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| The article published on India’s news site fibre2fashion.com. (Photo: VNA) |
Its December 25 article, titled “Vietnam year-end review 2024: Moving towards a bright future”, cited a survey by the US Fashion Industry Association (USFIA) showing Vietnam scored higher overall than some other Asian countries in the production of high-value products.
“The country was found to have better competitive edge as it currently leads in the capability to produce a wide variety of products quickly, as a result of investments in the country in machinery and skilled labour,” it said.
The main export markets for Vietnam’s textiles, including the US, Japan, the Republic of Korea, and China, showed positive growth.
According to the article, the key reasons behind this growth included increased global demand, strategic investments in technology and innovation, as well as trade agreements and diversification of export markets.
The global demand in the essential markets of the US, Europe, and Asia expanded, led by post-pandemic restoration causing a surge in pent-up demand.
The country’s textile and garments manufacturers are investing in automation, digitalisation and sustainable practices to enhance efficiency, productivity and quality in their production processes.
At the same time, Vietnam continued to diversify its export markets beyond the US and EU, by tapping into rising markets in Asia, Africa and the Middle East.
New trade partnerships have been forged in this regard and money making possibilities for the sector have been established, the article said.
News site financemiddleeast.com of the United Arab Emirates also said Southeast Asia’s economies, particularly Vietnam, Indonesia, and the Philippines benefit from supply chain realignments.
It cited data from Fitch Ratings revealing Vietnam’s manufacturing output grew by 8.1% in 2024, underscoring its rise as a critical link in global supply chains.
Petrol prices down in latest adjustment
The Ministry of Industry and Trade, and the Ministry of Finance have adjusted down the retail sale prices of petrol products from 3pm on December 26, reported Vietnam News Agency.
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| Illustrative photo (Photo: VNA) |
Accordingly, the ceiling price of E5RON92 bio-fuel is reduced by 427 VND to 19,817 VND (0.78 USD) per litre, while that of RON95-III is reduced 457 VND to 20,547 VND per litre.
Meanwhile, the price of diesel 0.05S is capped at 18,630 VND per litre, down 103 VND, and that of kerosene at 18,708 VND per litre, down 260 VND. Mazut oil 180CST 3.5S is sold at not more than 15,970 VND per kg, up 67 VND.
The two ministries decided not to use the petrol price stabilisation fund in this adjustment.
Vietnam, Cambodia enhance e-commerce, digital economy cooperation
A Vietnam-Cambodia trade and investment forum took place in Phnom Penh on December 25, aiming to strengthen cross-border e-commerce and digital economy cooperation between the two countries' businesses, reported Vietnam News Agency.
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| Vietnam’s Ambassador to Cambodia Nguyen Huy Tang addresses the forum (Photo: VNA) |
The event, jointly held by the Vietnamese Trade Office in Cambodia, the Ministry of Industry and Trade and the Vietnam-Cambodia Business Association (VCBA), drew more than 140 delegates who are business leaders, experts, and policymakers from both Vietnam and Cambodia.
Addressing the event, VCBA Chairman Oknha Leng Rithy underscored the transformative power of e-commerce in connecting global producers and consumers in real time. He stated that the forum’s goal is to drive trade, expand cooperation, and build a prosperous future for both Vietnam and Cambodia.
The VCBA leader noted the significant progress in economic and trade relations between the two countries in recent years, which has supported each nation's growth. He highlighted the vast opportunities for deeper collaboration, especially in the digital economy and cross-border business, in light of the Fourth Industrial Revolution.
He said he is confident that the forum would help both countries’ businesses unlock new opportunities, navigate policy landscapes, and form strategic partnerships to enhance trade, attract investment, and support digital transformation for greater competitiveness.
Meanwhile, Vietnam’s Ambassador to Cambodia Nguyen Huy Tang said the forum is of great significance as both governments are actively working to enhance e-commerce and digital economy infrastructure. The event offered a valuable platform for businesses and investors to explore growth opportunities in these sectors, which would further strengthen the bilateral economic relationship, he noted.
