EU market increased dramatically. The move indicates that local businesses have immediately maximised the benefits brought about by the trade pact.

Furthermore, despite the range of adverse impacts caused by the COVID-19 pandemic on the EU market last year, Vietnamese exports to the fastidious market witnessed robust growth in terms of traditional goods and new commodity groups, especially wooden products.

Hai therefore pointed out that with these agreements being implemented in a comprehensive manner and the pandemic gradually being brought under control, Vietnamese production and export activities will witness stronger growth moving forward.

Viettel brand value goes up 32 steps to $6 billion

February 24, 2021 by www.vir.com.vn

Viettel brand value increasing by year (unit: billion $)

Viettel has been valued at $6.016 billion (up 3.4 per cent on-year) in the Brand Finance Global 500 2021 Ranking. This is the only Vietnamese brand in the list, ranking 325th in the world, as well as the only Southeast Asian telecommunication brand in the ranking.

According to Brand Finance, there are 34 telecommunication brands in the top 500, however, most of their brands’ value decreased at an average 2 per cent. Viettel did better than numerous well-known global brands like Nescafé (from Switzerland), Qualcomm (US), Spotify (Sweden), Lenovo (China), or Claro (Mexico).

Viettel’s brand value has doubled since transforming from a telecommunication provider to a pioneer in building digital society in 2018. In early 2021, Viettel announced repositioning its brand by forming six key platforms of a digital society including digital infrastructure, digital solutions, digital content, digital finance, cybersecurity, and high-tech research and development, which contribute to boosting Viettel’s brand value.

Additionally, the 2020 business performance of Viettel was quite good with VND264 trillion ($11.5 billion), up 4.4 per cent on-year, reaching 102.4 per cent of the yearly plan. The revenue of digital services increased by 27.7 per cent, doubling the average growth of the local IT industries (14.7 per cent). The company has also provided market-leading platforms for digital services, as well as for the government, ministries, and agencies.

By Nguyen Huong

Vietnam lures 5.46 billion USD in foreign investment

February 25, 2021 by en.vietnamplus.vn

As much as 5.46 billion USD worth of foreign direct investment (FDI) is injected into Vietnam as of February 20. (Photo: VNA)

Hanoi (VNA) – As much as 5.46 billion USD worth of foreign direct investment (FDI) was injected into Vietnam as of February 20, equivalent to 84.4 percent of the figure recorded in the same time last year, according to the Ministry of Planning and Investment .

As many as 126 foreign projects were granted investment licences with total registered capital of 3.31 billion USD, a year-on-year fall of 33.9 percent.

Meanwhile, 115 existing projects adjusted their investment capital with a total additional sum of 1.61 billion USD, or 2.5 times higher than the same time last year.

Capital contributions and shares purchases by foreign investors stood at 543.1 million USD, down 34.4 percent.

Foreign investors pumped capital in 17 sectors, with processing and manufacturing holding the lead with over 3 billion USD or 55.7 percent, followed by power production and distribution with 1.44 billion USD (26.5 percent), real estate 485 million USD, and science-technology nearly 153 million USD.

Japan topped the list of 46 countries and territories landing investment in Vietnam , with 1.64 billion USD, equivalent to nearly 30 percent of the total. Singapore came second with 1.07 billion USD (19.6 percent), and the Republic of Korea third with 1.05 billion USD (19.3 percent).

The ministry said the southern province of Can Tho lured the lion’s share of FDI with 1.31 billion USD, accounting for 24.2 percent of the total. Hai Phong city was the runner-up since it attracted nearly 918 million USD, or 16.8 percent. Bac Giang came third with nearly 573 million USD (10.5 percent).

So far this year, the foreign-invested sector has earned 38.07 billion USD from exports, up 34 percent year-on-year, and making up 76.1 percent of the nation’s total export turnover. At the same time, it spent 31.6 billion USD on imports, up 31.2 percent year-on-year, and accounting for 66.6 percent of the country’s total import value. That resulted in a trade surplus of nearly 6.5 billion USD./.

VNA

Deputy PM instructs measure to boost consumption of farm produce amid Covid-19

February 25, 2021 by hanoitimes.vn

The Hanoitimes – It is important to avoid stagnation during the transportation process of input materials for production and of agricultural products in Covid-19-hit-areas, Deputy Prime Minister Trinh Dinh Dung has said.

Deputy Prime Minister Trinh Dinh Dung instructed local authorities to soon clear the hurdles for the smooth distribution and sale of farm produce affected by the Covid-19 pandemic.

People in Danang are buying farm produce from Hai Duong province. Photo: Quang Hai.

Over the past few days, the fact that Hai Duong province became a pandemic hotspot has caused difficulties for traders to ship agricultural products out of the province, due to strict anti-Covid-19 measures imposed by neighboring localities.

