Expanded trade opportunities with US

06:00 | 31/12/2022 Vietnam and other regions Follow Ven.vn on

(VEN) - US companies are seeking new suppliers to minimize risks in supply chains, creating more opportunities for Vietnamese businesses in the post-pandemic era. However, the opportunities also face challenges.

Largest export market

“Vietnam considers the US one of the most important partners. Since upgrading bilateral relations to a comprehensive partnership in 2013, the two countries have deepened cooperation, focusing on trade and investment. The business communities of the two countries have played a very important role in this process,” said Deputy Minister of Industry and Trade Do Thang Hai at a recent Vietnam-US trade forum jointly held by the Ministry of Industry and Trade, the US Chamber of Commerce in Vietnam, and the US-ASEAN Business Council.

The signing ceremony for a memorandum of understanding between the Vietnamese Ministry of Industry and Trade and the US State of Oregon on advancing energy, economy and commerce cooperation

According to Deputy Minister Hai, bilateral trade between Vietnam and the US grew from US$450 million in 1995 to nearly US$113 billion in 2021, despite supply chain disruptions caused by the COVID-19 pandemic. The US has become Vietnam’s second largest trading partner, with annual bilateral trade exceeding US$100 billion. The US has been Vietnam’s largest and most important export market for many years, while Vietnam has become the eighth largest trading partner of the US.

“The US is also one of the largest foreign investors in Vietnam, with nearly 1,150 projects currently operating with total registered capital of more than US$10.3 billion, ranking 11th among 141 economies investing in Vietnam,” Deputy Minister Hai said.

Deputy Minister of Industry and Trade Do Thang Hai delivered a speech at the Vietnam-US Trade Forum 2022

Trade defense measures

However, Vietnam has faced challenges in trade with the US, including the increased frequency of US trade defense investigations of Vietnamese goods. Moreover, the US has not recognized Vietnam as a market-driven economy.

Phan Thi Thang, Vice Chair of the Ho Chi Minh City People’s Committee, proposed that the US assist the city in a prefeasibility study for the establishment of an export goods irradiation center and provide technical assistance for Mekong Delta cities and provinces to ensure the quality of farm produce exports to the US.

Thang also expressed the wish for increased cooperation between Ho Chi Minh City and the US in the fields of logistics, digital economy, sharing economy, circular economy, smart city development, and building international financial centers.

According to Michael Vu Nguyen, Country Director of Boeing Vietnam, US companies are seeking new suppliers to minimize risks in supply chains, creating more opportunities for Vietnamese businesses.

Chung Seck, Vice Chair of Amcham Vietnam Digital Economy Committee, said to attract more US investment, the Vietnamese government should adopt a secure legal framework for safe cross-border data transfer and pay attention to intellectual property in the digital business environment.

Within the framework of the Vietnam-US Trade Forum 2022, Deputy Minister of Industry and Trade Do Thang Hai and Oregon State officials signed a memorandum of understanding to facilitate trade exchange and investment in the industry and energy fields.

Ngoc Thao

See more news

Efforts underway to boost trade with UK

06:00 | 29/12/2022 Vietnam and other regions

(VEN) - Both capital and production technology of domestic enterprises remain modest, it is necessary to connect resources in order to help businesses efficiently take advantage of the UK-Vietnam Free Trade Agreement (UKVFTA), said Ngo Chung Khanh, Deputy Director of the Ministry of Industry and Trade’s (MoIT) Multilateral Trade Policy Department in a talk with Vietnam Economic News’ Hoa Quynh.

FTAs boost Vietnam-Latin America trade

06:00 | 27/12/2022 Vietnam and other regions

(VEN) - Trade between Vietnam and Latin America has experienced impressive growth thanks to efficient implementation of free trade agreements (FTAs).

Saskatchewan enhances cooperation with Vietnam

16:14 | 16/12/2022 Vietnam and other regions

Trade and Export Development Minister Jeremy Harrison led Canada's Saskatchewan’s delegation to Vietnam to discuss trade and economic partnerships.

