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Vietnam, Japan exchange cooperation agreements worth billions of USD

On the morning of November 25 (local time), Prime Minister Pham Minh Chinh attended the Vietnam-Japan investment promotion conference with the theme "Vietnam-Japan elevating relations, cooperating for mutual development". At the conference, in the presence of the Prime Minister, cooperation documents worth billions of dollars were exchanged.
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This is the first Vietnam-Japan investment promotion conference after nearly 2 years of hiatus due to the COVID-19 pandemic, organized by the Ministry of Planning and Investment and the Japan Trade Promotion Organization (JETRO).

At the conference, the Prime Minister and members of the high-ranking Vietnamese delegation visiting Japan witnessed the exchange of 44 cooperation documents between agencies and businesses of the two countries, including economic cooperation agreements. with a total value of many billion USD. In which, the cooperation agreement on investment in Long Son power plant is worth 1.75 billion USD, the project of raising, processing and distributing beef cattle in Vinh Phuc is worth 500 million USD, and the cooperation agreement in developing the area is worth USD 1.75 billion. Dinh Vu economic (Hai Phong) worth 250 million USD…

The Prime Minister also witnessed the signing of a memorandum of understanding on cooperation in liquefied petroleum gas and investment in energy projects in Thua Thien Hue province. This is a cooperation between Chan May LNG Joint Stock Company (CML) and Mitsubishi Corporation (Japan).

Speaking in front of thousands of delegates and business leaders attending the conference, Prime Minister Pham Minh Chinh analyzed and clarified more about the huge and promising new cooperation opportunities being opened for the business community. two countries.

First of all, in the context of the world with many changes and fierce strategic competition, the relationship between Vietnam and Japan has never been as good as it is today. Prime Minister Pham Minh Chinh's visit to Japan has brought the Vietnam-Japan extensive strategic partnership to a new height, turning a new page. This is a very favorable factor for economic cooperation activities and business exchanges between the two countries.

Along with that, Vietnam's political stability is a condition for investors to feel secure in long-term investment, realizing and developing business ideas.


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In particular, the Prime Minister emphasized the importance of the human factor in attracting investors. Vietnamese people have many valuable qualities that meet the requirements of investors such as creativity, hard work, humble listening, intelligence, flexibility in all conditions, especially when facing difficulties, trying challenge is to unite, make efforts, find every way to rise, overcome, affirm and grow.

The issue of human rights in Vietnam was enshrined in the first Constitution in 1946 and since then, human rights regulations have been increasingly improved. The XIII Congress of the Communist Party of Vietnam also emphasized the issue of human security, considering people as the center, the subject, the goal and the driving force of development. Therefore, investors coming to Vietnam can be completely assured in terms of security and Vietnam will continue to promote the human factor in the development process.

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Delegates exchanged cooperation documents on the project of raising, processing and distributing beef cattle in Vinh Phuc worth 500 million USD - Photo: VGP/Nhat Bac
Along with that, Vietnam is actively implementing three strategic breakthroughs in institutional improvement, infrastructure development and human resource training. Vietnam's business investment environment is increasingly favorable, stable and transparent. Vietnam is committed to creating all favorable conditions in terms of institutions and administrative procedures. Vietnam market.

Besides the advantages, Vietnam also faces many difficulties and challenges. Those are global problems related to epidemics, climate change, population aging, resource depletion... that every country has to face, Vietnam is a developing country even more difficult. Along with that, Vietnam's institutions, administrative reform, human resources... still have problems that need to be further resolved.

The Prime Minister stated that Vietnam is not outside the global impact and needs the cooperation and support of developed countries, the international community, including investors, especially in completing the project. institutions, training high-quality human resources associated with innovation, mobilizing financial sources, especially green finance for sustainable development, applying new technologies, especially green technologies, improve corporate governance and national governance capacity.



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At the conference, the Prime Minister and members of the high-ranking Vietnamese delegation visiting Japan witnessed the exchange of 44 cooperation documents between agencies and businesses of the two countries, including economic cooperation agreements. with a total value of many billion USD. Photo: VGP/Nhat Bac
Vietnam encourages Japanese businesses to expand investment cooperation where Japan has strengths, Vietnam has great needs and opportunities, such as digital transformation and high-quality human resource training. , strategic infrastructure, agricultural development, green economy, circular economy, climate change response...


The Government is committed to accompanying the business community, supporting and creating all favorable conditions for business investment activities, bringing more benefits to the parties, contributing to bringing Vietnam-Japan relations to a higher level. a new level.

“Despite the difficulties, opportunities and advantages are still fundamental. We have the foundation of affection between two peoples, two countries, two peoples, sincerity in working process and trust in cooperation process after nearly 50 years of establishing relations. We will overcome the immediate difficulties, look to the long-term, cooperate more closely, more effectively, win together", the Prime Minister said and expressed his belief that there will be a strong new investment flow. from Japan to Vietnam.

