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Enterprises should explore niche markets amid export decline: ministry



Enterprises should look for niche markets to better cope with declines in exports in major markets, said the Ministry of Industry and Trade.

Enterprises should explore niche markets amid export decline: ministry hinh anh 1Focus should be placed on researching and analysing policies and markets to promptly propose solutions to remove obstacles of technical and non-tariff barriers to exports. (Photo: VNA)

Hanoi – Enterprises should look for niche
markets to better cope with declines in exports in major markets, said the
Ministry of Industry and Trade.

At a meeting with trade counselors on July 31, the ministry
said Vietnam’s exports to most major markets saw declines so far this
year due to falling consumption around the world.

Key industries such as garments and textiles, footwear, wood, machinery, phones
and components saw double-digit decreases in exports to major markets such as
the US and the EU.

Deputy Minister of Industry and Trade Do Thang Hai said that enhancing trade
promotion played an important role in creating growth through market
expansion and exports.

Truong Van Cam, Deputy President of the Vietnam Textile and Apparel
Association, said that 85% of production capacity from textile and garment
firms was for export, and needed accurate market information to
develop their strategies.

Phan Thi Thanh Xuan, General Secretary of the Vietnam Leather
Footwear and Handbag Association, said that new regulations in markets like the
EU and the US are causing domestic producers and exporters headaches. They are
in dire need of support to get the most up-to-date information regarding trade
policies and regulations to deal with difficulties in export markets.

The wood industry is expected to face a slump in exports this year after 15
years of rapid expansion. Ngo Sy Hoang, Deputy President of the Vietnam Timber
and Forest Products Association, said that in order to regain export growth,
the wood industry needs support to expand into new markets and convey the
message that Vietnam strongly implements its commitments to legal timber.

According to Tran Ngoc Quan at the Vietnam Trade Office in Belgium, the EU
is preparing to issue new regulations related to the environment, sustainable
development, carbon emissions, the right to repair and recycle, human rights,
and anti-deforestation acts.

These regulations pose a concern as it would be difficult for Vietnamese
enterprises to export under their own brands because the EU requires a
chain for purchasing and processing products for recycling.

The EU–Vietnam Free Trade Agreement (EVFTA) provided opportunities to increase
exports to the EU, he said. On the other hand, the EU is shifting strongly to a
circular economy, Quan said, urging domestic enterprises to take action for
conversion because when the regulations come into force, they will strongly
affect exports.

Do Manh Quyen, head of the Houston Branch of the Vietnam Trade Office in the
US, said that major export products of Vietnam saw significant drops in the US
recently. Enterprises need to redefine their production and business strategies
and increase the understanding of regulations to promote exports to the US,
together with improving product quality and renovating production technologies.

Quyen also urged businesses to find niche markets to cope with the disruptions
caused by falling demand. Trade promotion should also be enhanced to find
opportunities to settle inventories.

Hai urged Vietnamese trade counselors to strengthen market and policy
studies to provide consultancy regarding market development strategies and
trade exchanges.

Focus should be placed on researching and analysing policies and markets to
promptly propose solutions to remove obstacles of technical and non-tariff
barriers to exports, he said.

He urged cooperation among relevant agencies to be enhanced to grow exports
to major markets and create conditions for enterprises to participate in global
supply chains.

Enterprises must strictly comply with the requirements of key export markets in
terms of origin traceability and production procedures to be able to expand exports,
Hai said./.



Emerging trends expected to power Vietnam’s tourism boom: study



Several ongoing trends in the Vietnamese tourism sector have contributed to its strong recovery in the wake of the global COVID-19 pandemic, with the increasing travel demands of Gen Z and families with kids as significant contributors, according to the Visa Global Travel Intentions Study (GTI) 2023.

Vietnam, with its stunning landscapes and diverse cultural heritage sites, has become a popular destination for travelers from around the world.

According to the study, it is vital for both travelers and industry stakeholders to understand new trends in Vietnamese tourism following the pandemic.

In terms of leisure trips, families with kids and ‘Silvers’ – individuals older than 60 – made an average of 2.4 trips over the past 12 months, more than any other market segments, according to the GTI 2023.

Besides ticking visiting landmarks, Vietnamese tourists are now placing a strong emphasis on leisure-focused and experiential journeys.

Relaxation was the main driver of travel, followed by shopping and exploration.

As the country blossoms into a playground for adventure seekers and culture enthusiasts, tourists are opting for personalized experiences that enable them to immerse themselves in local customs, traditions, and cuisine.

Environmental awareness was also a primary catalyst for travel over the past year. As such, Vietnamese travelers demonstrated remarkable interest and action in sustainable travel.

Up to 73 percent of those surveyed said they were either interested or very interested in sustainable travel options, while half had actively looked for these options when planning trips.

With an increasing number of travelers seeking eco-conscious options, the tourism sector is witnessing a shift toward greener travel practices, more support for local communities, and the preservation of natural resources.

Given the country’s growing middle class and their increasing disposable income, Vietnamese travelers are embarking on more domestic and international trips and they seek unforgettable experiences and bonding opportunities.

About one-fifth of the respondents said visiting and connecting with friends or families would be a key motivation for travel in the next year.

Shopping has also become an integral part of the Vietnamese travel experience, with many Vietnamese travelers seeking out unique souvenirs and indulging in retail therapy as part of their journeys.