Vietnam, Philippines boost economic cooperation

06:00 | 14/12/2022 Vietnam and other regions

(VEN) - National Assembly (NA) Chairman Vuong Dinh Hue led a high-ranking delegation to visit the Philippines from November 23-25, promoting legal policies for increased economic cooperation between the two countries.

Vietnam, Cambodia create new impetus for relations

13:00 | 24/11/2022 Vietnam and other regions

(VEN) - Prime Minister Pham Minh Chinh recently led a high-ranking Vietnamese delegation to visit the Kingdom of Cambodia. The visit is expected to create new impetus for comprehensive bilateral cooperation.

PM Jacinda Ardern leads New Zealand trade delegation to renew connection with Vietnam

16:35 | 17/11/2022 Vietnam and other regions

(VEN) - New Zealand Prime Minister Jacinda Ardern is leading a trade delegation to Vietnam from November 14-17 to showcase New Zealand products and services, renew connections and identify new trade opportunities.

Surge in trade with New Zealand

06:00 | 07/11/2022 Vietnam and other regions

(VEN) - Vietnam's export value to New Zealand currently accounts for only 1.7 percent of that market's total import value, offering opportunities for increased Vietnamese sales.

Vietnam, Malaysia target trade growth

06:00 | 02/11/2022 Vietnam and other regions

(VEN) - The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will take effect for Malaysia on November 29, 2022. This significant event is expected to increase its bilateral trade with Vietnam.

Room remains to amplify Vietnam-Germany cooperation: diplomat

08:00 | 11/10/2022 Vietnam and other regions

Potential for cooperation between Vietnam and Germany remains huge with new opportunities, as Germany is currently an economic locomotive of the European Union (EU), and also Vietnam’s largest trading partner in the region, according to Ambassador Vuu Quang Minh.

How does UK benefit from sales to Vietnam?

06:00 | 14/09/2022 Vietnam and other regions

(VEN) - The UK-Vietnam Free Trade Agreement (UKVFTA), which took official effect in May 2021, not only lays the foundation for increased bilateral trade and investment but also facilitates the access of Vietnamese and UK companies to each other’s markets.

Latest Most Read

Hai Phong pledges optimal conditions for investors

09:00 | 04/02/2023 FDI

Hai Phong will always accompany with and create optimal conditions for investors, vowed Nguyen Trung Kien, head of the Economic Zone Management Board of the northern port city, during a meeting with foreign-invested businesses in the city on January 31.

Việt Nam to further contribute to strengthening ASEAN solidarity: ambassador

07:00 | 04/02/2023 Vietnam and ASEAN

ASEAN foreign ministers are expected to propose initiatives and solutions to cope with challenges in the region and the world, strengthen the bloc's solidarity during their meeting in Jakarta on Feb 3-4.

Vietnam’s rice export forecast to enjoy another successful year

07:00 | 04/02/2023 Major exports

Vietnam’s rice export is forecast to continue reaping successes this year as the world's rice prices remain high at least in the short term as global economic and political uncertainties have resulted in a high demand for rice reserves, according to experts.

Trade surplus with America exceeds US$100 billion

07:00 | 04/02/2023 Economy

Viet Nam enjoyed a trade surplus of US$100 billion with the Americas for the first time in 2022, according to the Ministry of Industry and Trade (MoIT).

Vietnam listed among top places to visit in the New Year

06:00 | 04/02/2023 Tourism

Vietnam has been named one of the top 20 places to visit at the beginning of the new year by UK travel magazine Wanderlust for its beautiful natural sights, festive atmosphere, and favorable weather.

Shinhan Life Vietnam introduces flexible term life insurance product

14:45 | 03/01/2023 Companies

Shinhan Life Vietnam recently launched life insurance “Shinhan – Song Khoe with Fantastic Four S-Plus”. This is a flexible insurance solution that offers a wide range of options to optimize protection for each customer.