Speaking at the conference, the Japanese delegates affirmed that thanks to the efforts to improve the business environment of Vietnam, the confidence of investors has increased markedly.



Japanese Minister of Economy, Trade and Industry Koichi Hagiuda highly appreciated and expressed his gratitude to the Prime Minister and Vietnamese ministers for their efforts to solve business problems in the recent difficult context. due to the COVID-19 epidemic, especially in maintaining the supply chain.



The Minister said that he will promote economic cooperation and investment between businesses of the two countries in depth, in the direction of sustainable development, climate change adaptation, emission reduction, digital transformation... Especially, Japan Japan will make every effort to support Vietnam in the implementation of the Asian Energy Transformation Initiative proposed by Japan with a value of 10 billion USD.








Photo: VGP/Nhat Bac
Right before the promotion conference, the Prime Minister received the Minister of Economy, Trade and Industry of Japan Koichi Hagiuda. At the meeting, in addition to cooperation in energy transformation and green growth, the Minister also suggested that the two sides continue to effectively coordinate in the implementation of the CPTPP to keep high standards and promote production capacity. of Vietnam. The Minister expressed great expectations for the development of Vietnam and cooperation activities between the two countries, including cooperation in digital transformation and human resource training.



The Prime Minister said that Vietnam has issued a National Strategy on Green Growth, asking the Japanese side to continue to support Vietnam in improving its institutions, improving the quality of human resources associated with innovation, and supporting Vietnam. support green financial resources, green technology, national governance capacity, businesses, continue to expand export markets, create jobs, help people improve their incomes.



The Prime Minister suggested that the Japanese Ministry of Economy, Trade and Industry and the Ministry of Industry and Trade of Vietnam adjust cooperation activities in line with new trends and in the spirit of the Vietnam-Japan Joint Declaration.



The Prime Minister suggested that in the process of implementing the Asian Energy Transformation Initiative, Japan will give priority to Vietnam and Vietnam will use this resource to ensure the highest efficiency.
 

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Many large Japanese corporations want to build railways and COVID-19 drug production facilities in Vietnam
11/24/2021

Meeting with Prime Minister Pham Minh Chinh in Tokyo, Chairman of Hitachi Group shared his desire to invest in railways in Vietnam. Meanwhile, the General Director of Shionogi Pharmaceutical Group also expressed his intention to invest in a research and production facility for vaccines and drugs to treat diseases in Vietnam.
According to the Government Newspaper, on the morning of November 24, within the framework of his official visit to Japan, Prime Minister Pham Minh Chinh received leaders of many economic groups and universities that are and intend to invest in Vietnam in many areas. fields such as transportation, real estate, energy, healthcare, education...

At the meeting, the Prime Minister met with the General Director of Shionogi Pharmaceutical Group, specializing in the production of leading infectious disease drugs in Japan.

The Prime Minister said that one of Vietnam's priorities during this official visit to Japan is to promote cooperation in healthcare, the production of medicines, vaccines for COVID-19 and other vaccines against the virus. other diseases.

General Director of Shionogi said that the Group will continue to support Vietnam in testing the production of vaccines and drugs to treat COVID-19. At the same time, it wants to invest in a research and production facility for vaccines and therapeutic drugs in Vietnam and will be the Group's first facility in Southeast Asia.

The Prime Minister agreed with the above proposal of the Group and suggested that the Group work with the Ministry of Health and relevant ministries and branches of Vietnam to research and deploy, in the spirit of strictly complying with the laws of each party. and mutually beneficial.

Nhiều tập đoàn lớn Nhật Bản muốn xây dựng đường sắt, cơ sở sản xuất thuốc COVID-19 tại Việt Nam - Ảnh 1.

Prime Minister Pham Minh Chinh receives President of Hitachi Group in Japan. (Photo: VGP).

Also at the meeting, the Chairman of Hitachi Group proposed the Vietnamese Government to consider for the Group to expand investment and contribute to Vietnam's development process such as projects on environment, health, reduction disaster damage. In particular, the group also wishes to participate in investment in the railway sector.

Prime Minister Pham Minh Chinh said that the areas that Hitachi is interested in, the Vietnamese Government is also in need of development, especially in traffic, so it should agree on the policy and suggest that the Group work with ministries and sectors. related to Vietnam to learn and invest.

He also asked the Ministry of Transport and the Ministry of Planning and Investment to research, develop and implement the plans, and then announce to find partners, including Hitachi for consideration and investment.

In the immediate future, it is suggested that Hitachi study and build a railway line between Ho Chi Minh City and Can Tho, and then learn from experience and expand it to other routes.

"The investment can be in the form of a public-private partnership (PPP), hope the parties will immediately start working," emphasized the Prime Minister.

Receiving leaders of Sumitomo Group, a partner of BRG Group in Vietnam, Thu welcomed the policy of investment in developing urban areas, but proposed to study and associate urban development with production and business to have jobs. jobs, attract people to live in and associate with cultural, sports, and medical institutions...

