Illustrative image (Source: VNA) Hanoi (VNA) – Export revenue of the garment and textile sector surged 21.2 percent year on year in the first five months of 2021 to about 15.2 billion USD, according to the Vietnam Textile and Apparel Association (VITAS). The association reported that fibre and yarn exports during January-May soared by 60.1 percent year-on-year to 2.1 billion USD, while that of fabrics also increased 26.4 percent to 947 million USD. In the period, Vietnam spent more than 10.2 billion USD on importing materials for the garment and textile industry, representing a 33.4 percent increase over the same period in 2020. The Ministry of Industry and Trade attributed the growth to positive signals from the country’s major export markets as well as domestic businesses’ effective utilisation of opportunities from free trade agreements (FTAs) which have been signed and put in place. The United States remained the largest importer of Vietnam’s garment and textile … [Read more...] about Garment-textile exports hit 15.2 billion USD in five months: VITAS
Rocklea spinning mills which is on textile crescent salisbury
The 13th Party Congress Resolution says Vietnam aims to become a developed country with high income by 2045, when it will celebrate the 100th anniversary of the country's establishment. This means that Vietnam has 24 more years to reach that goal. And it will be very difficult to turn this into reality if Vietnam still cannot become a ‘developing country with modern industry and higher average income’ by 2030. Core technology Dang Vu Chu, former Minister of Industry, said Vietnam cannot become a country with modern industry if it doesn’t speed up the development of core technology. Chu, 81, was Minister of Light Industry and then Minister of Industry for 12 years. He was a special politician who was a a member of three cabinets under three PMs (Do Muoi, Vo Van Kiet and Phan Van Khai) and has a lot of experience from different development periods. He has been keeping a close watch over the country’s industrial development though he retired 20 years ago. Chu affirmed … [Read more...] about Will 24 years be enough for Vietnam to become a developed country with high income?
A screen shot of the Invest Vietnam conclave organised by the Indian Investors Federation, the Vietnamese embassy in India and Leaps and Bounds Consulting Vietnam. — Photo courtesy of the organiser Many Indian companies want to come to Viet Nam and explore investment opportunities after the COVID-19 situation comes under control, Dr Madan Mohan Sethi, the Indian consul general in HCM City said. Viet Nam is one of the fastest growin g economies in the world and “is the country to watch out for” and “every provincial government has an open door policy and always encourages investments,” he told the first ever Invest Vietnam conclave organised by the Indian Investors Federation, the Vietnamese embassy in India and Leaps and Bounds Consulting Vietnam. The webinar, which aimed to present Viet Nam as an investment destination in various sectors, attracted the participation of 110 investors from India and other parts of the globe, officials from both governments and Indian business … [Read more...] about Indian firms to seek investment opportunities in VN after COVID: diplomat
Workers process fish for export at a factory in Tac Cau Fishery Port Industrial Park in Chau Thanh district, Kien Giang province (Photo: VNA) Hanoi (VNA) – Industrial and trading activities of Vietnam have sustained their growth trend although the COVID-19 resurgence has hit some provinces and cities with large industrial parks, Deputy Minister of Industry and Trade Do Thang Hai said on June 17. Speaking at the ministry’s regular press meeting for the second quarter, he added exports have maintained high year-on-year growth, which is relatively sustainable thanks to the even growth in shipments of all the important commodities such as electronics, textile-garment, footwear, machinery, and farm produce, and to major markets like the US, China, the EU, the Republic of Korea, Japan, and ASEAN. Regarding problems in industrial and trading activities, Hai said COVID-19 outbreaks in large industrial parks have had certain impacts on industrial production growth as well as supply … [Read more...] about Industrial, trade growth trend sustained despite COVID-19: official
Vietnam is anticipated to become the world’s third largest rice exporter next year with an estimated export volume reaching 6.3 million tonnes, according to the projection made by the United States Department of Agriculture (USDA). The latest forecast has recently been released as part of the USDA’s May 2021 Report about the Global Rice Outlook for 2022. The report details that the global rice output in the 2021 - 2022 crop will hit a record high of 505.4 million tonnes of milled rice, an increase of 1.9 million tonnes compared to the 2020 - 2021 crop. Most notably, Bangladesh, Malaysia, Cambodia, China, the Ivory Coast, the Republic of Korea, Paraguay, Taiwan (China), and Thailand will all witness rises in their respective rice output. In contrast, Colombia, Ecuador, India, Iraq, Madagascar, the Philippines, Sri Lanka, the US, and Vietnam are all projected to record a lower output. After two consecutive years of maintaining its position as the world’s second … [Read more...] about Vietnam likely to rank third in global rice exports in 2022
Vietnam’s digital economy presents chances for investors, start-ups The newswire techwireasia.com on June 16 ran an article saying that Vietnam has been steadily growing its highly promising digital economy, presenting multiple opportunities for investors, startups, and businesses alike. The author wrote that in recent years, the Southeast Asian region has been seeing rapid and sustained efforts and investment into various digital economy initiatives by both the public and private sectors. Tech giants have been creating waves, most recently the Tokopedia-Gojek merger, and earlier, Grab pushing for a US listing with a valuation of over 40 billion USD. Estimates by Google, Temasek, and Bain & Co predicted that the Vietnamese sector could grow to 52 billion USD by 2025, which comes up to about a sixth of the massive 300 billion USD regional digital economy pie. According to the article, backed by a stable political climate, progressive economic policies, and … [Read more...] about VIETNAM BUSINESS NEWS JUNE 18