09 Th11

Vietnam has a trade surplus of 225 million USD after 11 months

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November continued to have a trade surplus of 100 million USD, helping Vietnam’s trade balance to turn around and trade surplus again after 11 months.

According to the report on industrial production and trade of the Ministry of Industry and Trade, November was the second consecutive month that the trade balance did not have a deficit, recording a trade surplus of 100 million USD.

Thus, in the first 11 months, Vietnam had a trade surplus of 225 million USD, ending the trade deficit for nearly half a year due to the effects of the Covid-19 epidemics, the disruption of the global supply chain.

The trade balance was positive again after 11 months because the export turnover in November continued to increase, nearly 4% at approximately USD 30 billion and up 18.5% over the same period last year. Accumulated 11 months of export is estimated at nearly $299.7 billion, up 17.5% over the same period in 2020.

“Export is having advantages when we are effectively exploiting FTA agreements and the market demand is increasing at the end of the year shopping occasion,” the Ministry of Industry and Trade assessed.

Cat Lai Port, Ho Chi Minh City. Photo: Quynh Tran

The processing and manufacturing industry still contributed to export growth, accounting for 86%, reaching nearly 258 billion USD. According to the Ministry of Industry and Trade, the reopening of businesses in the South after more than 3 months of shutting down to prevent the Covid-19 epidemic has helped the processing industry group to recover.

In which, textile and garment exports reached nearly 29 billion USD, up more than 7%; footwear of all kinds more than 15.5 billion USD. Iron and steel export for the first time exceeded the turnover of 10 billion USD, reaching 10.8 billion USD, up nearly 130% over the same period in 2020.

In the group of agricultural and forestry products, in 11 months, the export turnover was nearly 25.2 billion USD, up 11.4% over the same period in 2020. And the export of fuel and minerals also increased by nearly 29% after 11 months, reached $3.4 billion.

On the import side, the Ministry of Industry and Trade said that November was estimated at 29.8 billion USD, up 14% compared to October. The domestic business sector imported 10.2 billion USD; while the FDI sector imported up to 19.6 billion USD, up nearly 15%. In 11 months, Vietnam imported more than 299.4 billion USD, up 27.5% over the same period.

The US is still the country that imports the most goods from Vietnam in 11 months, nearly 85 billion USD, accounting for 28.3% of the total export turnover of the country. Next is China with nearly 50.5 billion USD, up nearly 17% over the same period in 2020.

Thanks to making good use of the advantages of free trade agreements (FTAs), Vietnam’s exports to the EU increased by 12% over the same period, reaching nearly 36 billion USD. The markets of ASEAN, Korea and Japan respectively reached nearly 26 billion USD; $20 billion and $18 billion in 11 months.

China is Vietnam’s largest import market with a turnover of more than US$98.5 billion, up 32% and accounting for nearly 33% of the country’s import turnover.

South Korea ranked second with over 50.3 billion USD, up 20.3%. Vietnam imported nearly 37 billion USD from ASEAN in 11 months, up 36%; Japan nearly 20.3 billion USD, up 10%…

In order to promote exports in the last month of the year, the Ministry of Industry and Trade determines to consolidate and expand export markets, taking full advantage of the FTAs that have taken effect; guide businesses to focus on small and niche markets. This agency also worked with the Chinese Embassy to propose facilitating customs clearance and export of goods through the northern border gate. Trade promotion programs, connecting supply and demand on online and digital platforms… will be promoted.

20 Th7

Proposing free shipping infrastructure in Ho Chi Minh City

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Department of Transport proposes to reduce 50% of seaport infrastructure fees for goods transported by waterway; the same level of revenue for enterprises in the city and localities.

The proposal is mentioned in the dispatch of the Department of Transport to the People’s Committee of Ho Chi Minh City, to submit to the City Council to adjust some seaport infrastructure fees in the area, after two months of implementation. The move comes after Deputy Prime Minister Le Minh Khai worked with the city and relevant ministries.

The 50% reduction in fees for import and export goods carried by waterway is aimed at encouraging businesses to reduce road use, contributing to limiting congestion and accidents. Currently, the transportation of goods by waterway is assessed as low cost, each time carrying a lot, but the market share is only about 20%, the rest is mainly via road to the ports.

Loading and unloading, transporting goods at Cat Lai port, Ho Chi Minh City. Photo: Thanh Nguyen

In addition, the Department of Transport proposed the city consider reducing the amount of revenue for businesses in the provinces equal to organizations and individuals in the city. This is also to support businesses to recover production and business after the epidemic.

