VN to improve competitiveness of major export products by 2020

The project approved by the PM hopes to raise the added value of major export products by 20 percent compared to the current number and strive for cargo export growth rate of 8 percent a year in the phase of 2016-2020. Priority will be given to improving the competitiveness of products earning the most money, comprising agricultural and seafood items such as rice, coffee, rubber and peppercorn; industrial products namely garment and textile, footwear, wooden items, phones and accessories, computes, electronic items and components. Products that will have export strength such as garment and textile materials, leather and shoes, plastics and plastic products, fertilizers and chemicals are also among commodities that will be given the priority of the competitiveness improvement. Major solutions to implement the project include production reorganization through transforming production and export modes. Of these, agricultural production will change from small into large scale while quality management will range from farming to transport, processing, preservation and consumption. Industrial production will convert from doing outwork into higher added value phases with goods value chains. In addition, the project will improve national competitiveness, production ability of export firms especially small and medium ones, goods and industry associations and facilitate businesses’ operation and reduce costs for them. By LAM NGUYEN - Translated by Hai Mien... [read more]

The project approved by the PM hopes to raise the added value of major export products by 20 percent compared to the current number and strive for cargo export growth rate of 8 percent a year in the phase of 2016-2020. Priority will be given to improving the competitiveness of products earning the most money, comprising agricultural and seafood items such as rice, coffee, rubber and peppercorn; industrial products namely garment and textile, footwear, wooden items, phones and accessories, computes, electronic items and components. Products that will have export strength such as garment and textile materials, leather and shoes, plastics and plastic products, fertilizers and chemicals are also among commodities that will be given the priority of the competitiveness improvement. Major solutions to implement the project include production reorganization through transforming production and export modes. Of these, agricultural production will change from small into large scale while quality management will range from farming to transport, processing, preservation and consumption. Industrial production will convert from doing outwork into higher added value phases with goods value chains. In addition, the project will improve national competitiveness, production ability of export firms especially small and medium ones, goods and industry associations and facilitate businesses’ operation and reduce costs for them. By LAM NGUYEN - Translated by Hai Mien... [read more]

Tay Ninh province has gradually restructured its industrial production to increase scientific and technological contents and the localisation rate in products, and shift from outsourced production and assembly to manufacturing and processing. On the whole, Tay Ninh province industry will attract projects to develop industrial zones and gradually become a quality and sustainable economic sector. Synchronous and efficient At present, Tay Ninh industry has formed a relatively synchronous system of five sectors (agricultural product processing, brick and cement, rubber and plastic, garment and textile, and tanning), which make up 77.73 per cent of the province’s industrial production value. The processing industry has 126 active enterprises, mainly producing refined sugar and tapioca. In the 2010 - 2016 period, the industrial production value increased 11.46 per cent a year on average. The garment and textile currently has 59 operating enterprises, mainly engaged in textile, yarn and costume production. In the 2010 - 2016 period, the industry posted an average annual growth of 23.4 per cent. The leather and footwear industry has changed dramatically. While it occupied only 1.9 per cent of local industrial value in 2005, it jumped to 18.68 per cent in 2016. On average, in the 2010 - 2016 period, it climbed 61.94 per cent a year. The rubber and plastic industry now has 40 active companies, which make tyres, technical rubber and plastic products. In the 2010 - 2016 period, its production value increased 23.64 per cent a year on average. The…... [read more]

A view at the Samsung factory in Thai Nguyen where cellphones are manufactured. (Photo: VNA) Hanoi (VNA) - Local electronic firms have been urged to enhance compliance with established regulations, especially international labour standards, in order to improve competitiveness and to engage in the global supply chain, heard a conference on August 1. The conference was jointly held by the Vietnam Chamber of Commerce and Industry (VCCI) and the International Labour Organisation to promote law compliance across the electronics sector supply chain. The VCCI said that multinational groups and electronics suppliers must co-operate and exchange experiences to promote application of international labour standards at local firms. The VCCI promised to develop support programmes with aims to improve productivity, reduce risks which might arise from labour disputes and enhance businesses’ reputations. Specially, Vietnam must create policies that promote the development of the electronics industry into a spearhead sector of the economy. Electronics were major export products of Vietnam which earned revenue of 18.96 billion USD in 2016, representing a rise of 21.5 percent over the previous year. Latest updates from the General Statistics Office show that exports of electronic products reached 13.6 billion USD in the first seven months of this year, rising by 43.3 percent over the same period last year. Major import markets include the US, EU and China. Experts, however, say that the Vietnamese electronics industry is largely dependent on foreign-invested firms, while the cooperation between local and foreign…... [read more]

