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Measures needed to regain export momentum in second half of this year

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Although the export of goods has faced many difficulties, there have been encouraging signals in the past two months as enterprises and state management agencies have been actively implementing solutions to regain export momentum.

Measures needed to regain export momentum in second half of this year hinh anh 1The price of Vietnam’s 25% broken rice was up to 513 USD per tonne, marking the highest prices in history. (Photo: VNA)

Hanoi – Although the export of
goods has faced many difficulties, there have been encouraging signals in the past two months as enterprises and state management
agencies have been actively implementing solutions to regain export momentum.

Phan Van Co, Marketing Director of VRICE Co.
Ltd, said that India’s official ban on rice exports will make world rice prices
increase sharply in the coming time. Vietnam is in the world’s top three rice
exporters, so it will have advantages in shipping rice abroad, especially in terms of
selling prices, he added.

Vietnam’s 5% broken rice was offered at 533
USD per tonne while those of Thailand, India and Pakistan were 541 USD, 493 USD and 533 USD,
respectively. The price of Vietnam’s 25% broken rice was
also up to 513 USD per tonne, marking the highest prices in history, Co said,
adding that the prices of Vietnamese rice will continue to rise.

Rice is one of the commodities seeing an
increase in export turnover in the first six months of this year. According to the General Department of Customs,
about 4.27 million tonnes of rice worth 2.3 billion USD was shipped abroad in
the reviewed period, rising 22.2% in volume and 34.7% in value year on year.

Tran Thanh Hai, Deputy Director of the Agency for Foreign Trade under the Ministry of Industry and Trade (MoIT), said that
the export of goods in the first half of this year decreased by about 12%
compared to 2022, but the last two months (May and June) experienced growth
compared to the previous months.

Measures needed to regain export momentum in second half of this year hinh anh 2The textile and garment industry strives for the export target of 39 – 40 billion USD in 2023. (Photo: nhandan.vn)

Exports of many products still achieved
positive results, of which exports of vegetables and fruits increased by 64%
and rice exports increased by 34% over the same period, he noted, saying it
reflected the efforts of enterprises in expanding markets as well as the
recovery of export activities.

However, Hai said that the export of most other goods, especially industrial products, has still faced many difficulties.

According to the official, the decline in commodity
exports was due to a decrease in demand caused by high inflation and economic
slowdown in the main export markets. The high inventory of goods in major import
markets in the post-pandemic was also a reason.

To achieve the target of 6% export growth this
year, the MoIT is continuing to support
businesses to take advantage of free trade agreements (FTAs) through training
and improving understanding to make effective use of rules of origin. Trade
promotion activities are being promoted along with diversifying forms of
promotion to access to new markets.

Enterprises will be supported to join the
distribution network of foreign retail chains as well as promote exports
through e-commerce platforms.

According to Hai, Vietnam has a lot of experience in
dealing with such a situation, so it is time for businesses to apply the lessons
learned in the past to be able to come up with appropriate strategies for their
business activities.

Special attention should be paid to newly-emerged trade barriers, he added./.

Source: https://en.vietnamplus.vn/measures-needed-to-regain-export-momentum-in-second-half-of-this-year/262897.vnp

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

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October 4, 2023

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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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Source: https://tuoitrenews.vn/news/business/20230928/emerging-trends-expected-to-power-vietnams-tourism-boom-study/75848.html

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Zhejiang Trade Exhibition opens in Hanoi

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4 hours ago

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October 4, 2023

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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./.

Source: https://en.vietnamplus.vn/zhejiang-trade-exhibition-opens-in-hanoi/268734.vnp

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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.

Published

5 hours ago

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October 4, 2023

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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%). 

Source: https://e.nhipcaudautu.vn/economy/vietnams-nine-month-economic-growth-reported-at-424-yoy-3355298/

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