The diplomat said that fostering the sound friendship and comprehensive and win-win cooperation between Vietnam and Cambodia remains a key priority for both governments, creating an ideal environment for their businesses to thrive.
On e-commerce and digital economy development, Ambassador Tang stated that both governments are fully committed to the sector’s growth. He pointed out that both nations are actively involved in finalising the ASEAN Digital Economy Framework Agreement, a key initiative to foster cross-border e-commerce and digital cooperation.
He stressed that to meet the ambitious target of 20 billion USD in bilateral trade in the near future, businesses from both countries have a critical role to play in fostering trade and investment. E-commerce and digital economy cooperation will be essential in fullly tapping the potential of both nations, he added.
Participants discussed a wide range of issues, including Vietnam’s e-commerce and digital economy development policies, Vietnam-Cambodia trade and investment potential in the era of cross-border e-commerce, and the completion of the legal framework for Vietnam-Cambodia trade.
The forum also saw the signing of a rice supply agreement between Kon Khmer Co. Ltd., a Cambodian rice mill, and several Vietnamese companies operating in Cambodia. In addition, a networking session allowed entrepreneurs from the VCBA, the Cambodia Chamber of Commerce (CCC) and both countries to connect and explore new business opportunities.
Singaporean media outlet highlights Vietnamese renewable energy sector
Media outlet eco-business.com of Singapore published an article on December 26 to highlight the recent revised Electricity Law which has promoted increasing optimism in the Vietnamese renewable energy sector, reported VOV News.
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| Photo for illustration. (Source: VOV) |
The newswire quoted Mark Hutchinson, director of the Southeast Asia taskforce at industry group Global Wind Energy Council (GWEC), as saying that there remains a lot of work to do, although the sentiment in the industry is much more positive than it was eight months ago, or certainly a year ago.
Meanwhile, Thomas Jakobsen, managing director of Singapore-based renewable power producer and developer Indochina Energy Partners, said he was “very happy” with the tempo of regulations, which is “as good as I have seen in 20 years in Vietnam”.
The media outlet points out that the latest Vietnamese electricity law, which takes effect from 2024, solves concerns not only relating to the solar and wind sectors, but also include rules aimed at facilitating the use of fuels such as natural gas and hydrogen.
The article outlines that nuclear power development once again features in the wording, after being left out of the earlier iteration published in 2004.
Updates have been billed as important for energy security, although there are questions over whether Vietnam can attend to all the different sectors at once, according to the article.
Observers noted that the nation is taking a more deliberate approach with managing its energy sector following spells of volatility during the previous years.
“We are seeing caution in the government approach, which is understandable. And they are not going to let that happen again, which is the right thing to do,” said Hutchinson.
“Next year is going to be about finalising the DPPA (direct power purchasing agreements) regulations and charges, working to build all the decrees and circulars under the Electricity Law, and moving the Electricity of Vietnam (EVN) and Vietnam National Oil and Gas Group (PVN) projects forward. So it is going to be less about high-level policy and more about implementation,” he added.
Vietnam imposes anti-dumping duties on wind towers imported from China
The Ministry of Industry and Trade (MoIT) has decided to impose anti-dumping duties on a number of wind tower products originating from China following a 15-month investigation, reported VOV News.
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| Vietnam imposes anti-dumping duties on wind towers imported from China. (Photo: VOV) |
Earlier in September last year, the MoIT initiated an anti-dumping investigation into wind towers imported from the Chinese market after receiving a number of requests from domestic enterprises.
After 15 months of conducting a probe into the case, the Trade Remedies Authority of Vietnam (TRAV) concluded that this is a field in which local firms can manufacture products at good quality for export to many markets such as the United States, Canada, the UK, Germany, Netherlands, Sweden, Australia, Japan, and the Republic of Korea.
Based on the collected evidence, the TRAV has determined that wind towers imported from a number of Chinese enterprises were dumped and had caused significant damage to the domestic manufacturing industry.
This level of damage has been reflected in such factors as output, market share, sales volume, revenue, and sales profit of the domestic manufacturing industry, all of which endured a fall during the investigation period.
The decision on anti-dumping measures on wind towers imported from China is therefore expected to take effect after 15 days from the date of signing./.