Vietnam guide

At the event (Photo: VNA)   Phnom Penh (VNA) – Representatives from nearly 100 firms attended the Vietnam – Cambodia Trade and Investment Promotion Forum 2019 held in Phnom Penh on November 22. The event took place at a time when Cambodia’s economy has enjoyed steady growth, reaching 7 percent annually over the past two decades while its people’s lives have improved. About 50 Vietnamese firms and research units explored business opportunities and discussed with representatives from the Cambodian Ministry of Commerce and the Council for the Development of Cambodia (CDC) about regulations on licensing foreign projects in specific areas. CDC Deputy Secretary General Chea Vuthy answered questions about regulations on land lease in Cambodia for agricultural development, adding that Cambodia wants to develop herbal plant zones to not only serve domestic demand but also exports to regional countries. Vietnamese Ambassador to Cambodia Vu Quang Minh … [Read more...] about Vietnam-Cambodia trade-investment promotion forum held

Deputy Prime Minister Trinh Dinh Dung (R) receives Australian Ambassador to Vietnam Robyn Mudie on November 22 (Photo: baochinhphu.vn) Hanoi (VNA) – Deputy Prime Minister Trinh Dinh Dung met with Australian Ambassador to Vietnam Robyn Mudie on November 22, asking the diplomat to further promote the two countries’ exchanges, especially economic and trade cooperation. At the meeting in Hanoi, Deputy PM Dung said the Vietnam-Australia strategic partnership is flourishing, affirming that Vietnam treasures this partnership and considers it a priority in its foreign policy. Bilateral trade reached 7.7 billion USD in 2018, up 19.3 percent from 2017, with nearly 4 billion USD in exports and over 3.7 billion USD in imports by Vietnam. Australia now has 425 investment projects worth over 1.84 billion USD in the Southeast Asian nation, ranking 19th among the 128 foreign investors here. Meanwhile, Vietnam has poured 255.8 million USD into 47 projects in Australia, according to him. … [Read more...] about Deputy PM hopes for stronger Vietnam-Australia economic links

The company aims to be the largest hardware retail chain in Vietnam with 20-40 outlets within the next 10 years, a representative of the company said. The company enters Vietnam as rising urban incomes sees increasing demand for furniture and household items, the representative added. Before Vietnam, Ace Hardware entered several other Asian markets like Indonesia, Philippines and South Korea. The Illinois-based company, established in 1931, has over 5,200 outlets in almost 70 markets. According to the Ministry of Industry and Trade, on average, 1-3 retail stores are needed per 1,000 people. However, only 7,012 stores are considered modern retail stores in Vietnam. The country’s revenue from selling goods last year rose by 11.7 percent from 2017 to $142 billion, up 12.4 percent from 2017. … [Read more...] about US retailer Ace Hardware enters Vietnam

At the event (Photo: VNA) Seoul (VNA) – The Vietnam – Hanoi Goods Week 2019 opened in Seoul on November 22, drawing a large number of visitors. Co-hosted by the Hanoi Investment, Trade and Tourism Promotion Centre and Lotte Mart company, the event, which will run until November 28, is expected to bring Vietnamese products to the Lotte distribution system, contributing to popularising Vietnam’s cuisine, culture and tourism to the people of the Republic of Korea (RoK). Vietnamese firms are showcasing processed food; fresh, dried and canned fruits; gifts, apparels, spices, tea and coffee to visitors. A business-to-business matching session, tourism promotion and folk art performance events are also being held. Speaking at the event, Vietnamese Deputy Ambassador to the RoK Tran Truong Thuy said the event affords a chance to help consumer goods of Vietnam and Hanoi in particular to better access the RoK, thus promoting exchange between the two countries. … [Read more...] about Vietnam – Hanoi Goods Week 2019 held in RoK

The US-China trade war may be behind such a record figure. Vietnam’s trade deficit with China hit a record high of US$29 billion in the first ten months of 2019, an increase of nearly US$9 billion over the same period last year, according to the General Department of Vietnam Customs (GDVC). In the January – October period, Vietnam spent over US$62 billion on importing goods from China, up 16.1% year-on-year and accounting for 29.6% of the country’s total imports. While the imports increased sharply, Vietnam's exports to China were about US$33 billion, down 1.4% year-on-year or about US$500 million, accounting for 15% of total exports. Vietnam ran a deficit of over US$24 billion with its giant neighbor in the whole 2018. A report from Bao Viet Securities Company (BVSC) attributed the US – China trade war to the widening of the deficit. Since the trade war between the two major countries broke out, many experts and regulators warned that Chinese goods would seek … [Read more...] about Vietnam Jan-Oct trade deficit with China hits record high of US$29 billion