Weekly News Bulletin - No. 01, December 2022
Vietnam advised to produce green, clean goods to win over European consumers. According to the European Chamber of Commerce in Vietnam (EuroCham), Vietnamese companies must understand trends in the EU consumer market, which is undergoing a significant shift towards green and clean goods that meet international labour and environmental standards.
At a seminar on exporting to the market held in Ho Chi Minh City, EuroCham Vice President Jean-Jacques Bouflet said the EU market is interested in the production processes. “So enterprises must anticipate this trend to accelerate the effective implementation of the EU-Vietnam Free Trade Agreement (EVFTA).” The EU has a set of policies and actions called the European Green Agreement, whose goal is that its economy will be more sustainable and carbon neutral, reported the EuroCham. The action plan also seeks to reduce pesticide use by 50% and increase the share of lands under organic crops to 25% by 2030.
Vietnam’s export turnover to Germany enjoyed a year-on-year surge of 30.5 per cent to USD7.6 billion in the first 10 months of this year, according to the Ministry of Industry and Trade. Meanwhile, the import value was USD2.96 billion, a slight decrease compared to the same period last year.
In the period, two-way trade reached nearly USD10.6 billion, up 17.6 per cent year-on-year. Vietnam mainly shipped machinery, component parts, automobiles, footwear, garment and textiles, coffee and aquatic products to Germany, while importing machines, components, parts, pharmaceuticals, chemicals, and automobile spare parts to the European country. Germany is currently Vietnam’s biggest trade partner in Europe, accounting for 20 per cent of the Southeast Asian country’s total trade value to the EU.
Last week highlight
The disbursement of foreign direct investment (FDI) in Vietnam went up 15.1% between January and November to some 19.68 billion USD, the highest 11-month figure over the past five years, according to the General Statistics Office (GSO).
Vietnam attracted 25.1 billion USD in foreign investment in the 11 months, up 0.5% month-on-month but down 5% year-on-year, the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment said. One bright spot in the period was adjusted capital which surged 23.3% year-on-year to 9.54 billion USD, the FIA noted. According to the agency, the adjusted capital continued to maintain its growth momentum, which was a signal to confirm the confidence of foreign investors in the economy and investment environment of Vietnam.
Let’s look at some other key financial and business headlines during the past week
- 39 foreign suppliers register tax in Vietnam
- Vietnam makes proactive contributions to APEC: official
- Vietnam’s exports to Germany up 30.5% in 10 months
- Vietnam logistics speeds up post-pandemic
- UK companies eye smart cities development in Vietnam
- CPTPP still holds untapped potential for Vietnamese businesses
- Vietnam's November IIP increases slightly
- Vietnam to reduce environmental impact of textile-garment industry by 2030
- Vinh Phuc an attractive investment destination
- Vietnam advised to produce green, clean goods to win over European consumers
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Key words: Vietnam, business, finance, economy
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