The Prime Minister said that it is necessary to develop infrastructure to attract investment, develop businesses, promote production and business, create jobs, attract human resources to work and residents to live... The real estate sector and urban areas will develop sustainably.

The Prime Minister also welcomed Sumitomo Group's investment in fields related to employment, health care, education, green economy, combating climate change; encourage public - private cooperation to mobilize both public and private resources for development investment...

At the same session, the Prime Minister also received leaders of Ryukiu University Okinawa, Jutendo University, Hokkaido University; leaders of Kobuta Environmental Treatment Equipment Corporation, Paramount Corporation, Horiba Corporation and Azuma Corporation. These are the units that have been intending to invest in Vietnam in the fields of traffic safety, health, technology, renewable energy...

The Prime Minister asked businesses to coordinate with relevant Vietnamese agencies to study plannings, on that basis as a basis for investment.

In which, for solar power projects, it is necessary to study carefully to find solutions to reduce costs and increase investment efficiency; Regarding cooperation in the health sector, the Prime Minister proposed to consider investing in central-level hospitals, especially investment in digital transformation in the field of health, remote medical examination and treatment...
 

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Vietnam - Russia agreed to expand cooperation in energy and oil and gas, creating conditions for the implementation of joint projects
01/12/2021

Vietnam - Russia affirmed to create favorable conditions for the expansion of activities of Vietnamese oil and gas enterprises in Russia and Russian oil and gas enterprises in Vietnam's continental shelf, as well as the implementation of joint projects in other countries. Tuesday.
Within the framework of his official visit to Russia, on the afternoon of November 30 in Moscow, State President Nguyen Xuan Phuc had talks with Russian President Vladimir Putin, according to the VNA.

One of the notable highlights in the Joint Statement on the Vision of the Comprehensive Strategic Partnership between Vietnam and Russia until 2030 is that the two sides consider economic cooperation an important pillar of the strategic partnership. comprehensive, will make efforts to further expand cooperation.

To achieve that goal, Vietnam and Russia affirmed their readiness to carry out specific tasks.

Vietnam and Russia agreed to strengthen economic cooperation, expand activities in the fields of energy and oil and gas - Photo 1.

Việt - Nga thống nhất tăng cường hợp tác kinh tế, mở rộng hoạt động lĩnh vực năng lượng và dầu khí  - Ảnh 1.

State President Nguyen Xuan Phuc holds talks with Russian President Vladimir Putin. (Photo: VNA).

Both sides agreed to continue effectively implementing the Free Trade Agreement between Vietnam and the Eurasian Economic Union, as well as create more favorable conditions for bilateral trade and investment, in order to create a strong breakthrough. on these important areas of cooperation.

The two countries strengthen cooperation in the fields of energy and oil and gas, which is the leading important pillar of the Comprehensive Strategic Partnership, supporting the expansion of cooperation in promising areas such as power plant construction. gas, supplying liquefied natural gas to Vietnam and building appropriate infrastructure, developing renewable energy, producing motor fuels, as well as modernizing energy facilities.

Vietnam and Russia also support the implementation of existing or new projects with the participation of the Vietnam Oil and Gas Group and the companies Zarubezhneft, Gazprom, Novatek and Rosatom, as well as other companies, including for power projects using liquefied petroleum gas in Vietnam.

The two sides affirmed to create favorable conditions for the expansion of activities of Vietnamese oil and gas enterprises in the Russian Federation and Russian oil and gas enterprises in Vietnam's continental shelf, as well as the implementation of joint projects in other countries. thirdly, in accordance with international law, including the 1982 United Nations Convention on the Law of the Sea and the laws of Vietnam and Russia.

In addition, Vietnam - Russia will also strengthen industrial cooperation, including deploying in Vietnam production and assembly facilities for motor transport vehicles of Russia and gradually localizing production. At the same time, strengthen cooperation in agriculture and forestry in order to take advantage of the strengths of both countries and promote trade in agricultural, aquatic and seafood products.

 

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The space for economic cooperation between Vietnam and Russia is still very large
- 02/12/20210

On the occasion of State President Nguyen Xuan Phuc's official visit to Russia, on the afternoon of December 1, at local time, the President attended and spoke at the Vietnam - Russia business seminar.
Attending the event were Mr. Alexander Shokhin, Chairman of the Federation of Russian Industry and Entrepreneurs and 80 enterprises of the two countries. At the seminar, Mr. Shokhin said that Russian and Vietnamese businesses need to exploit the strengths of the Free Trade Agreement between Vietnam and the Eurasian Economic Union, because this is the first agreement that the alliance has signed. signed with the outside. Mr. Shokhin expressed his pleasure that the joint statement of the two countries during this visit by President Nguyen Xuan Phuc emphasized economic cooperation; opening a new door for businesses of the two countries. Mr. Alexander Shokhin also said that Russian businesses are very interested in investing in Vietnam, especially taking advantage of the free trade agreement that Vietnam has signed with the Eurasian Economic Union.

