Trading online

Lifeline for Vietnamese manufacturers and exporters

09:00 | 07/09/2020 Economy Follow Ven.vn on

(VEN) - The restrictions imposed by the Covid-19 outbreak have generated many alternative trade methods, with online business-to-business transactions becoming increasingly popular.

lifeline for vietnamese manufacturers and exporters

Guests of an online trading session communicate through interpreters

China’s Zhejiang Province is an important trading partner of Vietnam because of its large market size of over 57 million people. Zhejiang is also known as an original equipment manufacturer (OEM) that produces exports goods according to orders. In order to maintain commercial transactions in the context of the Covid-19 pandemic, at the beginning of March 2020, the Department of Commerce of Zhejiang proposed that the Vietnam National Trade Fair and Advertising Company (Vinexad), a prestigious Vietnamese exhibition organizer, arrange an online trading session for enterprises in Zhejiang and Vietnam.

According to Nguyen Hong Nhung, Vinexad’s Project Director, March was a crucial month for many manufacturers who were running out of raw materials for production and export, including apparel. Following the proposal of the Zhejiang Department of Commerce, which provided a list of some 100 suppliers, Vinexad sent out information and invitations to dozens of domestic enterprises. The first online trading session of the Covid-19 season took place over four days and included about 60 Vietnamese companies and 100 suppliers from Hangzhou, the capital of Zhejiang and Suzhou.

This online trading session has contributed to boosting trade between the two markets. To improve the efficiency of transactions, Vinexad cooperated with the Zhejiang Department of Commerce in selecting reputable manufacturers that meet strict requirements, including a research and development (R&D) system and experience in exporting to large markets. It also arranged simultaneous interpretation and/or meetings with partners in their showrooms and factories in order to increase efficiency and trust for transactions.

The online trading session was a complex undertaking. The initial obstacle was guiding enterprises in the use of the relevant apps for the B2B (business to business) meetings. Another problem stemmed from the fact that Zhejiang manufacturers usually accept only large orders, but in this case they adjusted their requirements to Vietnamese participants’ needs, Nhung explained.

Vinexad is a pioneer in implementing multi-point, multi-distance trade promotion connection models at exhibitions and fairs and most participants in Vinexad events prefer trade on technology platforms.

According to a company official, transactions on e-commerce platforms, such as Alibaba, MadeinChina, GlobalSources and Amazon, entail sellers and buyers finding each other. However, online commerce between selected businesses through meeting schedules, direct interpretation, reputable enterprise information, is growing popular. This model also provides flexible online and offline connections between foreign enterprises in Vietnam and abroad and with domestic enterprises.

Thu Phuong

See more news

Da Nang aims to become attractive logistics centre by 2030

07:00 | 20/05/2023 Economy

The central city of Da Nang targets to become an attractive logistics centre of the central key economic region by 2030, and the key gateway of the East-West Economic Corridor and an important link of the Asia-Pacific transport corridor by 2050.

Halal industry to boost Vietnam’s links with Muslim countries: official

08:46 | 17/05/2023 Economy

With sound partnerships with Muslim-majority countries, the Halal industry will become an important field of cooperation, helping further promote Vietnam’s substantive ties with such partners and contribute to common development and prosperity, said former Deputy Foreign Minister Pham Quang Hieu.

Ministry proposes solutions to boost industry, trade

06:00 | 14/05/2023 Economy

(VEN) - On April 18, the Ministry of Industry and Trade (MoIT) held an online conference of the regional industry and trade sector on solutions to boost production, business and import-export in 2023. The conference was chaired by Minister Nguyen Hong Dien, Deputy Minister Phan Thi Thang and heads of the ministry units.

Measures needed to sustain FDI growth trend: expert

09:25 | 12/05/2023 Economy

Foreign investors still put their trust in the Vietnamese economy, but it is important to take measures for sustaining the upward trend in foreign direct investment (FDI), an expert has said.

Vietnam actively contributes to ASEAN's economic priorities

09:33 | 10/05/2023 Economy

Vietnam has made positive contributions to materialising economic priorities of ASEAN in 2023, Chairman of the ASEAN Business Advisory Council 2023 (ASEAN-BAC) Arsjad Rasjid said in a recent media interview ahead of the 42nd ASEAN Summit slated for May 9-11 in Labuan Bajo, Indonesia.

Vietnam wants private sector to become driving force for economic growth

09:00 | 07/05/2023 Economy

Vietnam will focus on developing its private sector to turn it into an important driving force for the socialist-oriented market economy, contributing to rapid and sustainable socio-economic development and improving the economy's self-reliance.

