Though the pandemic has seriously impacted the world and Vietnam, it has accelerated the supply chain shift by diversifying, regionalising the production chain and scaling up global value chains. A Samsung Vietnam production line. — Photo diendandoanhnghiep.vn Tran Toan Thang, director of the Department of Industrial Forecast and Enterprise Development (DIFED), National Center for Economic Forecast and Information (NCIF), told a seminar hosted by the University of Social Sciences and Humanities (USSH) in collaboration with the Konrad-Adenauer-Stiftung Foundation (KAS) of Germany on the pandemic influence on the global supply chain and local logistics sector and business operations in Hanoi on October 14: “Though there is global prospects for production, the impact from the pandemic will affect enterprises at least until 2023.” Thang said most of the production chains that Viet Nam can access or have the potential to move to are suitable with the import and … [Read more...] about Experts seek ways for Vietnam to have healthier supply chain
Vietnam coffee export
Vietnam regains its position as most ideal investment location: foreign expert
Dr. Oliver Massmann, General Director of Duane Morris Vietnam LLC, told The Hanoi Times about his views on expectations of foreign companies investing in the long term in Vietnam as the country reopens the economy. What do you think about recent rumors that foreign groups intend to shift their production out of Ho Chi Minh City to other countries due to the impact of Covid-19? The rumors are true and justified, but to see whether the relocation would actually happen, we will have to wait for around six months as it depends on how the Covid-19 situation in Vietnam will turn out. Dr. Oliver Massmann, General Director of Duane Morris Vietnam LLC. Photo: Duane Morris Vietnam In 2020, thanks to its outstanding Covid-19 prevention, the country became one of the most attractive destinations for foreign investors looking to move its production out of pandemic-ridden China. Coupled with the enforcement of the EU-Vietnam Free Trade Agreement (EVFTA), Vietnam … [Read more...] about Vietnam regains its position as most ideal investment location: foreign expert
Trade surplus expected to soar sharply in the last months of the year
The trade surplus is expected to soar sharply in the last months of the year The General Department of Customs has just released its report on Vietnam's imports and exports in the second half of September. Accordingly, the total import-export value reached $29.07 billion, up 17.9 per cent (equalling $4.42 billion) over the first half of the month. This outcome has boosted the total import-export turnover in the first nine months of 2021 to $483.82 billion (up 24.6 per cent on-year, equivalent to $95.39 billion). In the second half of September, trade surplus was $1.87 billion, contributing to reducing the trade deficit to $2.55 billion in the first nine months. Of this, total import-export turnover of the foreign-invested enterprises (FIEs) was $335.85 billion, an increase of 28 per cent on-year (equalling $73.48 billion); total value of local firms was $147.97 billion, a rise of 17.4 per cent on-year (equivalent to $21.9 billion). Total export turnover in the second half … [Read more...] about Trade surplus expected to soar sharply in the last months of the year
Textile industry draws up map to circular economic practice
Talking numbers At a recent forum on cooperation between Vietnam and Chinese Taipei in the textile industry, Juang Shih Ping, Board Chair of Chinese Taipei’s INTEX Group, quoted some noteworthy figures: one set of ready-made clothes uses up 2,700 liters of water, equal to a person's 900-day water intake, and 65,000 kWh of electricity, equal to the amount of electricity used by an individual during 600 days. Remarkably, out of a total 50 million tonnes of textile products discarded annually, only less than three percent are reused, the resource recovery rate is 12 percent, and the remaining 85 percent is burned and/or buried in landfills. The textile and garment industry is a pillar of the Vietnamese economy The above figures are ringing alarm bells for the textile industry. To display responsibility for the global environment, famous brands have also made environmental commitments. ADIDAS, for example, is committed to using recycled polyester fabrics by 2024, while … [Read more...] about Textile industry draws up map to circular economic practice
