Category: Business

Industry insiders and policymakers have cautioned that Vietnam is facing an uphill battle to achieve its goal of 6% export growth this year.

Global demand for Vietnamese products has been dwindling, with the country’s major exports, such as furniture, footwear, and seafood, receiving far fewer orders than last year.

The General Department of Vietnam Customs revealed that, by the end of February, the country’s electronics exports had dropped by 13.9% to 6.87 billion USD compared to 2022.

Additionally, machinery and tools exports reported a 1.6% decline to 6.4 billion USD, while textile exports dropped by a significant 19.6% to 4.55 billion USD. Footwear and furniture exports also suffered losses, declining by 15.8% and 34.8%, respectively, to 2.76 billion USD each.

Mobile phones and parts remained among a handful of exports that reported a positive growth at 7.6%, or 9.42 billion USD, thanks to Samsung introducing its 2023 models earlier than usual.

The textile sector was particularly affected by lower global demand, according to Minister of Trade and Industry Nguyen Hong Dien, with a total export worth of 4.5 billion USD, a 20% decrease year-on-year.

“Lower demand in the world’s major markets such as the US and China, on top of a large inventory held by retailers, have resulted in fewer orders placed this year,” said Cao Huu Hieu, director-general of Vinatex, one of the country’s largest textile groups.

The seafood sector has seen fewer orders since the end of 2022, with demand from the US and the EU nosediving by 35% and 8%, respectively.

Vietnam’s seafood export during the first two months of the year was reported at 1.1 billion USD, a 26% decrease from last year. Tra fish, in particular, was down by 38%, shrimp by 37% and tuna by 27%.

Furniture was down by 35%, with the industry’s forecast remaining grim as large global markets such as the US and the EU will likely reduce spending due to inflation, economic setbacks and lower purchasing power.

Meanwhile, Vietnamese furniture makers still struggled to meet said market’s product origin and standards regulations. High inventory and a damaged distribution network after the pandemic were other contributing factors.

Several measures have been taken to support businesses, according to the Ministry of Industry and Trade (MoIT), including trade promotional and networking events.

Vietnam’s trade representative offices overseas have been told to step up efforts to help businesses enter new markets and resolve on-going issues with their entry.

The ministry said while businesses wait for traditional markets such as the US, the EU and Japan to recover, they must seek out other alternatives, especially markets in the Middle East, Eastern Europe, Latin America and South Asia./.

Source: Vietnam News Agency

Türkiye is making efforts to bring Ukraine and Russia to an agreement for the extension of the grain deal to 120 days instead of the current plan of two months, Defense Minister Hulusi Akar said on March 15, Trend reports citing Hurriyet Daily News.

“We started negotiations with the idea of extending the grain corridor for another 120 days in accordance with the initial version of the agreement. Our friends with the Russian and Ukrainian sides held their talks at the technical level. We also continue our talks at the ministerial level,” Akar told reporters at the parliament.

“We will continue our contacts to extend the deal to 120 days instead of two months,” he added.

The parties will evaluate the issue and make their decision, he said. “The United Nations thinks similarly to us. We continue our talks. Hopefully, we will try to resolve this as soon as possible,” Akar stated.

Source: TREND News Agency

Iran’s Minister of Industry Ehsan Khandouzi on Wednesday referred to a 20 percent growth in the 11-month trade between Iran and Iraq while expressing hope that transactions between the two neighboring countries will further increase next year, Trend reports citing IRNA.

Khandouzi said that during his recent meeting with Iraqi Prime Minister Mohammed Shia al-Sudani, he has highlighted the need for taking further pragmatic measures to implement already-signed agreements.

The Iranian minister said that both countries stressed that the agreements should not remain on paper.

The volume of trade between Iran and Iraq is expected to set new records next year, he said, adding that both countries are also determined to complete transit corridors which has been agreed earlier.

Referring to Iran’s call on Iraq to make its contribution to the completion of the Basra-Shalamche railroad which will connect the railway network of the two countries, the minister said that the Iraqi government has earmarked a specific sum of money to this project in its 2023 budget bill.

Source: TREND News Agency

Following the end of a one-on-one meeting, President of the Republic of Azerbaijan Ilham Aliyev has held an expanded meeting with German Chancellor Olaf Scholz, Trend reports.

