Vietnam’s textile and garment exports grew 9 percent to over 9.5 billion USD in the first four months of 2021, with shipments of cord fabric and fibre and yarn increasing 35.7 percent and 43.4 percent, respectively, year-on-year.
Hanoi (VNA) - Vietnam’s textile and garment exports grew 9percent to over 9.5 billion USD in the first four months of 2021, withshipments of cord fabric and fibre and yarn increasing 35.7 percent and 43.4percent, respectively, year-on-year.
It was an especially encouraging performance given that the sector witnesseda 10.5 percent decline in generating 35 billion USD from exports last year. Theindustry is aiming for up to 39 billion USD in shipments this year.
However, exporters and producers can’t rest easily as the country’sfourth wave of COVID-19 is ravaging industrial parks in the north, where alarge number of textile and apparel factories are located.
If a company is put under quarantine and must suspend production for 14 to21 days, its plan for the year as a whole would be in tatters, according to Chairmanof the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang. Theconsequences could be enormous, leaving firms on the brink of bankruptcy andworkers without jobs, he added.
Textile and garments is a labour-intensive industry and the damagecaused by the COVID-19 resurgence may be incalculable, he explained. Delays indelivery can lead to cancelled orders or delay penalties, resulting in losses inthe billions of USD and reputational damage for the industry.
It is vital to protect workers’ health to maintain continuous production,Giang said.
To deal with the situation, VITAS has proposed the government and theMinistry of Health help producers buy and administer COVID-19 vaccines, withpriority given to those in areas hit hardest by the pandemic.
The association has also suggested firms in the industry providefinancial support for procuring vaccines, to speed up nationwide vaccinationefforts./.
Vietnam will be removed from the list of countries entitled to tariff preferences offered by the Eurasian Economic Union (EAEU) under the Generalised Scheme Preferences (GSP) from October 12, according to the Ministry of Industry and Trade’s Vietnam Trade Promotion Agency (Vietrade).
Investment in Ho Chi Minh City’s industrial parks and processing zones have risen by nearly 23 percent year-on-year so far this year to 236.1 million USD.
Vietnam on May 24 reported its 43rd death related to COVID-19, who is a 50-year-old man with a number of underlying health conditions, the National Steering Committee for COVID-19 Prevention and Control said.
The General Department of Taxation under the Ministry of Finance (MoF) is studying a proposal on increasing the threshold of taxable revenue for individual landlords renting out houses.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
Vietnam has so far attracted 43,346 valid FDI projects with a total registered capital of 517.14 billion USD. The accumulated disbursed capital is estimated at nearly 331.46 billion USD, accounting for 64.6% of the total registered capital.
More than a product showcase, Vietfood & Beverage – Propack Vietnam 2025 is designed as a comprehensive ecosystem where businesses, experts, and consumers can share knowledge, explore technologies, and connect for collaboration.
Both sides expressed their hope that the outcomes of the discussion will continue to improve the efficiency of customs clearance activities at the customs clearance points and dedicated transport routes of the Huu Nghi – Youyi Guan international border gate pair.
The maximum retail price of E5 RON92 petrol has increased by 207 VND to 19,608 VND (0.75 USD) per litre while that of RON95-III rose by 234 VND to 20,074 VND per litre.
Illustrative photo. (Source: VNA)
