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Aquatic product exports hit $1.64 bln in Q1 The export of key aquatic products posted strong rises in many markets in the first quarter of 2021, increasing Vietnam’s aquatic export turnover by 3 percent to 1.64 billion USD. Of note, shrimp and tra fish exports rose 10 percent and 11 percent in March to 270 million USD and 137 million USD, respectively. Vietnam earned 646 million USD from exporting shrimp in the first quarter, up nearly 3 percent year-on-year, while the export value of tra fish totalled 336 million USD, a rise of just 0.6 percent. Exports of squid, octopus, and fish-related products also saw positive growth signs. According to Le Hang, Deputy Director of the VASEP.PRO centre at the Vietnam Association of Seafood Exporters and Producers, the export of squid and octopus surged 8 percent in March, lifting the total export value in the first quarter to 112 million USD. The European market is recovering thanks to tariff preferences under the … [Read more...] about VIETNAM BUSINESS NEWS APRIL 8

Fitch Ratings upgrades Vietnam’s outlook to “positive” Fitch Ratings has revised Vietnam's outlook to “positive” from “stable” and affirmed the long-term foreign-currency issuer default rating at “BB”. The Ministry of Finance (MoF) said the credit rating agency’s upgrade of Vietnam’s outlook reflects the growth resilience of the country, which was among the few economies in the Asia Pacific region and the “BB” rating category to maintain positive growth in 2020, at 2.91 percent. Fitch Ratings recognised Vietnam’s fiscal and government debt achievements, its successes in bringing the coronavirus outbreak swiftly under control, strong policy support and export demand, along with continued strengthening of external finances due to persistent current account surpluses and rising international reserves. It forecast GDP growth of about 7 percent in 2021 and 2022, in line with a broader global economic recovery sustaining export growth and a gradual normalisation of domestic economic … [Read more...] about VIETNAM BUSINESS NEWS APRIL 3

Programme supporting enterprises in optimising opportunities from EVFTA debuts A cooperation programme to help businesses to optimise advantages from the EU-Vietnam Free Trade Agreement (EVFTA) through the Vietnam-EU e-commerce platform made debut in Hanoi on March 26. The programme was signed among the Ministry of Industry and Trade (MoIT)’s Department of E-Commerce and Digital Economy, the Vietnam Institute of Business Management Science and Digital Economy (VIDEM), the Association of Small and Medium-Sized Enterprises, and the Kim Nam Group. Addressing the signing ceremony, MoIT Deputy Minister Cao Quoc Hung hailed efforts of all parties in putting the Vietnam-EU e-commerce floor into operation as soon as possible, thus helping Vietnamese firms to grasp opportunities from the EVFTA. He underlined that amid the fourth Industrial Revolution, the improvement of competitiveness and the development of infrastructure system may create breakthroughs. Hung noted that last year, … [Read more...] about VIETNAM BUSINESS NEWS MARCH 27

E-commerce floor helps spread reputation of Bat Trang pottery The pottery business in Bat Trang Commune in Hanoi’s Gia Lam District is a typical example of the advantages of combining traditional craft with digital commerce in order to obtain more orders and expand markets. All the families in Bat Trang do business online and advertise their products to wholesalers in other provinces and cities through websites and social networks. As a result, Bat Trang ceramics enjoys a global reputation and strong presence in countries such as Japan, the US and European Union member states. The e-commerce floor of the Dong Ky craft village in Tu Son Town, Bac Ninh Province, has also provided a breakthrough in global marketing with its safe, reputable and quality-assured shopping channel. All products are stamped with the trademark of “Dong Ky Wood” and are protected for Vietnamese and international consumers. According to Vu Ba Phu, Director General of the Vietnam Trade Promotion Agency … [Read more...] about The successful marriage of traditional crafts and digital commerce

Vietnam’s GDP projected to expand 6.5 percent in 2021: IMF Vietnam’s economy is set to grow at 6.5 percent this year, higher than the global average of 6 percent, as it shrugs off the impacts of COVID-19 pandemic, according to the lastest world economic outlook published by the International Monetary Fund on April 7. Its unemployment rate is projected to drop to 2.7 percent this year from 3.3 percent last year, and continue to be down to 2.4 percent in 2022. For the group of ASEAN-5 countries, including Indonesia, Thailand, Vietnam, the Philippines and Malaysia, IMF predicted that its economy will respectively expand 4.9 percent and 6 percent in 2021 and 2022. In 2021, the Philippines is forecast to top the group with 6.9 percent, Malaysia and Vietnam will share the second place at 6.5 percent, while Indonesia is expected to grow at 4.3 percent and Thailand 2.6 percent. However, Vietnam will overtake the Philippines to climb to the top by 2022, IMF said. VNPT and HCA … [Read more...] about VIETNAM BUSINESS NEWS APRIL 10