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VN textile, apparel businesses need to focus on sustainability: conference

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A conference held in HCM City on June 21 to discuss sustainability in cotton supply chains said businesses need to make sure they source their cotton and manufacture in an environment-friendly way. —  Photo Việt Dũng

HCM CITY — Textile and apparel businesses in Việt Nam need to pay more attention to sustainability with regard to cotton sourcing, reducing environmental impacts and adhering to global labour conventions, a conference heard in HCM City on Tuesday.

Trần Như Tùng, deputy chairman of the Việt Nam Textile and Apparel Association, said the textile and apparel industry accounts for a sizeable portion of the country’s electricity consumption, and so if it saves power or uses power more efficiently, it would be good for the environment.

Việt Nam is committed to achieving zero emissions by 2050, and many local companies to reducing their environmental footprints, he said.

Businesses need to pay attention to their cotton sources, which have to be environmentally friendly and not involve forced labour, he said.

“More and more customers are aware of sustainability issues. Many of them are willing to spend more money on products that are environmentally friendly.

“By 2030 Việt Nam’s textile and apparel industry aims to become a top destination for buyers of sustainable supplies of textile and apparel products that do not harm the environment or people. It will use power and water in a more circular, efficient and sustainable manner.”

Vũ Đức Giang, chairman of the association, said sustainable textile and apparel products need to ensure sustainability across all stages of production such as raw material farms, manufacturing lines and dyeing processes.

Technologies have to be environmentally friendly, and businesses have to abide by global conventions on labour, he said.

Many Vietnamese businesses are unable to export their goods to the US since they do not fulfil origin traceability requirements, he said.

Businesses need to pay close attention to global political relations, and quickly adapt to global changes.

Võ Mạnh Hùng of the US Cotton Council International in Việt Nam said: “Businesses, especially exporters to the US, should partake in sustainable cotton programmes, as they help certify businesses using material sources that are transparent and sustainable.”

Trần Như Tùng’s Thành Công Textile Garment Investment Trading JSC has been installing solar panels and taking part in the US Cotton Trust Protocol, which helps prove that his company uses sustainable cotton sources.

The US accounts for around 42 per cent of Việt Nam’s textile and apparel exports, and Việt Nam is one of the US’s biggest buyers of raw cotton.

Exports of textile and apparel this year has been worth around US$22 billion, a 23 per cent increase from last year.  

Source: https://vietnamnews.vn/economy/1252296/vn-textile-apparel-businesses-need-to-focus-on-sustainability-conference.html

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Vietnam’s 2022 economic growth projected at 7%

Vietnam’s GDP is likely to expand by around 7 percent in 2022, much higher than 2.58 percent growth of 2021.

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Minister of Planning and Investment Nguyen Chi Dung made the above statement at the Cabinet meeting in Hanoi on July 4.

With this scenario, the economy needs to expand 9 percent in the third quarter and 6.3 percent in the last quarter this year, the minister said.

In the first half, the Southeast Asian country’s GDP accelerated to 6.42 percent growth compared to the optimistic scenario of 5,1-5,7 percent as figured out in the Government’s Resolution No. 01/NQ-CP, dated January 01, 2021 on major tasks and solutions for implementation of socio – economic development plan and state budget estimate for 2022. 

Especially, the GDP grew 7.72 percent in the second quarter, which is the fastest growth pace for April-June period since 2011.

Earlier, the World Bank predicted Vietnam’s 2022 GDP growth at 5.5 percent if the COVID-19 pandemic is controlled.

The projection is lower than the Vietnamese Government’s predictions at 6.5-7 percent, HSBC at 6.5 percent and Standard Chartered at 6.7 percent.

Source: https://e.nhipcaudautu.vn/economy/vietnams-2022-economic-growth-projected-at-7-3346528/

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Dragon Capital buys 2.1 million shares of Sacombank

Asset management company Dragon Capital has bought 2.1 million shares of HCMC-based Sacombank, increasing its stake in the bank to 6.09 percent.

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On June 29, two affiliated funds, CTBC Vietnam Equity Fund and Norges Bank, bought 2.3 million shares of the lender while a third, Samsung Vietnam Securities Master Investment Trust, sold 200,000 shares.

The value of the deal is estimated at VND47.5 billion (US$2.03 million) based on the share’s closing price last Wednesday.

Funds under Dragon Capital own 114.8 million shares or a 6.09 percent stake in the bank.

In March, Dragon Capital had raised its stake from 4.98 percent to 5.05 percent, after its largest fund, Vietnam Enterprise Investment Limited, bought 1.25 million shares.

Source: VnExpress

Source: https://e.nhipcaudautu.vn/companies/dragon-capital-buys-21-million-shares-of-sacombank-3346515/

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Vietnam targets 7% GDP growth this year: minister

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HANOI — Vietnam is aiming for economic growth of 7% this year, the country’s planning and investment minister said on Monday, higher than an official target of 6.0%-6.5% set previously.

To achieve this, year-on-year economic growth in the third quarter needs to be 9.0% and in the fourth quarter 6.3%, minister Nguyen Chi Dung also said during a government meeting.

Dung said Vietnam’s budget was in surplus, giving scope for fiscal policy to be used to support businesses and residents.

“Credit institutions will need to further cut their lending interest rates to reduce input cost pressure for businesses and for the economy,” he said.

Vietnam, a regional manufacturing hub, started lifting its coronavirus curbs late last year, allowing factories to resume full operations.

The economy is recovering after growing only 2.58% last year, the slowest pace in decades.

The Southeast Asian country reported GDP growth of 7.72% in the second quarter, backed by strong export growth, but warned of upward inflation pressure for the rest of the year. 

Source: https://tuoitrenews.vn/news/business/20220704/vietnam-targets-7-gdp-growth-this-year-minister/67932.html

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