Local small business marketing

This is the sustainable development direction for garment and textile industry. Made-in-Vietnam garment and textile products not only present in foreign countries but also in Vietnam. The industry needs to escape from the situation of lacking of initiative in raw materials instead of mainly producing yarn and processing products because currently, 60 percent of fiber materials must be imported. PM said that garment and textile industry is one of the industries with highest export turnover and is the most labor-intensive industry in the country with 3 million workers, accounting for a quarter of total labor force of industrial industry. Vietnam’s garment and textile industry has risen to the third largest in export after China and Bangladesh. Vietnam has not mastered and developed production stages such as dyeing, manufacturing high quality fabrics, high-quality materials and accessories. That is the reason why value added has not been high. At the same time, structure of export … [Read more...] about Garment, textile industry needs to give domestic market appropriate attention

After revision, Vietnam’s GDP grew an average of 25.4% annually in the 2010 – 2017 period, in which 2011 recorded the highest growth rate of 27.3%. Vietnam’s GDP in 2017 is estimated at VND6,294 trillion (US$272.77 billion) after revision, representing an increase of VND1,300 trillion (US$56.34 billion) against the previous figure of VND5,006 trillion (US$216.95 billion), according to the General Statistics Office (GSO). This would result in revised GDP per capita of US$2,985, higher than the preceding number of US$2,343, stated the GSO in a statement announcing the result of GDP revision in the 2010 – 2017 period held Friday. As a result, Vietnam’s GDP grew an average of 25.4% annually in 2010 – 2017, in which 2011 recorded the highest growth rate of 27.3% and 2015 grew the lowest rate of 23.8%. Among economic sectors, services posted the highest growth rates after revision with an additional increase of VND316 – 615 trillion (US$13.68 … [Read more...] about Vietnam 2017 GDP expands US$56 billion after revision

  The AHK publicises a report on German firms worldwide (Photo: VietnamPlus)   Hanoi (VNA) – Compared to other regional countries, Vietnam has received special attention from German businesses and become a magnet for investment in the medium term. The AHK World Business Outlook (AHK WBO) was conducted by the Association of German Chambers of Commerce and Industry (AHK), with the participation of German entrepreneurs in Vietnam. It showed that Vietnam is a top investment destination for German businesses with high expectations of economic development in the medium term. German enterprises are optimistic about their businesses as well as the prospects for growth in the next year, despite the instability of the global economy due to trade tension, the outlook said. [Germany helps improve Vietnam’s SMEs via innovation programme] Representatives of as many as 77 percent of German businesses in Vietnam said their business is better this year, much higher than the … [Read more...] about Vietnam remains attractive investment destination for German firms

Illustrative image (Source: VNA) Berlin (VNA) – Germany will promote the attraction of human resources from Vietnam and other countries in Asia and South America due to a serious shortage of labour force in the coming time, according to a local official. The Vietnam News Agency’s correspondent in Berlin quoted German Minister for Economic Affairs Peter Altmaier as saying on December 13 that the shortage of skilled workers is one of the biggest challenges for Germany to stand firm in the context of global competition. To address this issue, Germany will have to attract human resources from countries outside the European Union (EU) to meet its labour demand. According to Altmaier, Germany is more likely to seek skilled workers from Asia and South America, specifically cooperating with economic unions to implement pilot projects with Vietnam, India and Brazil./. VNA … [Read more...] about Germany looks to draw human resources from Vietnam

Particularly, Adidas has cut 50 percent of footwear made in neighboring countries and shifted orders to Vietnam because of cheaper labor costs. Similarly, Adidas’s rival, Nike current has up to 50 percent of its products made in Vietnam. According to Lefaso, as footwear products receive high tax reduction rate right after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) became effective, this has attracted several foreign investors in the footwear industry to come to Vietnam. Therefore, footwear export turnover to CPTPP’s member countries will continue to increase in the next years. However, in order to make use of the CPTPP, Lefaso and enterprises need to resolve obstacles, including brand name, material and technology. In the past, the industry’s value added was low due to its dependence on imported materials and auxiliary materials. Moreover, leather product suppliers in Vietnam lacked of knowledge and investment in technology. … [Read more...] about International sports brands increase production in Vietnam