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| Garment-textile businesses have undergone significant changes but they have made efforts to diversify their export products with 36 items this year. (Photo: VNA) |
According to the association, the US remained the biggest importer of Vietnamese textile and garment products with a turnover of over 11 billion USD by the end of September. It was followed by Japan with about 3 billion USD, the EU with 2.9 billion USD, the Republic of Korea with 2.43 billion USD, Canada with some 850 million USD, and China with 830 million USD.
Businesses have undergone significant changes but they have made efforts to diversify their export products with 36 items. During the period, jackets remained the top export earner by reeling in more than 4.38 billion USD, followed by trousers with over 3.85 billion USD, and shirts with 1.87 billion USD.
Diversifying markets, products, customers and partners is a step towards reducing Vietnam's reliance on large markets, Giang said. Markets that previously did not import products from Vietnam now do so, affirming the nation's position in the global marketplace.
According to VITAS, 2023 has posed significant challenges, such as the lingering global impact of the COVID-19 pandemic and a large inventory due to decreased demand. The total export value of the industry last year surpassed 44 billion USD, but with these difficulties, it is expected to decrease by more than 9% this year to over 40 billion USD.
Despite the export decline, such turnover, given the challenges this year, is considered a breakthrough and demonstrates the tremendous efforts of the business community.
The Vietnamese garment and textile sector has made breakthroughs in both terms of export markets and products, Giang noted.
Vietnam and Japan ink 30 cooperation documents at joint economic forum
As many as 30 cooperation documents were signed and exchanged by ministries, agencies, localities and businesses of Vietnam and Japan at a joint economic forum held in Tokyo on December 16, reported VOV News.
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| Vietnamese Prime Minister Pham Minh Chinh attends the Vietnam - Japan economic forum in Tokyo on December 16 |
These documents were focused on the fields of infrastructure development of industrial parks, urban areas, commercial centers, green hydrogen production, battery production, energy, finance, digital transformation, and human resource development.
Notably, Secretary of the Thai Binh Provincial Party Committee Ngo Dong Hai awarded an Investment Registration Certificate of Thai Binh LNG thermal power plant project to a consortium of Tokyo Gas, Kyuden Group, and Truong Thanh Group (Vietnam). This is a large-scale project with a design capacity of 1,500 MW and a total investment of nearly US$2 billion.
Among other documents were a cooperation document on infrastructure construction at Van Phong Economic Zone in Khanh Hoa province between Sun Group and Japanese partners, and an MoU on supporting the process of carbon emission reduction and domestic energy transition as well as supporting Japanese small and medium enterprises (SMEs) to enter the market between the Vietnam Joint Stock Commercial Bank For Industry And Trade (Vietinbank) and the Japan Bank for International Cooperation.
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| Vietnamese Prime Minister Pham Minh Chinh addresses the Vietnam - Japan economic forum in Tokyo on December 16 |
The exchange of the cooperation documents was witnessed by Vietnamese Prime Minister Pham Minh Chinh who is paying a working trip to Japan for a commemorative summit marking 50 years of the friendship and cooperation between ASEAN and Japan.
Addressing the forum, Chinh emphasized that the recent upgrade of Vietnam – Japan relationship to a comprehensive strategic partnership is an important political foundation to further expand bilateral cooperation in new areas where both sides have strengths.
As Vietnam is in the process of national industrialization and modernization, as well as deeper international integration, he said it needs foreign resources, including financial support, advanced technology transfer and modern management experience, and human resource training.
Reviewing the world’s complicated situation, the PM likened Vietnam to a safe haven during the height of the storm and called on Japanese businesses to continue to invest and succeed in Vietnam, emphasizing that investors’ success is also Vietnam’s success.
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| Nguyen Tan Tuan, chairman of the Khanh Hoa Provincial People’s Committee witnesses Sun Group awarding a construction cooperation agreement at Van Phong Economic Zone with Taisei Group, and investment cooperation agreement in medical and health care facilities with Well Group at Van Phong economic zone. |
At the forum, leaders of Japanese ministries, organizations and businesses highly appreciated Vietnam’s development potential and showed their interest in cooperation and investment in the Southeast Asian country in various fields, especially future industries, carbon emissions reduction. They presented orientations and proposals for cooperation and investment in green development and digital transformation in Vietnam in the coming time.
Japan has so far poured over US$71.5 billion into more than 5,200 investment projects in most localities in Vietnam. Their investments were centred on a number of key fields such as production and manufacturing; electronic components; research and development; finance; biotechnology; quantum technology; artificial intelligence; and mew generation health care.
Two-way trade turnover between Vietnam and Japan hit more than US$40 billion in the January –November 2023 period. Japan is the partner that has signed the most bilateral and multilateral free trade agreements (FTAs) with Vietnam, creating an important foundation to promote trade and investment relations between the two countries.
Ca Mau processed crabs exported to US market
A local enterprise in the Mekong Delta province of Ca Mau has successfully exported a shipment of processed, frozen crabs and sweet snails to the United States after two years of preparations, reported VOV News.
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| Ca Mau processed crabs are exported to US market (Photo:nld.com.vn) |
Doan Thi Anh Thu, CEO of King Crab Trading Service Joint Stock Company, said the shipment of 21,000 Ca Mau crabs, equivalent to 11 tonnes, was transported by air in order to serve US consumers during the Christmas period.
Following the Lunar New Year holiday that falls in February 2024, the firm will then transport its shipments by sea to reduce transportation costs, added the CEO.
As scheduled, the Ca Mau crabs will be sold at 200 locations and supermarkets across the US.
Crab is a renowned delicacy of Ca Mau province and is mainly exported to the Chinese market. To fully exploit its potential and advantages, Ca Mau has initiated a Sustainable Crab Industry Development Project, with the ultimate aim of exporting 30% to 35% of total production./.