KTFA: Vietnam

Henig: Businesses exporting medicinal herbs to China required to register

13:05 | 06/02/2023

Vietnamese businesses which want to export medicinal herbs to China must submit information about growing areas and packaging establishments to the provincial Departments of Agriculture and Rural Development.

The departments were required to report to the Plant Protection Department under the Ministry of Agriculture and Rural Development by April 15, 2023.

The Vietnamese authority will the work with the General Administration of Customs of China (GACC) to grant export licences to eligible exporters.

According to the Plant Protection Department, GACC has informed it about China’s plan to review the supervision system for exported medicinal herbs and the registration of enterprises which produce, process and preserve medicinal herbs for export to China.

KTFA:

Henig:  Vietnam’s retail sales forecast to reach 350 billion USD by 2025

08:00 | 06/02/2023

The scale of the domestic retail market is expected to increase from 142 billion USD at present to 350 billion USD by 2025, contributing 59 per cent of the national GDP, according to the Ministry of Industry and Trade (MoIT).

Last year, the total revenue from retail sales of goods and services rose 21 per cent, exceeding the target of 8 per cent.

A survey by Vietnam Report showed that over 53.8 per cent of total retail firms enjoyed similar and higher business results compared to the pre-pandemic level.

Experts held that growth of retail sales is being supported by rise in income and the strong recovery of the tourism sector as well as relevant sectors such as transport and accommodations, as well as the effectiveness of inflation control measures.

KTFA:  Vietnam

Henig:  18,000 tourists spend US$18.3 million on foreign tours during Lunar New Year

08:00 | 05/02/2023

The number of tourists choosing foreign tours accounted for 55 to 65 percent of the total domestic and foreign tours.

Around 18,000 Vietnamese tourists chose foreign tours through travel agencies in Ho Chi Minh City during the Lunar New Year holiday this year, spending a total of VND430 billion (US$18.3 million), according to a report from the city's Department of Tourism.

The number of tourists choosing foreign tours accounted for 55 to 65 percent of the total domestic and foreign tours.

KTFA:  Vietnam

Henig:  Việt Nam to further contribute to strengthening ASEAN solidarity: ambassador

07:00 | 04/02/2023

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.

JAKARTA — Vietnamese Minister of Foreign Affairs Bùi Thanh Sơn's attendance at the ASEAN Foreign Ministers’ Meeting Retreat (AMM Retreat) in Jakarta on February 3-4 will contribute to enhancing solidarity and consensus in the ten-member grouping, thus elevating Việt Nam's role and position in ASEAN and international forums, a Vietnamese diplomat has said.

In an interview granted to the Vietnam News Agency ahead of the AMM Retreat, Ambassador Nguyễn Hải Bằng, Permanent Representative of Việt Nam to ASEAN, said given the current complicated circumstances, the meeting is expected to offer an opportunity for ASEAN FMs to discuss and reach consensus on the bloc’s orientations.

KTFA:  Vietnam

Henig:  Economic growth and market upgrade to draw capital

February, 02/2023 - 10:48

HÀ NỘI — The prospect of economic growth and market upgradation is the driving force to attract cash flow into the stock market.

Việt Nam is among the world's fastest-growing economies with an average GDP growth rate of about 6.5 per cent per year in the period before the COVID-19 pandemic. The target of economic growth in 2021-2025 at 6.5-7 per cent per year was set out at the 13th National Party Congress despite the fact that the economy was severely affected by the COVID-19 pandemic in 2021. However, VinaCapital forecasts that this growth can still be maintained in the 2023-25 period.

KTFA: Vietnam

Henig:  Hanoi eyes 950 firms in support industries this year

06:00 | 02/02/2023

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.

Of the total, there will be about 300 - 350 firms with production systems and products with international standards and sufficient supply capacity serving participation in the global production network of multinational conglomerates in Vietnam.

As a result, industrial production value of the industries is expected to account for some 16 - 17% of the capital city processing and manufacturing production value, with the development index of the industries exceeding 11-12%, an annual rise of about 1%.