Trade - Service

In 6 years, Vietnam has imported goods from China worth US$250 billion, but exported only US$100-billion goods in return, said a report by the Ministry of Finance.

The US Commerce Department on Monday announced heavy import tariffs on steel products from Vietnam originated from China.

Vietnam`s leading technology firm FPT reported its pre-tax profit at VND1.09 trillion (US$47.7 million) by the end of April, increasing 34% year on year, announced the firm.

Vietnam`s leading technology firm VNG posted pre-tax profit in 2017 at VND1.15 trillion (US$50.3 million), taking its accumulated profit to over VND4.6 trillion (US$201.2 million), according to the firm`s 2017 financial statement.

As at May 15, Vietnam`s export turnover reached US$82.63 billion, up 18.7% or US$13.02 billion year on year, according to the latest statistics of the General Department of Vietnam Customs.

In the first 4 months of 2018, Mobile World Investment (MWG) reported revenue of nearly VND30 trillion (US$1.3 billion), up 43% year on year and 34% of the year plan.

Lotte Mart is still under investment phase in Vietnam, thus its business performance has not reached expectation, said Jeong Seoung Won, Lotte Mart`s CFO in press release sent to local media on May 18.

The only ways that help retailer survive and develop in the digital era are enhancing the application of advanced technologies and increasing awareness about the community, experts said.

With an average growth rate of 10% per year, domestic trade is considered one of the main driving force for economic growth, especially during the process of global integration.

In April, Vietnam`s import-export turnover reached US$35.57 billion, down 11.1% compared to previous month, according to the General Department of Vietnam Customs.

The World Bank and the Ministry of Transport on May 15 hosted a workshop to launch the implementation of the Vietnam Logistics Statistical System Project and highlight the importance of strengthening the transport and logistics sectors to boost trade competitiveness.

Although exports are largely dominated by merchandise trade, the outlook for services also bears considerable potential, informed HSBC.

Vietnam`s supervisory agency today announces some signs of law-breaking in the deal of Grab acquiring Uber`s South East Asia operations.

Preliminary investigation result showed that combined market share from economic concentration between Grab and Uber in Vietnam is over 50%, thus violating the Law on Competition, said the Ministry of Industry & Trade (MoIT).

Surging manufacturing-related foreign direct investments have turned Vietnam into a `near-shore` production base for East Asian manufacturers, assessed HSBC Navigator report.

Hanoi Beer Alcohol Beverage (Habeco), Vietnam second largest domestic brewer set its pre-tax profit in 2018 at VND746 billion (US$32.6 million), down 11% compared to 2017.

For the next four years, Vietnam`s E-commerce market value is estimated to go up to US$10 billion, making the market an attractive destination in the region for global investors.

The nationwide fast-moving consumer goods (FMCG) sales of traditional trade channel continued to experience a dip in the first quarter of 2018, dropping to 1%.

Vietnam’s exporters must self-verify the origin of their products that they export to the European Union (EU) from 2019 to be qualified for Generalised System of Preferences (GSP) which is the tariff preference for developing countries.

As of the end of April, 11 ministries and agencies have joined the Viet Nam National Single Window (NSW), addressing 1.13 million administrative documents from 20,800 businesses, according to the General Department of Viet Nam Customs.