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Trade surplus reaches $7.2 billion

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A worker of Thông Thuận Company prepares the first batch of frozen shrimp to be exported to the EU after the EVFTA came into effect on August 1. – VNA/ Photo Công Thử

HÀ NỘI – Việt Nam’s total import-export turnover for agricultural, forestry and fishery products in January-September was estimated at nearly US$52.8 billion, making for a trade surplus of $7.2 billion, according to Deputy Minister of Agriculture and Rural Development Phùng Đức Tiến.

Speaking at a press conference in Hà Nội on Tuesday, Tiến said the export value reached $30.05 billion, while imports were worth about $22.8 billion.

The September export value marked the highest in the last nine months since the COVID-19 pandemic hit Việt Nam early this year, gaining $3.8 billion, up 3.8 per cent compared to the previous month.

The US was Việt Nam’s largest market with an export value of more than $7.5 billion, up 19.3 per cent year-on-year and accounting for nearly 25 per cent of the market share. It was followed by China, ASEAN, the EU and Japan.

“Since the EU-Viet Nam Free Trade Agreement (EVFTA) took effect on August 1, this year, exports of agricultural, forestry and aquatic products to the EU have recorded significant growth,” Tiến said.

Total export value from August 1 to now has exceeded $766 million. The export value to the EU in August and September increased by 11.5 per cent and 32.4 per cent, respectively, compared with July.

“We have received quite a lot of orders for exports,” Tiến said.

“Despite serious impacts from natural disasters and the COVID-19 pandemic, the agriculture, forestry and fishery production still proves to be the pillar of the economy in difficult times and ensures a sufficient supply of food and essential goods for domestic consumption and for export,” he added.

Tiến said natural disasters and diseases on livestock and poultry would continue to be unpredictable in the last months of the year. The consumption of agricultural products (especially for export) would be better but face many difficulties as the pandemic had not yet been totally controlled in many countries.

“In the last quarter of 2020, the whole industry strives to earn more than $10 billion in exports, bringing the total export value of this year to more than $40 billion,” Tiến said.

He said the ministry would continue to work with localities to grasp the production situation, difficulties and problems in agricultural product consumption, promptly informing and warning about new regulations of export markets, especially the Chinese market.

The ministry would focus on solving technical barriers and negotiating to expand markets with more production areas, types of products and exporting enterprises qualified to export to China, the EU, the Eurasian Economic Union, the US and Brazil, exporting seafood to Saudi Arabia and building mission programmes in China, Brazil, Russia, Japan and Australia after the COVID-19 pandemic ends. –

Source: https://vietnamnews.vn/economy/793131/trade-surplus-reaches-72-billion.html

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Vietnamese livestreaming firm GoStream raises $1 million funding from VinaCapital Ventures

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Vietnam-based live video-streaming platform GoStream announced that VinaCapital Ventures has invested US$1 million in the company to help it expand its business.

Launched in 2017, GoStream is a multi-platform livestream broadcaster for social sellers, marketers, and content creators. 

It enables users to reach a larger audience from different platforms to increase visibility and get more views.

Currently, the platform claims to facilitate over 100,000 livestreaming sessions daily and also serve corporate clients.

In 2019, GoStream was listed by Facebook as one of the 30 most used livestreaming platforms in the world for 30 days.

GoStudio, a product of GoStream, won first prize at the Vietnam Techfest 2020 last November. The contest’s organizing committee recognized the product’s ease of use and adaptability to a range of online channels, including social commerce, online training and online entertainment.

“We look forward to working with GoStream as they further expand their capabilities and play an even greater role in Vietnam’s growing digitization,” Hoang Duc Trung, a partner at VinaCapital Ventures, said in a statement.

The startup previously also received $200,000 in investment from VinaCapital Ventures and Zone Startups Vietnam in the seed round.

VinaCapital Ventures, an asset management company with over $3 billion in assets under management, said it will invest further in Vietnam’s digital economy, which is expected to grow to $52 billion by 2025.

Revenue in the video-streaming segment in Vietnam is poised to reach $162 million in 2021, according to data by Statista.