Không gian hợp tác kinh tế Việt Nam - Nga còn rất lớn - ảnh 1
President Nguyen Xuan Phuc witnessed the signing ceremony of a memorandum of understanding on cooperation between businesses of the two countries

TTX VIETNAM

Russian businesses should strengthen research on the Vietnamese market
Welcoming many Vietnamese and Russian businesses present at the seminar, President Nguyen Xuan Phuc informed businesses of the two countries about the good results of the meeting with President Vladimir Putin, opening up many cooperation contents. in many fields, especially economy and trade, in the context that Vietnam continues to develop, growth can reach 4.5% this year despite the Covid-19 epidemic; total import-export turnover reached about 600 billion USD, continuous trade surplus, low inflation. Vietnam is the third largest economy in ASEAN, participating in 15 free trade agreements with many high-standard agreements, investing in Vietnam, Russian businesses have the opportunity to penetrate into markets. very vast.

According to the international assessment, Vietnam is one of the 20 countries in the world to attract investment most successfully. Among 140 countries and territories investing in Vietnam, Russian investment in Vietnam is still low while Russia's potential is very large. Therefore, in the context that the Covid-19 epidemic is well controlled in Vietnam, the President suggested that Russian businesses with the Government's support and interest increase research on the Vietnamese market, and vice versa. Vietnamese enterprises study the Russian market for better cooperation and exchange results.

Precious bricks contribute to friendship
The State President said that the cooperation space of each economic sector is still very large. Vietnam can continue to import wheat or pork, but it needs to boost exports of agricultural, food and other products that Vietnam can produce. Because Russia has a large area, but agricultural exports only reach 30 billion USD per year, while Vietnam exports 45 billion USD of agricultural products, it is possible to promote cooperation in this field.

Deputy Prime Minister Le Van Thanh works with Deputy Prime Minister of Russia

Within the framework of President Nguyen Xuan Phuc's official visit to Russia, on the afternoon of December 1, at the headquarters of the Russian government, Deputy Prime Minister Le Van Thanh had a meeting with Russian Deputy Prime Minister Dmitry Chernyshenko.

At the meeting, the two deputy prime ministers affirmed that they would make every effort to direct the ministries and sectors to focus on implementing the minutes of the meeting, promoting the effectiveness of the Intergovernmental Committee cooperation mechanism, which focuses on the following issues: spearhead and traditional fields such as energy, oil and gas, trade, investment, science - technology... as well as expanding cooperation to new potential fields such as clean energy, health care, That includes the prevention of Covid-19.

After the meeting, Deputy Prime Minister Le Van Thanh and Deputy Prime Minister Chernyshenko witnessed the signing of a number of cooperation documents between the two countries in the fields of energy, oil and gas, culture and health.

 

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LEGO Group to build new US$1 billion factory in Việt Nam​

Update: December, 09/2021 - 12:54
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Vietnamese Deputy Prime Minister Phạm Bình Minh and Danish Ambassador to Việt Nam Kim Hojlund Christensen witnessed the signing ceremony. — Photo vgp.vn
HÀ NỘI — The Danish toy production company LEGO Group on December 8 signed a memorandum of understanding with the Vietnam–Singapore Industrial Park Joint Stock Company (VSIP) on the building of a new plant in southern Bình Dương Province.
Addressing the signing ceremony, Danish Ambassador to Việt Nam Kim Højlund Christensen said it was the largest investment in Việt Nam ever made by a Danish company, showing the confidence and optimism of Danish investors in the future of the important Denmark-Việt Nam partnership.
The LEGO Group will invest more than US$1 million in the construction of its first-ever carbon neutral factory, including investment in solar energy on a 44-hectare site in Bình Dương, hoping to generate 4,000 jobs in the next 15 years.
The construction is scheduled for the second half of 2022, and the plant will go into operation two years later.
According to LEGO, the factory will be its sixth manufacturing site in the world and the second in Asia.
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A LEGO store. — Photo zingnews.vn
LEGO’s decision to build its plant in Việt Nam was attributed to the Vietnamese Government’s plans to invest in expanding renewable energy production infrastructure and a collaborative approach to working with foreign companies who are seeking to make high-quality investments, said Chief Operations Officer of Lego Group Carsten Rasmussen.
VSIP General Director Nguyễn Phú Thịnh pledged that VSIP was committed to offering international companies high-quality investments and sustainable solutions to create attractive long-term development opportunities.
The new factory will feature solar panels on its roof and VSIP will build a nearby solar project on behalf of the LEGO Group. They will together plant 50,000 trees in Việt Nam to compensate for vegetation removed during construction. — VNS
 

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Vingroup starts construction on EV Battery Manufacturing Factory in the Vung Ang Economic Zone (Ha Tinh)​

