Vietnam's Ministry of Industry and Trade will prioritize key products and markets in trade promotion activities in the second half of 2024. The focus will be on promoting digital transformation and connecting local businesses, especially those in the agricultural and aquatic sectors, to Vietnam's trade offices abroad. The ministry will collaborate with localities, commodity associations, and businesses to propose and develop plans for trade promotion activities. The trade promotion activities will combine traditional models with modern approaches, including e-commerce and the digital economy. The goal is to meet the new requirements of import markets and take advantage of free trade agreements. The global economy in 2024 still faces risks, including the fight against inflation and excess capacity in China. Trade promotion activities will play a crucial role in supporting the economy and improving the import and export situation in Vietnam [08b5948a].
The trade promotion activities in the first six months of 2024 have already contributed to connecting businesses with domestic and foreign markets, supporting them in exploiting export markets, and strengthening links between production and consumption. However, there are challenges such as trade decline, geopolitical instability, and inflation in many countries. To increase exports, businesses need to meet the new requirements of import markets and take advantage of free trade agreements. The trade office will focus on introducing the database of Vietnam's industrial enterprises to promote communication about Vietnamese enterprises. The article also mentions specific challenges in export markets such as Canada [08b5948a].
Vietnam's export market in the last six months of 2024 will have new requirements for international trade, more market barriers, trade protections, and a focus on healthy and organic products. The total trade turnover of goods in the first half of this year was estimated at $369.6 billion, with exports at $189.5 billion and imports at $180.2 billion. The trade promotion activities in the first six months contributed to connecting businesses with domestic and foreign markets and supporting them in exploiting export markets and strengthening links between production and consumption [08b5948a].
The revised Law on Credit Institutions tightens regulations on cross-ownership and manipulation in credit institutions, reducing ownership limits for institutional shareholders and individuals. Credit institutions must disclose information about shareholders holding stakes of 1% or more annually. The State Bank of Vietnam reports that as of 2022, there were 17 institutional shareholders in 13 banks and one financial company with ownership exceeding 10% [ba6d0c80].
The Chamber of Commerce and Industry of Vietnam (VCCI) proposes implementing auctions for mineral mining rights to prevent corruption and increase transparency. The draft Law on Geology and Minerals stipulates areas where mineral mining rights will not be auctioned, which VCCI believes will create opportunities for corruption [ba6d0c80].
The Mekong Delta province of Tien Giang has achieved 60% of its yearly export goal of $5 billion in the first half of the year. The industrial sector drove the growth with a 32% increase in exports, while the agro-forestry-fisheries sector also contributed. The US remained the top export destination, followed by Russia, India, China, and Germany [ba6d0c80].
Minister of Planning and Investment Nguyen Chi Dung urges the Korea Federation of SMEs (KBIZ) and the Industrial Bank of Korea (IBK) to continue supporting small- and medium-sized enterprises (SMEs) in Vietnam. The ministry hopes to strengthen cooperation with KBIZ and IBK to exchange experiences in supporting SMEs [ba6d0c80].
The export value of timber and wood products reached $7.95 billion in the first half of 2024, up 21.2% year-on-year. The US and China were the main importers, with the US accounting for $4.38 billion and China accounting for nearly $1.06 billion [ba6d0c80].
Ba Ria-Vung Tau province in Vietnam has updated the data of all registered fishing vessels on the national fisheries database to combat illegal, unreported, and unregulated (IUU) fishing. The province has granted temporary registration to 1,140 vessels with '3 Nos' (no registration, no examination, no license) [ba6d0c80].
Prime Minister Pham Minh Chinh attends a ceremony in Seoul marking 30 years since Vietnam Airlines launched its first direct flight between Vietnam and the Republic of Korea (RoK). Vietnam Airlines is operating six direct flights between Vietnam and the RoK [ba6d0c80].
Vietnam's durian exports reached $919 million in the first five months of 2024, up 74% year-on-year. China is the main importer of Vietnamese durian [ba6d0c80].
The 20th Precision Engineering and Manufacturing Reinvented Exhibition is held in HCM City, showcasing the latest technologies, products, and solutions in the precision engineering and manufacturing industry. The exhibition features 323 exhibitors from 15 countries and territories [ba6d0c80].
The first Aerospace and Defence Manufacturing Innovation Day is held in Hanoi, focusing on Vietnam's digital transformation and innovation in aviation, aerospace, and defence. The event is jointly organised by Dassault Systèmes, the National Innovation Center (NIC), and Kami Manufacturing Technology Corporation (KMTC) [ba6d0c80].
To reach the target of $10 billion in aquatic product exports this year, businesses need to be more adaptive and adjust their operation plans to suit the market context. Businesses should diversify export markets and develop the domestic market to avoid dependence on certain markets [ba6d0c80].