Previously, due to the volume of goods passing through Ho Chi Minh City’s seaport, 60% came from other localities, so the city charged a higher fee for imported and exported goods to open declarations from other provinces. The purpose is to regulate goods through other seaports in Dong Nai, Binh Duong, Long An… However, after more than two months of collecting fees, other provincial enterprises still choose seaports in Ho Chi Minh City to import and export goods. chemical.

Ho Chi Minh City collects port infrastructure fees from the beginning of April, after two delays of the plan. The fee collection process is implemented electronically, not using cash. However, after the implementation period, many businesses and associations reacted because they thought that there was discrimination, this fee added a burden to them, especially after the pandemic.

Currently, the lowest fee is 15,000 VND for each ton of goods not packed in containers (import and export goods are declared in Ho Chi Minh City); the highest is 4.4 million VND per 40-foot container (temporary import for re-export, bonded warehouse, border-gate transfer). Free cases include imported goods serving security, national defense, social security, overcoming natural disasters, disasters and epidemics.

By 2025, the port infrastructure fee is expected to reach VND 16,000 billion. After deducting a part to the toll collector, the entire revenue will be invested in works around the port. This is part of a plan to supplement investment in routes connecting ports that have been delayed for many years due to lack of resources.

10 Th6

People buy euros more when prices fall

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Each euro on the free market this morning increased slightly by 50-100 dong, but it is still depreciating about 9-10% compared to the beginning of the year, so people are actively buying.

The free euro price on July 17 recovered slightly, reaching close to the 24,900 dong mark, 600-700 dong higher in both buying and selling directions compared to the listed prices at banks. However, compared to the beginning of the year, the price of the common currency in the EU is still decreasing by about 9-10%.

The owner of a foreign currency exchange in Hanoi said that witnessing the downward trend of the euro, the demand to buy this currency is growing, many buying and selling points do not meet the market demand.

Preparing for a trip to Europe next week, this morning, Ms. Tuyet (Thanh Xuan, Hanoi) went to a foreign currency exchange point on Ha Trung Street to exchange 3,500 euros. The price here is 24,870 VND per euro, a slight increase of 50 VND compared to Friday.

“I wanted to change more, but the shop owner promised to come back in the afternoon, because the number of customers changed suddenly and temporarily ran out,” she said.

As noted by  VnExpress  at foreign currency exchange points in Hanoi today, most people come to buy euros instead of selling. Thanks to the buying psychology when the price is low, the EU currency has increased slightly on the free market in the past week, about 50-100 dong.

“During the European tourist season, the number of visitors to exchange this currency often increases. Especially when the euro’s price is equal to the USD, people begin to tend to buy this currency to store instead of USD,” said the owner of an agent. Foreign currency exchangers at Nguyen Trai Street (Thanh Xuan, Hanoi) shared, but he did not disclose the daily amount of the shop’s euro exchange.

Two 50 euro coins are exchanged for 100 USD, the exchange rate has been maintained since July 12 in the international market. Photo: Bloomberg

According to experts, the price of euros compared to the beginning of the year is 2,000-2,200 dong lower than the beginning of the year, so many people buy with the expectation that the price will increase and then sell. And the number that has hoarded this coin because of a loss should not be sold. Therefore, the psychology of buying and collecting euros in the past few days is the result of psychological developments when the euro “shakes”.

On the international market, on 12/7 for the first time in 20 years one euro for one dollar. According to analysts, the cause of the euro’s depreciation is a sharp increase in gas prices, and uncertainty about energy supplies from Russia, which has raised fears of a recession in the currency area. A weak euro will make imports to Europe more expensive, causing inflation to rise, but it will benefit exporters in this region.

Analysts’ forecasts show that the euro price may continue to fall, around 0.95 – 0.97 USD per euro, if the energy crisis in Europe worsens.

Movement of euro – USD price in the past year. Graph: Reuters

For Vietnam, the most obvious impact is on import and export at this time. However, according to Dr. Can Van Luc, BIDV’s chief economist, the impact of the weakening euro on import and export is not too great, because currently over 90% of export contracts are paid in USD, only about 6-7% contracts are paid in euros, equivalent to the average of Asia – Pacific countries.

But he said that the depreciation of the euro could put pressure on Vietnam’s exchange rate and inflation. “The degree of influence is not much because Vietnam is still controlling the exchange rate and inflation well. Of course, it is not subjective because exchange rate pressure and inflation are increasing,” Dr. Can Van Luc commented to VnExpress.