12.12.2021 Nguyễn Hải

December 12, 2021 – The People’s Committee of Ha Tinh Province and Vingroup officially began construction of the VinES Battery Manufacturing Factory in the Vung Ang Economic Zone (Ha Tinh). The facility is backed by VND 4,000 billion (nearly 173.7 million USD) in investments and is being developed on 8 hectares in its initial phase. The establishment of this factory represents an important milestone in VinFast’s strategy of self-production and supply of batteries with global standards for its electric vehicles.​



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The VinES Battery Manufacturing Factory will provide Lithium batteries for VinFast’s electric cars and buses. In Phase One, the factory will scale 8 hectares, funded by a total investment of more than VND 4,000 billion. The entire infrastructure of the factory, including a casting shop, a welding shop, and a packaging (battery pack) shop, is designed to produce 100,000 battery packs per year. Phase Two of the factory will expand production to include battery cells manufacturing and upgrade capacity to 1 million battery packs per year.
This very first and most advanced battery plant in Vietnam will be equipped with European and American-standard technologies that boast an astounding workflow automation rate of 80%. Vingroup is also working with strategic partners, include world’s leading companies in pioneering technologies for the production of electric vehicle batteries.
Speaking at the groundbreaking ceremony, Mr. Nguyen Viet Quang, Vice President & CEO of Vingroup noted: "The research and construction of this battery manufacturing factory in the Vung Ang Economic Zone reflect our efforts to establish a clean energy ecosystem that contributes to the localization of VinFast’s supply. Furthermore, we have been promoting collaboration with many prestigious partners around the world, including firms in the US, Israel, Taiwan, China and more, to research, develop and apply cutting-edge battery technologies such as super-fast charging, 100% solid-state batteries and highly advanced battery materials."
The construction of the VinES Battery Manufacturing Factory marks a significant step in implementing Vingroup’s "three-pillars" battery strategy, including procuring batteries from the world’s top manufacturers, collaborating with partners to produce the world's best batteries and conducting in-house research and development for battery production.
This is a key strategy in VinFast’s goal of becoming a global smart electric vehicle company. With this, VinFast will be able to provide a wide range of batteries that are suitable for each of its electric vehicle lines, fulfill growing demands in the Vietnamese and global markets. The importance of this battery factory in VinFast’s global expansion plan is especially significant given its recent introduction of two electric car models, the VF e35 and VF e36, at the Los Angeles Auto Show last November.
According to Ms. Thai Thi Thanh Hai, Vice Chairwoman of Vingroup and Vice-Chair of Board of Members of VinFast, "This is in the focus of VinFast’s localization strategy of supply. The strategy enables us to own our supply chain of batteries and parts and to keep VinFast at the forefront of battery technology innovation. This, in turn, helps us provide high-quality products at reasonable prices and drive the movement of the global smart electric vehicle revolution.”
Once operational, the project is expected to attract thousands of domestic and foreign workers and contribute to accelerating industrial production in Ha Tinh Province.

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About Vingroup
Established in 1993, Vingroup is one of the leading private conglomerates in the region, with a total capitalization of 35 billion USD from three publicly traded companies (as of November 4, 2021). Vingroup currently focuses on three main areas: Technology, Industry, and Services. Find out more at: https://www.vingroup.net/en.

About VinFast
VinFast
- a member of Vingroup – envisioned to drive the movement of global smart electric vehicle revolution . Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex with globally leading scalability that boasts up to 90% automation in Hai Phong, Vietnam.
VinFast has announced three electric car models, exceptional battery leasing policies, and industry-leading 10-year warranties. In July 2021, VinFast started expanding to the North American and European markets. Two of its smart electric SUV models – VF e35 and VF e36, are expected to be available for pre-orders globally in the first half of 2022. Find out more at: https://vinfastauto.com.

About VinES
VinES Energy Solutions specializes in researching, developing and manufacturing batteries for electric vehicles. In particular, VinES has research institutes for manufacturing lithium-ion battery cells to serve the production of electric vehicle batteries. VinES cooperates with many world’s leading battery cell manufacturers and is investing in a modern testing center to evaluate product quality according to European and American standards.

 

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Korea increases rubber imports from Vietnam market

08:25 | December 15, 2021EmailPrint 10 months of 2021, Vietnam's rubber exports to South Korea increased by 57.8% in volume and 95.2% in value over the same period in 2020. Vietnam's rubber market share in Korea's total imports increased.
Statistics from the General Department of Customs show that in the 10 months of 2021, Vietnam's rubber exports to South Korea reached 37.62 thousand tons, worth US$68.87 million, up 57.8% in volume and increased 95.2% in value over the same period in 2020; the average export price reached 1,831 USD/ton, up 23.7% over the same period in 2020.


