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| Containers of goods at the Cai Mep - Thi Vai port complex in Phu My township, Ba Ria - Vung Tau province (Photo: VNA) |
The last two months witnessed monthly exports and imports exceeding 70 billion USD. In particular, the sum was estimated at 70.11 billion USD in July and 70.65 billion USD in August.
In 2022, the trade value hit 732 billion USD, but none of that year’s months saw the figure reaching 70 billion USD.
The recovering consumption demand in key export markets of Vietnam helped the August exports set a monthly record of 37.59 billion USD, compared to the 36.24 billion USD in July.
During the first eight months of this year, overseas shipments topped 265 billion USD, rising 15.8% year on year.
Meanwhile, imports have also been on the rise to serve export manufacturing. The value increased 17.7% from a year earlier to 246 billion USD during the period.
Imports of production materials stood at 230.95 billion USD while consumer goods 15 billion USD, respectively accounting for 93.9% and 6.1%.
As a result, Vietnam gained a trade surplus of 19.07 billion USD, statistics show.
Dr Le Quoc Phuong, former Deputy Director of the Vietnam Industry and Trade Information Centre under the Ministry of Industry and Trade, said that together with industrial production, foreign trade was a bright sport in the eight-month economic panorama.
Notably, agricultural products and minerals made up only 12% of total exports while industrial products more than 88%, he noted.
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| Agricultural product packaging line for export at Chanh Thu Fruit Import-Export Corporation, Ben Tre province. (Source: kinhtedothi.vn) |
The S&P Global Vietnam Manufacturing Purchasing Managers’ Index (PMI) in August indicated continued increases in output and new orders, as well as eased inflationary pressure. It stood at 52.4 points, showing strong improvement of business conditions in the middle of the third quarter.
As there are nearly four months left before the end of 2024, it’s now the peak period for domestic manufacturers to secure year-end orders. Meanwhile, those already receiving enough orders are increasing materials and workers to complete orders and deliver on schedule.
Cao Huu Hieu, General Director of the Vietnam National Textile and Garment Group (Vinatex), said the group has gained enough orders to fulfill through the end of Q3 and Q4 2024. Given the signs recorded so far, the entire sector’s exports may grow 8-10% this year.
During the first eight months, the sector earned approximately 28.5 billion USD in overseas shipments. That includes 24.3 billion USD in textile and garment products, 2.92 billion USD in fibre and yarn, and nearly 1.2 billion USD in materials, respectively up 7.9%, 1.3%, and 11.9% year on year.
Andrew Harker, Director for Economic Indicators & Surveys at S&P Global Market Intelligence, held that inflation, with both input costs and output prices rising at much weaker rates in August, was reportedly a factor contributing to sustained new order growth. Overall, the manufacturing sector continues to enjoy a strong second half of the year.
Given the current order situation and the growth of input material imports, foreign trade is likely to go beyond the 2022 record.
If the monthly turnover of 70 billion USD is maintained, total exports and imports for the whole 2024 may exceed 790 billion USD. If some industries are unable to maintain their performance, the figure may stand at 785-786 billion USD.
Ha Long Bay - Cat Ba Archipelago honoured among global geological heritage for second time
The Global Geoparks Network (GGN) honoured Ha Long Bay - Cat Ba Archipelago as one of the 100 world geological heritage sites for the second time at a ceremony to mark its 20th anniversary in the northern province of Cao Bang on September 11, reported Vietnam News Agency.
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| The GGN recognises contributions of scientists who laid the foundation for the GGN’s formation at the ceremony. (Photo: VNA) |
On the occasion, the network also recognised contributions of scientists who laid the foundation for the GGN’s formation.
GGN President Nikolas Zouros reviewed the 20-year journey of the network, which groups 213 geoparks from nearly 50 countries in the Asia-Pacific, Europe, America, the Caribbean, and Africa. The GGN is evaluating 15 new geoparks for membership in the coming time.
During its development, the network has well performed its mission to preserve and promote the value of various types of geological heritage, biodiversity, natural landscapes, tangible and intangible cultural heritage, and environmental protection activities for community development and sustainable growth. It has also contributed to strengthening solidarity among network members in achieving common goals.
UNESCO Assistant Director-General for Natural Sciences Lidia Brito expressed her sincere sympathy and condolences to the Vietnamese people in general and residents in Cao Bang in particular over huge losses caused by typhoon Yagi in several recent days.
She called on countries to take solutions and jointly build strategies to adapt to climate change and mitigate relevant impacts; develop and implement effective models and gain experience in responding to natural challenges. She pledged that UNESCO will help enhance the capacity of young people in addressing these challenges.