The decrease in Euro is also the time when the USD increases rapidly. Dr. Can Van Luc said that when the USD increases in price, it will affect production, business, import and export of goods. In addition, businesses that borrow capital in foreign currencies are more affected when they have to increase business costs…

This expert said that the USD/VND exchange rate tends to increase and is forecasted to increase by 2.5-3% compared to the beginning of the year. This volatility threshold is still under the control of the monetary authority, but the continuous increase in the exchange rate is a negative signal when the second half of the year is the time when the demand for USD is high.

31 Th5

Proposing to reduce the fee for storing containers and seaport warehouses

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The Ministry of Industry and Trade proposed to reduce fees for storing containers, warehouses at seaports and logistics centers for businesses affected by Covid-19.

This proposal was sent by the Ministry of Industry and Trade to the Vietnam Seaport Associations, logistics, seaport management and operation units and seaport transport enterprises, on August 10.

According to the Ministry of Industry and Trade, the application of social distancing under Directive 16 in 19 southern provinces and cities has caused some businesses to temporarily reduce production scale, leading to congestion of imported containers and time. storage, warehousing increases and increases the cost of the business.

Therefore, reducing the cost of storing containers, storing goods at seaports, logistics centers … will help businesses reduce the cost burden.

In addition, the Ministry of Industry and Trade also suggested that ports quickly release goods, increase the exploitation capacity of port yards and coordinate with other parties to regulate the amount of goods imported to the port, creating favorable conditions for import and export enterprises.

According to many businesses, logistics costs have increased very high, causing them many difficulties. Mr. Nguyen Dinh Tung – General Director of Vina T&T Import-Export Company said that the freight rate for shipping containers to the US has reached $9,600 for a 40-foot container, 5 times higher than before the epidemic.

At the same time, the congestion of seaports, such as Cat Lai recently, causes businesses to add storage and yard costs at the port. Mr. Bui Van Quy, Deputy General Director of Saigon Newport, said on August 10, the amount of “inventory goods at the port” has decreased and air cargo ships have to wait.

Saigon Newport also announced the exemption and reduction of a series of service fees for import-export businesses when carrying out procedures to receive goods or free shipping, lifting fees at both ends if transferring goods to Long Binh, Nhon Trach, and Song ICDs. God and Hiep Phuoc port. Enterprises receiving containers from ships docked at Hiep Phuoc port are free to deliver the whole container, storage fees, etc. If businesses directly pick up containers at Cai Mep Thi Vai port, they will reduce 50% of container lifting and lowering fees…

Source: VnExpress

26 Th5

Import and export turnover can reach 600 billion USD this year

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The Ministry of Industry and Trade forecasts that import-export turnover may reach a record of $600 billion and the trade balance will be balanced by the end of this year.

According to data from the Import-Export Department (Ministry of Industry and Trade), in the first half of October, the country’s total import-export turnover reached more than $26 billion. In which, export reached 13.16 billion USD, import reached approximately 13 billion USD.

Accumulated from the beginning of the year to October 15, the import-export turnover of the whole country has reached more than 510 billion USD. In which, export reached 254 billion USD, import reached 256.5 billion USD. The trade balance is still in deficit of $2.45 billion.

According to the Ministry of Industry and Trade, the monthly trade balance has gradually turned to a trade deficit since the beginning of the second quarter. Up to now, the trade deficit has decreased gradually, the trade balance in August has a trade deficit of 100 million USD.

The ministry said that the trade balance will depend on the results of epidemic prevention and control. The reduction of the trade balance deficit depends on the results of production recovery, export promotion, and difficulties in goods production and circulation.

Previously, at the regular press conference of the Ministry of Industry and Trade in the third quarter of September 30, Deputy Minister of Industry and Trade Do Thang Hai informed that the Ministry is trying to support businesses to make good use of free trade agreements (FTAs). ) and implemented many administrative reforms to increase export turnover. This year, the Government assigned export growth at 4-5%, but the Ministry of Industry and Trade forecasts the possibility that export turnover may increase by over 10%.

This goal according to the Ministry of Industry and Trade is reasonable when a number of large export projects have been implemented recently. For example, LG Display Vietnam Hai Phong Company has increased its capital by 1.4 billion USD, bringing the total investment capital in Hai Phong to 4.65 billion USD, becoming the project with the largest investment capital in Hai Phong.

