Day: December 27, 2022

Over the past years, free trade agreements (FTAs) have proved effective in promoting Vietnam’s exports.

 

As of late 2022, 15 FTAs, to which Vietnam is a signatory, became effective, and two others were in the negotiation process.

 

With import and export tariff incentives offered by these trade deals, Vietnamese importers and exporters have many competitive advantages in these markets with similar products.

 

To bring into full play these advantages, Nguyen Thi Thu Trang, Director of the World Trade Organisation (WTO) Integration Centre at the Vietnam Chamber of Commerce and Industry (VCCI), said that the Ministry of Industry and Trade, the Ministry of Agriculture and Rural Development, and the Ministry of Culture, Sports and Tourism will launch product promotion campaigns designed for each market, with priority given to the US, Europe and other choosy markets.

 

Accordingly, the Vietnam Trade Offices in the markets that have signed FTAs with Vietnam will build a channel to connect partners with Vietnamese enterprises in each market and disseminate information about these channels to businesses.

 

Thanks to advantages brought about by the FTAs, 2022 marks the seventh consecutive year Vietnam has reported a trade surplus.

 

Statistics of the Ministry of Industry and Trade showed that this year’s import-export turnover is estimated at 732 billion USD, up 10% year-on-year. Of the total, 371.5 billion USD comes from exports, up 10.5% year-on-year, exceeding the target of 8% assigned by the National Assembly and the Government.

 

This year, 39 commodities report their export turnover of over 1 billion USD, with nine surpassing the 10-billion-USD mark.

 

Trinh Minh Anh, Chief of the Office of the Inter-sectoral Steering Committee for International Economic Integration under the Ministry of Industry and Trade, said that the domestic market has recovered strongly, with the growth of 2.7 times higher than the plan, basically meeting the demand for essential goods of the people, and helping to control inflation in the context of a strong recovery in demand for goods after the COVID-19 pandemic and great fluctuations of the world market, and many countries facing high inflation./.

 

Source: Vietnam News Agency

 

 

VinFast, a member of private conglomerate Vingroup, has announced its participation in the Consumer Electronics Show (CES) 2023 from January 5 – 8 next year with a showcase of its electric vehicle ecosystem, including four electric SUV models, four electric bikes, VF 8 test drives, and an immersive experience in their booth.

 

Returning to the CES 2023 a year after announcing its all-electric vehicle strategy, the automobile maker will display four electric SUV models – VF 6, VF 7, VF 8 and VF 9 – which represent the most popular segments from small crossovers to large 5- and 7-seater SUVs.

 

Among the four models, the VF 8 was recently launched, and the first vehicle shipment arrived in the US in mid-December. CES attendees can test drive the model in two special areas around the convention centre. One area will be a ride along experience with VinFast’s product experts, where customers can experience the VF 8’s modern technology and features. The second opportunity will be for those customers who will drive themselves on the closed track provided by CES, where they can directly experience the VF 8 model.

 

The VF 6, VF 7 and VF 9 are currently under development and will be launched in 2023.

 

Apart from the electric crossovers and sport utility vehicles, VinFast will also display electric bike concepts for the first time. These will join the previously launched electric vehicles, e-scooters, electric buses and clean energy solutions to complete its full ecosystem of electric products.

 

The four electric vehicle models and four electric bike concepts will be displayed at the VinFast booth in the West Hall of the Las Vegas Convention Center in Booth 5501. In addition, event attendees can enjoy the VinFast “immersive room” in their show stand where they can experience VinFast’s journey as well as a static VF 9 model.

 

This year, VinFast VF 8s will be made available for a VinFast Chauffeur service and accessible for CES visitors staying at the Bellagio for travel to and from the Las Vegas Convention Center.

 

Le Thi Thu Thuy, Vice Chairwoman of Vingroup and Chairwoman of VinFast, said VinFast has completed the promise that it announced in CES 2022 a few days ago, the first 999 VF 8 electric vehicles arrived at the Benicia port, in California, and will soon be delivered to customers. The firm is also rapidly developing its retail store and service centre network in California and will be expanding to other states in the US, in order to serve customers quickly and conveniently, she added.

 

VinFast’s pavilion will be open to the public and test drives will be held from January 5-8, 2023./.

 

Source: Vietnam News Agency

The agro-forestry-fishery export turnover in 2022 posted a new record, hitting over 53.2 billion USD in 2022, a year-on-year increase of 9.3%, according to the Ministry of Agriculture and Rural Development (MARD).