Hanoi tourism meets recovery targets

06:00 | 09/01/2023 Metropolis

(VEN) - An estimated 17.02 million tourists visited Hanoi in the first 11 months of 2022, over five times the figure in the corresponding period last year. That includes 1.27 million foreign tourists, meeting the minimum target set for the year.

Customs sector leads in IT application

06:00 | 05/01/2023 Digitalization

(VEN) - A new information technology (IT) system developed by the General Department of Vietnam Customs (Vietnam Customs) under its administrative reform is expected to generate savings of about VND920 billion in the next five years for 92,000 importers, exporters and operators of warehouses, yards and ports.

Nghe An Province increases local content of industrial products

06:00 | 06/01/2023 Province

(VEN) - Nghe An is one of the chosen destinations of large international investors shifting their supply chains to Vietnam, providing businesses in the north-central province with access to new opportunities for support industry development.

Rosy prospects for Vietnam-Argentina trade

06:00 | 04/01/2023 Vietnam and other regions

Multimedia

Video Longform Infographic Photo

Calligraphy for the new year

03/02/2023 20:00 Video

The sight of old men in traditional costumes writing calligraphy during Lunar New Year was once very popular in the days gone by. The tradition has long disappeared in modern times but it is being revived at the Spring Calligraphy Festival held in the capital Hà Nội. After two-year hiatus due to COVID-19, calligraphers, both local and international, are excited to be able to write again.

The joy of Tết for Mông people

30/01/2023 08:02 Video

Unlike the majority of Vietnamese Kinh people, every year the Mong people often welcome the Lunar New Year around one month earlier. This year, the Mong people in mountainous Ha Giang Province have had a happier and better Tet after two years of COVID.

My Phong Nha

02/03/2022 18:00 Video

Phong Nha stands out with more than 300 caves, some of which are internationally famous. The caves and jungle create a unique landscape and terrain that you can rarely find in other places in the world.

Fireworks show to welcome the New Year 2023 in HCMC

06/01/2023 16:47 Video

(VEN) - Residents in Vietnam’s southern hub – Ho Chi Minh City (HCMC) – gathered for a countdown event with a beautiful fireworks show to welcome the New Year 2023 at the Bach Dang Speed Ferry Terminal.

Vietnam – Potential destination for Italian businesses

15/10/2018 11:09 Video

This year, Vietnam and Italy celebrate the 45th founding anniversary of the Vietnam-Italy diplomatic ties with many achievements in all fields, including the growth of economic cooperation. The remarkable achievements were contributed by trade and investment promotion activities organized by the Italian Chamber of Commerce in Vietnam (ICHAM). Vietnam Economic News’ reporter talked with Mr. Michele D'Ercole - Chairman of ICHAM in Vietnam about these matters.

Policy

Prime Minister demands faster disbursement of public investment capital

17:29 | 03/02/2023 Policy

Prime Minister Pham Minh Chinh demanded faster pace of public investment capital disbursement while chairing the Cabinet meeting on Thursday.

Deputy FM highlights role of economic diplomacy in service of national development

11:05 | 01/02/2023 Policy

The Ministry of Foreign Affairs has accompanied the Ministry of Planning and Investment and agencies to attract high-quality investment, connect and support foreign enterprises to invest and expand operations in Việt Nam, as well as to strengthen exchange and cooperation with investment funds and study international investment trends.

Việt Nam supports expansion of UN Security Council

06:00 | 30/01/2023 Policy

Addressing the first meeting of the Intergovernmental Negotiations on Security Council reform at the 77th UN General Assembly on January 26 (local time) in New York, Ambassador Nguyễn Phương Trà also emphasised improving the working method of the UNSC and limiting the use of veto power.

Prime Minister assigns tasks to Deputy Prime Ministers

07:00 | 17/01/2023 Policy

Prime Minister Pham Minh Chinh has signed decision 19/QD-TTg assigning tasks to the Deputy Prime Ministers.