Brito called on countries to make efforts to preserve global heritage, emphasising that UNESCO will provide technical and expertise assistance to ensure that global geoparks truly become a special model; enhance the transparency of the network. She urged the GGN’s member countries to continue promoting the development of global geoparks in connection with sustainable tourism development.
Chairman of the provincial People's Committee Hoang Xuan Anh stated that 2024 is a significant milestone for the GGN, which is working to promote the three main goals of preserving geological heritage and the Earth, educating communities about earth sciences, and advancing sustainable local development.
Since its Non Nuoc Cao Bang was officially recognised as a full member of the GGN in April 2018, the locality has recorded rapid tourism growth.
According to Anh, efforts to conserve tourism resources have been promoted, while numerous activities to support and improve livelihoods for local residents have been implemented. Locals have proactively joined hands with the local authorities to preserve traditional cultural values and promoting tourism development.
Vietnam's furniture products introduced at UK fair
Furniture products of 15 Vietnamese businesses are introduced at the Source Garden Fair in Birmingham, UK, from September 10-12, reported Vietnam News Agency.
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| Vietnam's furniture products introduced at UK fair (Photo: source-garden.com) |
This marks the first time Vietnam has participated in the UK’s largest garden and outdoor furniture exhibition, drawing attention from wholesalers, retailers, and consumers.
The fair features 700-800 companies displaying garden furniture, craft products, and decor technologies, attracting about 7,000 buyers from the UK and Europe.
Vietnam’s booth featured a wide range of outdoor wooden furniture and crafts, made from sustainably sourced materials certified by international standards. The participation of Vietnamese companies was supported by the Vietnam Trade Office in the UK and K&P Global Ltd., a UK company that connects Vietnamese wood manufacturers with online platforms.
First Secretary Hoang Le Hang, the Vietnam Trade Office in the UK, highlighted the significant interest in Vietnamese products on the first day of the fair. She noted that the event provided an excellent platform for Vietnamese businesses to strengthen their brand presence and connect with major UK and European retailers.
Suzanne Ellingham, Event Director of Source Garden, expressed delight at Vietnam's first participation and encouraged more Vietnamese involvement in the UK market, affirming that Vietnam is regarded as a major potential supplier of high-quality indoor and outdoor furniture to the UK, especially in the garden retail sector.
Raymond Tenent, Business Development Manager at K&P Global Ltd., said Brexit has created a promising opportunity for Vietnamese products, as the UK is seeking new suppliers outside of Europe. However, he advised that Vietnamese manufacturers should carefully study market trends to remain competitive with other Asian suppliers.
In 2023, Vietnam ranked as the UK's fifth-largest supplier of wooden furniture, after China, Italy, Poland, and Germany. Exports of Vietnamese wood products to the UK reached nearly 195 million USD, accounting for 3.1% of Vietnam's total exports to the UK. In the first seven months of 2024, this figure rose to 124.8 million USD, an increase of 17.8% compared to the same period last year.
Vietnamese golfer to compete in Junior Presidents Cup 2024
Teenage golfer Nguyen Anh Minh of Vietnam has been invited to participate in the Junior Presidents Cup 2024, scheduled to take place in Montreal, Canada, on September 23 – 24, reported the Voice of Vietnam.
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| Nguyen Anh Minh will compete in Junior Presidents Cup 2024. (Photo courtesy of the organizers) |
The tournament, organised by the American Junior Golf Association (AJGA), is held every two years, drawing the participation of the top 24 junior boys from the United States and around the world, excluding Europe.
As part of regulations, competitors must be amateurs who have not yet started college and are not members of a competitive collegiate golf programme.
Nguyen Anh Minh enjoyed a brilliant year in 2023, gaining success in both local and international competitions. He became the first Vietnamese to win the Faldo Series Asia Final in April, after taking second position in the Lexus Challenge last year.
He also helped Vietnam to take silver in the team event and bronze in the men's singles at the 32nd Southeast Asian (SEA Games 32) in May. Minh was the best Vietnamese competitor at the Asia-Pacific Amateur Championship since its inauguration in 2009, finishing in seventh place in October, 2023.
In the upcoming Junior Presidents Cup 2024 Minh will join SEA Games 32 champion Le Khanh Hung; Rayan Abdul Latief of Indonesia; Kartik Singh of India; Antoine Jasmin of Canada; Samuel Gonzalez of Colombia; Thanawin Lee and Warut Boonrod of Thailand; and Chinese trio Chang Xihuan, Gu Liangliang, and Yu Hanjie; to vie for the championship title./.