In the first 10 months of 2021, Vietnam's rubber exports to South Korea reached 37.62 thousand tons, worth US$68.87 million, up 57.8% in volume and 95.2% in value over the same period last year. 2020
In which, SVR 10 type is exported the most to Korea, accounting for 25.6% of total rubber exported to Korea in the first 10 months of 2021, with 9.62 thousand tons, worth 16.01 million USD. , an increase of 68.5% in volume and 109.7 % in value over the same period in 2020; the average export price reached 1,665 USD/ton, up 24.5%.

According to the Korean Customs, currently, Indonesia, Thailand, China, Vietnam and the United States are the 5 largest markets supplying rubber to Korea and imports from these markets have increased over the same period. 2020.
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In the first 10 months of 2021, Vietnam is the 4th largest rubber supplier market. Vietnam's rubber market share accounts for 7.8% of Korea's total rubber imports, up from 6.8% in 10 months of 2020.

Regarding types, in the first 10 months of 2021, Vietnam is the third largest supplier of natural rubber to South Korea, with 35.73 thousand tons, worth $68.35 million, up 33.6% in volume. and increased by 70.8% in value over the same period in 2020. Vietnam's natural rubber market share in Korea's total imports accounted for 12.3%, up from 10.6% in 10 months of May. 2020.

The structure of the market for synthetic rubber to Korea in the first 10 months of 2021 has changed when the market shares of synthetic rubber of the United States and China increased, while the market shares of Japan, Singapore, and the Czech Republic increased. reduction. Vietnam's synthetic rubber only accounts for 0.08% of the total imported synthetic rubber of Korea.

 

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Vietnam economy to grow almost five times by 2035​



Vietnam's economy is expected to grow five times, becoming the 19th largest economy in the world in 2035, a report says.

Steady and consistent growth is set to help it go past major Asian economies like Taiwan and Thailand by 2035, U.K consultancy the Centre for Economics and Business Research (CEBR) said in its annual league table on the growth prospects of 193 economies released last week. The country now is the 37th largest economy.

Its GDP growth is forecast at 7 percent a year over the next five years, and 6.6 percent in the subsequent decade.

The report estimated Vietnam’s nominal GDP by 2035 to be $1.59 trillion from the current $341 billion, a nearly five-fold increase in 15 years.

Despite the Covid-19 pandemic, the Vietnamese economy, unlike most others, was able to escape a contraction in 2020 thanks to competent handling of the crisis, the report said. It grew at 2.91 percent.

The government has set a GDP growth target of 6.5 percent for 2021.

China will overtake the U.S. as the world’s biggest economy in 2035 after outperforming its rival during the global Covid-19 pandemic, according to CEBR.
the results of economic during the pandemic could be contributed by the efforts of both Vietnamese Government and citizens. With good policies from country administrators and the great following of people, economic development of Vietnam is still remained stable and hasn't plumped.
updated news with apkfun
 
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the results of economic during the pandemic could be contributed by the efforts of both Vietnamese Government and citizens. With good policies from country administrators and the great following of people, economic development of Vietnam is still remained stable and hasn't plumped.

Yes an exciting economy to follow its growth.

Also welcome to the forum!
 

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Exports of many iron and steel products increased in November, especially impressive to the US market
Kieu Linh -

The United States ranks fourth in Vietnam's steel exports with a share of 9.22% in volume and 13.13% in price. However, there is a particularly impressive growth in exports to this market...
Đồ hoa: Kiều Linh.


(Hoa Kỳ = flower flag = USA)

As reported by VnEconomy, in the first 11 months of 2021, Vietnam recorded an official steel export value of 10 billion USD, the first time steel products reached the export club of over 10 billion USD, and at the same time, a commodity with high export value. the growth rate over the same period was the highest, reaching 129.8%. While the remaining items average 10-20%.

IMPRESSED WITH THE SITUATION OF EXPORTS TO THE US
In more detail, the latest data from the Vietnam Steel Association shows that, in November 2021, many export steel products grew strongly compared to the same period last year.

Specifically, leading the export growth is galvanized steel sheet with production volume of 565.3 thousand tons in November, sales of 485 thousand tons, but exports reaching 326.7 thousand tons, an increase of more than 2 times compared to that of galvanized steel sheet. with the same period last year. The second place in terms of export speed is construction steel, production in November 2021 reached 1.08 million tons, sales reached 872.8 thousand tons, of which 205 thousand tons were exported, export growth reached 155. .8% over the same period last year.

In third place is cold rolled steel, with production of 392 thousand tons, sales of 174,000 tons, but exports increased by 93.2% compared to last year to reach 45 thousand tons. Followed by HRC products with export growth of 81.2%; steel pipe exports increased by 56.8%.

Exports of many iron and steel products increased by the same amount in November, especially impressive to the US market - Photo 1
Accumulated in the first 11 months of 2021, exports of galvanized steel reached 3 million tons, up 2.1 times over the same period in 2020. Construction steel exports reached 2 million tons, up 1.6 times; HRC exports increased 1.84 times; Cold rolled steel exports increased by 1.42 times, steel pipe exports increased by 83%.

