Day: February 23, 2024

HCM City: The Vietnam International Trade Fair for Apparel, Textiles and Textile Technologies (VIATT) will take place in Ho Chi Minh City from February 28 to March 1, 2024, heard a press conference opened on February 23.

The first edition of VIATT, held by Messe Frankfurt, a global textile trade fair organiser, and the Vietnam Trade Promotion Agency (VIETRADE) under the Ministry of Industry and Trade, is expected to see the participation of over 500 exhibitors from 16 countries and territories, and around 35,000 visitors.

Le Hoang Tai, deputy head of VIETRADE, said that VIATT 2024 is also expected to create favourable conditions for firms in the textile and garment sector in Vietnam to participate in trade connections with international businesses. It is an opportunity to help domestic enterprises to join the production chains of global textile and garment companies.

Through the event, major international brands in the industry are encouraged to transfer technology, management experience and participate in
the process of developing raw materials and accessories to form Vietnam’s domestic supply chain, he added.

Wendy Wen, managing director of Messe Frankfurt (HK) Ltd, China’s Hong Kong, said Vietnam is the world’s third largest textile and apparel exporter, and there is room for growth. Along with that, many international textile and garment manufacturers have been expanding operations in Vietnam.

Vietnam is a member of several free trade agreements (FTAs) such as the Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the EU-Vietnam Free Trade Agreement (EVFTA), therefore, the VIATT 2024 will be a venue for suppliers and buyers./.

Source: Vietnam News Agency

Hanoi: The Ministry of Industry and Trade (MoIT) held a conference in Hanoi on February 22 to deploy Vietnam’s hydrogen energy development strategy to 2030 with a vision until 2050.

A representative of the MoIT’s Oil, Gas and Coal Department said that the goal set in the Hydrogen Energy Strategy was to develop Vietnam’s hydrogen energy ecosystem based on renewable energy, including production, storage, transportation and distribution for domestic use and export with synchronous and modern infrastructure to contribute to ensuring energy security and implementing national goals on climate change, green growth and net zero emissions by 2050, according to the country’s roadmap and commitment to sustainable, equitable and just energy transition.

To effectively deploy the Hydrogen Energy Strategy, at the conference, Minister of Industry and Trade Nguyen Hong Dien requested ministries, central sectors and localities to focus on key and urgent tasks, including: update the policies and orientations set out in the st
rategy to adjust, supplement and integrate into national and provincial sector plans; research and propose the development, amendment and supplementation of relevant legal documents, mechanisms and policies, especially policies to encourage the use of hydrogen fuel for vehicles, equipment and traffic infrastructure.

The minister requested ministries, central branches and localities to research and promulgate national standards and regulations in the field of hydrogen production, use, storage, transportation and the field of carbon capture/use in accordance with international regulations and standards; build national programmes on science and technology, train high-quality human resources for the hydrogen energy industry and effectively implement programmes to combat climate change and reduce greenhouse gas emissions according to the international co-operation programme.

For corporations and enterprises in the energy industry and associations, the minister requested a focus on thoroughly understanding and im
plementing well the tasks and solutions set out in the Strategy; to proactively research, propose and actively participate with competent agencies in developing and promulgating feasible regulations and policy mechanisms to promote hydrogen energy development.

Groups, corporations and businesses proactively build and adjust their business development strategies and plans, ensuring compliance with the Hydrogen Energy Strategy; increase mobilisation of domestic and foreign capital sources to implement investment projects on hydrogen-based energy.

The MoIT’s functional units focus on good communication and widespread dissemination of the role, importance and core contents of the strategy; urgently advise on the development and submission to competent authorities for promulgation of specific plans to implement the goals and solutions set out in the strategy; co-ordinate with relevant ministries and branches to focus on research and advise competent authorities to promulgate relevant regulations, mechanisms and
policies, and monitor and urge the implementation of hydrogen energy projects.

The Hydrogen Energy Strategy approved by the Prime Minister has opened up new development space for Vietnam’s energy industry in a green, clean and sustainable direction, in accordance with the views and policies of the Party and State, as well as the general development trend of the world./.

