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| Vietnam introduces high-quality products at the Good Food and Wine Show 2024 in Brisbane, Queensland, Australia. (Photo: VNA) |
Running from October 25-27, this premier annual expo, renowned as Australia’s largest and oldest food and wine showcase, features over 300 booths and attracts nearly 100,000 visitors in major cities like Melbourne, Sydney, Perth, and Brisbane.
Vietnam’s booth presents a diverse range of premium agricultural and aquatic products, including iconic fruits like durian, mango, and dragon fruit, alongside shrimp, frozen fish, dried noodles, cashew nuts, coffee, spices, dried fruits, chili sauce, soy sauce, vegetable powder, and herbal tea.
Besides, eco-friendly fashion items crafted from banana fiber, spotlighting Vietnam’s innovative push toward a greener and more sustainable economy has drawn interest of spectators.
The booth also helps to strengthen the “Economic Diplomacy Strategy 2024", aiming to boost trade and increase the presence of Vietnamese brands and products in Australia, thereby expanding export opportunities and integrating Vietnamese agricultural and food products into local distribution channels.
On this occasion, the embassy introduced the "Doing Business Guide Vietnam," compiled by Asialink Business, offering Australian companies comprehensive insights into expanding in Vietnam’s dynamic market.
Vietnam’s agricultural product exports to Australia have seen remarkable growth, with a nearly 50% year-on-year increase in the first four months of 2024. In April alone, the country's exports surged 80%, led by a remarkable 300% rise in coffee exports and a 42% increase in cashew nuts. The success highlights the strong demand for Vietnamese goods and underscores Vietnam’s commitment to solidifying its footprint in the Australian market.
Real estate segments benefit from surging FDI inflow in production
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| At Phu My 3 Specialised Industrial Park (Photo: VNA) |
Despite a modest influx of foreign direct investment (FDI) in the real estate sector since early 2024, Savills Vietnam sees a silver lining in the surge of FDI into high-tech manufacturing, reported Vietnam News Agency.
The latest data from the General Statistics Office (GSO) revealed that total registered FDI in Vietnam reached 24.78 billion USD as of late September, marking an annual increase of 11.6%. The southern region has been a magnet for FDI, particularly cities and provinces with robust infrastructure, a stable workforce supply, and proactive investment promotion, such as Ho Chi Minh City, Ba Ria-Vung Tau, Binh Duong, Dong Nai, and Ninh Thuan provinces.
Economists attributed this trend to companies seeking to diversify their supply chains or relocate production lines from China, where labour and production costs have become less competitive. Vietnam's strategic location in the heart of Southeast Asia makes it an attractive alternative.
Experts from Savills Vietnam said this shift brings substantial investment capital, enhances production capacity, creates quality jobs, and develops supporting industries. Consequently, Vietnam is evolving from a low-cost investment destination into a hi-tech manufacturing hub with greater value-added production.
The surge in FDI within the manufacturing sector is having a ripple effect on various real estate segments, including offices, serviced apartments and industrial properties, as demand continues to grow.
Alex Crane, Executive Director of Knight Frank Vietnam, noted that the continued development and leasing of ready-built factories is a positive sign.“This provides tenants with more options as they consider Vietnam a suitable destination for investment or business expansion”, he said./.
Expo to showcase OCOP products for export
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| OCOP items of Thai Nguyen province (Illustrative photo: VNA) |
An exhibition promoting export-oriented OCOP (One Commune One Product) items is set to run from October 31 to November 4, at Grand World Square in Vinhomes Ocean Park 3, the northern province of Hung Yen, heard an October 25 press briefing, reported Vietnam News Agency.
Jointly organised by the Ministry of Industry and Trade (MoIT), the Ministry of Agriculture and Rural Development (MARD), and the Vietnam Cooperative Alliance, VIETNAM OCOPEX will feature 250 booths showcasing OCOP products rated 3, 4 and 5 stars from over 150 businesses.
