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Vietnamese handicraft exports included hand bags, wallets, hats, umbrellas, toys, sports equipments, pottery, and bamboo products.  The commodities played an important role in job generation as it made full use of abundant and cheap labor force. In addition, the Law on Enterprises and the start-up movement contributed to boosting overseas shipment of Vietnamese handicraft products.  In addition, a large number of handicraft products were exported in place as foreign investors spent an average of US$ 15 in purchasing souvenirs which accounted for 15% of their total spending in Viet Nam.  Production of handicraft products chiefly exploited local raw materials and served to transform labor and economic structure. Thanks to higher demands for export and domestic consumption, handicraft production industry expanded 12.9% in the first seven months of 2019, higher than 10.7% of processing and manufacturing industry and 9.4% of industrial production index.  Export … [Read more...] about Encouraging signs from handicraft export

11:42 | 28/07/2019 VGP – As a coastal country with the coastline of more than 3,260km and hundreds of islands of various sides, including the Hoang Sa and Truong Sa archipelagos, indeed, Viet Nam has many sea-related interests.       >>> All countries share common interests, responsibilities in East Sea Fully aware of the importance of the sea, Viet Nam actively joined the process of negotiations on the 1982 United Nations Convention on the Law of the Sea (UNCLOS) and has made great endevors in implementing the UNCLOS. The country has always upheld the principles and goals of the UNCLOS while taking practical actions to contribute to the implementation of the UNCLOS. Prior to the UNCLOS, Viet Nam had actively utlized related regulations of the international law to develop domestic legal documents on sea. In 1977, Viet Nam issued the Declaration of the Government on Viet Nam’s sea, which declares its 200-mile exclusive economic zone. The … [Read more...] about VN actively joins negotiation process, seriously enforces UNCLOS

The top 10 ranks on the DHL Global Connectedness Index are held, in descending order, by the Netherlands, Singapore, Switzerland, Belgium, the United Arab Emirates, Ireland, Luxembourg, Denmark, the United Kingdom, and Germany. Viet Nam ranks 39th on the DHL Global Connectedness Index in 2017, becoming one of the four countries in the region where countries tend to have unusually high scores on the trade pillar. Southeast Asian countries benefit from linkages with wider Asian supply chain networks as well as ASEAN policy initiatives promoting regional economic integration. Viet Nam’s largest outperformance is on trade depth, but it features as a notable outperformer on capital and information depth as well. By now, Viet Nam has been signatory of 13 multilateral and bilateral free trade agreements, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Viet Nam-EU Free Trade Agreement (EVFTA). The Vietnamese Government estimated that … [Read more...] about VN among countries where int’l flows exceeds expectations

Prime Minister Nguyen Xuan Phuc chairs a meeting to hear a report summarizing the overall picture of Viet Nam's four key economic regions, Ha Noi, July 26, 2019. Photo: VGP The report was developed by the Ministry of Planning and Investment (MPI) based on the statistics of the 2011-2017 period.  Growth of economic regions is a matter of the PM’s great concern, as over recent times, the Government chief has presided a series of regional-level conferences, such as conferences on the development of the northern, southern and Mekong Delta key economic regions; conferences on tourism development in the Central-Central Highlands regions; and those on free migration in the Central Highlands region. According to the report, gross regional domestic product (GRDP) of four key economic regions grew by 7.14% annually on average during the 2011-2017 period. Growth of key economic regions is mainly driven by the processing and manufacturing industries. Labor productivity of … [Read more...] about Gov’t reviews overall picture of four key economic regions

The 2017 figure pushed up ASEAN’s share of global FDI flows to developing economies from 18% in 2016 to 20% in 2017, and the bloc’s share of FDI flows to East and Southeast Asia rose from 31% in 2016 to 34% in 2017. In 2017, FDI flows to Indonesia rose from US$3.9 billion in 2016 to US$23.1 billion in 2017 while flows to Thailand tripled to US$9.1 billion and flows to the Philippines saw a rise of 20% to US$10 billion. FDI flows to Viet Nam was estimated at US$17.5 billion in 2017, up 10% from the previous year, reported the General Statistics Office of Viet Nam. Intra-ASEAN investments, the biggest contributor, increased for the second consecutive year to a new height of US$27 billion. Meanwhile, strong investments from China, the Netherlands, Germany, Switzerland, and Australia also contributed to the higher inflows in 2017. Three member States, namely Singapore, Indonesia and Viet Nam accounted for some 72% of the FDI inflows, suggesting a high level of concentration … [Read more...] about VN among top FDI recipients in ASEAN in 2016-2017