Seafood industry

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

Illustrative image (Photo: VNA) HCM City (VNA) – Vietnam raked in an estimated 4.5 billion USD from exporting aquatic export s in the first five months of 2022, up over 44.5 percent over the same period last year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). Despite various challenges and difficulties caused by the COVID-19 pandemic and global changes in the last two years, Vietnamese seafood enterprises have seized opportunities to expand exports, and won orders with much higher prices than those in 2021. The positive results were attributed to the recovering and booming demand in many markets, the shortage of supply, and the increasing inflation in many countries. Vietnamese seafood processors and exporters have fully tapped advantages from the high inflation of the US market, China’s zero-COVID policy, and the strongly recovering demand in the European market to increase their exports to foreign markets. Notably, exports of shrimp, … [Read more...] about Vietnam’s seafood exports enjoy strong surge despite challenges

S&P forecast Vietnam’s GDP will grow 6.9% in 2022 before settling closer to its long-term trend of growing 6.5%-7% from 2023 onward. S&P Global Ratings on May 26 raised its long-term foreign and local currency sovereign credit ratings on Vietnam to 'BB+' from 'BB'. S&P expects Vietnam's economy to continue its upward trend. Source: S&P The rating agency also affirmed the country’s short-term rating at ‘B’ with a stable outlook. “The stable outlook reflects our expectations that over the next 12-24 months, Vietnam's economy will continue to recover from the challenges posed by the pandemic over the past two years. This will support the external position and rein in fiscal deficits,” it noted. S&P added it could raise the ratings if Vietnam's institutional settings improve considerably, in ways that augment policy predictability and transparency. Such favorable changes in the policy environment could bolster investor confidence in the … [Read more...] about Vietnam’s long-term credit rating upgraded to “BB+”: S&P

People and tourists choose to buy tours at the Hong Ngoc Ha travel booth during Ho Chi Minh City Tourism Festival 2022 Specifically, national carriers Vietnam Airlines, Pacific Airlines, and the Vietnam Air Services Company (VASCO) have prepared to supply more than 7.1 million seats during the peak summer season from June 1 to August 15, an increase of 10 percent compared to the same period before the Covid-19 epidemic. On average, during the peak summer season, these airlines will operate 430 domestic flights, especially those to Hanoi, Da Nang, and Ho Chi Minh City. With international routes, Vietnam Airlines and Pacific Airlines provide over 852,000 seats, equivalent to more than 3,600 flights, only 40 percent of the number in 2019 because international travel demand has not recovered as before. Vietravel Airlines also said that the demand for travel and tourism will increase, so it has planned to increase the number of aircraft and frequency of flights to the Central … [Read more...] about Millions of travelers book tours for summer vacation

Permanent Deputy Prime Minister Phạm Bình Minh has paid courtesy call to Japanese Prime Minister Kishida Fumio during the trip to Japan to attend the International Conference on the Future of Asia. — VNA/VNS Photo HÀ NỘI — During the visit to Japan, Permanent Deputy Prime Minister Phạm Bình Minh has paid courtesy calls to Japanese Prime Minister Kishida Fumio and several other Japanese high-ranking officials on May 26-27. During the meetings, Deputy PM Minh said Việt Nam always considers Japan as an extensive, reliable, and important strategic partner, hoping that the two sides would continue to implement important agreements and common understandings obtained during the official visits of PM Phạm Minh Chính and PM Kishida Fumio, contributing to the promotion of bilateral relations. The Deputy PM emphasised that as the two sides are reopening with the COVID-19 situation under control, Việt Nam and Japan must continue to exchange high-level delegations, especially through … [Read more...] about Vietnamese Deputy PM calls for investment from Japan in meeting with PM Kishida

Alain Cany, EuroCham chairman and Lê Thị Quỳnh Trang, chairwoman of Việt Nam International Fashion Week and President of the Council of ASEAN Fashion Designers, sign a MoU on promoting culture, lifestyle, and fashion industry links between Việt Nam and European countries. Photo courtesy of Multimedia JSC HCM CITY — Culture, lifestyle and fashion links between Việt Nam and Europe will be promoted under a Memorandum of Understanding signed this week by the European Chamber of Commerce in Vietnam (EuroCham Vietnam) and the Aquafina Vietnam International Week (VIFW). The signing has presented an opportunity for EuroCham and its affiliated national chambers to support the development of European companies both regionally and in Việt Nam, and to assist Vietnamese companies interested in expanding their European market. It will also identify and promote the benefits of the EVFTA for both groups. It will help Việt Nam’s fashion and culture reach out to the world as well, and … [Read more...] about New pact promotes Việt Nam-Europe fashion links