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Over 100 firms join International Trade Fair of Northwest Region The International Trade Fair of the Northwest Region 2019 opened in Dien Bien Phu city in the northwestern province of Dien Bien on March 30  More than 100 organisations and businesses of Vietnam, China, Laos and Thailand have joined the International Trade Fair of the Northwest Region 2019 that was opened in Dien Bien Phu city in the northwestern province of Dien Bien on March 30. The event, which will run until April 5, has 280 booths introducing goods and services of different localities of Vietnam and foreign firms, along with a trading area and a food court. On display at the fair are manufacturing-mechanical products, machines, industrial and agricultural equipment, office equipment, and handicrafts. Le Van Quy, Vice Chairman of the People’s Committee of Dien Bien province, said that the trade fair is part of the national trade promotion programme which has been approved by the Ministry of Industry and … [Read more...] about BUSINESS NEWS IN BRIEF 2/4

Trade turnover touches US$100 billion in first quarter Vietnam’s total trade turnover amounted to US$100 billion between January and March 19, according to Vietnam Customs. Recently-released statistics from the General Department of Vietnam Customs show that the country raked in US$10.95 billion during the first half of March, with many export staples enjoying a sharp increase in value. The figure helped to lift the country’s total turnover of exports to US$47.05 billion by March 15, an on-year rise of 5.4 per cent. A number of exports recorded a strong rise in value across the reviewed period. They include telephones and components, garments and textiles, computers, electronic items and components, wood and wooden products, and means of transport and spare parts. Meanwhile, imports reached a total of US$21.3 billion during the first half of March, bringing the total import value to US$93.6 billion by March 15. The figure edged up to US$100 billion by March 19, a surge of … [Read more...] about BUSINESS NEWS IN BRIEF 25/3

New opportunities await exporters The Vietnam Trade Promotion Agency under the Ministry of Industry and Trade, alongside Amazon Global Selling will be selecting 100 potential Vietnamese enterprises that meet Amazon’s criteria to introduce on the online retail platform. Thus, Vietnamese businesses will have many opportunities to expand exports via e-commerce to more than 300 million buyer accounts worldwide on the prestigious retail site. According to the General Statistics Office of Vietnam, in 2018, the country had nearly 700,000 businesses, of which small- and medium-sized enterprises accounted for more than 98 percent. Many businesses still face difficulties in reaching the international market or online sales channels. USAID official suggests ways to develop renewable energy Director of the US Agency for International Development (USAID)’s Environment and Social Development Office Christopher Abrams has suggested Vietnam should pool domestic resources to develop … [Read more...] about BUSINESS NEWS IN BRIEF 18/3

MoIT celebrates soaring export turnover in 2018 The $245 billion in total export turnover and 29 export categories exceeding the $1 billion threshold are touted as a major success for the Ministry of Industry and Trade (MoIT).     The rosy export picture was highlighted as one of the achievements of the MoIT in 2018 at the review meeting held on January 17. Notably, last year, Vietnam’s total export turnover reached $245 billion, up 13.8 per cent on-year and exceeding the target set by the National Assembly and the government. 29 goods categories reached $1 billion in turnover, with five categories hitting $5 billion and five others $10 billion. Vietnam’s export markets expanded and now Vietnamese goods are present in almost all markets of the world. Numerous goods categories have set a solid foothold in key markets, including Europe, the US, Japan, and Australia. Especially, Vietnam saw an increase in export turnover in markets it signed free trade … [Read more...] about BUSINESS NEWS IN BRIEF 23/1

Vietnamese goods campaign promote local firms’ development A trade promotion fair to connect firms in Hà Nội and other localities. — Photo kinhtedothi.vn A campaign urging local people to buy “Made-in-Viet Nam” products has helped develop businesses across the country. The Vietnamese people using Vietnamese goods campaign has played a key role in helping local enterprises, a conference held in Hà Nội on Tuesday heard. “The campaign should not be a slogan but aim to conquer Vietnamese consumers,” said deputy minister of Industry and Trade Đỗ Thắng Hải. Trương Thị Ngọc Ánh, vice chairwoman of the Việt Nam Fatherland Front Central Committee, said all of localities nationwide had worked to implement the idea. More than 100 trade promotion conferences were held last year and more than 2,000 programmes were organised to bring Vietnamese goods to rural areas. “Local … [Read more...] about BUSINESS NEWS IN BRIEF 17/1

ADB provides US$300m loan to BIDV to support SMEs in Viet Nam      The Asian Development Bank (ADB) and Joint Stock Commercial Bank for Investment and Development of Viet Nam (BIDV) signed a US$300 million loan agreement on Wednesday to support the growth and productivity of small and medium-sized enterprises (SMEs) in Viet Nam. “The agreement includes a $200 million loan provided by ADB and a $100 million loan arranged by ADB from 12 commercial lenders,” BIDV Chairman Phan Duc Tu said at the signing ceremony. “This is the biggest commercial loan ADB has provided to an Asian commercial bank so far, affirming the development finance institution’s positive evaluation of Viet Nam’s stability and economic growth as well as its trust in Viet Nam’s banking operations in general and BIDV in particular.” He said the loan would support SMEs in Viet Nam and reaffirm their partnership with ADB in achieving poverty reduction, economic … [Read more...] about BUSINESS NEWS IN BRIEF 14/12

Vietnam Airlines receives first Airbus A321neo plane The national flag carrier Vietnam Airlines has received its first Airbus A321neo from US-based Aviation Capital Group (ACG) in Hamburg, Germany earlier this week. The new aircraft will be used for domestic flights and routes connecting destinations in Southeast Asia.  It is among the 20 new-generation A321neo planes the airline plans to lease from the ACG, ICBC Leasing of China, and US-based Air Lease Corporation (ALC), expected to be fully delivered by the end of 2019. These planes will help expand its aircraft fleet to about 110 in 2020. Khanh T. Tran, president and CEO of ACG, expressed his delight at the delivery and stressed the company looks forward to Vietnam Airlines operating these highly fuel-efficient aircraft in their growing route network. For his part, Vietnam Airlines’ president and CEO Duong Tri Thanh said his firm selected the Airbus A321neo for its exceptional operational performance with 15-20 percent … [Read more...] about BUSINESS NEWS IN BRIEF 19/11