Newly registered businesses peak in April

15:03 | 04/05/2023 Economy

The number of new businesses set a record high in April at 15,967, according to the General Statistics Office of Vietnam.

OECD forecasts Vietnam’s economic growth at 6.5 percent this year

14:00 | 01/05/2023 Economy

The Organisation for Economic Cooperation and Development (OECD) has forecast that Vietnam’s economy will grow firmly, with its GDP projected at 6.5% in 2023 and 6.6% next year, according to an economic survey announced at a ceremony in Hanoi on April 26.

Low Q1 GDP growth affects annual 2023 target

06:00 | 27/04/2023 Economy

(VEN) - Vietnam’s gross domestic product (GDP) grew 3.32 percent in the first quarter of 2023 compared with the same period last year, far below the growth scenario presented in Government Resolution 01/NQ-CP. However, this was an encouraging result in the context of very low or even negative economic growth faced by other countries in the region and worldwide.

Inflation under pressure due to potential hikes in electricity prices

13:19 | 25/04/2023 Economy

At present, the Ministry of Industry and Trade is set to submit a scheme for increasing power prices, which have been kept unchanged since 2019, but that has put state utility Electricity of Vietnam (EVN) into huge financial losses.

Latest Most Read

Vietnam promotes green, circular economy

06:00 | 07/06/2023 Economy

(VEN) - The results of a survey conducted by the Central Institute for Economic Management show that from 36 to 48.6 percent of Vietnamese companies have applied circular business models.

Viet Nam-Laos agreement on mutual judicial assistance in civil matters ratified

15:41 | 06/06/2023 Policy

President Vo Van Thuong has signed a decision approving the Viet Nam-Laos agreement on mutual judicial assistance in civil matters.

Vietnamese, Bulgarian news agencies ink cooperation pact

15:32 | 06/06/2023 Society

SOFIA – The Vietnam News Agency (VNA) and Bulgarian News Agency (BTA) have freshly sealed a cooperation pact on professional exchanges during VNA Deputy Director General Đoàn Thị Tuyết Nhung’s working trip to Bulgaria from June 1-5.

HCM City promotes digital transformation in waste management

15:14 | 06/06/2023 Environment

HCM City is making efforts to promote digital transformation in the collection, treatment and management of the huge volume of domestic solid waste discharged daily.

Vice-Chairman of Da Nang City People's Committee “DIFF is a push to fuel tourism”

15:06 | 06/06/2023 Tourism

“After three years, the Da Nang International Fireworks Festival - DIFF has just come back. This is a great effort of our city. Moreover, the support of businesses also plays an important role in helping Da Nang to implement DIFF 2023,” shared Ms. Ngo Thi Kim Yen, Vice-Chairman of Da Nang City People’s Committee about DIFF 2023.

Enhancing Exports to China

06:00 | 23/05/2023 Foreign trade

(VEN) - Le Hoang Tai, Deputy Director of the Ministry of Industry and Trade’s Vietnam Trade Promotion Agency (VIETRADE), said at a recent meeting with the media that despite Vietnam's geographic advantage, exports to China require greater efforts on the part of businesses in order to adapt to Chinese standards and achieve efficient outreach.

Hanoi association hailed for helping with development of local SMEs

14:46 | 23/05/2023 Metropolis

Strategic investors’ engagement helps promote Việt Nam’s tourism growth

06:00 | 24/05/2023 Tourism

The investment of domestic and foreign investors in tourism infrastructure, especially resort real estates, poor rural areas have been turned into enchanted destinations for tourists, making Việt Nam more attractive to investors.

Vietnam ranks high in digitalisation research

06:00 | 23/05/2023 Science - Technology

Companies in Vietnam ranked higher than the global average in taking a strategic, consistent or radical approach to digitalising customer experience and engagement, said Singapore-based financial services group DBS.

Vietnamese, Russian scientists conduct joint survey on marine resources

06:00 | 25/05/2023 Science - Technology

Russian research vessel Akademik Oparin has arrived at Nha Trang port in the central province of Khanh Hoa to conduct a joint survey on marine resources as part of the "Roadmap for cooperation in marine research for the 2018-2025 period" between the Vietnam Academy of Science and Technology (VAST) and the Russian Academy of Sciences (RAS).

Multimedia

Video Longform Infographic Photo

Sunset Town – A journey to love on Vietnam's Phu Quoc Island

14:06 | 06/06/2023 Tourism

Looking for a dreamy vacation spot this summer? Located on the southern side of Phu Quoc Island in Vietnam, Sunset Town is an enchanting coastal town that has been capturing the hearts of global travelers.