Industry & Trade

Food and beverage industry to do well this year despite modest economy

13:00 | 03/02/2023 Industry

The food and beverage market is forecast to grow by over 18% this year to 720 trillion VND (30.7 billion USD).

Moving ahead with 2023’s Global Priorities: Electrification and Decarbonization

15:05 | 02/02/2023 Industry

In 2023, the United Arab Emirates is taking center stage in the global efforts to address climate change and sustainability. Recently, leaders have gathered for Abu Dhabi Sustainability Week, kicking off a year of events leading up to the UAE-hosted COP28 at the end of the year.

Hanoi eyes 950 firms in support industries this year

06:00 | 02/02/2023 Support industries

Hanoi has set a target to have about 950 enterprises operating in the field of supporting industries this year, an increase of approximately 20 compared to 2022.

Vietnam to reduce environmental impact of textile-garment industry by 2030

06:00 | 01/02/2023 Industry

The Vietnam Textile and Apparel Association (VITAS) has set a goal of helping Vietnam's textile and garment industry be more environmentally friendly by 2030.

Investment

Hai Phong pledges optimal conditions for investors

09:00 | 04/02/2023 FDI

Greening foreign investment

06:00 | 03/02/2023 FDI

(VEN) - The government’s declared commitment to reduce net carbon emissions to zero by 2050 has prompted a wave of high-quality, sustainable foreign direct investment (FDI) projects.

Southeast region prepares for new FDI wave

09:18 | 02/02/2023 FDI

The southeast region is preparing necessary conditions in infrastructure, administrative procedures and human resources to welcome a new wave of foreign direct investment (FDI), as investors have flocked to the region right from the beginning of this year.

January FDI nears US$1.7 billion

14:46 | 31/01/2023 FDI

Vietnam attracted foreign direct investment (FDI) worth US$1.69 billion as of January 20 this year, down 19.8 percent annually, according to the General Statistics Office (GSO).

Finance-Banking

Tax revenue up 4.4 percent year-on-year in January

08:40 | 03/02/2023 Finance-Banking

Tax revenue in January was estimated at VND165.7 trillion (US$7.06 billion), or 12.1 percent of the ordinance estimate, up 4.4 percent year-on-year, the General Department of Taxation reported on January 31.

State-owned banks under capital increase pressure

10:52 | 01/02/2023 Finance-Banking

Vietnam’s four biggest State-owned banks have an urgent need for capital increase in 2023 as their charter capital is too low, with some unable to ensure the regulated minimum capital adequacy ratio (CAR), according to industry insiders.

Positive prospects for Vietnam’s stock market this year

14:48 | 31/01/2023 Stock Market

2022 was an eventful year for the Vietnamese stock market with many records set.

Positive 2023 securities market forecasts

06:00 | 20/01/2023 Stock Market

(VEN) - Vietnam’s securities market experienced strong volatility in 2022, stemming from investor caution in the face of global economic and political uncertainties.

Environment

Vietnam looks ahead to 2023 climate summit

06:00 | 25/12/2022 Environment

(VEN) - World leaders are hoping the COP28 Climate Change Summit, scheduled for November 30 to December 12, 2023, in the UAE will achieve expectations not met at the COP27 summit held in Egypt in November 2022.

Preserving nature, facilitating business

06:00 | 10/12/2022 Environment

(VEN) - In the past few years, the natural resources and environment sector of Hung Yen Province has advised authorities on state management of natural resources and the environment, contributing to provincial economic growth, industrialization and modernization.

AkzoNobel Vietnam protects Cu Lao Xanh lighthouse against harsh weather

11:40 | 24/11/2022 Environment

AkzoNobel, a leading global paints and coatings company and the major producer of Dulux brand, has completed repainting the Cu Lao Xanh Lighthouse project with Dulux Weathershield®. It is the third lighthouse in Vietnam recoated under the “Lighthouse Protection Campaign” of AkzoNobel.

