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| Assembling mobile phones at Samsung Hi-tech Complex in Thai Nguyen (Photo: VNA) |
According to Radio the Voice of Vietnam, the major importers of these products include China, the United States, the EU, and the Republic of Korea (RoK).
Most notably, the country’s export turnover of phones and components to the US, China, and the RoK surged by 53.7%, 16.6%, and 29.8% to 6.61 billion USD, 6.45 billion USD, and 2.78 billion USD, respectively, in comparison to last year’s corresponding period. In contrast, export turnover for these items to the EU market fell by 7.7% to 3.2 billion USD.
Computers, electronic products and component exports in June saw an increase of 6.5% to 5.17 billion USD over the previous month, duly bringing the export value of the commodity group in the initial two quarters of the year to 27.68 billion USD, up 15.6% against the same period from last year.
During the six-month period, exports of computers, electronic products and components to the US, China, the EU, and Hong Kong (China) inched up by 26.9%, 12.1%, 18.5%, and 1.3% to 7.32 billion USD, 5.89 billion USD, 3.73 billion USD, and 2.88 billion USD, respectively.
Meanwhile, the country earned only 1.79 billion USD from exports of this product to the RoK market throughout the reviewed period, marking a year-on-year drop of 5.1%.
Vietnamese companies agree deal for Laos hydropower project
The Construction Joint Stock Company 47 has announced that it had recently reached a deal with Song Da 5 Joint Stock Company to construct the Nam Pha, Nam Phak and Phouphong dams at the Nam Phak hydropower project in Laos.
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A deal has been signed between the Construction Joint Stock Company 47 and Song Da 5 Joint Stock Company to construct hydropower dams in Laos. (Photo: VNA)
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The two sides signed two contracts, including the one for construction of the dams at Nam Pha, Nam Phak and Phouphong, and the other for the design and testing serving the construction of the Nam Phak hydropower project, with total capital of nearly 800 billion VND (34.2 million USD), said the Vietnam News Agency.
The contracts are to take 1,458 days to be completed.
The Nam Phak hydropower project has a total installed capacity of 128 MW. It is located in the southwest of Bolaven Plateau in Champasak province.
Vietnam’s process manufacturing attractive to foreign investors
Vietnam’s process manufacturing sector has to date attracted 252 billion USD in foreign direct investment (FDI), accounting for nearly 60% of the total foreign capital poured into the Southeast Asian country.
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Process manufacturing sector attracts foreign investors (Photo: vneconomy.vn)
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According to the Foreign Investment Agency under the Ministry of Planning and Investment, there are currently 34,898 valid FDI projects worth 426.14 billion USD in Vietnam.
In the first half of this year, the country lured 16.03 billion USD in FDI, of which the sector accounted for 8.84 billion USD, or 63% of the total, according to the Vietnam News Agency.
The sector has been attractive to the world’s major groups such as Samsung, LG, Canon, Honda, and Toyota, reflected through their continuous expansion of investment in Vietnam.
Notably, the Republic of Korea (RoK)’s Samsung Group, which was officially licensed to invest in Vietnam with the Samsung Electronics Vietnam factory in Bac Ninh province, has expanded their operations to other localities, including Hanoi, Thai Nguyen province, and Ho Chi Minh City.
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Tourist car assembly line at Truong Hai Automobile Joint Stock Company in Chu Lai Open Economic Zone (Photo: baotainguyenmoitruong.vn)
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Andrew Lee, Korean Desk Manager at Savills Vietnam, said that the Korean business community appreciates Vietnam’s process manufacturing sector thanks to the country’s advantages in labour force, political stability, and inclusive and extensive international integration.
To make FDI projects in the sector effective, economists are advising Vietnam to be stricter in selecting projects to attract those with good financial potential, less labour intensive, and bringing about high added value.
Vietnam Airlines seeks to expand operations in Thailand
Vietnam Airlines held a conference titled Rediscover Vietnam in Thailand on July 26 to promote post-pandemic tourism and business operations in this market, said Radio the Voice of Vietnam.
Addressing the conference, Vietnamese Ambassador to Thailand Phan Chi Thanh noted that Vietnam Airlines’ recent decision to resume regular flights and increase the frequency of flights between the two countries demonstrated the carrier’s quick reaction to market developments.
The move has made a practical contribution to the 10th anniversary of the Vietnam-Thailand strategic partnership that will fall next year, and at the same time helped to promote economic, tourism and cultural exchanges between the two countries, stressed the ambassador.
The diplomat shared difficulties Vietnam Airlines’ partners has faced during the pandemic time, and affirmed that the Vietnamese Embassy creates the best possible conditions for tourists to travel from Thailand to Vietnam, as well as connecting Thai and Vietnamese partners in tourism and logistics supply chain in the future.
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Photo for illustration (Source: VOV)
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According to Dao Truong Luu, head of Vietnam Airlines Representative Office in Thailand, despite the impact of the pandemic, Vietnam Airlines and its partners have conducted six flights to Vietnam every week. They have transported more than 6,000 tonnes of cargos from Thailand to Vietnam each year, 2% more than the 2019 figure, and the figure is expected to rise to 6,500 tonnes this year.
The number of passengers travelling by air between the two countries has increased rapidly since Vietnam and Thailand lifted most of their travel restrictions on March 15 and July 1, 2022 respectively.
Thailand is one of the priority markets among 15 international destinations where Vietnam Airlines has resumed regular flights. In Thailand, Vietnam Airlines is operating three direct flights a day, connecting Hanoi and Ho Chi Minh City of Vietnam and Bangkok of Thailand.
The number of the flights is expected to rise to four per day from October 2022 and to six in the second quarter of 2023. The national flag carrier of Vietnam is also considering restoring two routes Da Nang-Bangkok and Ho Chi Minh City-Phuket from the beginning of 2023./.