Business

Three years into EVFTA: Vietnam’s agricultural exports grow impressively

Published

2 weeks ago

September 18, 2023

Since the EU-Vietnam Free Trade Agreement (EVFTA) took effect in August 2020, most commitments in the agreement have been implemented and left positive impacts on business activities, especially trade, said Do Viet Ha of the Trade Office of the Vietnamese Embassy in Germany.

Three years into EVFTA: Vietnam’s agricultural exports grow impressively hinh anh 1

Vietnamese lemon is sold at a supermarket in Germany. (Photo: VNA)

Berlin – Since the EU-Vietnam Free Trade Agreement (EVFTA) took effect in August 2020, most commitments in the agreement have been implemented and left positive impacts on business activities, especially trade, said Do Viet Ha of the Trade Office of the Vietnamese Embassy in Germany.

She cited statistics from the General Department of Vietnam Customs which showed Vietnam’s total export turnover to 27 member countries of the European Union (EU) in the period 2020-2022 recorded good growth.

Specifically, in 2022, total value of Vietnam’s export to the EU reached 46.83 billion USD, marking a year-on-year increase of 16.7%, and accounting for 12.6% of Vietnam’s total export turnover. Particularly, exports to Germany totalled 8.97 billion USD, up 23.1% compared to 2021.

Meanwhile, data from the German Federal Statistical Office (Destatis) showed Germany’s import turnover from Vietnam reached 15.4 billion USD, up 21% compared to 2021, Ha said, explained that the difference between the figures is due to statistical methods and different rules of origin applied.

Three years into EVFTA: Vietnam’s agricultural exports grow impressively hinh anh 2

Mango processing for export at Nafoods Group Joint Stock Company. (Photo: VNA)

She listed some Vietnamese export items that recorded impressive growth to Germany, which were cameras, camcorders, and components, up 265.9%; toys and sports equipment up 126%; footwear 53.8%; textiles 37%.

The export of some agricultural and aquatic products grew steadily, with aquatic products increasing by 26.1%; vegetables by 8%; coffee by 13.1%; tea by 14.6%.

The EU is Vietnam’s third-largest trading partner and an import market for agricultural products with strong growth after the EVFTA came into effect. Vietnam’s agricultural sector is considered one of the biggest beneficiaries of the EVFTA.

Vietnam’s key agricultural products exported to the EU are seafood, rice, and vegetables, which all enjoy preferential tax rates right after the EVFTA comes into effect, while rules on origin and protection of geographical indications give Vietnamese agricultural and aquatic products opportunities to enhance their brands and product value on the EU market.

The official noted that rice is not a key item in export to the EU, but its export turnover in this market has increased steadily in recent years. This shows that EVFTA has actively supported Vietnam’s exports. Businesses also make the most of the rice quotas to enjoy the 0% tax rate that the EU gives Vietnam.

Last year, rice exports to the EU market increased sharply, reaching 94,510 tonnes and exceeding the annual quota of 80,000 tonnes set in the EVFTA. Rice exports to some EU markets posted strong growth such as the Netherlands (44%), Poland (68%), Spain (89%), and Belgium (149%).

Regarding the benefits of the agreement for EU countries, Ha said that Vietnam has made a strong commitment to cutting taxes under the EVFTA, thereby offsetting the high transport costs from EU to Vietnam and increasing EU products’ competitiveness.

Products from Germany/EU enjoy tariff reduction under EVFTA including vehicles, electrical machinery and equipment, plastic products, iron and steel, mineral oil, meat and poultry, sausages, milk, and dairy products.

In addition, Vietnam’s commitments related to customs reform and trade facilitation, food hygiene and safety, animal and plant quarantine, technical measures for trade, and trade remedies make it easier for EU goods to access the Vietnamese market.

However, when entering the EU market, Vietnamese goods still face difficulties, particularly in meeting the rules of origin to enjoy preferential tariffs, and the risk of increasing trade remedies, Ha said.

To overcome these difficulties and maximise benefits from the EVFTA, the official said that businesses need to proactively study the guidelines of the agreement, the standards of goods exported to the EU market, as well as the EU market, people’s tastes and consumption need, with a view to suitably improving product quality and design.

According to Ha, the government needs to develop an overall strategy to provide orientations and roadmaps for ministries, sectors, and localities to fully and promptly implement the commitments of the EVFTA; develop mechanisms to facilitate the development of domestic enterprises, prepare solutions to support industries under great competitive pressure when implementing the agreement.

More policies are also needed to attract foreign investment from the EU to Vietnam, she said./.

Source: https://en.vietnamplus.vn/three-years-into-evfta-vietnams-agricultural-exports-grow-impressively/265450.vnp

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Business

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

Published

15 mins ago

October 4, 2023

TienphongNews

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

Business

Zhejiang Trade Exhibition opens in Hanoi

Published

4 hours ago

October 4, 2023

TienphongNews

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 1

At 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 2

Deputy 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

Business

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

October 4, 2023

TienphongNews

2023-09-29_163915_291638698-1

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/