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| Vietnam was Spain’s largest supplier of coffee by volume in 2022. - Illustrative image (Photo: vneconomy.vn) |
The Ministry of Industry and Trade (MoIT)'s Import-Export Department cited statistics of the Statistical Office of the European Communities (EUROSTAT) as saying that the market share of Vietnamese coffee in Spain's total imports from the global market accounted for 30.16% in 2022.
Statistics compiled by the department indicate that Vietnam exported 342,300 tonnes of coffee in the first two months of the year, earning 745.28 million USD, down 7% in volume and 9.5 percent in value year-on-year.
In February alone, the country shipped abroad over 200,000 tonnes of coffee worth 434.9 million USD to foreign markets, up 40.3% in volume and 40.1% in value compared to the previous month.
Notably, in the January-February period, Vietnam's coffee exports to almost traditional markets increased. The country recorded 2- to 3-digit growth rates to markets such as Algeria, the Netherlands, Mexico, Russia, and Italy.
According to the department, Spain is the 8th largest trading partner of Vietnam in the EU, and the 8th biggest importer of Vietnamese goods.
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| Illustrative image (Photo: VNA) |
Last year, the two-way trade between Vietnam and Spain hit 3.54 billion USD, 13% higher than that recorded in 2021. This was the highest growth rate ever.
The two countries have witnessed the sound development of bilateral relations and there is a bright prospect for the two sides to further expand their relationship, especially in economic, trade, and investment cooperation.
Spain's coffee sector is forecast to grow by 6.84% in the 2022-2025 period, therefore there is ample room for Vietnamese coffee exporters to exploit the European market.
Vietnamese localities and business associations have been advised to coordinate with the Vietnam Trade Office in Spain in organising seminars to introduce potential business and cooperation opportunities for businesses, exporters and importers of the two countries.
Export businesses need to improve and maintain the quality and brand value of their products in the Spanish market, the office said.
500 fastest-growing companies in 2023 announced
Tin Viet Finance JSC, Dolphin Sea Air Services Corporation and VPS Securities JSC are among the top 10 in the 500 fastest-growing companies in Vietnam (FAST500) this year as announced by the Vietnam Report JSC and the VietNamNet e-newspaper on March 16.
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| 500 fastest-growing companies in 2023 announced. (Photo: Vietnam Report) |
According to Vietnam News Agency, the others in the top 10 included Vantage Logistics Corporation, Bee Logistics Corporation, Super Cargo Service Company Limited, Deo Ca Traffic Infrastructure Investment JSC, MB AGEAS Life Insurance Company Limited, Thien Phu Si JSC and Mirae Asset Securities (Vietnam).
According to a survey by Vietnam Report, the compound annual revenue growth rate (CAGR) of the FAST500 has improved significantly as compared with the 2017-2023 period.
Notably, the private sector took the lead in terms of the CAGR this year with a growth rate of 2.3%, reflecting the strong recovery of the sector – the main engine of the national economy.
Up to 81.3% of the questioned firms said they maintained their revenue growth in 2022, and some 70% experienced increases in profits from the previous year, of which more than half recorded growth of over 75%.
However, only 69.6% of the enterprises recorded hikes in the number of orders, a drop from the previous year’s 82.1%.
Despite the reduction, the layoff rate in the 2021-2022 period was lower than that in 2020-2021.
According to Vietnam Report General Director Vu Dang Vinh, 62.5% of the businesses said they will expand their operations and 37.5% want to maintain their business scale.
FAST500, launched in 2011, is based on the compound annual growth rate (CAGR) in terms of revenue and business performance. Other criteria such as total asset, after-tax profit, and companies’ prestige on the media are also taken into account to identify their scale and stature in the industries they operate in.
Dong Nai welcomes first freight train from China
The southern province of Dong Nai on March 16 received the first freight train running from Shandong (China) to Trang Bom district of Dong Nai, reported VOV News.
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| Vietnamese and Chinese officials pose for a group photo next to China's first Qilu Europe – Asia freight train arriving at Trang Bom railway station in Dong Nai from Shandong city. (Photo: laodong.vn) |
The Qilu Europe – Asia freight train was run by China Railway Express of Shandong that operates a rail transport route from Qingdao City (China) to Vietnam.
Addressing the ceremony at Trang Bom station, Wei Huaxiang, China’s consul general in Ho Chi Minh City, noted the launching of freight trains connecting Shandong (China) and Dong Nai (Vietnam) is expected to bring about trade and investment opportunities between Vietnam and China.
“We do expect the parties will make an efficient use of the Qilu train to create a higher value and support cooperation and development of the two countries,” said Wei.
Meanwhile, Nguyen Thi Hoang, deputy head of the Dong Nai provincial administration, highly appreciated the launching of the Shandong – Trang Bom rail route and hoped Dong Nai would receive more Qilu trains in future.
This will serve to promote economic cooperation and friendship between Dong Nai and Chinese localities, she said.
It is expected that by 2025 when Long Thanh international airport, the largest of its kind in Vietnam, is scheduled to be put into operation, Dong Nai will have all five modes of transportation by road, air, rail, inland waterway and international maritime, helping to promote strong economic development in the locality.
Dong Nai has developed a project to build a transshipment warehouse covering more than 614ha in Trang Bom district, which will be turned into the transshipment warehouse of Southeast Asia.
EU and US businesses keen to invest in Vietnam
Financiers from the EU and the United States have expressed their keen interest in investing in the Vietnamese market, especially in such fields as green energy, infrastructure, and logistics, VOV News quoted comments of industry insiders.
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| Photo for illustration. (Source: VOV) |
A recent survey conducted by the European Chamber of Commerce in Vietnam (EuroCham) for more than 1,300 EU firms indicates that 41% of the respondents planned to move their production facilities to the country, up 30% compared to data compiled during the previous survey.
Furthermore, approximately 35% of the respondents named Vietnam among the top five most attractive investment destinations.
Meanwhile, John Rockhold, chairman of the American Chamber of Commerce in Vietnam (AmCham Vietnam), revealed that investors from US also intend to pour a huge amount of capital into the country’s green energy, logistics, and infrastructure sectors.
Explaining the growing trend, the Vietnam Association of Foreign Invested Enterprises (VAFIE) pointed to the fact that Vietnam effectively shifted to the implementation of the circular economy model in a number of industries throughout the 2021 - 2022 period.
Indeed, economic zones have gradually turned into ecological economic areas with a number of ecological urban industrial zones taking shape, a factor that has attracted the world’s large corporations to invest in high-tech products such as Samsung, LG, Intel, and Toyota.
Professor Nguyen Mai, chairman of the VAFIE, emphasised that among ASEAN member states, Vietnam can be considered as a rising star in the global supply chain, as it makes up a significant market share in multiple fields, including garments and textiles, footwear, and consumer electronics.
Vietnam has also emerged as a manufacturing hub for electronic products as part of the global supply chain. Its electronics exports hit a record high of US$100 billion in 2021, representing about one third of its total export value.
According to the 2022 annual report detailing foreign investment in the country, there remains a number of hurdles faced by foreign investors, including cumbersome administrative procedures and visa policy for foreigners.
The report outlines that although 68.5% of the FDI firms rated Vietnam as being more favourable in terms of investment location, labour costs and quality, taxes, the Government's capability to respond to emergencies compared to other countries, the quality of infrastructure, and public service delivery in the country must be improved moving forward./.