Vietnamplus

More than 100 Vietnamese companies took part in an online business matching event with entrepreneurs from Moscow, Russia, on July 20.

The COVID-19 pandemic is highlighting the urgent need for promoting the development of part-supply industries to enable enterprises to be more resilient to shocks or disruptions to global supply chains.

Despite COVID-19 cutting into demand for textiles and garments, enterprises have poured investment into materials to improve production capacity, completing the supply chain and taking advantage of new generation free trade agreements (FTAs) that have come into effect.

In spite of the fact that the COVID-19 epidemic has affected production activities of enterprises at industrial parks, Vietnam’s total import and export turnover still sustained its growth momentum in the first five months. However, trade deficit also returned.

Vietnamese products, including various farm produce, were on display at the 7th African Investment and Trade Forum (AFIC7) held in the Algerian capital city of Algiers on May 24 – 25.

Vietnam’s textile and garment exports grew 9 percent to over 9.5 billion USD in the first four months of 2021, with shipments of cord fabric and fibre and yarn increasing 35.7 percent and 43.4 percent, respectively, year-on-year.

Phnom Penh Post on May 10 quoted a senior official from the Cambodian Ministry of Commerce as saying that Cambodia is well-prepared to minimise economic risks when it graduates from its Least Developed Countries (LDC) status.

The effectiveness of free trade agreements, especially the EU– Vietnam Free Trade Agreement, has helped to increase export orders for textile and garment enterprises in Vietnam, leading to high recruitment demand in the first and second quarter, according to Navigos Group, a recruitment service provider in Vietnam.

Garment products from Vietnam and Taiwan (China) will be showcased at the Vietnam-Taiwan Textile and Garment Industry Exhibition held in HCM City from April 26-27.

Hanoi earned 3.118 billion USD from exports in the first quarter of 2021, dropping 1 percent from the same period last year, according to the municipal Department of Industry and Trade.

Several of Vietnam’s key export sectors, such as textile-garment, leather-footwear, and electronics have become magnets for merger and acquisition (M&As) activities, posing a risk of leading enterprises in those sectors being purchased by foreign investors.

Shipments of products from the processing industry brought in about 67.39 billion USD in the first quarter of this year, representing 87.13 percent of Vietnam’s total export value during the period.

Stable supporting industries and restructuring of chains for industrial production are crucial to improving the country’s manufacturing sector, according to Vietnam Chamber of Commerce and Industry (VCCI).

State-owned enterprises (SOEs) need to enhance their autonomy and responsibility under market mechanisms to contribute to the growth of the economy, according to a report by the Central Institute for Economic Management (CIEM).

The textile and apparel industry, which managed to survive three waves of COVID-19 thanks to its decision to produce face masks and personal protective equipment, will focus on sportswear and yarn, according to the Vietnam National Textile and Garment Group.

Vietnam raked in 2.6 billion USD from exports of textiles and garments in January 2021, up 3.3 percent year-on-year, according to the Ministry of Industry and Trade.

Domestic leather and footwear firms have no choice but to convert their production activities as difficulties are expected to linger through this year due to the impact of the COVID-19 pandemic, experts have said.

Vietnam’s garment-textile sector sets a target of 39 billion USD in export revenue this year, equal to that of 2019, according to the Vietnam National Textile and Garment Group (Vinatex).

Domestic firms shipped over 1.37 billion medical face masks of various types abroad throughout 2020, according to statistics compiled by the General Department of Vietnam Customs.

The UK-Vietnam Free Trade Agreement (UKVFTA), expected to come into force in the beginning of 2021, is promising several export opportunities to the European market for Vietnamese garment-textile and footwear enterprises.