In terms of export markets, the top 10 steel exporting countries of Vietnam in October was led by China with the proportion accounting for 27.28% in volume and 18.21% in price. Next is the EU with 11.6% in volume and 16.36% in price. The third is ASEAN with the proportion of 15.6% in volume and 14.99% in price.

The United States ranked fourth with a share of 9.22% in volume and 13.13% in price. However, there is a particularly impressive growth in exports to the US market. Previously, exports to the US market accounted for only 6% in September. At the end of 2020, exports to the US market accounted for only 1.9%.

Accumulated in the first 10 months of 2021, the top 5 steel export markets of Vietnam in 2020 are Asean (42.6%), China (36.53%), EU (2.88%), Taiwan (2.86). %) and the US (1.87%), there will be a change in 2021 as ASEAN is still a traditional market with the proportion of 28.86%, China 22%, EU 12%, US 7% and Taiwan 4 %.

Exports of many iron and steel products increased by the same amount in November, especially impressive to the US market - Photo 2
MANY NEW OPPORTUNITIES FOR BUSINESS STILL FROM US MARKET
Although China has always maintained the number one position, the number two steel export market of Vietnam is only behind ASEAN, however, steel demand for China's construction industry is forecasted to decline in the period of 2022 - 2025, a time when infrastructure projects gradually decrease and risks increase in the country's real estate industry.

According to sources, blast furnace utilization rates in the Hebei cities of Tangshan and Handan, two major steel production hubs in China, were below 65% and 70% respectively, as of mid-May. 11. Meanwhile, concerns about oversupply have emerged amid expectations of a decline in end-user demand in Q1 2022.

Market sources said that while property construction activity is likely to deteriorate in Q1 2022 due to poor home sales and land purchases in 2021, on the contrary, steel production could pick up .

Downstream, China's semi-finished steel imports in October reached 1.362 million tons, down 6.7% month-on-month, after recording a 30% month-on-month increase in September and an increase in July. 4% in August, according to Chinese customs data released on November 22, October imports fell 16% year-on-year.

China's nationwide steel production cuts in September boosted domestic steel prices, which stimulated overseas billet orders for November-December deliveries. may lead to a rebound in imports in November, December due to good orders.

However, as the end of 2021 approaches, buyers have shifted focus to contract discussions while several sources in China say neither traders nor end users are interested in stockpiling. , as the steel market may continue to trend downward in the context of oversupply in Q1/2022.

This implies that exporting steel to the Chinese market is forecasted to be difficult in the coming time for Vietnamese exporters. In fact, exporting steel to
 

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Vietnam, Australia announce roadmap for enhanced trade, investment ties
Tuesday, 18:45, 21/12/2021

VOV.VN - Vietnam and Australia on December 21 published their Enhanced Economic Engagement Strategy, setting out a roadmap to boost bilateral trade and investment ties.​

Some Vietnamese fruits such as litchees and durians have been exported to Australia.

Some Vietnamese fruits such as litchees and durians have been exported to Australia.
Australian Minister for Trade, Tourism and Investment Dan Tehan welcomed the Strategy as the foundation for both countries’ efforts to double investment and become top ten trading partners.
“Australia and Vietnam have complementary economies - we are partners more than competitors. Our supply chains are becoming more closely entwined, meaning together we are exporting to markets around the world,” Dan Tehan said in a media prelease.
According to the minister, the implementation of the Economic Engagement Strategy will unlock mutually beneficial opportunities and boost bilateral trade and investment ties, especially in key areas such as education, resources, agriculture, manufacturing and digital economy.
As the two countries emerge from the pandemic and begin economic recovery, the strategy presents tremendous opportunities for them, he noted.
For his part, Vietnamese Minister of Planning and Investment Nguyen Chi Dung said success in achieving the common objectives of the Strategy will further enhance the economic position of Vietnam and Australia, contributing to the safety, security and shared prosperity of the Asia-Pacific region.
According to official data, over the past 20 years, the Australia-Vietnam trade has grown at an average rate of 8.6% per year, much higher than the average trade growth of 5.8 %/year between Australia and other ASEAN countries. Two-way trade in goods and services was estimated to reach AUD14.6 billion (US$10.4 billion) in 2020.
Meanwhile, Vietnam’s investment in Australia has increased fivefold from AUD155 million (US$110.5 million) in 2008 to AUD785 million (US$559.4 million) in 2020. Vietnamese investment grew the most in the 2010-2014 period, after the ASEAN-Australia-New Zealand Free Trade Agreement took effect.
For its part, as of December 2020, Australian investment in Vietnam hit AUD1.38 billion (US$980 million), ranking 20th among all foreign investors in the country. Australia mainly invests in the manufacturing, processing, food, agriculture, forestry and fishery sectors.

 

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Vietnam - US investment vibrant despite Covid-19

Recently, not only American businesses have found investment attraction in Vietnam, but Vietnamese businesses have also been more present in the US market.



