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| Over 780,700 tonnes of cashew nuts from Cambodia are imported into Vietnam, worth up to 1 billion USD, in the first half of 2024. (Photo: vinacas.com.vn) |
Data from the General Department of Vietnam Customs shows that Vietnam imported nearly 1.5 million tonnes of cashew nuts in the first six months of this year, worth 1.8 billion USD, an increase of 8.4% in volume and 3.4% in value.
Of which, over 780,700 tonnes of cashew nuts from Cambodia were imported into Vietnam, worth up to 1 billion USD. Cashew imports from the Cambodian market alone increased by 36.7% in volume and 28.1% in value compared to the same period last year.
Vietnam is the world's number one cashew kernel exporter. However, the country's domestic supply of raw materials for processing is still limited so businesses have to import cashew nuts in large quantities.
In addition to Cambodia, businesses also import a large amount of cashew nuts from Africa. However, the situation of importing poor quality cashews to impersonate domestic cashew brands is increasingly common, which reflects badly on the Vietnamese cashew brand.
In terms of exports, Vietnam exported 353,500 tonnes of nuts in the first six months of this year, worth 1.94 billion USD, up 26.2% in volume and 18.7% in value year-on-year.
Vietnam's average cashew export price reached 5,502 USD per tonne in the first six months, down 6.4% over the same period last year.
Vietnam, Thailand emerge as SEA’s fastest growing e-commerce markets
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| Vietnam is the third-largest e-commerce market in the region. (Photo: VNA) |
Vietnam and Thailand have emerged as the two fastest-growing e-commerce markets in Southeast Asia, according to a report recent.ly released by OpenGov Asia, a content platform dedicated to sharing ICT-related knowledge and information to better serve citizens and customers, reported Vietnam News Agency
The report highlights Vietnam’s ascent past the Philippines to become the third-largest e-commerce market in the region.
Last year, the total gross merchandise value (GMV) of the top eight e-commerce platforms in Southeast Asia reached 114.6 billion USD, marking a 15% year-on-year increase. Despite macroeconomic challenges, the Southeast Asian e-commerce sector has demonstrated continuous growth, with this year’s GMV predicted to be double that of 2020.
Vietnam and Thailand led the growth trajectory, with their GMVs increasing by 52.9% and 34.1%, respectively, over the same period last year. Vietnam’s e-commerce market has seen consistent growth, boasting an average annual growth rate of 16-30% over the past four years, the highest in the world.
In ASEAN, Shopee dominates with a total GMV revenue of 55.1 billion USD last year, capturing 48% of the market share. TikTok Shop has surged to become the second-largest e-commerce platform in the region, following its acquisition of Tokopedia.
In Vietnam, TikTok Shop holds a significant 24% market share, making it the second largest e-commerce platform in the nation.
The report stated that influencers, known as key opinion leaders (KOLs), play a crucial role in navigating the e-commerce markets in Vietnam, Thailand, and Indonesia.
As OpenGov Asia reported, Vietnam is intensifying efforts to develop cross-border e-commerce as a key economic growth driver, supported by various policies, guidance, and innovative solutions. The sector is expanding at a rate 2.3 times faster than regular e-commerce between 2022 and 2025, with projections indicating a 20% annual growth until 2026.
Over the past five years, Vietnamese businesses have significantly broadened their international reach, with the number of products exported via international e-commerce platforms increasing by 300%, and many SMEs achieving annual revenues surpassing 1 million USD.
The Vietnamese government, along with ministries, sectors, localities, and the business community, is actively promoting digital transformation and sustainable development in e-commerce. The Ministry of Industry and Trade (MoIT) emphasises expanding markets through online platforms and digital ecosystems, supported by robust logistics.
The report also mentioned Vietnam’s initiatives to bolster e-commerce, with the E-Commerce and Digital Economy Agency enhancing the legal framework, providing financial support, encouraging investment and ensuring data protection and cybersecurity, and Prime Minister Pham Minh Chinh’s freshly issuing an official dispatch on enhancing State management in e-commerce and digital business sectors.
The initiatives underscore Vietnam’s commitment to digital transformation and economic modernisation, aiming for sustainable growth in the digital economy, and improved global market access for Vietnamese businesses, according to the report.
Hong Kong Airlines boosts Da Nang tourism with new daily flight
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| Flight HX548 lands at Da Nang International Airport (Photo: VNA) |
Flight HX548, operated by Hong Kong Airlines, landed at Da Nang International Airport on July 19, bringing 152 passengers from Hong Kong (China) to explore and experience tourism services in the central city, reported Vietnam News Agency.
Nguyen Thi Hoai An, Deputy Director of the municipal Tourism Department, said Hong Kong Airlines' daily round-trip route adds to the existing network, bringing the total number of international flights between Hong Kong and Da Nang to 21 per week.
This new service is seen as a significant boost to Da Nang's international tourism recovery, connecting passengers to other global and regional destinations through Hong Kong Airlines' network, she said.
