Illustrative image (Source: VNA)
Ten product groups with highest revenue in the Indonesian market in the period included computers, electronic products and accessories, plastic materials and fiber. Their combined revenue reached 1.81 billion USD, accounting for 72 percent of the total.
The highest rise was seen in the export revenue of computers, electronic products and accessories at 127.2 percent, which topped 328.38 million USD.
Meanwhile, decreases were reported in the export revenues from machinery, equipment and spare parts (14.4 percent), and telephones and accessories (10.9 percent).
In August, Vietnam imported 624.44 million USD worth of goods from Indonesia, down 9.5 percent over July. The sharpest fall was recorded in the import value of automobile at 55.7 percent, followed by that of automobile parts at 39.5 percent.
The result brought the total import value from Indonesia in the first eight months to 4.39 billion USD, up 51.9 percent year on year.
At the same time, Indonesian investment in Vietnam in the first nine months of 2021 hit 5.49 million USD, bringing Indonesia to the 39th position among 94 countries and territories investing in Vietnam this year.
As of September, Indonesian investors had 86 valid projects in Vietnam with total investment of 611.57 million USD.
Vietnamese, RoK enterprises to introduce products during B2B meeting
Vietnamese firms are set to meet 19 companies from the Republic of Korea’s Jeollanam-do province during an online event from October 18 to October 22 which will be held by the Korea Trade-Investment Promotion Agency (KOTRA) in Hanoi, reported VOV News.
Illustrative image (Source: VOV)
During the course of the B2B meeting, Korean companies are expected to introduce a broad array of products in agriculture and fisheries, cosmetics, industry, and energy, with the purpose of seeking Vietnamese partners who can distribute their goods domestically.
Located in the southwestern region of the RoK, Jeollanam-do represents the country’s large producer of rice, wheat, barley, beans, potatoes, vegetables, cotton, and fruits thanks to its favourable climate and success in applying high technology in terms of developing agriculture, according to KOTRA Hanoi.
The Korean province has also established representative offices globally, including in the nation and has been exporting organic and high-quality agricultural and fisheries products, such as mushrooms, abalones, and pears to the Vietnamese market.
Last year saw the RoK as the third largest Vietnamese trading partner, behind only China and the United States, with two-way trade hitting 66 billion USD. Vietnamese exports of agricultural and fisheries products, along with processed food to the East Asian country, totaled 1.2 billion USD.
During the opening eight months of this year bilateral trade reached 49.17 billion USD, of which Vietnamese exports to the RoK were worth 14.12 billion USD and imports stood at 35.05 billion USD, respectively.
Vietnam remains Laos’s largest sugar importer
Vietnam remains the biggest sugar importer, third largest trading partner and the third biggest foreign investor of Laos, after Thailand and China, Vietnam News Agency quoted Vientiane Times’ report on October 11.
Growing sugarcane - Illustrative image (Photo: VNA)
The newspaper quoted data from the Lao Ministry of Industry and Trade as saying that trade between Laos and Vietnam has been maintained although both nations are struggling with the COVID-19 pandemic. During January-September, the total value of Laos's sugar exports reached 73.1 million USD, of which 61.3 million USD worth of the product was exported to Vietnam.
It also cited data from the Vietnam Sugar and Sugarcane Association as saying that Vietnam purchased 399,189 tonnes of sugar from Cambodia, Laos, Indonesia, Myanmar and Malaysia in the first half of 2021, a tenfold increase compared to that of the same period last year.
According to the article, Vietnam’s removal of sugar import quotas for ASEAN member states in 2020 not only provides a great opportunity for Lao businesses to approach and gain a foothold in the neighbouring country's market./.