 

The ministry reported that the sector enjoyed a trade surplus of 8.5 billion USD, 30% higher than that of 2021.

 

Specifically, the export value of main agricultural products reached 22.59 billion USD, up 4.8%; main forest products reached 16.93 billion USD, up 6.1%; and aquatic products hit 10.92 billion USD, up 22.9%.

 

The agricultural sector had seven groups of products recording export turnover of over 3 billion USD, including wood and wooden products with 10.92 billion USD, shrimp 4.33 billion USD, coffee 3.94 billion USD, rice 3.49 billion USD, rubber 3.31 billion USD, fruit and vegetables 3.34 billion USD, and cashew nuts 3.07 billion USD.

 

Source: Vietnam News Agency

 

The Ministry of Industry and Trade (MoIT) on December 27 organised a conference to review the implementation of the EU-Vietnam Free Trade Agreement (EVFTA) over the last two years.

 

Speaking at the event, Deputy Minister of Industry and Trade Tran Quoc Khanh said that since August 2020, Vietnam and the EU have seen positive results in their two-way trade despite the COVID-19 pandemic.

 

In the first year of the EVFTA’s implementation, bilateral trade between Vietnam and the EU reached 54.9 billion USD, up 12.1% over the same period the previous year, of which export revenue reached 34.5 billion USD, up 11.3%.

 

In the second year, it reached 61.4 billion USD, up nearly 11.9%, of which exports reached 45 billion USD, up 17%.

 

In the first 11 months of 2022, two-way trade turnover reached 57 billion USD, up 14% over the same period last year, of which exports reached 43.5 billion USD, up 21%. Key export products from Vietnam recorded positive growth such as textiles, footwear, and seafood, with year-on-year increases of 24%, 19% and 41%, respectively.

 

The results show that Vietnamese enterprises have taken advantage of the EVFTA. Four out of ten Vietnamese enterprises have benefited from the EVFTA, according to the Vietnam Chamber of Commerce and Industry.

 

However, according to the MoIT, the EU market still offers opportunities for Vietnamese enterprises despite facing difficulties in accessing the market.

 

Deputy Minister Khanh said that Vietnam’s brand has not been built or is not popular in European countries.

 

The value and benefits that Vietnamese businesses earn are not commensurate with their potential, he added.

 

Ngo Chung Khanh, Deputy Director General of the MoIT’s Multilateral Trade Policy Department, said that the ministry plans to coordinate with other ministries and agencies to further provide enterprises with EVFTA-relating information.

 

Besides, the ministry will also assess the implementation of the EVFTA in provinces and cities nationwide through FTA INDEX which is expected to launch in late 2023.

 

The ministry will open training courses for enterprises, and speed up solutions to support enterprises in accessing and taking advantage of the EVFTA./.

 

Source: Vietnam News Agency

 

Credit growth reached about 13% this year as of December 27, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu told a press conference in Hanoi on tasks for the banking sector next year.

 

Most of credit were for production and trade, said Deputy Director in charge of the SBV’s Department of Credit for Economic Sectors Ha Thu Giang.

 

As of November 30, total outstanding loans under the Vietnam Bank for Social Policies’ 23 credit programmes stood at over 279 trillion VND (12.1 billion USD), up 12.81% annually with over 6.4 million borrowers.

 

The SBV also closely monitored credit in high-risk areas, especially corporate bonds, securities and real estate markets, while creating favourable conditions for businesses and people to access credit.

 

In order to control inflation, stabilise the macro-economy and ensure the safety of the banking system, the SBV also revised up interest rates twice, Giang said.

 

Tu added that the SBV directed credit organisations to cut operating costs and administrative procedures, creating more room to cut lending interest rates, thus supporting businesses and people to overcome difficulties.

 

In the first 11 months of this year, cashless payments rose by 85.6% in volume of transactions and 31.39% in value, year-on-year.

 

Next year, the SBV will continue to manage credit growth in line with macroeconomic developments, contributing to controlling inflation, supporting economic recovery and growth, and pouring capital into production and trade, especially priority areas.

 

It will also push forward the restructuring of credit organisations in combination with dealing with bad debts for the 2021-2025 period; review legal frameworks and mechanisms to ensure a safe, healthy, transparent and sustainable development of banking and monetary markets; as well as step up digital transformation of banking activities, Tu said./.

 

Source: Vietnam News Agency