Reform of administrative procedures to facilitate origin certification granting, customs procedures and related process is recommended by experts in order to increase export to China, a potential market with considerable risks.
Vietnam is working to bolster its key products to China. (Photo: VNA)
Hanoi (VNA) – Reform of administrative procedures to facilitate origincertification granting, customs procedures and related process is recommendedby experts in order to increase export to China, a potential market withconsiderable risks.
Statistics from the Ministry of Industry and Trade showed that for the past 14years, China has been the largest trade partner and second largest exportmarket of Vietnam. Vietnam is also the 8th biggest trade partner andthe biggest one in the ASEAN bloc of China.
Two-way trade in 2017 reached 93.7 billion USD, up 30.2 percent from theprevious year. The figure is expected to hit 100 billion USD in 2018.
Itis noteworthy that Vietnam’s trade deficit with China declined at an average16.1 percent a year in 2016-2017, and 15.5 percent in the first quarter of thisyear.
However, experts said that there are many unpredictable risks in the Chinesemarket, citing an example that Chinese traders do not use payment throughletters of credit (L/C) like in other foreign countries. Vietnamese exportersalso face risks when many Chinese firms just make a deposit of 30 percent ofthe contract value.
As Vietnam’s import-export activities rely heavily on the Chinese market,domestic businesses will face challenges when there is a change in tradepolicies or protectionism in the neighbouring country.
Thus, regular technical guidance should be given to export companies so thatthey can fully benefit from the ASEAN-China Free Trade Agreement (ACFTA), andthe ASEAN-Hong Kong Free Trade Agreement (AHKFTA).
A set of measures to support the exporters in market information, capital andexchange rates should be mapped out. Meanwhile, relevant authorities mustcomplete import-export management mechanisms, and work to prevent cross-border smugglingand boost sustainable exports.
Local firms must make their own efforts as well. It is necessary for them toupdate market information, new regulations on product quality and consumers’taste in different Chinese localities.
They should give priority to improve capacity and enhance trade promotionactivities in China. Copyrights and trade brands must receive due attention.
The Ministry of Industry and Trade said it will join hand with relevantministries and branches to increase popularisation on the contents of theACFTA, World Trade Organisation (WTO) commitments and agreements between thetwo countries.-VNA
Vietnam will display various kinds of products such as farm produce, processed food, consumer products and trade services in 60 pavilions at the China International Import Exposition (CIIE) 2018 which is scheduled to take place in Shanghai city from November 5-10.
Promoting Vietnamese seafood exports to China was the main focus of a workshop held by the Vietnam Pangasius Association (VPA) and China’s Yuexi fisheries association in the Mekong Delta city of Can Tho on April 18.
Vietnamese firms will have many opportunities to promote exports to China via the China International Import Exposition (CIIE), which will be held in Shanghai city from November 5-10, said Hu Suojin, Trade Counsellor of the Chinese Embassy in Vietnam.
Vietnam’s tra fish (pangasius) exports to China continued to record year-on-year strong growth of 43 percent to 145 million USD in the first four months of 2018.
China is projected to become Vietnam’s leading seafood importer from this year’s second quarter with growth of 37 percent, said Deputy Minister of Agriculture and Rural Development Tran Thanh Nam.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Vietnam is working to bolster its key products to China. (Photo: VNA) 