JTI Vietnam commits to net zero greenhouse gas emissions

16:25 | 15/11/2022 Environment

Climate change is the most urgent issue of our time, and to limit its impact on life on earth, the rise in mean global temperature should not exceed 1.5°C above pre-industrial levels. The private sector plays a huge role in helping to achieve this goal, and companies must commit and take concrete action in accordance with the Paris Agreement.

Science - Technology

Managed security provides IT talent gap solution for businesses in SEA

16:34 | 30/01/2023 Information technology

Global cybersecurity company Kaspersky today reveals the state of MSSP in the region, particularly the main benefits that local SMBs and enterprises gain from this outsourcing model.

Headquarters of Vietnam-Korea Institute of Science and Technology inaugurated

09:23 | 30/01/2023 Science - Technology

An inauguration ceremony of the headquarters of the Vietnam-Korea Institute of Science and Technology (VKIST) was held at the Hoa Lac Hi-tech Park in Ha Noi on January 17.

WHO to share mRNA vaccine technology with VietNam

09:14 | 30/01/2023 Science - Technology

Vietnam, along with Bangladesh, Indonesia, Pakistan and Serbia will receive support from the World Health Organization (WHO)'s mRNA technology transfer hub in South Africa, announced the World Health Organization (WHO) on February 23.

Welcoming the year of digital data for Vietnam

16:57 | 22/01/2023 Digitalization

(VEN) - In 2022, the government assigned more important functions and tasks in digital transformation, government, economy, society, technology, and electronic transactions to the Ministry of Information and Communications.

Society

Hunting for real estate investment opportunities after Tet

09:32 | 03/02/2023 Property

Although the market faced a standstill at the end of 2022, wealthy investors are still hunting for potential business opportunities after the Lunar New Year holiday.

Vietnamese university up 97 places in Webometrics ranking

10:00 | 02/02/2023 Society

Vietnam National University (VNU) - Hanoi climbed 97 places to rank 661st in the latest Webometrics Ranking of World Universities in 2023, which was announced on February 1 by the Cybermetrics Lab, a member of the Spanish National Research Lab.

PM inspects national key transport projects

09:36 | 31/01/2023 Society

The first phase of the 652.86km North-South Expressway has 11 component projects, three of which are invested in public-private partnerships (PPP). The rest, including the Mai Sơn-National Highway 45 project, are funded with public investment.

A great chance to invest in commercial property

10:46 | 30/01/2023 Property

Vietnam's commercial real estate sector is still in its infancy and is mostly focused on Ho Chi Minh City and Hanoi. However, industry analysts assert that the market area has a great deal of untapped potential.

Vietnamese Brands

Nestlé Vietnam and the journey to sustainable development

13:00 | 10/01/2023 Companies

(VEN) - With nearly three decades of operation in Vietnam, Nestlé Vietnam has been implementing many initiatives to improve human health and protect the planet through its commitments and sustainable development strategy. Recently, the company has continued to be honored as the Most Sustainable Business in Vietnam.

VIMC embarks on strong recovery

06:00 | 10/01/2023 Companies

(VEN) - In the context of the strong recovery of the maritime transport market, the Vietnam Maritime Corporation (VIMC) has brought into play its internal strength to achieve successful business results in 2022.

MM Mega Market launches a new modern Giá tốt business model

16:18 | 30/12/2022 Vietnamese Brands

Recognizing changes in shopping behaviors, MM Mega Market has publicly launched its new business model – Giá tốt. Giá tốt is currently present in big cities and provinces in Vietnam with more than 250 Giá tốt partners, including Ho Chi Minh City, Hanoi, Da Nang, Binh Duong, Bien Hoa, Quy Nhon, Buon Ma Thuot, Rach Gia, etc.

Expanded trade opportunities with US

See also

See more news

Multimedia