A new report launched by the Global Wind Energy Council (GWEC) has outlined Vietnam’s role as a major driver in the sector for the entire region over the next few years The government, as well as corporations, are devising strategies to take full advantage of Vietnam’s wind potential According to GWEC Market Intelligence’s new report titled South East Asia Market Update - Insights on Vietnam, the country can be the next big wind energy market in Southeast Asia. With a growing GDP, increasing population, surging power growth rate with dependence on coal, a favourable tariff system, and fantastic wind resources for both onshore and offshore wind, the report states that Vietnam has all the fundamentals in place to be a wind power leader in the region, as long as any sticking issues and hurdles can be overcome by market stakeholders. By Liming Qiao - Asia director Global Wind Energy Council These stakeholders are descending on Hanoi on June 11-12 for … [Read more...] about Vietnam the market to watch in Southeast Asia
Global markets update
Viet Nam to develop new markets for rice
To boost the export of rice as per the direction of the Prime Minister, the Ministry of Industry and Trade (MoIT) has many solutions to help businesses find export markets. Tran Thanh Hai, Deputy Director of MoIT’s Import and Export Department, speaks to bnews.vn about the issue. What has the department done to support rice businesses find export markets? The Prime Minister asked the ministry to come up with solutions on developing export markets for local rice products with the goal of maintaining and strengthening traditional markets as well as expanding into new ones. The ministry has coordinated with relevant ministries, sectors, the Viet Nam Food Association and rice exporters to implement solutions, such as reviewing the demand and import policies of foreign markets. The ministry then proposed agreements with foreign partners to facilitate Viet Nam's rice exports. While negotiating bilateral and multilateral free trade agreements and other kinds of agreements, the ministry … [Read more...] about Viet Nam to develop new markets for rice
PM asks for updating quarterly growth scenarios
Based on such scenarios, the MIP is required to suggest specific measures to successfully achieve set targets, which should be reported to the government before June 20. While devising scenarios, regional and global economic situation, trade tension, fluctuation of oil prices should be taken into consideration, thus laying a foundation for the building of specific policies, he said. Prime Minister Nguyen Xuan Phuc at the meeting Ministers, government members, Chairs of municipal and provincial People’s Committees were urged to remove difficulties, cut administrative procedures to keep improving the business climate. Reiterating the need to curb inflation below 4 percent this year, he asked ministries, agencies and localities to closely track the market, especially farm produce and ensure the supply of key materials such as cement, iron and steel, and petrol. On speeding up public investment disbursement, he noted that those involved in not using capital in time … [Read more...] about PM asks for updating quarterly growth scenarios
High-quality products: Key to reaching out global market
Photo for illustration (Source: VNA) The event was jointly held by the Business Association of High-Quality Vietnamese Products and the Business Studies and Assistance Centre. Experts highlighted fundamental factors that Vietnamese firms should know to enter foreign markets and obtain sustainable development such as ensuring quality of products, developing brand names, and increasing value of materials. The adoption of innovation solutions in marketing and building geographical indications play a crucial role alike, they said. Executive Director of GS25 Retail Group of the Republic of Korea Ju Young Yun said Vietnam needs to ensure food safety and hygiene so that its products could be widely distributed in the foreign markets and meet the taste of customers. Additionally, businesses should build their own brand names by investing in design, label and origin of products, he said, adding this is the key to increasing the presence of made-in-Vietnam products in the global market. Le Viet … [Read more...] about High-quality products: Key to reaching out global market
Vietnam re-affirms resolve to fight IUU fishing at Seafood Expo Global
Representatives of the Ministry of Agriculture and Rural Development, VASEP and the Vietnamese Embassy in Belgium hold a press conference at the Seafood Expo Global on April 25 to update on Vietnam's efforts to fight IUU fishing (Photo: VNA) Brussels (VNA) – Vietnam’s resolve to fight illegal, unreported and unregulated (IUU) fishing has been reiterated by the country’s representatives at a press conference on April 25 at the Seafood Expo Global in Brussels, Belgium. The April 25 event aimed to update the press and European seafood importers on measures Vietnam is taking to combat IUU fishing, a problem on which the European Commission (EC) issued a yellow card warning to Vietnam last September. Nguyen Thi Trang Nhung, Deputy Director of the Department of Science, Technology and International Cooperation under the Ministry of Agriculture and Rural Development, said Vietnam has obtained positive outcomes in the issue. The most important outcome is the Law on … [Read more...] about Vietnam re-affirms resolve to fight IUU fishing at Seafood Expo Global