Children's artwork displayed at HCM City exhibition

06:00 | 04/06/2023 Lifestyle

The exhibition is the result of the art contest We In Me 2023 launched by the Vietnam Contemporary Visual Arts Academy (VCVAA) – an institution founded by international artist and educator Thanh Bùi to nurture young Vietnamese artistic talents.

a memorable summer with fireworks and fun festivals in da nang

A memorable summer with fireworks and fun festivals in Đà Nẵng

09:41 | 02/06/2023 Tourism

The vibrant summer days in the coastal city of Đà Nẵng will begin with the return of DIFF 2023.

Top models to compete in national modeling reality TV show

09:30 | 02/06/2023 Lifestyle

Around 20 male and female models will compete for the title of the modeling-themed reality TV series Face Vietnam 2023.

favourable visa policy urged to draw foreign tourists to viet nam

Favourable visa policy urged to draw foreign tourists to Việt Nam

06:00 | 01/06/2023 Tourism

Last year, Việt Nam welcomed more than 3.66 million foreign visitors or 73 per cent of the target.

Policy

Viet Nam-Laos agreement on mutual judicial assistance in civil matters ratified

15:41 | 06/06/2023 Policy

President Vo Van Thuong has signed a decision approving the Viet Nam-Laos agreement on mutual judicial assistance in civil matters.

PM issues directive to enhance data sharing for e-commerce development

09:06 | 02/06/2023 Policy

Prime Minister Pham Minh Chinh on May 31 signed Directive No. 18/CT-TTg on promoting data connection and sharing for e-commerce development, preventing tax loss, and ensuring monetary security.

Deputy PM urges acceleration of electricity licensing for finished wind, solar power projects

10:06 | 25/05/2023 Policy

Deputy Prime Minister Tran Hong Ha has requested the Ministry of Industry and Trade to accelerate the process of issuing electricity licenses for wind and solar power projects that have been completed but have not yet been put into operation.

Specific mechanisms, policies needed to drive HCM City’s growth

06:02 | 20/05/2023 Policy

Ho Chi Minh City needs to be supported by specific mechanisms and policies that are strong enough to remove bottlenecks faced by the city and enable it to create breakthrough developments, experts said.

Industry & Trade

More assistance for supporting industry

06:00 | 06/06/2023 Support industries

(VEN) - According to economic experts, the development of the supporting industry needs the Government’s support through a set of cohesive and stable policies that facilitate sustainable business growth.

Cement industry suffers financial losses during Q1

09:54 | 02/06/2023 Industry

Decreased demand and increased costs have put cement makers in a difficult spot financially during the first quarter of 2023, said industry insiders and experts.

Việt Nam has major opportunities to engage in global Halal industry Deputy minister

06:00 | 31/05/2023 Industry

Deputy Minister of Foreign Affairs Phạm Quang Hiệu speaks to the media about strengthening international cooperation to develop the Halal industry in Việt Nam.

Cut on automobile registration fees to facilitate auto industry

14:33 | 30/05/2023 Industry

The Ministry of Industry and Trade supporting the reduction of automobile registration fees is considered a positive effect to the auto industry in the context of the automobile market facing many difficulties.

Investment

Vietnam – attractive destination for Italian firms: forum

13:00 | 04/06/2023 FDI

Raffaele Cattaneo, deputy minister in charge of international relations of Italy’s Lombardia region, called Vietnam a “diamond” of Asia and an attractive destination for Lombardia enterprises while speaking at a recent business and investment forum in Milan.

FDI enterprises urge investment environment improvement

06:00 | 01/06/2023 FDI

(VEN) - At an April-22 in-person meeting between Prime Minister Pham Minh Chinh and foreign investors, business and association representatives suggested that Vietnam further improve its investment environment.

Vietnam's five-month FDI rises sharply nationwide

13:03 | 29/05/2023 FDI

The total inflows of foreign investment in Vietnam this year to May 20, including new and added investment and contributions for share purchases by foreign investors, reached nearly 10.86 billion USD, down 7.3% year-on-year, but up 10.6 percentage points as compared with the figure in the first four months of this year, the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment reported.

Binh Phuoc’s potential introduced to Australian partners

10:13 | 26/05/2023 Investment

A seminar was held in Sydney on May 24 to introduce and popularise new investment opportunities in Binh Phuoc, a southern Vietnamese province of great potential, on the occasion of the 50th anniversary of Vietnam-Australia diplomatic ties.

Finance-Banking

SBV Governor explains high lending rates, credit room management

09:50 | 05/06/2023 Finance-Banking

Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong provided explanations regarding the high lending rates and credit room management during a plenary session of the 15th National Assembly’s ongoing fifth meeting in Hanoi on June 1.

