Trade – Investment

Despite disruptions caused by the fourth wave of the COVID-19 pandemic, steel producers still reported extraordinary profits.

The Asian Development Bank (ADB) stands ready to provide comprehensive assistance for Ho Chi Minh City’s economic recovery in the short term, as well as its economic development in both medium and long terms.

The goal of 600 billion USD in foreign trade is likely to be realised by the end of the year because by October 15, the national import-export turnover had exceeded 510 billion USD, according to Agency of Foreign Trade under the Ministry of Industry and Trade (MoIT).

The banking sector will provide enough credit to businesses at supportive interest rates this quarter to help revive them, according to the State Bank of Vietnam’s Ho Chi Minh City branch.

An increase in investment, expansion of trade and export-oriented production are among the locomotives for Vietnam’s GDP growth.

The Ho Chi Minh (HCM) City People’s Council has approved a Resolution on the medium-term public investment plan for the 2021-2025 period with the city’s local budget capital.

So far, about 150,000 workers have returned to Ho Chi Minh City, bringing the total number of employees working at 1,400 enterprises to 210,000; focusing on trade-services, tourism, transportation, processing, leather footwear and garments, said Mr. Le Minh Tan, Director of the city Department of Labour, Invalids and Social Affairs.

In the first half of September 2021, the value of tuna exports to the Chinese market increased by 332% compared to the same period last year.

The southern province of Binh Duong on October 18 held an online meeting with executives of Japan’s NTT East and Tokyu Groups to discuss measures to effectively attract investment there.

The Vietnamese Government on October 18 issued Resolution 131/NQ-CP ratifying the ASEAN Trade in Services Agreement (ATISA).

In 2021, Ho Chi Minh City strives to complete the bidding to call for investment in the Logistics Center of the Hi-Tech Park. By 2023, it will complete the preparation for investment in Cat Lai Logistics Center and Linh Trung Logistics Center.

In September 2021, exports of footwear and handbags reached 920 million USD, down 35.2%; of which footwear export was valued at 700 million USD, down 44.2%, according to the Vietnam Leather, Footwear and Handbag Association.

Currently, Malaysia invests in 663 valid projects in Vietnam, with a total registered capital of 13.01 billion USD, ranking 8th out of 141 countries and territories pouring capital into the country.

The growth of processed seafood output in Vietnam will reach over 6 percent a year by 2030 under a national seafood processing development strategy for 2021-2030 which has been approved by the Prime Minister.

The administration of Hanoi is scheduled to hold a dialogue with foreign invested businesses on October 19 to seek ways to tackle difficulties facing them amid the COVID-19 pandemic.

The Ca Tam oilfield has pumped up 1 million tonnes of crude oil after it was put into operation three years ago.

Over 5,800 firms or 44 percent of the total number of registered enterprises in the southern province of Long An resumed operations as of October 13.

Vice President Vo Thi Anh Xuan on October 15 attended the Vietnam Women Entrepreneurs’ Forum themed “Digital Transformation: From perception to actions” on the occasion of Vietnam Entrepreneurs' Day (October 13), Vietnamese Women’s Day (October 20) and the 20th anniversary of the Vietnam Women Entrepreneurs’ Council.

The Ministry of Industry and Trade (MoIT) held a teleconference with Samsung Vietnam and its suppliers on October 14, affirming that the ministry’s top priority now is assisting businesses in Vietnam to achieve the “twin targets” of ensuring safety amid the COVID-19 pandemic and maintaining production to avoid disruptions to supply chains.

The Ho Chi Minh (HCM) City Union of Business Associations (HUBA) has organized a ceremony to celebrate the 17th anniversary of Vietnamese Entrepreneurs’ Day (October 13) with the theme “Ho Chi Minh City Entrepreneurs: Solidarity - Responsibility - Dynamic – Creativeness”.

Despite the fact that the COVID-19 pandemic has seriously affected the production and trade of businesses, the Mekong Delta province of Kien Giang remains an attractive investment hub for domestic and foreign investors.

The Ministry of Industry and Trade (MoIT) has completed an anti-dumping investigation into high-fructose corn syrup (HFCS) imported from China and the Republic of Korea, according to the MoIT’s Trade Remedies Authority of Vietnam (TRAV).

Hanoi has made marked socio-economic achievements since 1986 when Vietnam began to open up for economic integration. The capital city posted high economic growth rates, especially in the 2015-2020 period, contributing to raising the country's position in the context of international integration.

Prime Minister Pham Minh Chinh on October 13 chaired a webinar discussing measures to boost post-pandemic economic recovery, flexibly adapt to the COVID-19 pandemic, overcome economic disruption and strengthen locality-to-locality connectivity.

Vietnam's cashew nuts have accounted for approximately 90 percent of the US cashew imports in spite of fierce competition from other suppliers.

Vietnam’s export rice prices have increased sharply once again to surpass those from regional peers such as Thailand, India, and Pakistan, according to the Vietnam Food Association (VFA).

The Ho Chi Minh City Export Processing Zone and Industrial Park Authority (HEPZA) Business Association said that foreign investment in Vietnam in general and the southern city in particular has showed positive signs over the past time.

Exports of key agricultural products during January - September witnessed a strong surge in revenue.

Vietnam’s export of agro-forestry-fisheries products increased by 17.7 percent year-on-year to 35.5 billion USD in the fist nine months of this year, according to the Ministry of Agriculture and Rural Development.

National flag carrier Vietnam Airlines will resume two-way flights between Hanoi and Ho Chi Minh City and Da Nang; between Ho Chi Minh City and Hai Phong, Vinh, Thanh Hoa, Quy Nhon, Hue, Da Nang, Quang Nam, Dong Hoi, Nha Trang, Tuy Hoa and Phu Quoc; and between Thanh Hoa and Da Lat, starting from October 10.