1,000 CEOs: sharing marketing strategy
Sharing their marketing strategies as well as their stories of success and failure in trading, the large-scale enterprises at 1,000 CEOs inspired small and medium-sized enterprises (SMEs), especially startups. Industry leading experts shared their thoughts on marketing strategy at the 1,000 CEOs meeting Their stories were shared by numerous CEOs at the 1,000 CEOs meeting organised by PDCA Training Consultant Co., Ltd. in collaboration with CEO K35 Group JSC in Hanoi on April 15. Being organised for the second time, the 1,000 CEOs event continued to open opportunities to connect with partners in the same sector, as well as suppliers. The trading environment has changed comprehensively, thus, enterprises also need to change, update the marketing strategy to suit with trend. The highlight of this event was that CEOs had the opportunity to listen to Stefan Reicherstorfer, former chief of marketing officer (CMO) of Unilever Global and current CMO of Tan Hiep Phat Beverage … [Read more...] about 1,000 CEOs: sharing marketing strategy
Government News 30/3 (Hourly Updated)
Parliamentary groups asked to foster Vietnam-Romania ties Vice Chairman of the National Assembly Uong Chu Luu receives Chairman of the Romania-Vietnam Friendship Parliamentary Group Simion Lucian-Eduard in Hanoi on March 29. Vice Chairman of the National Assembly Uong Chu Luu has said that friendship parliamentary groups of Vietnam and Romania should maintain meetings and increase the exchange of information and experiences, thus fostering economic, trade and investment ties between the two nations. Luu made the statement while receiving a delegation of the Romania-Vietnam Friendship Parliamentary Group led by its Chairman Simion Lucian-Eduard in Hanoi on March 29. Luu reiterated that Vietnam always wants to consolidate and develop the friendship and multifaceted cooperation with Romania. Vietnam appreciated Romania’s support for Vietnam’s past struggle for national independence and reunification as well as the current process of national construction and … [Read more...] about Government News 30/3 (Hourly Updated)
Vietnamese trade offices pave way to potential markets
(VEN) - Overseas Vietnamese trade offices have significantly contributed to paving the way for Vietnamese goods to potential discerning markets. Deputy Minister of Industry and Trade Tran Quoc Khanh praised their initiative in collecting updated information about the markets, as well as economic, trade and investment policies of foreign countries. Vietnamese trade counselors abroad met in Hanoi on February 7 Overcoming hurdles Australia is one of the markets that have seen impressive growth of Vietnamese exports. Nguyen Thi Hoang Thuy, Vietnamese Deputy Consul-General and Head of the Vietnamese Trade Office in Australia, said Australia is a market of great potential that applies no import quotas and its import taxes on most kinds of goods range from 0-5 percent. However, this market has strict requirements for imported goods, especially in terms of food safety and animal quarantine. “Despite difficulties, trade between Vietnam and Australia reached … [Read more...] about Vietnamese trade offices pave way to potential markets
Big global demand brings opportunities for Vietnam’s wood industry
Visitors to the Vietnam International Furniture and Home Accessories Fair 2018 that opened in HCM City on March 7 (Photo: VNA) HCM City (VNA) – Wood processing and export businesses of Vietnam hold many opportunities to expand market and increase export value in the time ahead, experts said at a workshop in Ho Chi Minh City on March 7. Huynh Van Hanh, Vice Chairman of the Handicraft and Wood Industry Association of HCM City, said there is huge room for the wood processing and export sector of Vietnam to develop in the years to come. Aside from the strong growth of the domestic property market, the global demand for furniture wood and the trade of wood items this year are predicted to rise by 3.5 percent and 4 percent, respectively. Helmut Merkel, Editor-in-chief of German magazine MOBELMARKT, said the wood consumption demand is increasing, focusing on products with design and colour close to nature. The demand for wood kitchen utensils is also big, accounting for 28 … [Read more...] about Big global demand brings opportunities for Vietnam’s wood industry
IMF raises global growth forecast
(Photo: rte.ie) The global economy is now expected to grow 3.9% this year and next, two-tenths higher than predicted in October. However, in an update of its World Economic Outlook, the IMF added that US growth will likely start to weaken after 2022 as temporary spending incentives brought about by the tax cuts begin to expire. The tax cuts will likely widen the current US deficit, strengthen the US dollar, and affect international investment flows, said IMF chief economist Maurice Obstfeld. The IMF said global economies are recovering simultaneously and at a stronger pace, and will get at least a short-term boost from the US tax cuts. Nearly all the forecasts for 2018 and 2019 were revised upward compared to the previous estimate. However, the IMF warns that exuberant financial markets could be due for a reversal. … [Read more...] about IMF raises global growth forecast