Regarding the trade balance, the Ministry of Industry and Trade forecasts that, if there is no major change in the epidemic, the last 3 months of the year will be the time when businesses in the southern provinces will regain their growth momentum. At the end of the year, the trade balance will be in balance. If the situation is more favorable, this year the whole country may have a trade surplus.

25 Th4

Advice on how to display groceries effectively to attract customers

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Displaying and arranging inside the grocery store seems to be a simple thing, but it is very important in creating the store’s face. In an increasingly developed era, the reception of information by consumers is largely recorded by observation, so just arranging it neatly is not enough to stimulate shopping from consumers, but instead. That impressive, eye-catching store display grocery will be the key point that determines the interest and shopping choice.

Let’s consult with VinShop a few principles in displaying goods to achieve maximum business efficiency as below.

Optimal arrangement of goods in the store

The business should ensure that the store’s criteria are “grocery” with the maximum range of products, variety of categories and eye-catching forms. However, besides focusing on the quantity of goods, the grocery store display also needs to be reasonable and attract attention. This will give customers the feeling that this grocery store has everything they need, while showing the owner’s flair for customer needs.

1/ Focus on choosing a convenient location for outstanding items.

Through the program “VinShop’s display program”, it has been found that in the principle of displaying goods: items of large size and heavy weight will always be placed at the bottom of the shelf to arrange, lighter items will be arranged. will be placed on top. In fact, this inadvertently unbalanced the arrangement layout, confusing the view with customers. VinShop advises to focus on choosing locations with high traffic, likely to be in contact with customers’ eyes the most, such as the entrance, the center of the store, or even on the shelf right next to it. counter for trending, top-selling, high-revenue items.

Moreover, showing the correct product price also shows customers the professionalism and honesty from the store. This is something that many small shops often encounter when not showing the listed prices, uncertainty about the price reduces the level of trust and customer satisfaction for the store.

Therefore, store revenue is affected by the reasonable display of goods, which accentuates the attractiveness of the product, attracting the attention of customers.

2/ Related products should be in the same display area and with name plates

Groups of closely related products such as beer, wine with dry goods and fast food; or household cosmetics (soap, bleach, laundry detergent, house cleaner, …) with dishwashing liquid, toothpaste, deodorant,…; or dried condiments with cooking oil, fish sauce, soy sauce, etc., should be placed in close proximity to each other, this will stimulate the customer’s shopping needs more than having to be distracted to find similar items in different areas.

As for the stalls displaying different goods, the accompanying nametags for customers to easily search and locate the product area becomes easy, fast and efficient. Save time searching for customers and sellers can reduce answering customers about the location of different items.

Depending on the size of the grocery store, the display will be dependent on the store’s stock level. Customers’ shopping habits for grocery shopping are standing outside to ask for products, so how the display is arranged to attract customers’ attention makes them easy to decide. The decision to buy the product quickly needs attention.

Mistakes to avoid in grocery store display

1/ Display of goods is rampant, lacking in science and sophistication

VinShop gives advice that grocery stores should display as many goods as possible, although the rich wholesale source makes groceries diverse, but many stores are confusing the way in displaying them. display too much “quantity” of goods rather than displaying a variety of products. This inadvertently causes the store to narrow the space, creating a feeling of suffocation and loss of comfort.

Shop owners should consider reducing the quantity of goods, instead focus on displaying more product categories, prioritizing items with fast consumption and vice versa with products with high consumption. slow.

2/ The price of the product is wrong and there is a lack of orderliness in the display process

Customers will turn away from the store when there is a problem related to the product being listed at the wrong price, not updating the price at the right time. Many stores have a habit of listing prices on products with manual sub-labels and are slow to change new prices. This inadvertently makes the store fall into the situation of “tricking” the buyer, the store’s reputation will definitely drop sharply.

The fact that there are not many types of goods on the shelves is also easy to confuse prices, causing confusion, making it harder for customers to choose the desired goods, reducing the customer’s shopping needs for the next time.

The above is the  store display grocery store VinShop brings to give suggestions in beautifying the image, optimizing shopping stimulation for grocery store owners. VinShop is proud to be a professional consultant in grocery store branding and effective grocery business solutions. Please contact Vinshop immediately or visit Website https://vinshop.vn/ to download the VinShop App to your phone now!

29 Th6

Exports increase strongly through e-commerce

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Many businesses have experienced breakthrough growth thanks to exports through e-commerce. Many international reports predict that this will be the “golden egg” segment for Vietnam in the near future.