Participants will include international companies and delegations, domestic industry associations, localities, and local businesses across sectors such as processed foods, farm produce, textiles, footwear, handicrafts, and household items. More than 30 provinces and cities have to date registered to take part in the event to introduce their distinct OCOP products.
According to Vu Ba Phu, Director of the MoIT’s Vietnam Trade Promotion Agency, the exhibition will provide OCOP producers with valuable opportunities to connect with foreign enterprises, trade promotion organisations, and experts to facilitate their export and import activities. Such engagements are expected to support them in adopting sustainable and methodical production practices.
Key activities at VIETNAM OCOPEX will feature a seminar on connecting and promoting OCOP products via modern distribution channels overseas as well as a pilot session of an agricultural trade platform that aims to garner feedback from businesses and industry associations.
Phuong Dinh Anh, deputy chief of the national coordination office for new-style rural development under the MARD, noted that Vietnam currently has over 18,000 OCOP items from more than 7,400 producers. Of these, only 26% are rated 4 stars. There have been 46 products receiving a 5-star rating, with approximately 2% of them meeting export standards.
Four airports to temporarily halt operations due to typhoon Trami
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| Four airports to temporarily halt operations due to typhoon Trami. (Photo: VNA) |
The Civil Aviation Authority of Vietnam (CAAV) has issued a document requesting the suspension of operations at four airports, including Da Nang, Phu Bai, Dong Hoi, and Chu Lai, due to impacts from typhoon Trami, reported Vietnam News Agency.
Based on weather forecasts, the CAAV decided to halt operations at the Phu Bai International Airport from 6am to 10pm on October 27, at the Da Nang International Airport from 6am on October 27 to 4am on October 28, at the Dong Hoi Airport from 6am to 7pm on October 27, and at the Chu Lai Airport from 10am on October 27 to 10am on October 28.
The CAAV has directed the Vietnam Air Traffic Management Corporation to ensure safe operations and timely notifications to all relevant agencies, while regional airport authorities are tasked with monitoring safety measures. Any issues arising during the implementation should be reported to the CAAV for timely adjustments.
Vietnam’s seafood exports maintain good market share in Singapore
Vietnam remains among the countries with the largest seafood market share in Singapore and for the first time, Vietnamese seafood has maintained its 5th position for three consecutive quarters, according to the Vietnam Trade Office in the island-city state, reported VOV News.
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| Photo for illustration. (Source: VOV) |
During the nine-month period, Singapore imported seafood from nearly 100 countries and territories with a total import turnover of about 839.1 million SGD (635.24 million USD), down 4.51% over the same period from last year.
Among the top 15 seafood exporters to the Singapore market, Malaysia continued to be the leader, followed by Indonesia, Norway, China, and Vietnam.
The seafood market share of the Singapore market is generally still divided equally among partners as each nation has its own export strengths, of which the 6 countries with the largest market share account for 9-13%, specifically Malaysia (13.42%), Indonesia (10.98%), Norway (10.34%), China (9.81%), Vietnam (9.22%) and Japan (8.42%).
Vietnam dominates the Singapore seafood market with frozen fish fillet products, accounting for 29.57%) and processed fish making up for 19.57%.
Throughout the reviewed period, Vietnam's seafood export turnover to the Singapore market dropped by 2.51%, while export value reached nearly SGD77.36 million, accounting for 9.22% of the city-island nation's market share.
According to Cao Xuan Thang, Trade Counselor, head of the Vietnam Trade Office in Singapore, the above statistics demonstrate the important position and role of Vietnamese seafood in the Singapore market. However, in order to increase sustainable market share, and improve the ranking and export value of seafood to Singapore, Vietnam needs to continue to improve the quality of seafood products.
On the other hand, high inflation and tightened spending trends are also viewed as significant challenges for the seafood industry of exporters to Singapore, including Vietnam.
Countries that can take advantage of logistics and reduce costs will create greater competitive advantages in boosting exports to Singapore, Thang added./.