China boosts imports of Vietnamese products By Hung Le Smartphones displayed at an exhibition in HCMC. Vietnam’s smartphone and parts shipments to China saw a 2.4-fold rise, generating US$5.78 billion in value - PHOTO: HUNG LE HCMC – Vietnam enjoyed a strong increase in January-September exports, particularly to China, which raised imports from Vietnam, such as smartphones, computers, electronics and components, according to the latest data from the General Department of Vietnam Customs. The data shows that the export value of smartphones and accessories amounted to US$5.09 billion in September, taking the figure in the nine-month period to a record high of US$36.69 billion, up 16.4% year-on-year. In the January-September period this year, smartphone and phone components exports to major markets rose strongly. The EU market spent US$10.14 billion on these imports from Vietnam, edging up 10.9% year-on-year. Vietnam’s smartphone and phone parts shipments to … [Read more...] about China boosts imports of Vietnamese products
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PM lists shortcomings of local economy
PM lists shortcomings of local economyThe Saigon Times Daily Prime Minister Nguyen Xuan Phuc speaks at the opening ceremony of the Vietnam Business Summit 2018 - PHOTO: VGP HCMC - Speaking at the opening ceremony of the Vietnam Business Summit 2018 (VBS) in Hanoi on September 13, Prime Minister Nguyen Xuan Phuc pointed out the shortcomings of the local economy, reported Nguoi Lao Dong newspaper. PM Phuc said only 21% of Vietnamese small and medium enterprises have joined global value chains, while the rate in the rest of the ASEAN region is 46%. The proportion of Vietnamese products in these supply chains does not correspond with their potential. Vietnamese enterprises have only joined these chains in simple phases, such as assembly or product packaging, which have low added value and lack sustainability. At present, products of domestic manufacturers make up less than 27% of the total input materials of foreign direct investment (FDI) firms. The remainder is purchased from … [Read more...] about PM lists shortcomings of local economy
Vietnamese shrimp exports to the US may benefit from US-China trade conflict
The trade war between the two powerful countries is anticipated to create a direct impact on Vietnamese seafood, including shrimp - Illustrative image The trade war between the two powerful countries is anticipated to create a direct impact on economies across world, including Vietnam. Vietnamese seafood, including shrimp, will also suffer from certain impacts. The trade conflict has urged the US and China to raise their import tariffs, resulting in a slowdown in trade flow between the two countries. Countries supplying shrimp to China, such as Canada, Russia, Australia, and New Zealand, as well as shrimp suppliers to the US, such as Indonesia, Thailand, Mexico, Brazil and Vietnam, will benefit from the move. The US import tariff of 10 pct on shrimp products imported from China, coded HS 03061700, 16052105, 16052110, 16052905, and 16052910, are also Vietnamese shrimp products that have strength in the US market. These products are capable of competing with Chinese products in terms … [Read more...] about Vietnamese shrimp exports to the US may benefit from US-China trade conflict
Expert urges Vietnamese firms to explore other markets
Vietnamese firms should expand their partnership to at least three markets to avoid sole dependence on a particular market, said economist Pham Chi Lan. She also urged the firms to provide clear and transparent filings to meet the standards of exporting markets. Vietnamese enterprises must prove that they do not enjoy protectionism of the government and do not sell products at a dumping price level to ensure they are not affected by the anti-dumping tax policies of the exporting markets, she said. Given the context in which US regulators have planned to impose anti-dumping taxes on Vietnamese exports to protect their local fishery and steel industries, Lan suggested firms to explore other markets and diversify their targeted markets to ensure less reliance on a sole, large market. “A three-market strategy will ensure that a company’s export is balanced and that business will not depend on any particular market,” Lan said. Such business strategy will help Vietnamese … [Read more...] about Expert urges Vietnamese firms to explore other markets
Traditional Vietnamese silk continues its journey
Despite the invasion of imported goods, with a superior competitive advantage in price and design, these lands still preserve their silk handicrafts amidst the fluctuations. The keepers of Vietnamese silk The most famous land of ancient silk must be Ha Dong, a suburban district of Hanoi, where Van Phuc silk village is situated. Van Phuc silk was regarded by the French colonists as one of the finest handicraft products in Indochina. It made its debut at the Marseille International Fair in 1931. To the south, Co Chat (Nam Dinh province) is also famous for its traditional silk. Since the 1940s, the village has maintained its handicraft which has won high prizes at international fairs that seek the quintessence of an Indochinese handicraft village. Artisan Trieu Van Mao passed away many years ago but his merits to the silk village of Van Phuc have been acknowledged. He restored Van Phuc silk’s ancient patterns, especially “vân” (vein) silk (silk with hidden patterns … [Read more...] about Traditional Vietnamese silk continues its journey