This information was stated by Ms. Marie Damour, Chargé d'Affaires of the US Embassy in Vietnam at the Vietnam - US trade forum on December 7.



According to Ms. Marie, investment cooperation between Vietnamese and American businesses is diverse in many fields, from healthcare, education to energy, technology... "The two countries' businesses are maintaining strong cooperation development. investment despite the impacts from the Covid-19 epidemic," she said.



The flow of direct investment from the US has made an important contribution to the development of Vietnam with large-scale projects, contributing to building a strong foothold for Vietnam in the global supply chain. Currently, the US ranks 11th among the countries pouring the most investment capital into Vietnam with nearly 10 billion USD.



In contrast, many Vietnamese enterprises also have more presence in the US market. Typically, car company Vinfast announced an investment of more than 200 million USD in California to develop electric vehicles in this market, creating more than 1,000 jobs for local people. Or the first regular direct flight of Vietnam Airlines to the US after 20 years, mentioned by Ms. Marie as evidence of successful cooperation between the two countries.

Bà Marie Damour, đại biện lâm thời Đại sứ quán Mỹ tại Việt Nam. Ảnh: Hoàng Phong


Ms. Marie Damour, Chargé d'Affaires of the US Embassy in Vietnam. Photo: Hoang Phong



Mr. Do Thang Hai, Deputy Minister of Industry and Trade also agreed when saying that the uncertainties of global trade and the risk of stagnation caused by the Covid-19 epidemic, from a positive perspective, are an unprecedented opportunity for Vietnam. businesses. It is an opportunity to suggest business directions, develop new supply chains, including redundant supply systems located in many different locations to ensure sustainability and continuity.



Over the past 25 years, the two-way trade turnover between Vietnam and the US has increased 168 times, from 450 million USD in 1995 when the two countries established diplomatic relations to 1.5 billion USD in 2001.



According to the General Department of Customs, the trade balance will increase to USD 91 billion in 2020, an increase of nearly 20% compared to 2019. By the end of October, bilateral trade reached USD 89.6 billion, of which Vietnam exported imports to the US 76.7 billion USD and imports nearly 13 billion USD from the US.

Do Thang Hai said that businesses of the two countries need to promote the policy dialogue mechanism of the Vietnam - US Trade and Investment Council (TIFA) to create a favorable legal framework and promote exchange. trade and investment, promptly solve arising difficulties in the field of economy and trade.

"In the new normal state and new context, the two countries need to limit trade remedy cases and resolve outstanding economic and trade issues through negotiations. This is to ensure continuity. continuity in the operation of supply chains, as well as avoiding negative impacts on manufacturing industries already damaged by the pandemic," he emphasized.
 

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Vietnam officially surpassed China to become the main production place for Nike shoes.

CNBC news agency quoted the newly released financial report of the sports company Nike as saying that in 2021, Vietnam's shoe production for Nike accounts for 51%, while this rate in China has dropped to 21%. In 2006, China produced shoes for Nike at 35%.

The report also said that Indonesia also surpassed China in the production rate of Nike shoes with a figure of 35%.

In fact, Nike is not the only representative to move factories from China to Vietnam. Even their biggest rival, Adidas, is moving in a similar direction, with 40% of its footwear production being made in Vietnam.

Why has Vietnam surpassed China to become the largest Nike shoe producer?

best nike air max

The Nike Air Max

According to a representative of the Vietnam Leather, Footwear and Handbag Association, Nike branded products are supplied by 191 manufacturing factories located in 14 countries around the globe. In particular, most of Nike's footwear products are manufactured outside the US through more than 15 independent contract manufacturers. Before 2010, China was the largest manufacturer of Nike footwear, but has since been replaced by Vietnam.

Talking to Lao Dong, Ms. Phan Thi Thanh Xuan - Vice President and General Secretary of the Vietnam Leather - Footwear - Handbag Association, the reason why Vietnam has become the largest Nike shoe producer in the world is because Vietnam has human resources are abundant. "The potential from the abundant labor force is the factor that attracts Nike to choose Vietnam," said Ms. Xuan.

Besides, according to Ms. Xuan, the processing quality of Vietnamese footwear products is quite good, meeting strict requirements from partners.

"In recent years, a number of enterprises in the footwear industry have invested in modern machinery and equipment, automating some production stages, thereby improving labor productivity and product quality." Ms. Xuan said.

In fact, the 4th wave of disease in Vietnam has affected Nike's production quite a lot. There was a time when major Nike shoe suppliers in Vietnam had to temporarily close to prevent the COVID-19 epidemic from causing disruption. Factories in Vietnam then reopened in mid-September 2021.

With a strategy of living safely against the epidemic and high vaccine coverage in Vietnam, Nike's leadership still believes and is optimistic about the uninterrupted supply chain. Currently, Nike factories in Vietnam have returned to normal operations and fulfilled orders in 2022.

 
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