Source: Vietnam News Agency

Hanoi: Vietnamese electric vehicle maker VinFast on February 22 announced its Q4 revenue of 437 million USD, up 26% from the previous quarter and 133% year-on-year. This growth was driven by both higher sales volumes and an improved product mix.

The company reported 1.2 billion USD in revenue for fiscal year 2023, representing an increase of 91% from 2022. Gross loss was 174.9 million USD in Q4/2023, and 551.6 million USD in FY 2023.

VinFast’s gross profit margin showed significant improvement compared to the previous fiscal year. Gross margin was negative (46%) in FY 2023, compared to negative (82%) in FY 2022. In the fourth quarter of 2023, gross margin reached negative (40.1%), compared to negative (82.6%) in the fourth quarter of 2022.

Le Thi Thu Thuy, Chairwoman of the Board of Directors, said 2023 was a whirlwind of first for VinFast, culminating in a strong public debut. They launched exciting new products, expanded their distribution network, and solidified their presence in existing markets while
opening doors to promising new ones. These moves laid a strong foundation for 2024 to be a year of global expansion and cost optimisation.

VinFast delivered a total of 34,855 electric vehicles in FY 2023, marking a 374% increase compared to the previous year. This included 13,513 electric vehicles in the Q4, up 35% from the third quarter of 2023.

Despite a slight decrease in Q4/2023 compared to the third quarter, e-scooter deliveries also saw significant growth of 48% year-on-year for a total of 72,468 units in 2023./.

Source: Vietnam News Agency

Hanoi: With robust export of fruits and vegetables, the industry has set a typical example for quick transformation in the context of economic difficulties to tap the potential and expand global reach.

Statistics of the Import-Export Department under the Ministry of Industry and Trade showed that fruit and vegetable exports totalled 510 million USD in January, representing a rise of 24.9% over December and 112.1% against the same month last year.

Looking back at 2023, many fruits saw impressive growth in export, such as durian by 430.1% to 2.2 billion USD. The export revenue of dragon fruits reached 523 million USD, banana 242 million USD, jackfruit 168 million USD and mango 154 million USD.

Bright prospects are fuelled by the huge demand of the Chinese market, with Vietnam negotiating for official export of more types of fruits coupled with efforts to promote exports to other markets such as the US, the EU, Australia and the Republic of Korea, according to the department.

The department forecast the expo
rt of fruits and vegetables will reach 6.5 billion USD this year, after setting a record of nearly 5.6 billion USD in 2023.

Minister of Agriculture and Rural Development Le Minh Hoan said that the thinking needs to be changed to keep up with the market-based mechanism.

‘Vietnam is open, our market is the whole world and we are also a part of the global market. There is no certain data on how much the world consumes each year. Thus, the thinking must be changed,’ he said.

The competition is growing fiercer, he said, adding that the planning for the agricultural sector also needs to be renovated. ‘The planning must be more market-based. We must have a framework to guide production following market signals.’

He also said that the industry should take advantage of trade agreements to expand global reach, besides domestic consumption.

Huge potential

There is huge potential for the fruit and vegetable industry to expand export which has just accounted for 2-3 % of the global fruit and vegetable export revenue
.

General Secretary of the Vietnam Vegetable and Fruit Association Dang Phuc Nguyen was optimistic, forecasting that the fruit and vegetable exports would expand at 15-20% in 2024 to set a new record high with the value to exceed 6 billion USD or even hit 7 billion USD.

The fruit export is growing at a good pace, but greater effort is needed to open markets for more types of fruits.

The market share of Vietnam in the global fruit and vegetable market remained modest.

For example, the EU is the largest fruit and vegetable import market in the world with an annual value of up to 150 billion USD, but Vietnam’s export accounted for just 0.18%.

Nguyen said the EU is the third largest importer of Vietnam’s fruits and vegetables, a potential market where Vietnam could take advantage of the EU- Vietnam Free Trade Agreement (EVFTA) to boost exports.

It is important that Vietnam enhance product quality to meet global standards such as GlobalGap in order to expand to highly demanding markets like the EU.

Nguyen H
ong Lam, Chairman of the Vietnam Association of Circular Agriculture, said Vietnam needs to develop value chains for agricultural products to improve quality and stabilise prices./.

Source: Vietnam News Agency