Vietnam news in brief - February 18

Vietnamese companies attend organic food fair in Germany

Foreign customers are interested in Vietnamese organic products at Biofach 2024. Photo: VNA

Eight Vietnamese businesses participated in the leading global trade fair for organic food, Biofach 2024, held in Germany from February 13 to 16. This activity was part of the National Trade Promotion Program organized by the Vietnam Organic Agriculture Association (VOAA). The participating businesses showcased and promoted their distinctive products, including coconut flower soy sauce, coconut flower sugar, coconut flower vinegar (by Sokfarm); grass and bamboo straws, and some organic agricultural products such as pepper, cinnamon, star anise, and cashew nuts. Biofach 2024 gathered more than 3,000 booths from over 100 countries, showcasing the latest and most innovative products.

Vietnam is the second largest supplier of pepper to the Chinese market

Data from the General Administration of Customs of China showed that Vietnam was the second-largest supplier of pepper to the Chinese market in 2023, with an approximate volume of 3,360 tons valued at $13.23 million, an increase of 18% in volume and 1% in value compared to 2022. Vietnam's market share of pepper in China's total imports increased from 32.39% in 2022 to 36.57% in 2023.

China's pepper imports in 2023 reached 9,180 tons valued at $39.75 million, an increase of 4.5% in volume but a decrease of 6.1% in value compared to 2022. China's annual pepper import demand is approximately 65,000 to 70,000 tons.

Thaco to sell products in North America

THACO INDUSTRIES, a member of THACO [Vietnamese conglomerate Truong Hai Group JSC] engaged in mechanical manufacturing and industrial support services, will establish a sales company in the USA to serve the North American market. They will also establish and manage two representative offices in Europe and Australia to support existing customers and develop new markets. The company will continue to invest in research and development for new products and operate a specialized R&D center to meet the export requirements for machinery, equipment and components in terms of variety and quality. The consolidated revenue of THACO INDUSTRIES in 2024 is projected to be VND13 trillion ($530.3 million), including export revenue of $250 million.

Vietnam to send 125,000 workers overseas in 2024

Vietnam plans to send 125,000  workers abroad under contract in 2024, focusing on three key markets: Japan with an estimated 63,000 workers, Taiwan (China) with 48,000 workers, and South Korea with 8,500 workers. In addition, priority will be given to sending workers to potential markets in safe, suitable and high-income occupations, according to the Ministry of Labour, Invalids and Social Affairs. In 2023, Vietnam sent more than 159,000 workers abroad under contract, achieving 133.3% of the annual plan. This is the highest number of workers sent abroad in over 10 years.