Trade - Service

In addition to traditional markets such as the US, EU, Japan, Korea and China, ASEAN is the latest name to be added to the list of over 1 billion-dollar export markets for Vietnam’s textile and garment industry in 2017.

According to the General Statistics Office of Vietnam, smartphones and related accessories continue its status as main export products of Vietnam in 2017 with trade value of 45.1 billion USD - the all time highest number in a year.

The Minister of Transport recently requested the Directorate for Roads of Vietnam to take the decision by the European Court into consideration when managing Grab and Uber’s operations in Vietnam.

Contributing 3.5 billion USD for export value in the agricultural sector, fruits are seen as the spotlight with huge potential for high export value in 2018.

Vietnam`s Ministry of Industry and Trade has submitted to the government the draft decree on goods, services and areas under State monopoly regarding to commercial activities.

The two popular brands dominating fast fashion trends around the world came to Vietnam at the same time.

The first batch of fresh star apples from the Mekong Delta province of Tien Giang has been shipped to the United States recently, making Vietnam become the first country to export the fruit to the demanding market.

Vietnam has gained a new record high of nearly US$36.4 billion in export of agro, forestry and seafood products in 2017, a 13 per cent increase against last year, according to the Ministry of Agriculture and Rural Development.

In 2017, China is the largest trade partner of Vietnam, however, Vietnam’s biggest trade deficit is no longer with China but Korea.

Bilateral trade between Vietnam and South Korea now surges 117 times to US$58.5 billion compared with 1992 when the two countries established the bilateral ties, Le An Hai, Deputy Director of the Ministry of Industry and Trade’s Asia and Africa Markets Department.

The pharmaceutical market of Vietnam is attracting huge number of foreign investors and world’s leading corporation.

Exports of Vietnam’s textile and garment industry reached US$31 billion in 2017, marking the first year the industry gaining a trade surplus of $15.5 billion.

Denmark’s PENM Partners, a private equity fund with one of the most successful track records of investing in growth companies in Vietnam, has decided to increase investment in Masan Group.

The rate Vietnamese enterprises taking advantages from preferential treatment in free trade agreements (FTAs) is still at modest level, as the highest level is only at 64%.

Export growth has been at the highest level, with trade value of 3.514 billion USD, up 43% compared to 2016, while vegetables have trade surplus of nearly 2 billion USD.

On December 19, General Department of Vietnam Customs will held an ceremony marking the Vietnam’s foreign trade value to reach 400 billion USD, doubling the amount 6 years ago.

Cheap and fast is said to be the competitive strength of Uber and Grab. Currently, these two services have come to airport, the existing market of traditional taxis.

The Vietnam Logistics Forum was organized today in Hanoi, under the chairmanship of Minister of Industry and Trade Tran Tuan Anh, and Vice Minister of Transport to discuss how to better connect Vietnam with global value chains.

E-commerce is considered as key to help enterprises accessing customers, reducing expenses compared to traditional business method. However, the application of e-commerce into enterprises’ business activities still has shortcomings.

Vietnam’s economy gathered further momentum in 2017 reflecting strong domestic demand, robust export-oriented manufacturing, and a gradual rebound of agriculture.