Important: Multi-target monetary policies needed

06:00 | 02/06/2023 Finance-Banking

(VEN) - According to Deputy Governor of the State Bank of Vietnam (SBV) Pham Thanh Ha, the SBV’s monetary policy management has never been as difficult as it is now due to the global economic changes, while the bank must not make any mistakes upon policy issuance and application.

Dozens of commercial banks cut savings interest rates

09:31 | 30/05/2023 Finance-Banking

Dozens of commercial banks have simultaneously decided to reduce deposit interest rates from May 25, after the State Bank's decision to cut policy interest rates.

Central bank continues to reduce policy interest rates

06:12 | 27/05/2023 Finance-Banking

The State Bank of Vietnam (SBV) has announced two decisions to further reduce policy interest rates, which will become effective from May 25, 2023.

Environment

HCM City promotes digital transformation in waste management

15:14 | 06/06/2023 Environment

HCM City is making efforts to promote digital transformation in the collection, treatment and management of the huge volume of domestic solid waste discharged daily.

PM urges stronger wildfire prevention measures amid strong heatwaves

06:00 | 28/05/2023 Environment

Prime Minister Phạm Minh Chính has urged stepping up wildfire prevention measures as heatwaves are scorching many localities nationwide, increasing the risk of wildfires.

Vietnam targets development of green, plastic waste-free tourism

06:00 | 28/05/2023 Environment

Vietnam is considered one of the largest contributors to marine plastic pollution globally, with the volume of plastic waste discharged into the sea ranging from 0.28 to 0.73 million tonnes a year, of which a big part comes from tourism activities.

Đồng Nai afforestation programme kicks off

06:00 | 27/05/2023 Environment

NGO Gaia Nature Conservation Center on Monday kicked off its annual afforestation programme at the Đồng Nai Culture and Nature Reserve to mark International Day for Biological Diversity.

Science - Technology

Police warn against illegal forex trading platforms

06:00 | 06/06/2023 Science - Technology

Hanoi police have warned people against illegal foreign exchange trading platforms on the internet which have swindled many out of their money.

Over 77,000 computers in Vietnam suffer data encryption in 7 months Bkav

06:00 | 04/06/2023 Science - Technology

More than 77,000 computers in Vietnam have suffered data encryption since December 2022, according to Bkav – a leading Vietnamese technology corporation that specialises in cyber security and software.

Vigorous changes in science and technology

06:00 | 03/06/2023 Science - Technology

(VEN) - In the context of deepening international integration, the industry and trade sector has undergone positive changes in scientific research and technology development.

Internet speeds up as four of five undersea cables repaired

08:56 | 02/06/2023 Science - Technology

Four out of the five international undersea cables that were damaged last year and early this year have been repaired, the Department of Telecommunications under the Ministry of Information and Communications announced on June 1.

Society

Vietnamese, Bulgarian news agencies ink cooperation pact

15:32 | 06/06/2023 Society

Hanoi: Agricultural development policies lack real-world effectiveness

06:00 | 04/06/2023 Metropolis

(VEN) - Hanoi's agricultural policy implementation has been sluggish, yielding limited results that fail to align with the city's potential and strengths.

New Zealand provides 40 full micro-credentials scholarships for Vietnamese learners

16:23 | 26/05/2023 Society

Following the success of the Micro-credentials Scholarship program in 2022, Education New Zealand (ENZ) announced 40 full scholarships exclusively for Vietnamese learners in 2023, with a total value of more than half a billion dong.

Mong Cai city imports electricity from China’s Dongxing

10:37 | 25/05/2023 Energy

The Mong Cai (Vietnam) - Dongxing (China) 110kV transmission line was completed and put into operation at 6 am on May 22, adding power supply to Mong Cai city in the northeastern province of Quang Ninh, according to the Mong Cai City Electricity.

Vietnamese Brands

• Tripadvisor highlights the sole hotel in Da Nang in the prestigious Travelers' Choice Best of the Best award

09:30 | 28/05/2023 Vietnamese Brands

Millions of travelers from around the world have voted Premier Village Danang Resort - a masterpiece by Sun Group on the shores of the East Sea - as one of the top 10 family-friendly hotels in Asia 2023 on Tripadvisor.

Pfizer Vietnam, VNVC sign MoU to protect public health

09:00 | 26/05/2023 Vietnamese Brands

Pfizer (Vietnam) Limited Company and Vietnam Vaccine Joint Stock Company (VNVC) on Wednesday (May 24) signed a memorandum of understanding (MoU) to partner on protecting public health by increasing the rate of proactive prevention of dangerous infections in the period of 2023-25.

Vietjet offers 50% discount on SkyBoss Business tickets

Lifeline for Vietnamese manufacturers and exporters

See also

See more news

Multimedia