Sustainable tourism is increasingly preferable for Vietnamese travelers

Sustainable tourism is increasingly preferable for Vietnamese travelers.

Amid the strong development of digital technology, Vietnamese tourists prefer seamless transactions and optimal security measures.

The digital revolution is transforming payment methods, and Vietnamese travelers have embraced the convenience of credit, debit, and pre-paid cards.

Almost all Vietnamese respondents in the GTI 2023 indicated that they intended to use these cashless payment options during their journeys, streamlining transactions and enhancing their overall travel experiences.

Accordingly, 64 percent of the Vietnamese respondents said they brought their digital wallets along with them for their travels.

Thus, the incorporation of cashless payment solutions has become a pivotal pillar in travel, fostering convenience, security, and efficiency for travelers while contributing to the industry’s overall vitality.

“Vietnam’s tourism is entering a new era where the role of digital payments will advance side by side with the industry as customers demand more efficient and secure payment services,” said Dang Tuyet Dung, Visa country manager for Vietnam and Laos.

“Adapting swiftly, hotels, restaurants, and tour operators must cater to evolving traveler needs, supported by the growing use of cashless payment methods for added convenience.”

Amid the global recovery from COVID-19, Vietnam’s tourism sector is rebounding. Domestic tourism has been pivotal, with locals exploring their own country, bolstering local businesses and jobs.

Vietnam welcomed over 7.8 million foreign visitors between January and August this year, meeting 98 percent of its full-year target of eight million international tourist arrivals.

The tourism sector also served 86 million domestic tourist arrivals in the eight-month period, according to the General Statistics Office.

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Zhejiang Trade Exhibition opens in Hanoi



The 2023 Zhejiang International Trade Exhibition and the 11th Zhejiang Export Fair, the largest and oldest expo independently held by China’s Zhejiang authority in ASEAN, opened at the Hanoi International Convention Centre on September 28.

Zhejiang Trade Exhibition opens in Hanoi hinh anh 1At the opening ceremony of the exhibition (Photo: VNA)

Hanoi – The 2023 Zhejiang International Trade Exhibition
and the 11th Zhejiang Export Fair, the largest and oldest expo independently
held by China’s Zhejiang authority in ASEAN, opened at the Hanoi International
Convention Centre on September 28.

The 4,000sq.m expo features 120 booths, displaying
products in hardware and machinery, textiles and inputs, interior and exterior
furniture, electronics and household appliances.

The three-day event is hosted by the Department of Commerce of Zhejiang province, and co-organised by Zhejiang Yuanda International Exhibition Co Ltd and
the Vietnam National Trade Fair and Advertising Company (VINEXAD).

Deputy Director of the Asia-Africa Market Development under the Ministry of
Industry and Trade  (MoIT) To Ngoc Son
said this is the 11th year the two sides have coordinated to
organise the trade promotion activity which marks the full recovery of economic
and trade exchanges between the two nations after three years of hiatus due to COVID-19.

Zhejiang Trade Exhibition opens in Hanoi hinh anh 2Deputy Director of the Asia-Africa Market Development To Ngoc Son speaks at the opening ceremony. (Photo: VNA)

The event is expected to create more cooperation opportunities for businesses
from both nations in the context that the global economy is facing a gloomy outlook,
he said, adding Zhejiang province – an important gateway in China’s eastern
region has an important role to play in the Vietnam – China trade, with Vietnam
– Zhejiang trade revenue accounting for 10% of the total trade between
the two nations in 2022.

Launched in 2011, the expo has been a platform not only for product exhibition
and promotion but also for Vietnam and China to strengthen economic and cultural
exchanges and multifaceted cooperation between their localities.

Last year, Zhejiang’s exports
to Vietnam reached 14.5 billion USD, an increase of 17.99%, while imports were 6
billion USD, up 14.21% over the same period last year.

The exhibition will run until September 30./.


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Vietnam’s nine-month economic growth reported at 4.24% YoY

The country’s GDP grew by 4.24% in the first 9 months, exceeding the growth rate of 2.19% and 1.57% in 2020 and 2021, according to data from the General Statistics Office.



The results suggest that the economy is experiencing a notable upswing, potentially due to favorable economic politics or external factors.

The gross domestic product in the July-September quarter was estimated to increase by 5.33% from a year earlier, faster than the growth rate of 4.05% in the second quarter.

The recent growth registered in the country’s economy is a positive sign, indicating a continued recovery from the pandemic-induced downturn. Despite a slight decrease in growth compared to the same period last year, the economy remains stable and may continue to grow in the coming months.

In September, the consumer price index increased by 3.66% compared to the same period last year. The average value recorded in the third quarter of 2023 grew by 2.89% compared to the third quarter of 2022.

In the reviewed period, the total import and export turnover of goods reached $497.66 billion, down 11% over the same period last year. Of which export value hit $259.67 billion, down by 8.2%, while import value hit $237.99 billion, down 13.8%.

With regard to trade balance, the country posted a trade surplus of $2.29 billion in September and $21.68 billion during the nine months.

Industrial production in September increased by 5.1% year on year, up 0.1% from the previous month, while the January-September period showed an increase of 0.3% from the previous year.

In addition, the total retail sales and consumer service revenue in the first 9 months of 2023 is estimated to reach VND 4,567.8 trillion, an increase of 9.7% year on year (the same period in 2022 increased 20.9%). 


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