Vietnamese companies advised to proactively respond to Suez Canal blockage
The Ministry of Industry and Trade (MoIT) has advised exporters around Vietnam to adopt necessary measures in order to minimise any economic damage posed by the stranded shipping vessel in the Suez Canal.
In the twoᩚᩚᩚᩚᩚᩚᩚᩚᩚ𒀱ᩚᩚᩚopening months of this year, Vietnam’s shipments to the EU hit 7.5 billion USD, up 18 percent year-on-year (Photo: VNA)
Hanoi (VNA)- The Ministry of Industry and Trade (MoIT) has advised exporters around Vietnamto adopt necessary measures in order to minimise any economic damage posed by the stranded shipping vessel in the Suez Canal.
The stranding of the Ever Given in one ofthe most important global trade routes is affecting Vietnam’s exports to Europe.
Apart from a small volume of goods transported by air and rail, nearly alltrade between Vietnam and Europe is conducted by sea and passes through the SuezCanal.
The MoIT has directed the Vietnam Trade Office in Egypt to keep a close watch on the incident and keep export-import enterprises updated on the situation.
The ministry has also coordinated with the Ministry of Transport to take necessarymeasures if the blockage continues.
According to the ministry’s Import and Export Department, along with the scarcity of containersand the rising cost of shipping due to COVID-19, the stranding of the Ever Givenhas seen Vietnamese import-export enterprises face yet more difficulties.
MoIT and Vietnamese enterprises need to actively adapt to market fluctuations or casesof “force majeure” such as this, the department said.
The Ever Given, one of the world’s largest container vessels, is still wedged inthe Suez Canal, blocking the movement of all other ships in both directions.The economic effects of the incident are beginning to be felt.
Figures from MoIT show that Vietnam’s export turnover to Europe hit 43.7 billionUSD in 2020, while 18.5 billion USD was outlaid on imports from the market.
In the twoopening months of this year, Vietnam’s shipments to the bloc hit 7.5 billion USD, up 18 percent year-on-year.
Europe remains Vietnam’s fourth-largest trade partner, after China, the US, andthe Republic of Korea./.
The Vietnamese Embassy in Egypt, in collaboration with the Alexandria Chamber of Commerce, held a workshop on economic and trade potential between the two countries on December 17, aiming at paving the way for both countries’ businesses to fully tap their potential.
The EU-Vietnam Free Trade Agreement (EVFTA) has clearly helped promote trade between Vietnam and Sweden, with Vietnam’s export turnover to the country in January surging 99.94 percent year-on-year, according to the Vietnamese Trade Office in Sweden.
A cooperation programme to help businesses to optimise advantages from the EU-Vietnam Free Trade Agreement (EVFTA) through the Vietnam-EU e-commerce platform made debut in Hanoi on March 26.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
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.
In the two ᩚᩚᩚᩚᩚᩚᩚᩚᩚ𒀱ᩚᩚᩚopening months of this year, Vietnam’s shipments to the EU hit 7.5 billion USD, up 18 percent year-on-year (Photo: VNA) 