Currently, Da Nang enjoys established connections with Hong Kong through Hong Kong Express (10 flights/week) and VietJet Air (4 flights/week). Hong Kong Airlines complements these options with its direct service operating seven days a week.
Founded in 2006, Hong Kong Airlines is headquartered at Hong Kong International Airport (China).
Over 40% of firms foresee better business performance in Q3
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| A shopper at a supermarket in Ho Chi Minh City (Photo: VNA) |
As many as 40.7% of the enterprises expect their business performance in the third quarter of 2024 to be better than the second quarter, according to a quarterly business trend survey recently released by the General Statistics Office (GSO), according to Vietnam News Agency.
Companies in the State-owned sector are most optimistic about the business outlook in the third quarter, with 43% predicting better performance. The rate is 42.6% among the foreign-invested enterprises.
On the contrary, 17.1% of the surveyed enterprises showed their worry about more difficulties. The rate of such businesses is 17.3% among the domestic private enterprises compared to the 16.4% among the State-owned firms and 16.8% among the FDI companies, according to the survey, which covered 6,114 businesses from the processing-manufacturing sector and 6,056 from the construction sector.
In the survey for the second quarter, 22.3% of the businesses foresaw more difficulties, an increase of 3.9 percentage points compared to the first quarter of 2024.
To ease the pressure from rising input costs, 50.1% of businesses proposed that the State continue to reduce lending interest rates, enabling them to have capital for investing in production.
Meanwhile, 28.2% of businesses recommended that banks continue to simplify and cut loan procedures and conditions, making it easier for them to access capital.
According to the GSO, two biggest difficulties facing processing-manufacturing businesses are low domestic demand and fierce competition in the domestic market, as said by 54.4% and 50.4% of businesses, respectively.
Therefore, businesses proposed that the State continue to roll out effective measures to stimulate domestic demand and strengthen communications for the movement of "Vietnamese people prioritise Vietnamese products".
Alongside, 26.1% of the businesses underlined the need for the Government, ministries, sectors, and localities to strengthen trade promotion and seek new markets and new partners to support them to increase consumption of goods in domestic and foreign markets.
At the same time, 24.5% of the businesses emphasised the need to continue improving the quality of logistics services, while 23.4% proposed reducing land rent for production and business, 22.4% of suggested ensuring stable power supply for production, and 31.5% mentioned the necessity of continuous administrative reform.
To promote industrial development, the Ministry of Industry and Trade will accelerate the construction of two technical centres to support industrial development in the North and the South. This is one of the fundamental solutions to overcome the limitations of the industrial sector, especially in terms of autonomy in production.
The ministry will continue to speed up the transition of the industrial structure towards higher contributions from the process-manufacturing sector, while applying measures to remove difficulties facing businesses and improve their competitiveness, and building technical barriers for imports in order to support domestic products and increase localisation rate.
More resources will also be mobilised for the expansion of industrial projects, especially those in the basic industries and key export production industries.
Data from the GSO showed that the index of industrial production (IIP) in June was estimated to rise 0.7% compared to that of May, and 10.9% over the same period last year.
An upturn was seen in the IIP in the first six months of this year in 56 localities, while a downturn was recorded in the remaining seven localities.
Second Krong Pac Durian Festival to include 12 events
The second Krong Pac Durian Festival in the Central Highlands province of Dak Lak, themed “Krong Pac Durian – Integration and Development”, will be held from August 31 to September 2, 2024 with a series of 12 events.
The information was revealed in a press conference held by the Krong Pac district People’s Committee on July 18.
The series of events include a competition for good durian farmers, a fair to introduce potential local OCOP and agricultural products, expanded Krong Pac district's ethnic culinary culture festival, durian experience at gardens and visit to the ancient durian tree, a workshop to build and develop a sustainable durian ecosystem, cross-country running tournament for community health; a street festival, DJ night and light dance for artistic exchange between clubs and art groups; flag saluting ceremony, Ao dai performance and ethnic costumes; Artistic fireworks show; and the opening and closing ceremonies of the festival.
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| Overview of the press conference for the festival. (Photo: qdnd.vn) |
The second Krong Pac Durian Festival is also an opportunity for the district to promote and introduce the potential, strengths, quality and brand of local durian products to domestic and international customers. The festival also offers chances for Krong Pac to stimulate tourism, especially eco-tourism and experience tourism.
As of the 2024 crop year, Krong Pac has nearly 7,200 hectares of durian, including more than 4,000 hectares are for business. The area of Dona durian accounts for 90%, its average yield reaches 25 tons per ha. About 2,015 hectares are granted 34 codes for export growing area.
Krong Pac is the leading locality in Dak Lak province in terms of area, productivity, and output of durian. Specifically, the durian output of the entire district in the 2023 crop year reached more than 70,000 tons, and the output of this 2024 crop year is expected to be over 80,000 tons. On average, each year, revenue from durian in the whole district reaches more than 5 trillion VND./.