Vietnam News Highlights for June 29, 2023
Keep updated with the latest events around the country.
Vietnamese, Swiss top lawmakers ready to boost bilateral cooperation
Vuong Dinh Hue, Chairman of the National Assembly of Vietnam, and Martin Candinas, President of the National Council of Switzerland, agreed on June 28 to push forward the finalization of the free trade agreement between Vietnam and the European Free Trade Association (EFTA), which consists of Switzerland, Norway, Iceland, and Liechtenstein.
The two legislators agreed that Vietnam and Switzerland would find ways to boost cooperation in pharmaceuticals, precision mechanics, tourism, and banking and finance. They said the two countries would stand by each other to achieve energy transition and digital transformation for sustainable growth.
Nearly US$7 billion needed to develop domestic waterways
The Ministry of Transport has estimated that total investment in domestic waterways could reach VND157.5 trillion (US$6.68 billion) by 2030, with 82% of the figure financed by non-state investors.
According to the ministry, about 17.8% of all goods are transported via waterways, and the figure is expected to rise to 24.1% by 2030 to reduce pressure on road transport. The ministry will promote the construction of inland ports and connect them to international seaports to increase the volume of goods shipped.
| Vietnam International Fashion Week 2023 celebrates natural materials with the theme "Shaping the Future". Photo: Vietnam International Fashion Week |
Vietnam International Fashion Week 2023 to celebrate sustainable fashion
The 15th Fashion Week, which will be held in Ho Chi Minh City on July 13-16, is expected to attract 18 renowned fashion designers and brands from Vietnam, Singapore, the Netherlands, Australia, Israel, Italy, and the United Kingdom. The week-long event will showcase sustainable fashion collections, hold workshops and lectures on sustainable fashion, and promote the importance of sustainable fashion in the industry.
Korean cosmetics exports to Vietnam show highest growth in Jan-May
Exports of Korean cosmetics to Vietnam recorded the highest growth rate from January to May this year, according to the Korea Cosmetics Association. During the period, exports of the product line jumped 43.4% year-on-year, reaching a total of US$187.5 million.
Moreover, data from the US Department of Commerce showed that South Korea had the largest market share of Vietnam's imported cosmetics at 30%, followed by the European Union at 23%, Japan 177%, Thailand 13%, and the US 10%.
HCM City's first metro line on course for completion in 2023
Ho Chi Minh City's Metro No.1 project is on track for completion by the end of 2023, with more than 95% of the project accomplished. The management board will complete the installation of electrical modules and the test run of the metro, and will work with authorities on the payment of contractors.
EuroCham calls for deep processing to improve Vietnam's agricultural exports
Paul-Antoine Croizé, Vice Chairman of EuroCham's Food Agri & Aqua Business Sector Committee, on June 28 urged Vietnamese farmers and agricultural producers to adopt deep processing methods to increase the value and prices of their exports. He said Vietnamese producers must focus on clean, pesticide-free and deep-processed products to become more competitive in European markets.
Paul-Antoine reported that up to 80% of Vietnamese exports purchased by European processors and end products are unbranded, often sold at much higher prices and labeled under different names.
Vietnamese shoppers increasingly value sustainability in their lifestyles
About 59% of consumers in the major cities of Hanoi and Ho Chi Minh City choose to consume more green vegetables and grains on a regular basis, according to Intage Vietnam's latest consumer research. The report found that 95% of consumers are aware of environmental protection, and 61% prioritize utilizing natural light as much as possible. In addition, 44% choose to reuse old clothes instead of buying unnecessary new ones.
The study also found that 24% of respondents chose a sustainable lifestyle to save money, 22% for health reasons, and 9% to follow the trend. Consumers are increasingly incorporating sustainability into their lifestyles and shopping habits, with a shift towards online shopping.
