Vietnamese garment and textile exports to Australia continued to grow

Thursday, 24/11/2022 21:45
Vietnamese garment and textile exports to Australia continued to grow by more than 27.9% to US$358.4 million during the initial 10 months of the year, while leather and footwear products witnessed impressive growth of 41.05% to US$353.7 million, reported VOV.
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Vietnamese pavillion at the 2022 International Sourcing Expo 

To further promote the export potential of these products, the Vietnam Trade Office in Australia recently attended the 2022 International Sourcing Expo held at the Melbourne International Exhibition Center in Victoria.

This is the largest annual international exhibition in Australia, featuring the presence of roughly 400 businesses from 20 countries.

A variety of products from Vietnamese textile and garment enterprises were on display at the event, with the majority of domestic brands coming from the Vietnam Textile and Apparel Association (Vitas).

Many importers visited the Trade Office’s booths and showed a keen interest in high-quality Vietnamese products.

The Vietnam Trade Office in Australia also organised an exhibition to introduce local garment and textile products via digital platform Vietnamsourcingexpo.com, attracting the participation of dozens of businesses from November 17 to 25.

Nguyen Phu Hoa, head of the Vietnamese Trade Office in Australia, emphasised that involvement in the two exhibitions will help local firms to seize additional opportunities as they gain access to the Australian market.

He emphasised that through these events, Australian businesses are looking forward to seeing a greater presence of Vietnamese products in their market, which is considered to be a centre for textile and leather production in the region.

The Vietnam Trade Office in Australia will therefore continue to conduct trade promotion in an effort to further strengthen connectivity among Vietnamese suppliers and Australian importers.

Vietnam remains attractive destination for M&A investors

Vietnam needs to continue to fine-tune its legal system, develop a digital economy, upgrade accounting systems in line with international standards, and improve logistics infrastructure in a bid to attract greater investment flows through M&A model.

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Economists share their viewpoints at the event 

According to VOV, these recommendations were put forward by economists at the 14th Vietnam M&A Forum 2022 (M&A Vietnam Forum 2022) held in Ho Chi Minh City on November 23 .

Experts pointed out that despite facing uncertainties globally, Vietnam continues to emerge as an attractive destination for foreign financiers, especially M&A investors, thanks to the country’s post-pandemic rapid economic recovery, high economic growth, and political stability.

Pham Duy Khuong, managing director of ASL Law Firm, emphasized that in a bid to attract more foreign investors, the country must devise flexible regulations on issues related to the transfer of capital and profits of foreign financiers to enable them to facilitate their operations.

He called for further upgrades to be made to the banking system to boost convenience for foreign investors in managing their payment accounts, noting that banking improvements will help accelerate investment attraction and enhance competition in the ASEAN region.

According to financial experts, the global M&A market has recently experienced a period of stagnation. Indeed, the past 10 months has seen the total value of M&A deals reach US$5.7 billion, down 35.3% compared to the same period last year.

Singapore is the leading country in cross-border transactions with about US$1.2 billion, followed by the United States with US$570 million, and the Republic of Korea with US$370 million.

The main sectors that have attracted the most investment include consumption, real estate, industry, and energy, of which energy is considered the hottest investment field this year.

Another Hanoi's urban rail system to be tested early next month

According to VNA, the Nhon-Hanoi Railway Station urban rail system in the capital city will undergo a test run starting from December 5 in limited conditions, according Sytra – the consulting contractor of the project.

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Illustrative image (Photo: baodautu.vn) 

The trial can last for six weeks, Sytra said, adding that the work will be considered finished when all tests are passed.

Built at a total cost of 1.176 billion EUR, the project has a total length of 12.5km, comprising an 8.5km aerial track that will connect Nhon depot with Thu Le Zoo and a 4km-long underground track that will link Thu Le with the Hanoi Railway Station.

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Another Hanoi's urban rail system to be tested early next month (Source: vtv.vn)

The 8.5-km section is expected to be put into operation by the end of 2022, while the remaining 4 km is scheduled to be completed in 2027.

This follows another, the Cat Linh - Ha Dong system, which was commissioned a year earlier.

Vietnamese businesses attend International Fair of Santiago

Vietnam and other ASEAN member states such as Malaysia, Indonesia, Thailand and the Philippines recently showcased their typical products at the International Fair of Santiago (FISA), Chile, reported VNA.

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Vietnamese products introduced at International Fair of Santiago, Chile (Photo: World and Vietnam) 

FISA, Chile's largest and most unique multisectoral exhibition, held its first edition in 1962, and had its last version in 1998.

This year, the fair returned to the city of Santiago after 24 years, from November 16 and 20. It attracted the participation of thousands of domestic businesses and those from 20 countries worldwide.

The Vietnamese embassy and the trade office in Chile brought to the fair the country’s products of strength such as footwear, garment, coffee and handicrafts.

This is a chance for Chilean firms to learn about the Vietnamese market and seek partners./.

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