Workers at a Samsung factory. — Photo doanhnhansaigon.vn Local electronic firms have been urged to enhance compliance with established regulations, especially international labour standards, in order to improve competitiveness and to engage in the global supply chain, heard a conference on Tuesday. The conference was jointly held by the Viet Nam Chamber of Commerce and Industry (VCCI) and the International Labour Organisation to promote law compliance across the electronics sector supply chain. The VCCI said that multinational groups and electronics suppliers must co-operate and exchange experiences to promote application of international labour standards at local firms. The VCCI promised to develop support programmes with aims to improve productivity, reduce risks which might arise from labour disputes and enhance businesses’ reputations. Specially, Viet Nam must create policies that promote the development of the electronics industry into a spearhead sector of the economy. Electronics were major export products of Viet Nam which earned a revenue of US$18.96 billion in 2016, representing a rise of 21.5 per cent over the previous year. Latest updates from the General Statistics Office show that exports of electronic products reached $13.6 billion in the first seven months of this year, rising by 43.3 per cent over the same period last year. Major import markets include the US, EU and China. Experts, however, say that the Vietnamese electronics industry is largely dependent on foreign-invested firms, while the cooperation between local and foreign firms remains loose. Viet Nam…... [read more]

Tough talks over pay raiseThuy Dung HANOI – While employers seek to cap the minimum wage increase for next year at less than 5%, employees are pushing for an 8-10% pay raise, and the wide difference requires another round of negotiations on August 7. The current salary level, according to experts, meets around 90% of the minimum living demand for laborers, said Hoang Quang Phong, vice president of the Vietnam Chamber of Commerce and Industry (VCCI) at a meeting of the National Wage Council last Friday. Pay rise to erode competitiveness Meanwhile, local companies want to achieve sustainable growth because any sharp rise in the minimum wage will force them to restructure production, resulting in staff layoffs and creating other social problems, said Phong of VCCI, which represents employers. Phong said the business performance of local enterprises has slightly improved. However, those active in textile-garment, leather-footwear, seafood, and electronics sectors will face adverse effects upon any strong hike in the minimum wage. A report shows there are around 54.4 million employees nationwide, but those having signed labor agreements with enterprises and cooperatives account for a mere 17%. As such, if the minimum wage is adjusted up strongly, other social factors will follow suit – lives of laborers subject to the adjustment and those working in the informal sector will be impacted. Nguyen Duc Thuan, chairman of the Vietnam Leather, Footwear and Handbag Association, said enterprises always regard their employees as a cornerstone to fuel their growth. However, Thuan said, if…... [read more]

Internet scams on the riseDuc Tam Vu Nhu Ha, chief of the HCMC Economic Police, speaks at a meeting last week with the 2030 Businessmen Club - PHOTO: DUC TAM HCMC – More and more crimes are being committed via the internet, especially on social media, and Internet users should take caution to avoid becoming victims of these scams, said Vu Nhu Ha, chief of the HCMC Economic Police. Ha mentioned three typical modi operandi taken by criminals at a meeting on “Solutions for doing business safely on the Internet” with the 2030 Businessmen Club last Thursday. In the first modus operandi, criminals often take advantage of telecommunications. At first, they will make a phone call, informing certain subscribers that they are in debt for a huge amount beyond the subscriber’s normal telecom charges. Soon after, the offender will pose as police, calling the subscribers to speak of a telecom scam, and require the user to provide their account details to quickly tackle the alleged cheat. When the victim trusts the caller and provides account information, unfortunate consequences are unavoidable, Ha said. The second way by criminals is to hack emails of businessmen frequently making transactions with foreign partners. After accessing email accounts and having a thorough understanding of transactions, the offender will create an email resembling that of their foreign partners. For example, if the email address of the foreign partner is [email protected], the criminal will register a similar email like [email protected] and require victims to conduct wire transfers…... [read more]

