Import-Export

Vietnam's shrimp exports grew in the first half of this year, but the market is facing competition from other countries in the world.

Appropriate and timely trade measures, following Vietnam's and World Trade Organisation (WTO) regulations, will help the domestic steel industry minimise damage caused by unfair competition practices and protect local production, said industry leaders and experts.

Textile and garment firms have enjoyed a more robust business result on the back of an increase in orders which helped the sector gain 16.52 billion USD in export revenue in the first half of this year, up 4.6% year-on-year, according to the Vietnam National Textile and Garment Group.

VCN - Expanding export markets is the goal of most businesses to increase revenue and profits as well as enhance the reputation and brand stature of businesses.

According to the Minister of Planning and Investment, the country's overall disbursement rate in the first 6 months of 2024 reached 29.39%, lower than the same period in 2023.

Garment and textile enterprises must renew technology, move toward green production and bolster trade promotion, among others, to navigate headwinds, according to insiders.

Although Vietnam are exposed to many export opportunities in potential market for Halal products in the Middle East, especially agricultural products, Vietnamese businesses are facing fierce competition from rivals.

The processing and manufacturing industry currently accounts for 74% of total foreign direct investment (FDI) in Binh Duong.

The Da Nang Port Joint Stock Company has started operating a new container yard on 37,000sq.m after two years of construction at its Tien Sa Port, providing space for 110,000 TEUs (twenty-foot equivalent units) and increasing capacity at the port.

With significant strides in mechanical engineering, particularly in agriculture, Vietnam is now working to increase the localisation rate in industrial production.