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| Illustrative image (Source: VNA) |
According to experts, designed to handle 1.5 million TEUs annually, Chancay is poised to play a vital role in boosting economic and trade relations between the Southeast Asian nation and its Latin American peers. Forecasts suggest that trade between Vietnam and Latin America could grow by up to 10% on a yearly basis, provided that improvements in logistics and transport connections are made.
Leveraging the mega-port as an optimal logistics solution, Vietnam could significantly increase its import-export turnover with Latin American partners, especially in sectors such as industry, agricultural goods, and energy. As a result, Chancay is expected to become a crucial link for economic and trade relations between Vietnam and Peru in particular and Latin America in general.
The former will be better positioned to capitalise on existing trade agreements with countries in the region, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnam-Chile and Vietnam-Cuba free trade agreements.
Vietnam's import-export turnover with Latin American countries reached US$20.6 billion last year. Its major exports to the region include farm produce, garments-textiles, footwear, processed foods, wood products, electronics, and components. Meanwhile, Vietnam primarily imports raw materials, agricultural products, wood, garment accessories, and animal feed.
With new maritime routes connecting Chancay and Vietnam, Vietnamese businesses can optimise both time and transport costs. It is estimated that the port could reduce shipping times from the country to Latin America by up to 30%, or even 50%, which could help firms involved save up to 20% in logistics costs compared to traditional routes.
This would enable Vietnam to export key products like textiles, electronics, and agricultural goods (such as rice and coffee) to and import minerals, agricultural products, and petroleum from Latin American countries at more competitive costs.
Halal market in Middle East, North Africa offer opportunities for Vietnamese firms
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| The pavilion of the Vietnam Trade Office at the 2024 Malaysia International Halal Showcase. (Photo: VNA) |
With a large population and a rapidly growing Halal food market, the Middle East-North Africa (MENA) region is a potential market for Vietnamese businesses, reported Vietnam News Agency.
According to a report by Coherent Market Insights - a global market intelligence and consulting organisation, the MENA Halal food market is forecast to grow at 9.15% between now and 2030. The MENA Halal food market size is expected to increase from 192.6 billion USD in 2022 to over 228 billion USD by 2024.
The robust growth of this market is driven by two key drivers. The first driver is the growing Muslim population across MENA which is standing at around 500 million and expected to exceed 600 million by 2030.
Secondly, the young Muslim generation has a growing preference and demand for packaged and ready-to-eat Halal products.
Vietnamese Ambassador to Egypt Nguyen Huy Dung said that Egypt is one of the most populous Muslim countries in the world, with over 106 million people, of which about 90% are Muslims. Up to now, Egypt's Halal food regulations are still relatively open, in which Egyptian Halal food quality management agencies only control standards for livestock, poultry and products made from livestock and poultry.
Egypt is temporarily postponing the Halal certification requirement for dairy products until December 31, 2025.
From 2026, it will begin applying Halal standards to imported dairy products. The ambassador said that this is a very good opportunity for Vietnamese businesses to exploit and bring goods to Egypt in the near future.
Meanwhile, Saudi Arabia is the largest Halal food market in MENA with an expected market size of 60.03 billion USD by 2024. The market is forecast to reach a yearly growth of 3.8% in the 2023-2029 period.
Vietnamese Ambassador to Saudi Arabia Dang Xuan Dung said that with a population of more than 34 million people and Islam as the national religion, all food in the Saudi Arabian market is Halal food.
With a desert climate, Saudi Arabia's Halal food production only meets a small part of domestic demand. Therefore, it has to import food to meet 85-95% of its need.
Dung said that Vietnamese enterprises have many opportunities to export Halal food products and food production materials to the Saudi Arabian market, particularly lamb, goat, beef, processed seafood, instant noodles, beverages, confectionery, or cosmetics.
He noted that Saudi Arabia is a market with large consumption power, and is also a gateway for transiting Halal food to other Middle Eastern countries such as Kuwait, Jordan and Bahrain.
Currently, Vietnam only has one Halal certification agency recognised by Saudi Arabia.
Dung added that some Vietnamese Halal products have entered the Saudi Arabian market but face difficulties in verifying Halal certification.
Moreover, Vietnamese enterprises have to compete with major peers, particularly those from India, Brazil and the US.
Quang Ninh welcomes three millionth foreign tourists of 2024
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| Chairman of the provincial People's Committee Cao Tuong Huy (L) presents a souvenir to David and Tina. (Photo: VNA) |
The northern coastal province of Quang Ninh, home to world heritage site Ha Long Bay, held a ceremony to welcome its three millionth foreign tourists on October 21, reported Vietnam News Agency.
David and Tina from the US arrived at the Ha Long International Passenger Port on the day on Viking Orion cruise ship that travelled from China’s Hong Kong. During their two-day stay, they are set to visit Ha Long bay, Quang Ninh museum and many other tourist attractions.
According to Director of the provincial Department of Tourism Nguyen Huyen Anh, the event marks a milestone for the locality, demonstrating its efforts to overcome Typhoon Yagi aftermath to host visitors with the highest quality services.
Quang Ninh is working to pull in more international arrivals, she said, adding the province will host around 20 international cruise ships by the end of the year.
More than 60 cruise ships are expected to visit Ha Long in the 2024-2025 season, including luxury ones of such renowned brands as Viking Orion, Costa, Seven Seas, Noordam, Celebrity Solstice, and Mein Schiff.
In the first nine months of this year, Quang Ninh received 15.64 million tourists, with more than 2.59 million foreigners. It eyes to host 19 million visitors, comprising over 3.5 million foreign tourists this year, creating growth momentum for 2025 and the subsequent years.
VNR: Rail tickets now available for purchase on online map services
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| VNR: Rail tickets now available for purchase on online map services |
Train passengers can buy tickets using online map services such as Google Maps, according to Vietnam Railways (VNR).
According to Nhan Dan Online News, the service has been launched to celebrate the 78th anniversary of Vietnam Railways Traditional Day (October 21, 1946-2024).
This allows travellers from anywhere to search for train schedules and purchase train tickets for their trips around Vietnam.
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| Train passengers can buy tickets using online map services. (Photo: NDO) |
The online map services also offer information in various languages for convenience. Passengers can purchase their train tickets with international payment cards or via Google Pay, Apple Pay and Samsung Pay.
“Train ticket services through online maps can be seen as the next step in the success of our collaboration for ticket sales with local e-wallets and applications, which aims to diversify purchase points and reach more customers,” said a VNR representative./.