The Republic of Korea (RoK) has surpassed the US, the European Union and ASEAN for the first time to become Vietnam’s second-largest trade partner, after China. Seafood products are processed at Ngo Quyen Seafood Processing Joint Stock Company in Kien Giang province for export to Japan, the RoK, Australia and Europe According to the General Department of Vietnam Customs, in the first half of this year, trade value between Vietnam and the RoK reached 29.12 billion, accounting for 14.7 percent of total national trade value, of which export value from Vietnam to the RoK stood at 6.57 billion USD while import value from the RoK to Vietnam was 22.56 billion USD. That import value with strong growth at 51.2 percent year-on-year made Vietnam’s trade deficit with the RoK increase to 15.99 billion USD, higher than its trade deficit with China at 13.72 billion USD. The Ministry of Planning and Investment said these figures showed that Vietnam had promoted imports from the RoK and that country, therefore, became the second largest goods supplier of Vietnam, after China. Vietnam mainly imported machines and equipment from the RoK for RoK investors’ factories to produce export goods in Vietnam. Nguyen Duc Thanh, Director of the Vietnam Institute for Economic and Policy Research, said this development and current structure of import and export goods reflected the trend of dependence on trade of some large RoK enterprises, especially Samsung. Some 15 billion USD of the 22.5 billion USD import value from the RoK to Vietnam was…... [read more]

According to the General Department of Vietnam Customs, in the first half of this year, trade value between Vietnam and the RoK reached US$29.12 billion, accounting for 14.7% of total national trade value, of which export value from Vietnam to the RoK stood at US$6.57 billion while import value from the RoK to Vietnam was US$22.56 billion. That import value with strong growth at 51.2% year-on-year made Vietnam’s trade deficit with the RoK increase to US$15.99 billion, higher than its trade deficit with China at US$13.72 billion. The Ministry of Planning and Investment said these figures showed that Vietnam had promoted imports from the RoK and that country, therefore, became the second largest goods supplier of Vietnam, after China. Vietnam mainly imported machines and equipment from the RoK for RoK investors’ factories to produce export goods in Vietnam. Nguyen Duc Thanh, Director of the Vietnam Institute for Economic and Policy Research, said this development and current structure of import and export goods reflected the trend of dependence on trade of some large RoK enterprises, especially Samsung. Some US$15 billion of the US$22.5 billion import value from the RoK to Vietnam was spent to import machinery, equipment and spare parts; computers, electronic products and their components; and phones of all kinds and components. These products were required for Samsung’s investment projects in Vietnam. Economic expert Dinh Tuan Minh said it was a positive development if imports from the RoK consisted mainly of equipment and material for production, however, it was a different story if the imported items were consumption goods. …... [read more]

Seafood products are processed at Ngo Quyen Seafood Processing Joint Stock Company in Kien Giang province for export to Japan, the RoK, Australia and Europe (Source: VNA) Hanoi (VNA) – The Republic of Korea (RoK) has surpassed the US, the European Union and ASEAN for the first time to become Vietnam’s second-largest trade partner, after China. According to the General Department of Vietnam Customs, in the first half of this year, trade value between Vietnam and the RoK reached 29.12 billion, accounting for 14.7 percent of total national trade value, of which export value from Vietnam to the RoK stood at 6.57 billion USD while import value from the RoK to Vietnam was 22.56 billion USD. That import value with strong growth at 51.2 percent year-on-year made Vietnam’s trade deficit with the RoK increase to 15.99 billion USD, higher than its trade deficit with China at 13.72 billion USD. The Ministry of Planning and Investment said these figures showed that Vietnam had promoted imports from the RoK and that country, therefore, became the second largest goods supplier of Vietnam, after China. Vietnam mainly imported machines and equipment from the RoK for RoK investors’ factories to produce export goods in Vietnam. Nguyen Duc Thanh, Director of the Vietnam Institute for Economic and Policy Research, said this development and current structure of import and export goods reflected the trend of dependence on trade of some large RoK enterprises, especially Samsung. Some 15 billion USD of the 22.5 billion USD import value from the RoK to Vietnam was spent to import machinery, equipment and spare parts;…... [read more]




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