Earlier in 2020, VinaCapital Ventures had also backed Vietnam-based facial recognition firm Wee Digital and Homebase, a proptech startup.

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Source: https://tuoitrenews.vn/news/business/20210119/vietnamese-livestreaming-firm-gostream-raises-1-million-funding-from-vinacapital-ventures/58864.html

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Developers struggle to sell high-end apartments in HCMC

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Developers struggle to sell high-end apartments in HCMC

Apartment buildings in District 2, Ho Chi Minh City. Photo by VnExpress/Quynh Tran.


The number of high-end apartments remaining unsold in HCMC soared by 74 percent year-on-year in the last quarter of 2020 as demand slumped.

Only 5,007 were sold in the quarter, according to real estate consultancy CBRE. Nearly 6,700 units at six projects had entered the market in the period. Overall new apartment supply topped 17,200 units.

The high-end segment, with prices of $2,000-4,000 per square meter, accounted for 76 percent of the country’s total apartment supply.

According to the Ho Chi Minh City Real Estate Association (HoREA), the oversupply of high-end apartments is causing concern by making the real estate market unsustainable.

According to its chairman, Le Hoang Chau, some developers registered their projects with the Department of Construction with low prices but later hiked them to high-end levels to increase their profits.

The excessive supply of high-end apartments and a dearth of affordable ones has affected low- and middle-income people.

Besides, over 60 percent of high-end apartments are bought by speculators, which is threatening the sustainable development of the housing market, HoREA said.

Source: https://e.vnexpress.net/news/business/industries/developers-struggle-to-sell-high-end-apartments-in-hcmc-4223582.html

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Unprecedented: Chinese car imports selling well in Vietnam

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Chinese car brands made a breakthrough in 2020 when their cars began selling well in Vietnam, which had never before favored products from China.

Unprecedented: Chinese car imports selling well in Vietnam

Car dealers revealed that the two Chinese models Beijing X7 and Brilliance V7 are in short supply. There has been no Chinese arrival since the beginning of 2021, so car buyers have had to wait for deliveries.

Beijing X7 has been the best Chinese seller, while Brilliance V7 has ranked second. Though the design and equipment of Brilliance V7 is inferior to Beijing X7, it has a large interior compartment and uses a BMW engine.

One source said that a total of 500 Beijing X7s were imported to Vietnam as of the end of 2020. Imports of other models, including Brilliance V7, Zotye Z8 and BJ 40, had reached 300.

Despite Covid-19, which had an adverse impact on Vietnam’s automobile market, Chinese brands in 2019 had sales increases, especially in the last months of the year.

Car dealers hope their business will be even better in 2021, considering the orders they have taken. Their biggest worry now is the supply shortage and price increases.

“Chinese suppliers now cannot satisfy our orders for Beijing X7 and Brilliance V7. Meanwhile, as the reminbi/US dollar exchange rate has fluctuated, every imported car is $1,000 more expensive. The transport cost of every car has also surged to $1,800, six times higher than previously,” said a car dealer specializing in Chinese imports.

However, some analysts still doubt that Chinese cars will continue to sell well in 2021. They said Chinese cars sell well at launch, but see sales decrease later.

They said some buyers said that they had bought Chinese cars just to have some experience and still need some more time to evaluate their quality. In general, Chinese brands are not considered strong brands.

The common characteristics of Chinese next-generation models are that they have beautiful designs like European cars and are equipped with many high technologies, while the prices are very affordable.

However, in addition to these characteristics, Vietnamese want strong brands and high quality. The preconception that Chinese products mean low-quality products still exists.

With VND700 million, Vietnamese now have many choices for non-Chinese cars. They can buy Japanese and South Korean products, which don’t have too many high tech features but are relatively modern and have good design. And importantly, there us no need to worry about the quality of the products.

Most imported Chinese models have selling prices of around VND700 million. With an engine of less than 2.0L, the import tariff is 70 percent, luxury tax 35-40 percent and VAT 10 percent. The production cost is estimated at VND300 million. 

Tran Thuy

Source: https://vietnamnet.vn/en/business/unprecedented-chinese-car-imports-selling-well-in-vietnam-706772.html

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