Under this context, Deputy PM Dung requested related government agencies and provinces/cities, including the Ministry of Health, Ministry of Transportation, and Ministry of Agricultural and Rural Development, to create favorable conditions for the movement of goods for timely exports and distribution.

“This is particularly important for input materials for production and agricultural products in Covid-19-hit-areas,” said Dung, adding it is important to avoid stagnation during the transportation process and disruption to economic activities.

Meanwhile, the Ministry of Industry and Trade is tasked with promoting and expanding consumption markets for Vietnamese goods and products both at home and abroad.

A report from Hai Duong Department of Industry and Trade revealed over 90,000 tons of agricultural products are facing sales stagnation.

“If not properly resolved, the issue could impact the supply chains and cause disruption to economic activities of multiple provinces/cities,” said Pham Thanh Hai, director of Hai Duong Department of Industry and Trade.

According to the MoIT, the main reason is that drivers from high risk areas are required to have Covid-19 negative testing result certificate, but health facilities currently only carry out such tests for people under quarantine, and not open for on-demand.

“Certain provinces do not accept testing results from private health facilities,” stated the MoIT, referring to the fact that the Hai Duong Center for Disease Control (CDC) was designated by Hai Phong’s authorities as the only qualified center for Covid-19 testing.

The MoIT also raised concern from the lack of a uniform safety procedure during the production and distribution of agricultural products from Covid-19 zones to other localities, leading to conflicting measures from cities and provinces.

Vietnam’s economy to be Southeast Asia’s growth leader in 2021: Nikkei

February 24, 2021 by en.nhandan.org.vn

In its article, the leading financial newspaper of Japanese media giants Nikkei Inc., said Vietnam is targeting a growth rate of 6.5% this year.

The agency stated Vietnam’s exports will likely continue to be supported by US tariffs on Chinese goods and that in order to avoid US tariffs, importers have shifted demand from China to alternative suppliers, with this trend likely to continue.

According to the agency, before the pandemic, Southeast Asia achieved collective annual growth of about 5% for many years, making it one of the world’s best-performing regions.

The region also became an attractive investment destination, with a relatively young population driving demand and providing plenty of labour. These advantages remain in place, but first the region needs to stamp out COVID-19.

Nikkei also reported that Southeast Asian economies are aiming to this year regain the growth momentum they had before the COVID-19 pandemic caused historic declines in 2020. A look at early forecasts around the region, however, shows a wide range of scenarios as risk continues to lurk.

The agency said that Singapore hopes to achieve its forecast of gross domestic product growth of 4% to 6% for 2021, Indonesia expects GDP to grow by between 4.5% and 5.5% this year, the Philippines projects a growth range of 6.5% to 7.5%, while Thailand has lowered its targets, revising its 2021 forecast down to between 2.5% to 3.5% growth.

Hanoi launches city decoration and lighting campaign

February 25, 2021 by vietnamnet.vn

A campaign seeking ideas for Hanoi’s street decoration and lighting for this year has been launched by the municipal Department of Culture and Sports.

Hanoi launches city decoration and lighting campaign

Children and their parents play at Ly Thai To Square in Hoan Kiem Lake. — VNA/VNS Photo Hoang Hieu

According to the organisers, the campaign aims to create a joyful and exciting atmosphere for citizens on national holidays and major anniversaries of the nation, in addition to aiding the political and decorative tasks of the city.

It is also set to contribute to preserving and promoting the national cultural identity and typical values of Hanoi as a thousand-year-old capital, creative city and city for peace, as well as meet the increasing demands of cultural enjoyment of citizens.

Themed ‘Hanoi — Creative City’ and ‘Hanoi Congratulates the Party and Celebrates a New Spring’, designs must be of high aesthetic, suitable to surrounding landscape, lightning systems and architecture. They are also expected to contain elements of creativity and follow modern decoration trends.

Entries with the use of new technologies, appropriate materials, elegant colours and safety insurance will be prioritised.

The winning designs will be used for decoration of major streets in Hanoi’s downtown such as Trang Tien, Trang Thi, Ba Trieu, Hai Ba Trung, Ly Thuong Kiet and Tran Hung Dao, among others, at the celebration of the new year of 2022.

The contest is open for contestants of any nationality who can submit unlimited designing plans for various places, provided that they comply with copyright protection law.

Trang Tien Street is among those in Hanoi to be decorated with designs submitted to the city decoration and lighting campaign 2021. — Photo kinhtedothi.vn

The works qualified for the competition must be those which have not been submitted to other contests or introduced to the public in any form.

One special prize, one first prize, two-second prizes, third prizes and five consolation prizes will be given to the best entries.

The submitted designs for street decoration and lighting must be drawn on the A4-sized paper, and then sent to Hanoi’s Department of Culture and Sports at 47 Hang Dau Street, Hoan Kiem District, Hanoi, from August 24 to 31. VNS