Will be updated

Source: TREND News Agency

The Embassy of Kazakhstan in Azerbaijan demonstrated the film “Two Parts of One Whole”, dedicated to the common origins of the two countries’ cultures, Trend reports.

The film was screened as part of a reception organized by the embassy and dedicated to the upcoming election to the parliament and maslikhats (local representative bodies) of Kazakhstan [scheduled for March 19, 2023].

The authors of the film focused on the mutual influence that thinkers, poets and writers had on the culture of the two countries.

The film also reflects the modern period of cooperation and touches upon the topic of diplomatic ties, as well as trusting relations between the countries and their leaders.

Besides, the authors of the film also touched upon the restoration of the liberated territories of Azerbaijan, noting the pace and scale of restoration work in Karabakh.

Diplomatic relations between Azerbaijan and Kazakhstan were established on August 27, 1992. Both countries are full members of the Organization of Turkic States, Joint Administration of Turkic Arts and Culture, Organization of Islamic Cooperation, Turkic Council, Joint Administration of Turkic Arts and Culture, and other organizations.

Source: TREND News Agency

During my diplomatic mission in Azerbaijan, I witnessed the great victory of the country and the long-awaited liberation of territories, Ambassador of Kazakhstan to Azerbaijan Serjan Abdikarimov said, Trend reports.

He made the remark at a press conference dedicated to the upcoming election to the Kazakh parliament and maslikhats (local representative bodies).

The ambassador noted that his diplomatic mission comes to an end, adding that he and Azerbaijan will be connected by many memories.

He also expressed confidence in the continued development of bilateral relations between Azerbaijan and Kazakhstan based on mutual trust and respect.

Earlier, the President of the Republic of Kazakhstan signed a decree on the dissolution of the Majilis of the Parliament of the Republic of Kazakhstan of the seventh convocation and the appointment of early elections of MPs of the Majilis of the Parliament of the Republic of Kazakhstan.

Source: TREND News Agency

First Deputy Minister of Defense, Chief of the General Staff of the Azerbaijan Army, Colonel General Karim Valiyev met with a delegation led by the US European Command Deputy Director for Partnering, Security Cooperation and Policy, Brigadier General Edward Vaughan, Trend reports via Azerbaijani Defense Ministry.

First, the guests visited the Alley of Martyrs and honored the memory of those, who sacrificed their lives for the independence and territorial integrity of Azerbaijan.

The Chief of the General Staff informed the guests about the reforms, carried out in the Azerbaijan Army under the leadership of the President of Azerbaijan, Supreme Commander-in-Chief of the Armed Forces, Ilham Aliyev, the work done in the liberated territories, and the current situation on the conditional Azerbaijani-Armenian state border and in the Karabakh economic region.

At the meeting, satisfaction with the positive results achieved in various areas of bilateral cooperation, including the current state of relations between the Oklahoma National Guard and the Azerbaijan Army was expressed.

Brigadier General Vaughan expressed gratitude for the contribution of the Azerbaijan Army’s servicemen to the Resolute Support non-combat mission in Afghanistan and highlighted the importance of developing the current cooperation.

In conclusion, an extensive exchange of views on the prospects for military cooperation between Azerbaijan and the US, as well as on regional security issues was held.

Source: TREND News Agency

On March 11, the “F?rqli F?rdl?r” Congress for People with Special Needs was held at the Heydar Aliyev Center. The Congress is primarily aimed at increasing public awareness about people with disability, and supporting their emancipation aspiring for a more inclusive society.

According to the agenda of the Congress, well-known local and leading international speakers from various fields had a speech at the event. Aziz Akhundov, Head of the Public Relations Department at Nar, also shared his experience of successful social projects implemented by the mobile operator: “At Nar, we continue to implement projects aimed at the vulnerable group of society. With our projects such as “Training School” and “Gesture Language”, we bring hearing-impaired people to society and try to support their integration and financial freedom”. The mobile operator has so far made positive changes in the lives of many people with various social projects aimed at physically challenged people.

Click here for more information on the projects implemented by Nar for people with hearing and speech disabilities as part of its corporate social responsibility strategy.

Nar currently provides high-quality services to 2.2 million subscribers. Nar is the leading mobile operator in the country according to the Customer Loyalty Index for the last 4 years. Committed to its customer-centric strategy, Nar delivers excellent (best-in-class) service at an affordable price.

Source: TREND News Agency