The strong development of e-commerce along with the impacts of the COVID-19 pandemic has unwittingly spurred and opened the way for many Vietnamese businesses to cross-border sales.

Sitting in Vietnam selling goods across borders

Only over 2 years old, but Monrovia Vietnam – a company specializing in providing high-end garden tools based in District 12, Ho Chi Minh City – has achieved impressive sales.

Another brand is Docneem Vietnam, specializing in providing organic fertilizers and biological products. These two companies quickly exported up to 20 tons of pellets, 26,000 pots of Monrovia and 31,000 liters of microbial fertilizer to consumers through e-commerce floors only from 2021.

“But what we are most proud of is exporting and bringing our products to foreign markets through agent channels. Specifically, Cambodia and Singapore markets” – Ms. Thanh Truc, Docneem brand manager and Monrovia, share. Recently, one of the above agents opened a store on Shopee Singapore and received positive feedback.

The way to export through e-commerce of these two companies is to use a comprehensive support policy for foreign agents from images to quality products.

Agents will widely communicate products to help the company solve the limitations of human resources, warehouse or understand local policies. “Since then, the brand has become more known in foreign markets. The growth rate is 70% compared to the beginning of 2021,” Ms. Truc informed.

Meanwhile, SokFarm Coconut Nectar Company (Tra Vinh) is promoting exports through Amazon after a period of “testing” on Alibaba and Amazon floors. Mr. Pham Dinh Ngai, CEO of SokFarm, is proud: “SokFarm’s products are loved by foreign users.

In Japan, there are also Japanese articles explaining the benefits of SokFarm coconut nectar.” The company has now had contacts in the Netherlands, France, Switzerland, Thailand, Japan and the Americas… since last year. 2021. “Currently, export activities account for 5% of revenue and are aiming for 15-20%”, Mr. Ngai said.

Vietnam’s 5th strongest export segment

According to the report on export trends through e-commerce in Vietnam released by Amazon, Vietnam’s cross-border retail sales of goods (B2C) are estimated to grow by over 20% per year, reaching VND 75,400 billion. 3.3 billion USD) in 2021 and is expected to reach 256,100 billion VND (11.1 billion USD) in 2026. Of which, more than 64% of sales are generated by micro, small and medium enterprises (MSMEs) .

According to the report, if “B2C e-commerce” is considered as an export industry, it will be the fifth strongest export industry in Vietnam within the next 5 years.

According to statistics of Ninja Van Company, cross-border e-commerce with products from Vietnam operates mainly through international e-commerce platforms such as Amazon, JD.com, Alibaba, Shopee Global…

Consumers around the world can now buy goods in wholesale or retail quantities from Vietnamese sellers. The types of goods that Vietnamese enterprises choose to export the most today are finished agricultural products, handicrafts, furniture, household appliances, health care, and medical instruments.

According to Mr. Phan Xuan Dung – Ninja Van business director, the good thing is that many small and medium enterprises in Vietnam owned by 9X young people have built a very professional brand, from core values to products. , creating a booth with beautiful images and certified product quality, so it is easy to increase the closing rate for foreign customers on e-commerce.

Golden opportunity for Vietnamese export

Sharing with Tuoi Tre, Mr. Dang Hoang Hai – Director of the Department of E-commerce, Ministry of Industry and Trade – said that with the global B2C e-commerce revenue in 2023, it is expected to reach 2,883 billion USD, especially Vietnam’s e-commerce market. Countries that are major import-export partners of Vietnam – such as China, Japan, Korea or EU countries – will increasingly open up opportunities for businesses with good products, suitable for the market. school.

Taking advantage of thriving e-commerce markets will help businesses enter difficult markets where there are many barriers and high costs if trading in the traditional way. This form also helps reduce operating costs, and helps distribute products to end users.

Meanwhile, Vietnam is also having a support mechanism. According to the National E-commerce Development Plan for the period of 2021 – 2025 approved by the Government, will build national pavilions on some of the world’s major e-commerce floors, organize Vietnamese booths where Vietnamese brands gather. reputable brand, with high localization content, appraised by state management agencies and guaranteed of origin.

The markets being targeted are Southeast Asia, China, EU, Korea, Japan, USA…

Mr. Hai said that cross-border e-commerce will certainly open up an export story for agricultural products in general and other products that are Vietnam’s strengths.

This is an opportunity not only for exporters in general but also for small businesses, local businesses, cooperatives and individuals.