Want to be in the loop?
subscribe to
our notification
Business News
EXPORT EARNINGS FROM COMPUTERS AND ELECTRONICS OUTPACE APPAREL INDUSTRY
As an indication of Vietnam’s entering the ranks of countries with more industrialized economies, Vietnam’s export earnings from computers, electronic products and their spare parts are now ranked second in revenues, with traditional textiles and garments falling behind to third place.
Preliminary data from the General Department of Vietnam Customs indicated that computers, electronics products and their spare parts brought in some US$4 billion in exports in the first half of this month, bringing the total, so far this year, to US$20.21 billion, an increase of US$2.74 billion from one year earlier.
This growth enabled the export earnings of the group to finish in second place, just behind those of phones and phone parts, which stood at US$30.33 billion during the same 8.5-month period.
Meanwhile, the exports of textiles and garments, which had long remained in second place, are currently ranked third.
Textiles and garments earned US$3.31 billion in exports in the first half of this month, raising the 8.5-month figure to US$19.91 billion, up US$1.89 billion against the year-ago period.
Many local textile and garment firms saw orders from importers falling by 30% in the first half of the year, according to Truong Van Cam, vice president and general secretary of the Vietnam Textile and Apparel Association.
He noted that the low volume of orders were reported by many firms, even large ones, which was contrary to earlier predictions.
Many experts had forecast that the escalating trade war between the United States and China would help shift orders from China to Vietnam.
Also, Vietnam has engaged in multiple new-generation free trade agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the European Union-Vietnam Free Trade Agreement (EVFTA), which were expected to boost local exports.
Seeking to explain the data, Cam said apparel importers might place orders in other countries with better contract terms, while the hoped-for benefits from free trade agreements with Vietnam remain unclear.
Some textile and garment firms said that they had suffered a slowdown in their growth in the first months of this year due to a shortage of employees and rising production costs, coupled with fewer orders.
Customs figures also revealed that the country had imported large amounts of computers, electronic products and spare parts, especially from China, Taiwan, South Korea, Japan, and the United States.
In the year to mid-August, more than US$31.1 billion had been spent on the imports of computers, electronics products and spare parts, leading to a trade deficit of US$10.9 billion.
Source: The Saigon Times
Related News
BUSINESS ENVIRONMENT REFORM NEEDS FURTHER PROMOTION: EXPERT
Ministries, sectors and localities need to drastically improve the business environment, including improving the efficiency in implementing reform. That was the message from Nguyễn Thị Minh Thảo, head of the Business Environment and Competitiveness Research Department at the Central Institute for Economic Management (CIEM).
MINISTRY ASKS CARRIERS TO DEVELOP FLEET OPERATION PLAN TO MEET SUMMER TRAVEL DEMAND
In a document sent to the Civil Aviation Authority of Việt Nam, the ministry said that the restructuring of some airlines’ fleet and flight networks, coupled with the recall of PW1100 engines by Pratt & Whitney for repair, have affected the load on both international and domestic flight routes, causing difficulties to passengers in terms of prices and schedules.
US AND VIETNAM BUILD MOMENTUM WITH UPGRADED TIES
In the six months since the historic upgrade of the US-Vietnam relationship to a Comprehensive Strategic Partnership, the United States and Vietnam have built on the momentum of our elevated relationship to advance bilateral cooperation across a range of areas.
LENDING SLOWDOWN THREATENS TO DELAY REAL ESTATE RECOVERY
Phan Duc Tu, chairman of BIDV’s Board of Directors, said, “Over the first 80 days of 2024, BIDV has disbursed loans totalling $18.95 billion to the economy. However, the figure is lower than its debt repayment of $19.55 billion. As of March 11, the bank’s outstanding balance contracted approximately 1 per cent compared with the end of 2023.”
PERFECT SPRINGTIME SIP AT LEGEND LOUNGE
Ho Chi Minh City, February 28, 2024 - The season of love dedicated to women has returned to the LOTTE HOTEL SAIGON, offering ladies impressive and sophisticated experiences. A highlight not to be missed at The Canvas seafood buffet restaurant is the masterpiece Lobster Ravioli. Visit Ottimo House to enjoy premium Italian cuisine prepared with Australian Wagyu beef. On Mondays and Tuesdays, Yoshino Japanese Cuisine Restaurant offers a 20% discount on sashimi. Discover the classy space and enjoy the new drinks available at Legend Lounge, including "Cherry Blossom Latte" and "Strawberry Afternoon Tea.". To end your self-love journey, Legend Healing Spa will be offering 20% off two special treatments.
VIETNAM RANKS IN TOP 5 FAVOURITE INVESTMENT DESTINATIONS AMONG ASIA’S EMERGING AND DEVELOPING COUNTRIES
The US' Milken Institute released the Global Opportunity Index (GOI) on March 5. The GOI remains a strong predictor of capital movements 10 years after its inception. The index alone explains 64.7 per cent of the variation in per capita foreign direct investment (FDI) inflows and 51.7 per cent of per capita portfolio inflows to countries across the world. The 2024 GOI report provides a global overview of countries' attractiveness and capital inflows.